Invest in Insights Archives - GRBN.ORG

Building Business Impact – The only KPI Insights really needs

GRBN_News — Sun, 18 Aug 2019 22:34:42 +0000

We are calling Insights leaders to make business impact their key KPI for 2020. The ROI of Insights can and should be measured in terms of value to the business and not just budget efficiency. This was the topic of my recent keynote address at the RANZ New Horizons Conference in Auckland. Metrics was also a topic in a recent article in Quirks. As part of their recent survey, they had asked Insights leaders about ‘the key metrics against which their marketing research and insight function is judged?’ The conclusion Quirks came to was that it is currently ‘unclear’. Whilst alarming, this is in line with the findings from our own research from over the last 2 years, so I was not surprised by this. It is still frustrating to be be reminded of this, howevr, and as one Insights leader put it upon reading the same article: ‘No wonder Insights departments are being eliminated’.

It does not have to be this way, nor should it!

I want to take this opportunity to remind client-side Insights leaders that elimination, or even shrinkage, does not have to be your destiny. Your future can and should be about success and growth. Fortunately, there are corporate Insights function leaders, who are already doing something about this, who making progress in changing the way they measure and demonstrate the value they add to the business. Some have been inspired to start their journey by attending the numerous conference presentations, webinars and workshops we have run over the last two years on the topic of business impact and ROI. Others have made use of the resources available on roiofinsights.com to help them get going.

Progress is being made – Help is available

Some have decided that they want GRBN to help them build a systematic approach to measuring and reporting on the business impact of Insights, and are using the processes and tools we has created. Others are making use of Cambiar’s training modules to embed change within their teams, and it is great to see Insights leaders making progress.

3 action points

Whether Insights leaders decide to go it alone or work with us there are three steps which they can take over the coming more months to ensure a strong start to the new decade:

Go into the budget process for 2020 with a compelling ROI of Insights argument
Set business impact as their key KPI for 2020
Systematically gather data on the impact their work is having on the business in terms of:
1. Financial ROI metrics
2. Softer surrogate business impact metrics
3. Stakeholder feedback

Our experience tells us this is not difficult to do, but it does require a strong business mindset and a willingness to stand up for what I think we all fundamentally believe in: the great value Insights can deliver to a business. Andrew Cannon Executive Director, GRBN

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Three Keys to Building Business Impact

GRBN_News — Sun, 18 Aug 2019 22:21:53 +0000

We’ve just wrapped up fieldwork on the survey we’ve conducted into building business impact with insights. Our initial analysis of the data sheds some interesting light on this issue, specifically when it comes to the building blocks for having more impact. The first of these concerns how Insights is organized.

Organizing for business impact

In most companies, traditionally the Insights function has sat in the marketing team and this is still very much the case. Whilst this was no doubt wise when Insights was predominantly used to support marketing decisions, in today’s world where Insights are being used to support customer-centric decision-making throughout the organization, this is not ideal. Insights needs to find a new home. Our research indicates that Insights teams with a higher degree of maturity (based on the BCG/Cambiar/Yale stages of maturity model), are more likely to sit elsewhere in the organization, for example under the Chief Strategy Officer, than are less mature teams. Another factor to consider is the closeness to, and degree of co-operation with, other teams which generate data and insights on customers, namely the Customer Analytics (CA) and Customer Experience (CX) teams. In more mature Insights functions, the CI leader is more likely to report to the same boss as both the CA and CX leaders, and not be in different reporting lines. But irrespective of where CI sits organizationally speaking, if Customer Insights is to build more business impact, it is imperative that Insights works closely with both CA and CX to provide a holistic view of the market/customer and a co-ordinated point of view to decision-makers.

Focusing on business impact

The majority of the time spent by people in the Insights team is currently being spent on project management and analysis/reporting. Whilst of course this is important, we know that using time in this way has a low return on investment compared to other some activities Insights team members could be undertaking, such as engaging stakeholders and implementing insights in the organization for example. A couple of worrying findings emerge from the research: Firstly, Insights leaders themselves are also spending most of their time on these two project-related activities. Secondly, Insights leaders do not expect the use of their time, or that of the Insights teams, to change much over the next three years. We think more radical change is needed if Insights is to be perceived as a strategic business partners and a builder of business impact. Whilst Insights leaders are satisfied with their team’s skills with traditional research methodologies, they see a need for upskilling in many areas, in particular in the areas of modelling, measuring business impact and customer analytics. Additionally, Insights leaders in less mature Insights functions are less satisfied with their teams’ data synthesis and business consultancy skills.

