![]() ![]() ![]() In addition, BCG in 2016 surveyed 45 cross-sector CEOs, presidents, and chief operating officers (COOs) in companies with internal CI functions. ![]() The benchmarking examined companies with CI functions to pinpoint the most important behaviors and characteristics, across six criteria, common to leading customer-centric, externally focused organizations. They also were evenly split between corporate and business unit (BU) positions. Respondents were balanced among senior executives, insights and analytics practitioners, and senior business line partners. More than 60% of participant companies reported annual revenue of $5 billion or more, and about 70% operate globally. (See The Consumer’s Voice-Can Your Company Hear It? BCG report, November 2009.) The new study included almost 650 respondents from more than 90 customer-facing enterprises across all sectors of the consumer industry. To gain an understanding of companies’ attitudes toward CI and what it takes to develop a strong CI capability, The Boston Consulting Group’s Center for Customer Insight, in partnership with Cambiar and the Yale School of Management’s Center for Customer Insights, conducted a benchmarking study in 2015 to update and expand BCG’s seminal study. It also involves getting the right profile to lead the function and, just as important, staffing CI teams with the right kind of new talent. That involves giving CI control over existing spending and letting CI professionals set priorities. Elevating CI to a strategic position is not necessarily about spending more it’s about spending smarter. In the low-growth environment that has prevailed in consumer industries since the global recession of 20, many senior executives are unwilling to continue investing in a function whose return on investment is not measured.īut in our examination of companies that have managed to turn their CI functions into a source of strategic insight and competitive advantage, we’ve found that budgets aren’t necessarily a determining factor. One of the biggest is tight budgets and a culture of cost containment. Technology, Media, and TelecommunicationsĬEOs and CI practitioners we’ve surveyed point to various factors that they believe inhibit the elevation of CI within an organization. ![]() Consider adding a CRM system for efficient data management throughout your marketing plan. Once you’ve identified key strategic insights the next step is to build your strategy, your action plan, to solve your problem statement and once completed, testing and evaluating will be a vital part to continuous insight gathering. Re-evaluation: Managing Strategic Insights The more you communicate the need for insight gathering the easier it will be to fully understand potential solutions for the problem you are aiming to solve. Here it will help to have a variety of department members to discuss what your organization is capable of.Įxplain the situation to your organization and provide further detail in order to spread the information and gain more insight. Communication is key throughout any organization aiming to achieve their business goals. Such as what resources are available to solve your problem statemen. Discussing with a team will help your organization identify important insights. Think about the questions you’ve developed as a group and share your conclusions with each other. Apply technology and human resources in this step. Identify the areas that align with your objectives for further improvement. For example, what pieces of the data are most important to your organization? Organize this in order of priority and interpret it. Look for the relationship between all the data you are gathering. Find connections and questions that relate to your objective. For example, if your problem is low brand awareness then data to collect could include results from consumer surveys, focus group interviews and industry statistics. Identify the problem your organization needs to solve and collect data from primary and secondary research. Preparation: Primary & Secondary Research ![]()
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