Measuring Business Impact
Cambiar Appointed Official Training Partner for GRBN Invest in Insights Initiative
The Global Business Research Network (GRBN) has appointed Cambiar as its first official training partner for its Invest in Insights initiative.
Invest in Insights is the result of intensive research on the part of GRBN, Boston Consulting Group, Cambiar and the Yale Center for Customer Studies into how major corporations manage consumer insights to their competitive advantage. That research showed that almost all consumer insights functions that were regarded as strategic partners by management actually measure the business impact of the work that they do – and publicize this impact throughout the organization.
The benefits of measuring and evangelizing the business impact of research are obvious. In many instances, the RoI of market research and analytics is huge, resulting in big market wins or the avoidance of losses. The more management understands this, the more resources they will be willing to give to Consumer Insights, both in terms of budget and headcount.
It is therefore imperative that Consumer Insights functions in major corporations measure their impact. But how? And how to make this a real habit throughout the function? GRBN, on the basis of its research, recently published a 180-page handbook to help departments do just this – complete with templates and processes to embed it into the function (www.roiofinsights.com).
Our experience, however, is that without hands-on training and practice, it is difficult for individual researchers to grasp the importance of this part of their job or to make it a habit. To this end, Cambiar designed a series of Impact Measurement Training modules designed to illustrate not only the departmental benefits of measuring impact, but the personal ones too. The module, which incorporates much of what the Handbook teaches, also gives participants the means and the tools with which to make business impact measurement an integral part of their professional lives.
Lisa Courtade, who heads up Global Consumer Insights at Merck, had this to say about the program:
“Thinking about marketing research as an investment that drives meaningful business results and value for the customers we serve requires a change of mindset and of behavior. Like any other new skill, this takes practice. Researchers tend to focus on the methodology and process of research, often overweighting the effort rather than the outcome. Insights are simply artifacts if they don’t result in meaningful change and business impact. I’m excited to see this new training offering because I believe to become facile with how we think about, describe, and deliver the value of insights, we all need practical frameworks and experience.”