Measuring for business impact

The mantra ‘If you don’t measure it, it isn’t real’ applies equally to the issue of Insights’ business impact as to much of business life, in particular when it comes to where money is being invested by organizations. We know from earlier research that there is a clear correlation between the measurement of business impact, in particular the financial impact, and the perception of the Insights function as a strategic business partner, or indeed a source of competitive advantage. The new research confirms that alarmingly few Insights teams are systematically measuring the business impact of their work in a consistent manner. Fortunately, this weakness is starting to be recognized and there is widespread dissatisfaction with the way the business impact/the ROI of Insights is currently being measured. More Insights to come We’ll be communicating more insights from the research over the coming months as part of our mission to help Insights leaders grow the impact they are having on the business. We will also be using the insights to inform version 2 of the Invest in Insights Handbook, which we will be issuing in October, and we’ll be presenting some of the key findings at the CRC conference in Orlando also in October. It promises to be a great conference, so if you are not already registered you can do so here. A Big Thank You to our partners We would like to thank our colleagues at the Insights Association for their hard work in pulling the sample together for survey We would like to thank all those Insights leaders, who took the survey, as this type of research, and the understanding it brings, is incredibly important for the future growth of our sector. We would also like to thank our Gold Partners, Gongos and Rti Research, for their contributions to the research, as without their help we would not have been able to conduct this important research.

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GRBN to Launch “Invest in Insights Handbook 2.0” with Expanded Focus on Building the Business Impact of Insights

GRBN_News — Wed, 15 May 2019 07:01:49 +0000

WASHINGTON, D.C. – May 15, 2019 – The Global Research Business Network (GRBN) today announces that work has begun on the creation of the second edition of the Invest in Insights Handbook[1]. Since its release, many Insights leaders have leveraged version 1.0 the Invest in Insights Handbook to measure their ROI and demonstrate their value to the business. Leaning on these experiences, version 2.0 will include new examples of Insights ROI measurement, as well as new advice on how Insights leaders can successfully implement their own ROI measurement program. Further, the scope of the Invest in Insights Handbook 2.0 will be expanded to encompass new research and guidance on how leaders can systematically build the business impact of the Insights function. Over the coming months, GRBN, together with its partners, will be conducting research into how the Insights function is evolving to become more business-impact focused and an even greater driver of competitive advantage, and the key data and insights will be included in version 2.0. Andrew Cannon, GRBN’s Executive Director, who leads the creation of the Handbook, notes: “Whilst version 1.0 of the Handbook has enabled many Insights leaders to embark on their ROI of Insights measurement journey, we believe that this focus on building the business impact of Insights will encourage even more to use the Invest in Insights framework and associated templates not only to measure the ROI of Insights, but to actually increase the impact their teams are having on the business.” GRBN is proud to have Gongos, Inc. and RTi Research as the first Gold Sponsors of the Handbook, as well as to have Cambiar and Olivetree Insights as the first Bronze Sponsors. “With an increasing focus on customer centricity and experience, insights teams stand to elevate this much-needed outside-in perspective of organizations,” adds Camille Nicita, president & CEO of Gongos, Inc. “We’re pleased to contribute findings from our DICE assessment relative to how organizations assess themselves on internal measures of success.” David Rothstein, CEO at RTi Research and Board Chair of the Insights Association, says: “For Insights leaders, measuring and thus understanding Insights’ business impact is critical to continuing the ascension from having a seat at the table to becoming a leadership force at the table.” GRBN has set up a website, roiofinsights.com, dedicated to Insights ROI measurement. Version 1.0 of the GRBN Invest in Insights Handbook, as well as related resources, can be accessed from this knowledge hub.

