Every brand needs a stronger insight function

The WFA Insight Forum at Global Marketer Week 2024.

Investing in and closely collaborating with the insights function is crucial for organisations that want to thrive in today's competitive landscape.

Insights derived from data enable informed decision-making, guiding strategies that align with market trends and customer preferences. They also help optimise resource allocation and operational processes as well as fostering innovation by identifying new opportunities for product development and service enhancement.

Over the last three years the WFA Insight Forum has seen and discussed best practice, with five dramatic shifts in the way the function works.

First, there’s been increased focus on agility and real-time insights. Leveraging real-time data through social listening and advanced analytics platforms has become essential to provide up-to-date consumer sentiment and market understanding.

Second, there’s been greater integration of data and technology. Self-service data platforms, AI-driven analytics and automated processes have streamlined data access and analysis, allowing insights teams to adapt quickly and make more informed decisions.

Third, effective communication and stakeholder management have become critical. Insights teams now focus on building strong relationships with stakeholders, ensuring that insights are aligned with business goals and tailoring communication to diverse audiences to bridge departmental gaps.

Fourth, there is increased emphasis on ROI and marketing effectiveness. Using metrics like ROI, market share and brand equity, the insights function is validating its contributions and supporting strategic investment decisions.

Finally, insights teams are putting greater value on deep expertise and emotional intelligence. Subject matter experts are leading learning agendas, while emotional intelligence is crucial for building trust and collaboration across functions.

Over the next three years, the insights function can continue to establish itself as a trusted partner by aligning strategically with the rest of the organisation, advancing analytics capabilities for predictive insights, and promoting a culture of data-driven decision-making across all levels.

The WFA Insight Forum at Forum Connect New York in 2023.

We think there are 10 additional areas where global insights directors could focus their efforts to drive the function forward:

1. Promote accountability and proactive engagement
   This includes predicting disruptions, being agile in response and ensuring insights teams are part of strategic and campaign planning meetings.
   
   
2. Leverage data for strategic decision-making
   A strong foundation in quantitative data and qualitative understanding enables better strategic decision-making. Combining social listening with consumer insights can provide real-time market understanding, driving impactful business decisions.
   
   
3. Embrace agility and adaptability
   To navigate market volatility and disruption, insights function should aim to be agile and adaptable. This includes quick decision-making, scenario planning and real-time insights through social listening and data analytics platforms.
   
   
4. Demonstrate ROI and marketing effectiveness
   Measuring and showcasing the impact of marketing investments on business growth is essential. Using metrics such as ROI, market share, and brand equity can validate the value of insights functions and support strategic investment decisions.
   
   
5. Foster a culture of collaboration and integration
   Regular cross-functional meetings, integrated project teams, and consistent language across departments can enhance alignment and communication. Building strong relationships with corporate strategy teams ensures insights align with long-term business goals and foster organisational success.
   
   
6. Strengthen cross-functional communication
   Effective communication across diverse functions like marketing, finance and engineering is essential. Tailoring insights communication to the audience and ensuring survey data is understood and actionable can bridge departmental gaps.
   
   
7. Prioritise empathy and cultural intelligence
   Understanding the human experience beyond consumer categorisation is crucial. Insights teams will be more effective if they engage in bold and provocative dialogues, fostering a culture of empathy and cultural intelligence to better connect with diverse audiences.
   
   
8. Utilise storytelling and experiential learning
   Embedding insights into narratives and facilitating direct consumer interactions can illustrate their value effectively. Storytelling, co-creation, and strategic alignment help foster a shared understanding across departments.
   
   
9. Develop effective dashboards for decision-making
   Creating customisable, visually intuitive dashboards that cater to different stakeholders, such as CMOs and CFOs, is crucial. These should provide clear insights, actionable recommendations, and support strategic decision-making.
   
   
10. Balance foundational data work with innovation
    While maintaining robust foundational data, insights teams need to keep an eye on the future and explore new tools & methodologies. Balancing traditional models with innovative approaches can capture fast-paced consumer behaviours and market dynamics.

By leveraging insights effectively, brands gain a competitive advantage. This not only enhances customer satisfaction and loyalty by aligning offerings with consumer needs but also facilitates cross-functional collaboration within the organisation.

Ultimately, investing in the insights function empowers organisations to stay agile, responsive, and strategically aligned in an ever-evolving business environment.

We’re proud that the WFA’s Insight Forum has become a global community dedicated to senior global client-side insights and analytics leaders. It’s tripled in size in the last three years and now comprises more than 600 senior leaders and experts from more than 120 organisations worldwide.

We now have co-chairs from Visa and IKEA, representing diverse sectors and geographies and we’re still learning how to enhance the role that insights plays.

Later this year we’ll be meeting in Geneva, New York City, and online. There’s also an upcoming report on Insights talent in the AI Era, which will be published in Q3.

If you’d like to be part of this community then please contact Ioana.