Why do Market Insights Need Managing?

Companies need market insights to become market oriented and they need to be market oriented to increase performance and basically survive. However, many companies lack an insight strategy. Even in the current crisis, it is only the resources used that are subject to strategizing not the management of insights. In the consultancy industry, I can see that many clients are increasingly in-sourcing research and analyses. But this is based on resource constraints not necessarily a strategy of drawing information and insights deeper into the organisations DNA.

This means that many companies miss out on the potential of the information, they are using substantial resources to gather.

But what is market insights and what is market orientation.

The figure illustrates how a customer-led company will lag behind or just keeping up with its customers in terms of information, products and services. The market-oriented company tries to look beyond the customers’ expressed needs. A company can look beyond expressed needs by making sure that information about the market is spread around the organisation. This makes information come to life and creates new connections that will eventually lead to insights.

Insights are esentially discoveries about the market - they are elusive and rare - but they are not miracles as good managers, we can help them on their way to produce better results for the benefit of both our customers and our businesses. This blog explore 'Insight management' and how it can help organisations.