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About GRBN (www.grbn.org) The Global Research Business Network connects 45 research associations and over 3500 research businesses on six continents. More than US$25 billion in annual research revenues (turnover) ar generated by these businesses. GRBN’s mission is to promote and advance the business of research by developing and supporting strong autonomous national research associations and undertaking global industry initiatives. Twitter: @grbn_org About Gongos (www.gongos.com) As a decision intelligence company, Gongos, Inc. brings a consultative approach in developing growth strategies grounded in operationalizing customer centricity. Partnering with insights, analytics, marketing, strategy and customer experience groups, Gongos serves as a translator to help cross-functional teams fuel the competency to gain and apply consumer wisdom, transform decisions into action, and navigate organizational change. Coalescing enterprise data with primary research and curating insights for multiple audiences further empowers stakeholders to achieve greater ROI by ensuring information is designed to influence actions and behaviors from executives to the frontline. Twitter: @_gongos About RTi Research (https://rtiresearch.com/) RTi Research is an innovative global market research and brand strategy agency based in Norwalk, CT known best for turning data into meaning; something that can be communicated simply and acted upon effectively. RTi has been bringing the customer voice to the corporate decision-making process since 1979, leveraging a wide range of quantitative and qualitative marketing research services and methods. The company serves a broad base of leading organizations in Financial Services, Consumer Goods, and Pharmaceuticals as well as partnering with leading academic centers of excellence. Twitter: @RTiResearch

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[1] Visit http://roiofinsights.com/access-invest-in-insights-handbook to access version 1.0 of the Invest in Insights Handbook

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Invest in Insights Handbook – Production of Version 2.0 Gets Green Light

GRBN_News — Mon, 15 Apr 2019 06:08:54 +0000

2020 will soon be upon us, and we predict that the next decade will present fantastic opportunities for the Insights sector, as in more and more companies, Insights becomes the fuel that drives customer-centric growth. But there is also the risk that this opportunity will blow up in our faces, as in many companies investments in Insights are shrinking at the same time the demand is growing. To avoid this, we need to help companies see Insights as an investment, not just a cost to be cut. We need to light the fuel, so to speak, to help Insights leaders grow their budgets and their teams. Over the last 18 months we have talked to many Insights leaders on the topic of business impact and ROI. We have also been working with a number of client-side Insights teams on improving the way they measure, demonstrate and build business impact. On this journey, we have learnt a lot, and will be including these new learnings in version 2.0 of the Invest in Insights Handbook, which we will be publishing later this year. “The aha for me was coming to understand that the ROI of insights doesn’t always boil down to a single financial metric. Rather, we need to think in terms of an ROI story that can include a range of financial outcomes, surrogate marketing metrics, and qualitative feedback from stakeholders all the way up to the c-suite.”

– Dave Rothstein, CEO, RTi Research

New research to fill the gaps

When we issued the first Invest in Insights Handbook on the back of the research we had conducted together with BCG, we were very much aware that the Handbook was, and still is, a work in progress. The research we conducted gave us a great understanding of the current state of play when it comes to measuring the ROI of Insights, but it also led us to numerous new questions, which we intend to tackle with the upcoming research.

A BIG thank you to our sponsors

We would like to thank our Handbook sponsors for their generous support and commitment to the critical issue of business impact: If you would like to joint these great companies in supporting this critical work for the growth of our sector, then please get in touch

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Welcome to MRX Master Chef 2020

GRBN_News — Fri, 15 Mar 2019 06:41:05 +0000

This article was first published on the GreenBook Blog. A recipe for success in the real-life competition to grow key accounts Now is the time to act if you want to take the grand prize: 1-hour preparation time required We know that most of you are currently focused on closing Q1-19, with one eye on H1-19, and maybe half a thought for H2, but we are asking you to spend one hour of your time over the next few days to kick-start 2020. We can guarantee you a strong ROI on that hour spent. You all know how hard getting new clients is, so whilst you need to keep feeding that funnel, we are offering you a 1-hour recipe to growing your business with your key clients before your competition eat your lunch. So, are you ready to roll your sleeves and face the heat, or are you going to get out of the kitchen?

