I've been delving into market research lately and have come to appreciate the value of insight activation. I've seen people treat this as just a buzzword, but in truth, leveraging insight activation properly can significantly improve your business performance.
Insight activation refers to the process of turning data and insights into action. It's about more than just collecting and analyzing data—it's about making that data work for you. Here are some effective ways to get more useful info out of your market research data:
1 - Identify key insights: Start by identifying the key insights from your research that could drive action. For example, if your research shows a trend in customer behavior or a gap in the market, that's a key insight you can leverage.
2 - Align insights with business objectives: Next, it's important to align these insights with your business goals. If your goal is to increase customer loyalty, for instance, focus on the data points and performance indicators that help you understand what makes your customers stay.
3 - Develop action plans: Once you have your key insights and they're aligned with your business goals, develop action plans. If you discover that customers value speedy service — for example — an action plan might involve training your staff to provide quicker service or implementing technology solutions to speed up the service process.
4 - Test your strategies: Before fully implementing your strategies, test them. If you're considering a new advertising campaign based on your research data, run a small-scale version of it first to gauge its effectiveness and make any necessary tweaks.
5 - Measure the impact: Finally, measure the impact of your strategies to assess their effectiveness. This involves setting up KPIs or metrics that align with your goals and keeping a close eye on them.
6 - Iterate: Remember, insight activation is an ongoing process. Continually analyze new data, adjust your strategies as needed, and measure their effectiveness. It's a cycle that helps keep your business strategies data-driven and relevant.
And if you're wondering, yes, all this is stuff that a market research agency can help with. A good agency will not only help you gather data but also help you gain useful insights from it. For an example of how that's done in the United Kingdom, you can see this Kadence International page.
