Beyond Numbers

Founded in the last millennia (October 1999, to be precise), QuMind’s beginning was based on the premise that customer feedback and market research would be profoundly changed in the internet era.  Recognising the potential for accelerated data collection, we anticipated a future in which businesses could integrate customer insights into their strategic decision making processes at speed…to truly put the customer at the heart of decision making faster than ever before.  Fast forward 25 years and this has been achieved but only to a certain level. One of the principal reasons has been the emergence of data analytics or data science as it is often called.

The Separated Rise of Data Analytics and Market Research

The two are similar and different, but whilst one collects primary data (market research) the other is more interested in what actually happened (data analytics) to predict likely future outcomes.  

The issue is that, over these 25 years, the two have evolved separately, operating in organisational silos, competing for budget and influence at Board level. The truth is that both are as important as each other and successful businesses will achieve the balance of the two, because both acting in harmony are far more powerful than each acting alone.

Return on Investment

So why has this polarisation occurred? The simple answer is the quest for a tangible return on investment. Data analytics, with the emphasis on scrutinising customer data, offers a clearer way to quantify impact on revenue generation.  It has been relatively straightforward to link the insight with revenue and in particular linking actions taken with future revenue derived.  Conversely, market research is often reliant on structured samples and anonymous respondents.  It faces challenges in correlating opinions and sentiments with actual behaviours.  It is possible to use claimed spend, but this is not as accurate as real data, thereby complicating any ROI assessment.

Bridging the Gap

Linking opinions and feelings to behaviour is the holy grail and often this is where the partnership has fallen down. Bridging the gap necessitates expertise in both disciplines, a rarity at operational levels and even more so at C-suite level.  However, the executive level is exactly the place where this knowledge needs to reside. Addressing this skills gap is central to any organisation’s success, so that key decision makers are empowered to understand the underlying motivations driving consumer behaviour and informing strategic decisions accordingly.

A Strategic Solution

The solution is to have a Chief Knowledge Office in place, proficient in both data analytics and market research.  This would be a cohesive team of skilled technicians with the multidisciplinary approach to integrate these two functions within the organisation under one budget.  

While this model epitomises a future ideal, widespread adoption of this model remains a work in progress at this point.

The Way Forward

In conclusion, the merging of the two disciplines is the way forward.  By fostering collaboration and expertise across both domains, businesses will be able to navigate the challenges of the modern business with agility, positioning themselves as leaders in their fields and de-risking the decision making process for strategic success.