Step 1 – Digest the rest of this blogpost (10 minutes)

Over the past two years, we have interviewed, and worked together with, many client-side Insights leaders on the business impact of Insights. During the process, we have also gained a good understanding of the dynamics at play client-side when it comes to budgeting, which is one of the key factors determining whether your business will grow next year or not. As an agency leader, you may feel that this is something which is outside of your control, but we want to convince you otherwise. True, you do not have direct control, but you have a huge power to influence your destiny when it comes to whether your clients’ budgets for 2020 will indeed grow or shrink.

Segmenting end clients

We’re sure you already have a number of ways of segmenting your customer base. We recommend, however, that if you don’t do so already, you think about your clients in terms of the maturity-scale segmentation created by BCG, Cambiar and Yale. It gives an excellent summary of the end-client landscape and is an excellent framework, which you can use for segmenting your own client-base specifically from a budget perspective. THE 4 STAGES OF MATURITY OF THE INSIGHTS FUNCTION

Why this segmentation is important to you

If we combine stages 1 and 2 together, and stages 3 and 4 together, and then analyze the key differences between these two groups, here is what we find: The data are compelling: As are the stories behind the data:

What type of clients do you have?

For the purpose of becoming a MRX Master Chef, grab a pencil and spend a couple of minutes putting your key accounts into three buckets; Now that you have an idea of where your clients sit on the maturity scale, you can implement a two-pronged strategy to deal with each type of client:

Strategy – Part 1: Moving your clients up the maturity scale

We hope you can see that you have a huge vested interest getting your clients from stages 1 and 2 to stages 3 and 4. Our research tells us that Building Business Impact is key to Insights functions moving up the maturity scale, but that few Insights functions are currently doing a proper job at both measuring and demonstrating the return on investment they deliver, which is central to building business impact. So, why don’t most Insights leaders measure their ROI? The key reason is that it is not a straight-forward thing to do, and most Insights leaders therefore don’t know how to go about it and how to get started. Fortunately, GRBN has created a framework, which Insights leaders can use to measure and demonstrate their ROI, and has developed, together with Cambiar, tools to assist Insights leaders with implementation in their teams. By giving your clients the opportunity to learn how to use the framework, as well as to learn from peers who are measuring their business impact, you will give them the keys to building a robust argument for growing (or at least defending) their 2020 budget. You need to make sure that your teams do everything in their power to help these clients build that impact on a business decision level. Do your teams have the skills and tools needed to do that?

Strategy – Part 2: Forming a ROI partnership with your stage 3 and 4 clients

If you’re luckily enough to have clients in stages 3 or 4, you will be happy to know that their budgets are likely to grow (or at least be stable) next year and that they are likely to invest in innovation and experimentation. However, the chances are that you don’t have a monopoly with these clients, and your competitors are no doubt also looking to work more and more with these growth clients. So how do you grow your share of wallet? From our discussions with Insights leaders in stage 3 and 4 functions, our conclusion is that an ROI partnership is an effective way to do this. These Insights leaders are looking to build their relationships with agencies they see as trusted advisors, and by extension concentrate more and more of their budgets on agency partners who can support them on their mission to increase the business impact of Insights.

So, what is an ROI partnership?

At its core, it is a periodic review of the work you are doing for the client from a business impact perspective. The aim of the review is, together with each client, to answer 5 key questions:

How much ROI did we help you deliver to the business during the period?
What could we have done differently to help you deliver even more impact on the business?
What should we do more of?
What new services can we provide that will increase the amount of impact you have on the business?
What should we do less of / stop doing? (i.e. activities, which are delivering a low ROI)

Done correctly, the ROI partnership will enable you to both help your client grow their total budget and grow your share of that budget. As a bonus, it will enable you to more effectively sell in the new innovative tools and solutions your company is developing. In addition to the periodic review, the ROI partnership needs to have a strong project-by-project business impact focus, both at the planning stage, as well as the delivery stage. An added advantage of an ROI partnership is that it reduces the focus on costs, especially if procurement is involved, since this gives a concrete tool to focus on the real value of Insights, i.e. the value to the business, and how the effectiveness of the budget can be maximized, rather than a focus on how budget efficiency can be maximized. Whilst putting in place an ROI partnership is not rocket science, you do need people who have the skillset, and the tools, to proactively create and manage the ROI partnerships with these key accounts. Do you have such people on your staff? Do you have such tools at their disposal?

