Episode 5: From the market to the money

To produce insights, we need to reframe our approach to Insight activity. We should move away from a focus on functional disciplines like market research, customer analytics and competitor intelligence, and instead, see each as input to the creation of a holistic story – a story about how consumers in our market become customers of our organisation and create value for it. 

Topics Discussed

• Organisations need joined-up Insight to succeed (1.10)
• Reframing our approach to Insight activity (3.30)
• The MADE in Insight model (3.53)
• Should we start with the market or the money? (8.05)
• Engineers without a blueprint (9.34)

Highlights

• “A key problem for Insight teams is that we behave like engineers without a blueprint. If you think about an engineer – a heating engineer for example, or a mechanic working on aircraft – they will always have a blueprint that describes the key components in a system and the way in which those components work together when the machine operates.”
• “If you work as a corporate Insight manager, analyst or market researcher, the machine you are working on is your organisation. You are researching and analysing the way that consumers in a market interact with your organisation and how that creates or destroys value for your organisation.”
• “The MADE in Insight model was developed to help my Insight managers at Barclays appreciate the four broad categories of our eco-system: the market environment, consumer choices, customer behaviours and financial outcomes, and to encourage analysts and researchers to map from the market to the money every time they were engaged in a new piece of work.”
• “So here’s an interesting question… is it really MADE or EDAM... Where should we start? We can actually start at either end, depending on the nature of the business issue we are looking at.”

This is episode 5 of the Transforming Insight podcast. 

If you have the ambition to transform your Insight team and the role it plays in your organisation, please tune in to future episodes. Not only will we explore the 42 secrets of successful corporate Insight teams as outlined in the Transforming Insight book, but we will also talk to senior corporate Insight leaders, delve into books that have inspired us, and discuss new best practice research carried out with the IMA’s corporate members.

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About James Wycherley, the author of Transforming Insight

James Wycherley was Director of Customer Insight and Analytics at Barclays from 2005 to 2015 when he became Chief Executive of the Insight Management Academy (IMA). A popular keynote speaker and acknowledged expert on Insight leadership, strategy, and communication, he is the author of the book Transforming Insight: the 42 secrets of successful corporate Insight teams, and over 35 IMA publications. He has provided thought leadership in the UK, Western Europe, the USA, Canada, Australia, India, and the Middle East. Over the last five years, over 20,000 Insight professionals worldwide have received his 5 Minute Insight emails.

Resources:

If you would like more information on any of the ideas discussed in this episode of the Transforming Insight podcast, please visit www.insight-management.org

Copies of James Wycherley’s book Transforming Insight: the 42 secrets of successful corporate Insight teams can be purchased directly from www.transforming-insight.com

Disclaimer

The Transforming Insight podcast is published by the Insight Management Academy and produced by Zorbiant.

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