Claire Myerscough – The value of insight
Claire Myerscough, commercial business intelligence director at News International, explains how two significant events have increased the value of insight…
“With broader and deeper consumer understanding, we can (change human behaviour) more effectively, more reliably, more frequently and in more ways.” Rory Sutherland IPA president, vice chairman, Ogilvy Group UK
The importance of insight and the role it plays in the advertising process can never be underestimated. Two significant events have had a major impact on consumer behaviour, one very recent and one that has been evolving over the last two decades. These have moved the value of insight further and further up the agenda and crucially brought to light how important it is to have relevant, current information.
The recent change – the credit crunch – is likely to have a long lasting impact on consumer behaviour. Advertising success will stem from the richest level of insight into new behaviours, attitudes and mindsets.
Add to that the more gradual change, the proliferation of media. Consumers are faced with more choices than ever before as to how they invest their most valuable commodity: time. Twenty years ago, we didn’t have enough hands to count the number of TV programmes that reached over ten million viewers. In 2009 you can do it on one (and have two fingers to spare). Insight into how, where, when and why consumers use and engage with different media has taken on a new level of importance.
Industry insight tools are evolving and developments like TouchPoints are a good step in the right direction. However, intelligent media owners are taking the initiative with bespoke projects and departments designed to provide the most telling and timely insights, both externally to clients and internally to commercial operations.
At News International we’ve done exactly that, creating a brand new Business Intelligence department following the companies commercial restructure, and investing a significant six figure sum into three reader panels with over 22,000 news seekers contributing on a regular basis.
NI’s Consumer Eye, run every quarter, typifies the value of insight.
This is a survey of over 3,000 consumers and tracks their confidence (across a range of criteria), behaviour and attitudes. Its bespoke design means it is specifically tailored to meet the needs of the advertising community.
Data is available seven days after the survey enters the field, giving advertisers an instant insight into real consumer issues and pressures. For example, the most recent wave tells us that the cost of petrol is the single biggest concern for consumers outside of London (after the economy), that confidence amongst the previously recession resilient 18-24s has plummeted since March (fuelled by fears over job security and debt) and that consumers would rather reduce their regular saving than stop giving to charity to save money (whoever said consumers were a selfish bunch?).
However, as with all insight, the success is in its application. Consumer Eye allows advertisers to understand consumer mindsets and communicate accordingly. It allows advertisers to plan communication around issues they know are affecting consumers. It fuels great creativity and new ideas. It gives advertisers a glimpse into the next three months. Above all, it tells advertisers something new that they didn’t know before about THEIR customers.
The importance of insight is ever increasing. In an era of accountability and ROI, and advertisers battling through a plethora of media channels to reach an ever more savvy consumer, it is simply not enough to plan without it and hope for the best. Those advertisers and media owners that will prosper most will be those that have insight at the heart of their operations.
How do we know? Because our insight tells us that we are entering a new economy, new media landscape, with a very new, and different, consumer at the heart of it.
Do you agree with Claire? Send us your opinion – news@mediatel.co.uk