Giving your clients the gift of business impact

So, we hope that we have demonstrated that you have it in your power to give your clients the gift of business impact. You can help them put in place a system for measuring, demonstrating and ultimately building impact. For example, you can host a workshop for your key clients to help them get started, or you can take it one step further and offer your clients a joint training program, where both they and the team that works with them go on a journey together to build the ROI partnership.

Step 2 – Plan out your key account growth strategy (50 minutes)

As a next step, we suggest you pull your key account management team together for a meeting. Firstly , get confirmation of which clients belong to which bucket, and then plan out your own strategy for either moving clients up the maturity scale and/or for forming ROI partnerships. So, there you have it. One hour invested and you’re well on your way to growing your 2020 budget, which makes you one of an elite group of MRX Master Chefs. What are you waiting for? Let’s get cooking! SIMON CHADWICK Managing Partner, Cambiar Co-author of the BCG, Yale CCI and Cambiar 2015 Consumer Insights Benchmarking Report. Leader of the Cambiar Business Impact coaching program ANDREW CANNON Executive Director, GRBN Creator of the Invest in Insights framework, author of the Invest in Insights Handbook and co-author of the ROI of Insights report

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GRBN and Client Advocates Enter Into a ROI of Insights Consultancy Partnership

GRBN_News — Mon, 13 Aug 2018 06:56:11 +0000

WASHINGTON – August 13^th 2018 – The Global Research Business Network (GRBN) and Client Advocates today announced that GRBN has approved Client Advocates as an official partner providing Insights teams with evidence-based consultancy using GRBN’s Invest in Insights framework and related tools. The consultancy services will enable Insights teams to effectively and efficiently put in place ROI measurement and reporting processes in order to measure, promote and ultimately increase their impact on the business. Building on a series of studies conducted by GRBN, Boston Consulting Group, Cambiar and the Yale Center for Consumer Studies, as well as in-depth interviews with Heads of Insights currently measuring their business impact, GRBN has created a framework for measuring the return on investment Insights delivers to a business. In January 2018 issued a comprehensive handbook, Invest in Insights, of how to go about measuring the ROI and business impact of Insights. GRBN, together with its chosen partners, is launching a range of consultancy and training services designed to enable client Consumer Insights functions to effectively measure their impact, both quantitatively and qualitatively, on their stakeholders’ businesses. Now, GRBN and Client Advocates have teamed together to offer evidence-based consultancy services to assist Insights teams in setting up and successfully managing ROI measurement and reporting systems. Andrew Cannon, Director of GRBN, explains: “We are excited to be working with Client Advocates to help Insights teams get the most out of the Invest in Insights Framework and tools. Many Insights leaders we talk to simply struggle to find the time needed to plan and implement a ROI measurement and reporting system. Working with Client Advocates, we will not only be able to make this process go smoothly, we will be able to increase the impact we have on transforming the Insights function.” Paul Griffiths, founder of Client Advocates, added: “We are delighted to be partnering with GRBN. It makes perfect sense to combine Client Advocates’ consulting expertise in delivering greater organisational value to businesses through having great insight functions, and GRBN’s Return on Insight approach. Being able to demonstrate how insight delivers value and ROI to a business is key. We are very excited to be able to take this combined offer to market and to even more effectively help our clients achieve commercial success through creating, building and sustaining vibrant insight teams.” GRBN has set up a website, roiofinsights.com, dedicated to measuring ROI and demonstrating the business value of Insights. The GRBN Invest in Insights Handbook, as well as related resources, can be accessed from this knowledge hub. ———————————————————– About GRBN (www.grbn.org) The Global Research Business Network connects 45 research associations and over 3500 research businesses on six continents. More than US$25 billion in annual research revenues (turnover) are generated by these businesses. GRBN’s mission is to promote and advance the business of research by developing and supporting strong autonomous national research associations and undertaking global industry initiatives. Twitter: @grbn_org About Client Advocates (http://clientadvocates.co.uk/) Client Advocates are an evidence-based consultancy that specialises in working with the insight industry. We work with organisations to asses and redesign their insight functions, based on organisational and commercial needs. We also work with agencies and insight providers to ensure they meet their commercial goals. Twitter: @clientadvocates

