INNOVATION INSIGHTS
An increased focus on innovation is on the rise as companies aim to grow in new and different ways in this economy-- presenting challenges and opportunities for the insights team. From the survey results, I am taking away an increased focus on innovation . Innovation probably means something slightly different based on the type of business in question -- it could be innovation in new products, new services, or business models. From my CPG perspective that rings very true. Organizations are looking for growth in new and different ways in this economy. And no matter which approach you’re considering, it is heavily reliant on having strong insights. Over 50% of survey respondents think expanding influence on the business is a strength . But working across departments is only a strength for
roughly 1/3. It could be that those expanding influences are across upper management levels, but when the actual day-to-day happens between the teams on the ground, it’s maybe not as smooth. But when it comes to visibility of the function they do feel like there’s influence on the business. They’re getting time with the various cross functional heads and driving decision making among leadership. As for a lack of control of activation of insights as a weakness , again I will put on an innovation lens. For instance, work is completed, there’s a strong consumer perspective, actionable takeaways, but there may be something that’s unexpected when it comes to the product formula and we can’t deliver on the product claims or maybe it just doesn’t work with the P&L to drive the sustainability positioning that we thought we could. Marketing barriers come up. It could be R&D technology, it could be supply chain, it could be P&L, or other unforeseen factors that weren’t yet apparent in the early concept development stage.
“Insights is one of the functions that organizations should be doubling down on, to ensure a consistent pulse of the consumer mindset.”
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INSIGHTS SPEND & TRENDS REPORT 2023
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