Surveys are an extraordinarily valuable tool for generating deep customer insights quickly. They work as standalone efforts and even better when integrated with macro data, externally generated data and internally generated data. Like all good things, a little process and preparation helps you go faster and deeper to generate insights. By understanding that the entire process is what generates insights and not just the survey itself, you’ll ensure the output is meaningful and impactful.
Understanding customer decision making is crucial to profitable growth, and particularly so in driving product development or sales and marketing investment decisions.
Stax CEO Rafi Musher and Director Palash Misra crafted an article on how to utilize social insights to fully understand a company’s position in the marketplace and what it needs to do in order to best operate the business.
In our experience working with hundreds of management teams across a range of “what just happened” situations, we’ve identified a set of common principles that successful management teams and advisors follow to drive value by understanding why what just happened, happened. When leadership can understand and explain the sources of change to the company and to investors, the odds of effective action increase dramatically.
We see a lot of companies missing the value at their doorstep — because there’s so much data to pull together from disparate sources and they don’t have the resources to turn that data to insights. And, we see companies struggling under the volume of data, feeling the only answer is to implement a mega-solution that will deliver everything in one dashboard — but that takes years, millions and can be high-risk.
While this framework requires sophisticated analytics and data integration, it really is an exercise in common sense: better allocating efforts and resources by boiling data down to practical information. Our experience suggests that by using this framework, it is possible to get that all-important head start and the results quickly pay for themselves.
By bringing more facts, analysis, and market agility to strategic decision making, the knowledgeable can become even better, faster, and more successful in leading organizations in this uncertain, dynamic world.