Are 'Insights' Still the Next Big Thing in Marketing?
Insights are SO hot right now. Pitch rooms around the globe are filled with communications agencies touting their ability to uncover, mold and deliver them every day of the week. Lately, however, a few of these presentations have fallen on less attentive ears. A handful of Fortune 500 companies are losing interest in these daily insights, moving budget to other pots. If insights are the next big thing, why have they seen an ebb in marketability?
What is an Insight?
To discuss any communications capability, we must first define it. In fact, the way the industry has broadly defined what an insight is over the past few years has played a major role in the slump in interest. The term "insights" was unsurprisingly derived from the word "insight," and was generally referring to what is called a "consumer insight." The definition of "insight" according to Merriam-Webster reads as follows: the act or result of apprehending the inner nature of things or of seeing intuitively. Regarding the consumer, the key word here is "inner."
Ten years ago the art of uncovering a consumer insight served a somewhat pointed purpose - to understand the inner thoughts, feelings, desires, motivations, etc. of a particular audience in order to build a better resonating marketing strategy. Today, however, what's often raised as an "insight" is simply an observation. Many of these "insights" don't consider the inner thoughts of the consumer at all, but rather the outer behavioral results. Facts are not insights. If what is called an insight doesn't get to the core of a consumer's behavior, it shouldn't be labeled as such. Below is an example:
Observation: People struggle with losing weight because they say the plans are too hard to follow.
Insight: People struggle with losing weight because their fear of failure becomes debilitating and insurmountable.
True insights come from synthesizing observations, getting down to the "why" of the matter, and ultimately arriving at something often surprising and game-changing. If a client has this as their expectation, it's clear as to why a list of facts could be a bit of a disappointment.
How are Insights Used?
The other major player in the recent decline in insight demand is due to how agencies have recommended their clients use these so-called insights - or rather the lack thereof. Too often these insights (or observations) are presented without the accompaniment of reciprocating action items. This leaves the client with an unsatisfactory taste of "so what" in their mouth. If they experience that too many times, that "so what" question will turn into "so what are we getting for our money?"
It's here that the difference between insight and observation is key. There is absolutely nothing wrong with providing timely observations regarding the client's content, audience and/or industry, as long as they're paired with suggested strategies on how to take advantage of them. In fact, that would be a great deliverable - assuming it's sold-in as exactly that. If the client is expecting game-changing insights, though, the deliverable may appear to fall flat.
If by chance a true insight is indeed uncovered, make sure to treat it with the time and care it deserves. You've discovered something not many others have! That's awesome! So, don't present it haphazardly or hurriedly. Instead, take this opportunity to develop a thorough strategy, highlighting just how important that insight is, and blow your client's mind.
In Conclusion
The recent dip in the interest in insights isn't because insights aren't important or interesting, but because a broader definition of insights has misaligned expectations. If observations are paired with action items, and insights are paired with strategies, and each is clearly marked appropriately, the client is in no danger of disappointment. So make sure your analysts can think strategically, and your strategists can think analytically, and you'll be surprised just how insightful your team can be.