They say that doing what you love means never having to work a day in your life. Nothing gives me a bigger high than that euphoric moment when I can put my finger on something BIG. This is the reason that I’ve been thinking a lot about insights. I am a firm believer that you can really connect with someone only once you know where they’re coming from. So I started a company with a focus on insights.
When you think about insights in the pharma industry over the last few years, it’s obvious that it has evolved. Companies are expanding investments beyond the traditional sales and market share data. Among others, patient journeys, customer behavioral drivers, social listening and influencer mapping are adding layers of information and insights. Slide decks are getting bigger and packed with more data and research results. I have personally endured a 267-slide deck!
But then what? Too often, those insights stay in a slide deck until the next annual brand plan, if not indefinitely. Aligning cross-functional teams, re-forecasting, cycle meetings, industry regulations, and, of course, the biggest challenge, lack of time. It’s not surprising that acting on those insights can be challenging.
Getting to these insights requires a significant investment of time and resources. How can we mobilize insights before the information is stale – or before your competitor acts?
I’ve talked to a number of individuals – from brand directors, c-suites and research analysts, to vendors and customers. I want to share with you some of the insights I have uncovered on the topic.
Insights are not the outcome
Sometimes gaining the insight itself is considered the end result. I’ve seen market research presentations greeted with a sigh of relief, “The numbers are headed in the right direction.” The results validate current marketing efforts.
The same situation exists in consult meetings, which take months and significant investment to execute. “In many cases, the meetings themselves are considered the outcome. The brand manager crosses it off their KPI list… 10 meetings completed with 98 customers.” People want to ensure that they are engaging customers, but what will be done with the information is not always defined.
While market research validation and customer engagement are important objectives, it is unclear how organizations are defining objectives around insights. Brand teams are often assessed on key deliverables such as research and advisory boards, but what mechanisms are in place to ensure that key insights uncovered by these activities are addressed in a timely manner. Once organizations have gathered insights, are they identifying their objectives with regards to what to do with them?
Asking implies you will act
I recently experienced this with my car dealership. They called me for feedback. Some of my comments were negative. At the end of the call, the dealership thanked me profusely for my time. He indicated that this information would be reviewed internally and analyzed. My response: “And then what? What exactly am I getting out of this?” Silence. No commitment to follow-up. So I am in the process of changing cars, and this call was the impetus!
Asking the same question over and over again without any sign of acknowledgment through action has negative implications. Your customers notice. One thought leader shared this story: “I’ve been on-site for 3 years straight for the same brand, same advisory board committee, even at the same location. Every single year, the same issues come up, and we provide the same feedback. They have not been addressed. Every year we come back to the table a little less engaged. Who can be fully engaged when they feel unheard?”
Communicating insights is the first step
I lost count of how many times doctors I interview ask if I would share the results of the market research that I am conducting. They want to know that they have been heard, they want to know what their colleagues are saying, and most importantly, they want to be reassured that their input will lead to action by the sponsoring company.
Knowledge is power! Sharing back what you have uncovered can be a first step in addressing these insights. This alone shows your commitment to doing something about it.
Starting can be simple and quick. You can ask reps to verbally communicate some of your findings (within the rules of course). You can also send a quick email with at least one key insight that your customer helped uncover, and confirm your commitment to dig further and act on it. Just like this article is my first step in addressing the issue of inactivated insights – something that I am committed to solve.
Written by Nicole Faubert