Are you happy with the value you’re getting from your consumer data?

Welcome to Ryan’s Rant, my weekly newsletter aimed at helping companies drive customer-centric growth.

This week I had Brett Townsend, author of Insights on the Brink, on the podcast and he said something that blew my mind a little.?

He said that an old boss of his once said: “We’re spending as much on research as Harvard spends on their research. Are we getting as much bang for our buck as Harvard?”?

And wow. Talk about a mic drop moment.?

There are research institutions out there spending millions on research that saves lives. Meanwhile, large companies are spending the same amount testing their ads and running brand tracking studies. Can they really say they’re getting as much value out of that research??

Of course, we’ll never be literally saving lives with our consumer research. We have to be realistic about the industries we work in. But it really puts things in perspective.?

With all the money companies are pouring into consumer research each year, they should really know their consumers, right? If the same amount of money could be used to fund cancer research, we must be able to use it to understand people inside and out to truly meet their needs.??

But can you say that your company is using its research budget in that way? Are you really getting the full value out of that data??

I talk with insights teams every day, and most of them don’t think they are.?

And that’s a big part of the reason I think we’re in the midst of a revolution in the insights industry. Big companies are sitting on massive quantities of consumer data. They should be able to use it to become truly consumer centric. That data should be a competitive advantage.?

But that’s not happening across the board yet.?

It’s not until insights teams can stop taking orders and working reactively will they be able to think strategically about surfacing the right insights to the organization at the right time.?

This is not something that can happen overnight. But it is important to secure the future for our industry.?

Playbooks for the future

I don’t think it’s a coincidence that two books on this topic were published within a few weeks of each other.

I’ve read Brett’s book, Insights on the Brink, and I think it’s a perfect companion to The Consumer Insights Revolution. They both cover this general idea, but approach it from different angles.

According to Karen Kraft (Assoc. Director of Consumer Insights & Analytics at Johnsonville), who is a friend to both me and Brett and has read both books, the insights industry should read both books.?

Look to Insights on the Brink to understand why insights teams need to step up and be more strategic, and use The Consumer Insights Revolution to help you figure out how to clear your plate to become more strategic and connected.??

Both books address the revolution that needs to (and is already) taking place in this industry.?

If you missed it

If you want to hear Brett and I talk about these books, and generally rant about all the concepts in the books, check out my latest podcast episode.?

And you can get Insights on the Brink and The Consumer Insights Revolution from Amazon. I’d love to hear what you think about them after you’ve read them!