I just returned from keynoting a conference on the ROI of Market Research in Chicago. Prior to going, I expected to walk into a minefield of very divergent views on how market insights professionals can show their value. Instead, what I found was a “convergent validity” of the views forwarded by Forrester on how to show and build the value of research and insights.
What this means is that there is a clear future path for market insights. Market insights leaders at companies such as Coca-Cola, Pepperidge Farms, General Mills, Schwab, among others, are already getting on what Forrester is calling the insights value path and are positioning themselves to be able to jump over a high performance bar. What do high-performance market insights organizations know and do?
Run market insights like a business. Be accountable to your funders, be focused on being a value-driver (versus a cost center), and show the value you bring to the company.
Use ROI to optimize the business. Use ROI to show value-add but also to optimize efforts and insights (which avoids waste and creates a competitive advantage).
Focus on relationships as well as formulas. Build perceived value of research (through relationship-building and delivering insights aligned to stakeholder needs) while capturing tangible value through ROI calculations.
Every summer we play host to the Forrester Groundswell Awards, a contest to find the best examples of social media success. This will be our fifth year running the awards (and my fourth year helping organize and judge entries), and I'm eager to see how far we've come in the industry. To see highlights of previous years, check out this earlier post on past Forrester Groundswell Award Winners.
These awards are a great opportunity for you (or your clients) to get recognized for your work. We publicly highlight the best applications here on the Forrester blogs, announce the winners at Forrester Conferences this fall, and often use many of the winning (and runner-up) entries in our research throughout the year. So if you want exposure for your success, it's an easy way to get your work in front of the masses.
I’m pleased to announce that Customer Intelligence is returning to the Forrester #IMChat tweet jam next week with a session on mobile application measurement – at 2 p.m. Eastern Time on Tuesday, July 12th. Just in case you’re new to our tweet jam sessions, these are weekly interactive discussions held via Twitter on a variety of marketing topics, using the #IMChat hashtag. Everyone is welcome to join in.
Mobile is top of mind for many marketers due to growing market penetration, improved mobile network capacity, and the availability of compelling devices such as smartphones. Engaging with consumers via mobile is no longer optional; the traffic numbers for mobile web browsing and application usage are too big to ignore. I am fascinated by mobile because it is very much related to other interactive channels, and as a platform, mobile is a tremendous enabler of other channels such as social, yet it is a very unique, specialized, and personal experience.
Mobile applications are an exciting frontier for digital marketing, with huge potential for engaging customers and driving revenue and loyalty. But as an emerging channel, mobile applications are challenging due to new and evolving technical requirements, uncertain consumer expectations, and a paucity of benchmarks. Clearly, this is an environment where measurement is critical: to optimize customer experiences, maximize ROI, make the case for investment, and to meet customer needs. But sophisticated mobile application measurement remains the exception rather than the rule.