INSIGHT on INSIGHT: Defining the Timeline for an Insight Project
How soon do you need insight?
Are you reacting to a sudden, unexpected or ignored need?
Are you looking out twelve months and anticipating in advance where insight may be needed to deliver your strategies?
MORE IS BETTER
As with most things in life, more time is always better. This not only eliminates at least one unnecessary distraction (a ticking clock), but it also removes other artificial constraints that can cause the mentality of “its good enough” to creep in. It also creates more cushion for curiosity or exploration to potential discover unexpected insight.
In practice, typical internet surveys take four to six weeks to design, execute, analyze and summarize. Qualitative work like one-on-one interviews can take about four weeks to design, recruit, conduct and summarize.
When necessary, we’ve turned around internet surveys in as little as 72 hours and a series of one-on-one interviews in under two weeks. We never want that to become the core of our business, but have developed the ability because it tends to be a common need among our clients.
While faster turnaround is possible, it does come with risks and tradeoffs:
The scope of the project typically needs to be narrowed, limiting the amount of insight delivered.
Analysis is typically rushed, significantly reducing the time to wander through the data, explore unexpected data points or consider the significance of outliers, patterns or relationships.
There can be increased costs related to rushing execution, guaranteeing delivery or needing to cover extended hours to accelerate the entire process.
There is little room for error along the way or time to correct it as speed tends to reduce the amount of input and editing provided by clients.
So, in a perfect world, insights should always be planned out a minimum of one month from when the results will be needed. In reality, many companies wait too long to initiate insights work or do all they can to avoid the work until it becomes absolutely necessary.
If you are serious about using insight as a competitive advantage, someone should be studying your overall business objectives and strategies for the entire year right now. This allows for a cohesive and connected learning plan that incorporates multiple projects or phases. This type of approach allows each project to potentially address multiple needs across different objectives or strategies. It also ensures results are delivered well in advance of when they are needed.
ACT NOW
If you are just considering how the utilization of insights could benefit (or revolutionize) your business, now is the time to take action. If you’re looking for a third-party partner, we’d love to begin the process of understanding your needs and figuring out the right plan.
If you’ve come across this article because you need insight tomorrow, we’re not judgmental. As mentioned, we’ve had plenty of practice delivering on ridiculous timelines and would love to help. Contact us now and check the ‘yesterday’ option for how soon you need results.