Monday, August 17, 2009

The challenge of identifying true and real insight

I like the fact that Insight is taken more seriously these days. However, I have often heard the word Insight being used to describe a simple state a fact or some simple market data - not real insight.
So what is real insight then? Well, from my point of view real insight is derived from thorough analysis and consumer or market understanding. Real insight is a deep and strong understanding which opens up interesting thoughts and market opportunities. Let me demonstrate this. Compare e.g. the following three statements:
1) 40% of the UK population drink coffee and of these, 5% drink more than 5 cups per day.
2) Many women buy their own cars but many women state that they feel inadequate when they visit a car retailer.
3) Working men and women spend less time watching TV compared to those not working.

The first statement is simply data - this data offers you a basic understanding of the market but it's not insight (do you see any opportunity arising?). The third statement is interesting information. But, it doesn't offer any real insight. So, let's look at the second statement. This is what I would call an insight statement. Why - you say? Because this statement tells you something interesting and new about these women. You know already that a lot of women these days have the purchasing power to buy a nice new car. However, many feel inadequate whey they visit their local car retailers. So what? Well, how about this? If a car retailer would like to utilise this insight they should ensure that they understand what makes these women feel inadequate. An opportunity might be to develop a service and retail environment which suits these women better. Why not a specialist car retailer who caters for women needs? I think that could be a great opportunity!

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