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What Has Been Learned From Data Gurus So Far

GRBN_News — Mon, 13 Aug 2018 06:20:41 +0000

Data Gurus is a podcast that I launched this year to help our industry navigate the changing data ecosystem together. My mission is to bring you real-life perspectives on what’s happening in the industry and how successful companies and individuals in this niche navigate through the sea of change. Although the lines seem blurred in terms of where we are going there some common themes that have emerged throughout many of my podcast interviews. Here is brief summary below.

Brands are embracing new sets of data. Brands are embracing and empowering the use of all types of data that is accessible to them. These leaders are driving the change to diversify data portfolios, challenge teams to remain objective and find the right data sets aligned to drive business decisions (https://tinyurl.com/raviparmeswar). Proctor and Gamble tests and researches new product concepts five years prior to launch (https://tinyurl.com/tiamaurer). In order to maintain agility and budgets, DIY solutions are integral in P&Gs new product research. In addition, Tia Maurer shared that P&G uses behavioral data to create a deeper understanding of consumer behavior versus stated intentions. Lastly, Joe Catling of Relish Research shared that as we move more into the data economy, clients are integrating existing data sets with their own in house data. This linkage of data across different departments provides an opportunity within client organizations to work across functions breaking down silos (https://tinyurl.com/joecatling).

Measuring return on investment for research even more critical now.– Insights professionals and other research professionals within client organizations are being challenged as new entrants of data scientists and management consultants deepen their presence in the client organizations. As a result, there is even greater focus on supporting and helping researchers create a way to justify and measure the return on investment in research. Providing a framework of how to measure the return on investment in research ensures that research is linked to business results. GRBN and Cambiar consulting have announced a partnership in which they have created a framework and approach to help researchers measure the return on investment on research spend. Details for the framework are available in my interview with Simon Chadwick of Cambiar Consulting (https://tinyurl.com/simonchadwick).

Respondents are real people. -The participants who take surveys are central to our ecosystem. In my interview with Roddy Knowles of RNOW-SSI (https://tinyurl.com/roddyknowles), we talk about how critical it is to ensure we continue to advocate for people who participate in our surveys. There is a vital role in which artificial intelligence and automation can play to customize the experience for different participants. Certainly, there is a strong awareness of these topics and groups and initiatives that are forging the path forward. GRBN has developed a concrete solution that engages brands, market research agencies and panel/sampling providers to work together. SampleCon has facilitated and advanced the conversations. Most recently, CASE (The Coalition for Advancing Sample Excellance) has also focused on developing solutions. During this time, there are different trade-offs that clients are making. Perhaps smaller sample sizes for higher prices to ensure better quality. Others believe that blockchain technology will be creating the transparency needed to ultimately shift the economics and control back to the participants.

GDPR and consumer privacy topics are on the rise. –This has been the core topic across our industry given the GDPR compliance deadline of May 25, 2018. Although the policies do not apply to US citizens, there is certainly heightened focus on informed consent for participants in research. My talk with Ray Poynter (https://tinyurl.com/raypoynter) brings to light the implications for GDPR on the research industry both here in the US and in Europe. Within the US, there is no regulation currently to date on standards for consumer privacy. During my talk with Annie Pettit (https://tinyurl.com/anniepettit) we discuss if we can truly self regulate as an industry, since it only takes one bad actor to create chaos.

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Written by: Sima Vasa Infinity Squared Ventures

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Agency Leaders: An ROI of Insights Events is an Effective Way to Engage and Deliver Value to Your Clients

GRBN_News — Mon, 23 Jul 2018 07:08:50 +0000

Dave Rothstein, CEO at RTi Research, invited GRBN’s Andrew Cannon and Simon Chadwick from Cambiar Consulting, to run this year’s RTi Symposium held last month in New York. The objective of this year’s Symposium was to inform and inspire RTI’s clients to measure their ROI and more effectively demonstrate the impact Insights is having on the business with a view to elevate the Insights team internally and ultimately grow the Insights’ budget.

