Savvy market insights professionals understand that the CFO is the ultimate budget decision-maker and, as such, merits outreach by the head of market insights to show the value-add market insights provides. But does your CFO get market insights? Or does he or she see your department as a discretionary cost center? Reach out and share with him or her how market insights contributes to the business:
Market insights influences top-line growth.By identifying client needs, competitive gaps, cross-sell correlations, and new market opportunities (among other deliverables), market insights helps the company identify and optimize revenue growth potential.
Market insights influences bottom-line growth. By identifying lower-cost (and acceptable) ways to meet customer needs (e.g., replacing phone support with IM chat support) and by identifying better competitive delivery methods (among other deliverables), market insights helps the company reduce the cost of key functions, which improves the company’s bottom line.
Market insights influences brand value and market cap growth.By fueling high customer satisfaction, loyalty, and willingness to recommend as well as identifying messages that help the company own high-value brand attributes (among other deliverables), market insights helps the company build its brand perception, which can fuel improvements in brand equity and market capitalization.