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How can businesses unlock the power of insights? Discover 6 key takeaways on actionable strategies, AI, and data privacy.
"Using insights further upstream to mitigate risk and fail quicker ensures validated investments and minimizes risk at launch." - Alicia Mowder, Panera Bread
Suzy was thrilled to host a panel on "Unlocking the Power of Insights" panel at a recent Brand Innovators Summit hosted by Samsung. The panel, moderated by Jesse Forman, VP of Enterprise Partnerships at Suzy, brought together top industry experts, Matthew Dean, SVP eCommerce, Samsung Electronics America; Rachel McLaughlin, Chief Brand Officer, Made by Gather; Alicia Mowder, SVP, Product Strategy & Insights, Panera; and Sisi Zhang, EVP, Data Science and Analytics, Razorfish to discuss how businesses can effectively leverage consumer insights. Here are 6 key takeaways from their insightful discussion:
Here are 6 key takeaways from the panel:
1. Blending Art and Science: The balance between data and intuition is crucial. Rachel McLaughlin from Made by Gather highlighted how essential it is to listen to customers while also trusting your gut. This balance helps businesses make well-rounded decisions that resonate with consumers.
2. Turning Insights into Action: Insights are only valuable if they lead to action. Alicia Mowder from Panera Bread discussed how her team sets KPIs behind their research to ensure that insights drive real business decisions. This approach helps filter out noise and focus on data that makes a difference.
3. Speed Matters: In today’s fast-paced market, speed is essential. Rachel McLaughlin shared her company’s "fast follow" approach, where insights are quickly shared and acted upon. Within one or two business days, a top-line report is sent to key stakeholders, allowing teams to consider actions immediately. A readout follows five days later to make decisions based on the insights. This agility helps companies stay ahead of trends and meet consumer needs promptly.
4. AI as a Game-Changer: AI has the potential to transform how we analyze and use data. Sisi Zhang from Razorfish mentioned that AI can process vast amounts of data quickly and identify patterns that might be missed by humans. This capability can lead to deeper, more actionable insights.
5. Evolving Role of Insights Teams: Insights teams are becoming strategic leaders rather than just support functions. Alicia emphasized that by being proactive and integrating insights into strategic discussions, companies can better align their products and marketing with consumer needs.
6. Tailoring Insights for Impact: Matthew Dean from Samsung stressed the importance of selectively sharing insights with the right people to drive change. By focusing on actionable nuggets of information, businesses can ensure that the most relevant and impactful insights reach decision-makers, fostering a virtuous cycle of continuous improvement.
The insights shared at the panel highlight the importance of effectively using consumer data to drive business decisions. By blending qualitative and quantitative data, acting quickly, leveraging AI, evolving the role of insights teams, and prioritizing data privacy, businesses can unlock new growth opportunities and better serve their customers.
For even more takeaways and industry insights, be sure to watch the full panel session today!
