Managing Director & Senior Partner
This study was undertaken by The Boston Consulting Group to analyze best practices and gaps in companies’ capabilities for market research—or, as many companies now call it, consumer insight. The report findings reflect the results of a comprehensive benchmarking study conducted in the spring of 2009. In all, 40 global companies participated—all industry leaders, each with at least $1.5 billion in sales, and many with sales exceeding $10 billion. The study included a detailed data-collection effort, a quantitative survey of more than 800 executives in both line management and the consumer insight function, and nearly 200 qualitative interviews. About 60 percent of the survey respondents were from North America, and the rest were from other regions. The findings outlined here are relevant for a wide variety of consumer-facing industries, including consumer goods, retail, apparel, technology, travel, banking, and insurance.
Executives talk about the importance of deep consumer insight…but struggle to achieve it.
Most companies have not yet unlocked the value of consumer insight.
Frustrations exist both among line managers and within consumer insight teams.
Two critical drivers of success are the engagement model between line management and the insight function and the performance of the insight function.
Organization structure alone does not drive a better engagement model.
A better engagement model requires a strong connection between line management and the insight function.
Improving consumer insight is a question not merely of spending more money on research but also of spending on different types of research and making the most of each study.
Some companies have embarked on a transformation journey to modify or enhance consumer insight capabilities.
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