“It is critically important to prove out the impact on the company’s financial performance when they clearly know the Insights / Research ROI” – Delise Dupont, Global Customer & Employee Experience Learning & Measurement, MetLife

16 Insights leaders attended the Symposium and their feedback on the event was extremely positive. Attendees felt overwhelmingly that the content was relevant for their job, that they learnt something new, and that they have a clear set of actions to work on back in the office. Whilst we could tell you more about why think this is a great event, perhaps it’s best to let the clients who were there tell you in their own words:

“ROI is big given where CPG is now. Thanks for helping carve out the time to focus on this.”
“This is very helpful. It provides how we can show our impact to the company”
“To realize or start ‘advertizing’ the added value of the function to the organization”
“Provides clear, concrete direction on how to think about and start measuring ROI”
“It’s so important to understand that we are not alone in our struggle and to get the tools to assist in the process”

Importantly, not only did RTi’s clients attend the event, but also RTi’s key client service personnel were invited to be part of the session. This will enable RTi to continue the ROI and business impact conversation with their clients and work out together with their clients how RTi can best support them on not only measuring ROI, but also on increasing the impact Insights is having on the business, thus ensuring that ROI becomes a glue bonding the client-agency relationship. Corporate researchers’ ability to measure and promote the significant ROI they provide to their organizations is going to be critical to their ongoing success. Since our overarching mission is to support our clients’ success in any we can, helping them to first understand and then implement an ROI of Insights measurement program is something we feel is quite important and therefore, take seriously.

“Corporate researchers’ ability to measure and promote the significant ROI they provide to their organizations is going to be critical to their ongoing success. Since our overarching mission is to support our clients’ success in any we can, helping them to first understand and then implement an ROI of Insights measurement program is something we feel is quite important and therefore, take seriously.” – Dave Rothstein, CEO, RTi Research

If you are an agency leader and interested in running a similar event for your clients, please get in touch with Andrew Cannon.

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The Fear and Hope of Measuring the ROI of Insights

GRBN_News — Mon, 02 Jul 2018 13:27:21 +0000

Why CI Must Begin to Measure and Report ROI There is a hard truth for insights departments not measuring the ROI of the insights they produce: fewer and fewer C-suite executives are willing to continue investing in a function whose return on that investment is not being measured and communicated. And, at the same time, competition for budget within organizations is increasing; specifically versus departments such as digital marketing and CX – many of whom present strong ROI-based business cases for investment in their functions and are often pulling from the same funding pool as CI. Most Insights departments want to be seen as a “strategic consultant” to the business, yet too often the department is considered reactive and functional rather than strategic by its internal clients. That’s not necessarily because they are; it’s due at least in part to so few departments being bold enough to market the value they provide in terms of ROI to their organizations. So it’s not surprising that a joint GRBN/BCG study conducted in 2017 showed that consumer Insights departments that ARE measuring and reporting the ROI of insights are achieving the highest levels of strategic competitive advantage. Insights has the opportunity to become the rocket fuel that drives the increasingly consumer-centric decision making environment. We just need to get better at measuring and communicating the ROI of what we do. What ROI of Insights Is and Is NOT ROI of Insights is not just about better, faster, cheaper. Saving 10% on the cost of a project might be beneficial, but it is not the kind of meaningful return on investment we are talking about here. Real ROI is about the impact your insights have on the business and, thus, what your company gets back from the investment it makes in you, your team and your research. And because measurement requires action, it follows that insights are not really insights if not acted upon. Incremental revenue and profitability, or reduced costs based upon the actions driven or stopped by the insight you generate, is the return companies are seeking. Consider All the Different Shades of ROI The ROI of Insights is not just one number; it’s a story of the impact of insights on the business that takes many forms and can be told using a variety of metrics. ROI can be measured and communicated using financial metrics (such as profit or revenue growth), non-financial metrics that are meaningful in your organization (such as an increase in brand preference, improved NPS scores, or a decrease in customer churn), or even qualitative feedback on the impact of insights on the business from an important stakeholder on the initiative. Start at the Bottom; Report at the Top Determine the inputs to ROI at the project level, then aggregate those project-level measurements so you are reporting at the “business decision” level; ideally, tying those business decisions into a high strategic business priority. For example, don’t report on the ROI of Focus Groups conducted to get consumer input on an innovation strategy; instead roll those Focus Groups up with all insights initiatives that feed into the broader innovation initiative. Your ROI reporting will be much more meaningful and you won’t get stuck in a situation where a project just doesn’t have a measurable ROI (yes, that does happen!). Find a Champion The more strategic the research function within the organization, the more likely they have a champion in the C-suite. Most often this champion is the CMO, however if you can align with the CFO you’ll really have a powerful partner. Teamwork is your friend. Engage Your External Business Partners in the Process External agencies with whom you work can be strong partners in helping you measure ROI. To the degree that you can, include your trusted agency partners in the broader discussions around important initiatives so they, too, understand what success looks like. The more people invested in your success, the more likely you will be successful. Measuring the ROI of Insights is closer to possible than you thought and so important to our future, why not get started today! For more information and help, check out the GRBN’s Invest in Insights Handbook. Dave Rothstein RTi Research

