4 steps to help you become a more insightful marketer

In today's social media savvy world, more and more companies are taking the time to get to know their target market better. As such, it could be argued that reliable target insights are more valuable than ever.

The best definition for insight I have ever heard came from Morgan Shorey,  a TAAN colleague, who herself had heard this definition at a seminar. Insight is a truth which until now has not been leveraged, but if leveraged will generate revenue.

Discovering those insights requires a sound methodology and experienced investigators. Producing market insights is a lot different than producing market statistics. Statistics may tell you that 34% of women from country A prefer brand X over brand Y. But a true insight will tell you why and show you how you can compete more effectively in that market.

So how can you find those insights? Having the right framework can help. At The Duffy Agency, we feel that framework can be boiled down into four steps.

1. Design
   It starts with defining why a study is needed and what objectives the study is aiming to achieve. This often includes defining a hypothesis about the market. From there, a methodology that ensures accuracy and objectivity is selected to test the hypothesis. For The Duffy Agency, the two preferred methods of obtaining market insights are focus groups and one-on-one in-depth interviews.
2. Investigate
   Never outsource the fieldwork and wait for the results. Outsourcing invites a high degree of misinterpretation and lacks the flexibility to adapt to real-world conditions. At The Duffy Agency, for example, one of our researchers is present during, if not running, each session. This gives us the ability to adapt our techniques to what we discover, as the target often reveals points that are of greater importance than what we planned to cover.
3. Analyze
   Drawing on the results of the investigation, seek to answer the questions posed by the study. The value of the insights is dictated by the quality of the data collected. That’s why a solid study design and competent investigation practices are so crucial. As an international advertising agency, many of our clients have global concerns, so we look for insights both by region and globally.
4. Report
   Using meeting reports, notes and audio recordings from each session, individual regional reports should be created which are then combined into one global report. For the results and conclusions of the study to take root in the organization, they must be easy to understand and retell. Strive to make your reports readable, visual and compelling.

Marketing insights are like small nuggets of gold. They take hard work and patience to uncover, but the rewards can be significant. 

Kevin Duffy is the Creative Director for The Duffy Agency's Boston office.