INSIGHT on INSIGHT: Why You Should Care About Investing in Insight
Many people view the acquisition of insights as an expense, not an investment.
That’s fair.
After all, it is very possible to spend money (even lots of money) on insights and get no return (the very definition of an expense).
However, insights can have immense value when applied properly. In fact, a single page of insights can largely define why a company exists and what it does.
This is because insights are a means to an end. They can discover, inform, guide, convince and justify almost all customer- or shopper-facing elements of a business.
THE POWER OF INSIGHT
With insights, companies are empowered to be bolder and have confidence that they are making better decisions to achieve a variety of outcomes:
Insights provide focus & direction: When facing lots of options or what appear to be no good options at all, insights can clarify the best path to take.
Insights are a form of risk management or insurance: When committing to significant decisions, good insights dramatically reduce the risk of making the wrong decision or discovering fatal flaws before there are catastrophic consequences.
Insights reduce the need for hopes & prayers: Relying on comprehensive and objective insight eliminates taking action based on speculation or optimistic assumptions.
Insights are a currency: Many external partners value insights more than money because they lack the resources to buy or discover the insights on their own and they know insights can produce returns that compound quickly over time.
Insights are power: Knowledge is power, and a company known for possessing insight is given attention and respect not offered to lesser players.
Insights establish credibility: The combination of deep and broad perspective provided by insights demonstrates intellectual authority and topical expertise.
Insights create access: Engaging in insightful conversation is one of the primary reasons decision-makers are willing to grant more meetings and access to more of their time.
Insights drive action: The confidence of insight-supported recommendations makes it easier to make decisions and say yes.
Insights tell stories: There are few, if any, better ways to craft stories that articulate the needs, desires and perceptions of shoppers in a more engaging manner.
If you haven’t considered or realized any of the above benefits, it is understandable that you probably don’t care much for insights. However, this also means you’ve got a huge toolbox of untapped potential that could transform your business results.
If any of the above benefits pique your interest, but you’re not sure where to start, reach out and we’d love to help.