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GRBN and Cambiar enter into a partnership to train Insights teams on ROI

GRBN_News — Mon, 04 Jun 2018 07:09:17 +0000

NEW YORK – June 4^th 2018 – The Global Research Business Network (GRBN) and Cambiar Consulting today announce that GRBN has approved Cambiar as the first partner to offer training in the measurement of the business impact of Insights using GRBN’s Invest in Insights framework and related tools. Building on a series of studies conducted by GRBN, Boston Consulting Group, Cambiar and the Yale Center for Consumer Studies, as well as in-depth interviews with Heads of Insights currently measuring their business impact, GRBN has created a framework for measuring the return on investment Insights delivers to a business. In January 2018 issued a comprehensive handbook, Invest in Insights, of how to go about measuring the ROI and business impact of Insights. GRBN, together with its chosen partners, is launching a range of consultancy and training services designed to enable client Consumer Insights functions to effectively measure their impact, both quantitatively and qualitatively, on their stakeholders’ businesses. Now, GRBN and Cambiar have teamed together to offer onsite training courses designed to assist Consumer Insights functions in instituting their own measurement systems. These courses will be offered globally. Andrew Cannon, Director of GRBN, explains: “Measuring the impact of Insights is the precursor to actually increasing the value Insights delivers to the business. Additionally, research shows that those Consumer Insights functions that actually measure the impact of what they do on the business garner greater respect, bigger budgets and larger resources. It is one of GRBN’s missions to spread this practice as far and wide as we can throughout the global research community in order to strengthen the power Insights has to impact decision-making and to shout about the amazing returns available to companies that really invest in insights generation. Embedding the discipline of ROI measurement in an organization is not easy but, with the Handbook and now this ability to train Insights functions in situ, we believe it is not only desirable but infinitely possible. We are delighted to have Cambiar as our partner in this venture.” Simon Chadwick, Managing Partner of Cambiar, added: “The jury is in. Measuring the impact of what you do on the business is inextricably linked with respect, budgets and resources. It’s now time to take this news out to the MR community as a whole and to enable practitioners to measure what they do as integral part of their jobs. Cambiar is honored to have been chosen by GRBN to be a part of this initiative.” GRBN has set up a website, roiofinsights.com, dedicated to measuring ROI and demonstrating the business value of Insights. The GRBN Invest in Insights Handbook, as well as related resources, can be accessed from this knowledge hub. ———————————————————– About GRBN (grbn.org) The Global Research Business Network connects 45 research associations and over 3500 research businesses on six continents. More than US$25 billion in annual research revenues (turnover) are generated by these businesses. GRBN’s mission is to promote and advance the business of research by developing and supporting strong autonomous national research associations and undertaking global industry initiatives. Twitter: @grbn_org About Cambiar (http://www.consultcambiar.com/) Cambiar Consulting is the world’s premier management consulting firm specializing in the marketing research, analytics and insights industries. Our senior consultants advise both buyers and suppliers of insights on best practices in strategy, operations, marketing and technology. As part of this, we offer training courses in the art and science of translating insights into business impact.

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