Skip to content

Investing Insights into Product & Brand Innovation

Using surveys, focus groups, interviews and other methods to collect feedback from customers about their needs and wants helps the product and brand innovation process. This gives the organization an idea of what your customers think about existing products and services, as well as ideas for potential new products or services that could be developed.

New Insights for New Growth

Core to this belief in brand and product innovation growth is the need for insights and to use a mix of insight tools, from qualitative to quantitative and everything in between. Getting to a level of understanding about what customers want requires the ability to understand what motivates consumers, as well as how they shop and make decisions.

McKinsey recently identified five research approaches that are best suited for generating the kinds of insights that lead to new growth opportunities. In its report, “New insights for new growth: What it takes to understand your customers today,” McKinsey outlines its take to new research approaches to create new opportunities. These strategies include:

  1. Observe consumers in the field.
  2. Digitize the daily diary.
  3. Use advanced analytics to get much more granular insights.
  4. Better listening and learning with social media.
  5. Cocreate with consumers on digital platforms.

McKinsey’s report noted that, through these and other strategies, “Generating insights is a vital, iterative process. Testing and learning, adding innovative methodologies to your tool kit, and discarding techniques that no longer add value have become core insights disciplines. While reengineering how companies generate insights is crucial to finding new growth, how effective it is relies on an approach that is as dynamic as the market itself.”

Super Insights

Speaking of brand and product innovation, there’s no greater spotlight than the Super Bowl. Seth Adler, talking with Peter Leimbach, Senior Vice President, Ad Sales Research at FOX Sports, it’s clear that pro football teams aren’t the only ones competing during the big game. The stakes are also high for advertisers. Leimbach points out that when smaller brands take the chance and spend their ad dollars on a Super Bowl ad, if done right, the ROI can be off the charts. Careful strategy, effective (and clever) messaging and augmenting ad spend with a strong social presence are key to maximizing Super Bowl spend and adding value. Advertisers certainly have options when it comes to live event advertising, it just takes careful planning, a creative mindset and a commitment to increasing brand awareness to stay in the game.

Investing Into Insights

As for tips for investing in insights to generate product and brand innovation, research on ChatGPT garnered some key pieces of strategy:

  1. Start with customer research: Conducting customer research is essential for understanding current and potential customers, their needs and preferences, as well as the competitive landscape. This will help you identify opportunities for product or brand innovation that are most likely to result in a positive return on investment.
  2. Leverage data analytics: Data analytics can provide valuable insights into consumer behavior and purchasing trends which can be used to inform product or brand innovations. By leveraging data from sources such as sales, marketing campaigns, surveys, social media conversations, etc., companies can gain invaluable insights into what consumers want and need from their products and services.
  3. Utilize A/B testing: A/B testing allows businesses to test different variations of a product or service to determine which version performs better with customers in terms of engagement rate, conversion rate, etc., so they can make more informed decisions when it comes to launching new products or introducing changes to existing ones.
  4. Invest in market intelligence solutions: Market intelligence solutions such as competitive analysis tools allow companies to track competitors’ strategies and activities in order to stay ahead of the competition while also gaining valuable insights about emerging trends that could lead to innovative products or services down the road.
  5. Track industry news and developments: Keeping up-to-date with industry news and developments is key for staying abreast of any changes that could affect your business model or create opportunities for innovation within your sector.

Product innovation and brand growth are often tied together, as it is often said that you can’t have one without the other. Yet in a world filled with disruption, brands must innovate differently to survive and, indeed, thrive. A strong brand growth strategy that focuses on disruptive innovation, based on significant and relevant insights, could be the winning formula in the race to the market. Investing and managing an innovation portfolio requires a key focus on insights strategy to focus on customer needs, as well as supply and demand trends.

Contributor

  • Matt Kramer

    Matthew Kramer is the Digital Editor for All Things Insights & All Things Innovation. He has over 20 years of experience working in publishing and media companies, on a variety of business-to-business publications, websites and trade shows.

    View all posts

Related Content

Building an Insights Strategy

Insights strategy is not a static process, but instead is a capability that is always living, breathing and evolving as the business itself evolves. T…

Finding an Insights Strategy

An insights strategy is a comprehensive plan that outlines how an organization will leverage insights to drive business decisions and achieve strategi…

 
 

More Related Content

The inside of a soaring arching white roof, showing a lot of beams space and light.
insights objectives

Building an Insights Strategy

Insights strategy is not a static process, but instead is a capability that is always living, breathing and evolving as the business itself evolves. T…

A needle in a literal haystack!
market insights

Finding an Insights Strategy

An insights strategy is a comprehensive plan that outlines how an organization will leverage insights to drive business decisions and achieve strategi…

Thumbs up or thumbs down on a variety of customer service questions like quality, reliability, etc.
consumer insights

Driving Innovation and Consumer Loyalty

TMRE 2024’s day two, track three brought a fresh take on how brands are navigating the evolving landscape of consumer insights. Sessions explored leve…

A laser like opening, with points of light shooting off into the distance.
consumer insights

TMRE 2024 Keynotes Inspire Insights to Action

TMRE 2024, recently held in Orlando, gathered the market research community for a broad range of conversations and discussions about all things insigh…

A large road sign that points to Data, information, knowledge, and learning.
artificial intelligence

TMRE 2024 Report: Leading Through Change

A resilient market research community came together at Universal’s Loews Sapphire Falls Resort in Orlando, FL, this past December for TMRE 2024. It ma…

Champagne glasses and confetti, celebrating new years.
consumer insights

Top Insights Themes from 2024

As we close out our review of 2024, we wanted to examine the top insights themes of the year, based on our blogs, research reports and events that we…

A colorful butterfly resting on a rippling body of water.
media insights

Transforming Insights: A Review of Q4 2024

During the fourth quarter of 2024, All Things Insights prepared for coverage of TMRE 2024 and featured a wide range of insights related topics and int…

Curved glass side of building, one window is lit up.
synthetic data

Leveraging Insights: A Review of Q3 2024

During the third quarter of 2024, All Things Insights featured a wide range of insights related topics and interviews for our community of market rese…

Abstract swirls of light and colors on a black background.
artificial intelligence

Navigating Insights: A Review of Q1 2024

During the first quarter of 2024, after wrapping up the TMRE 2023 edition the past October, All Things Insights was gearing up for a year filled with…

A shining space and light image, like a super nova.
scenario planning

Putting Foresights into Action

In a world inundated with trends and predictions, it’s easy to become overwhelmed by the sheer volume of information. While trends can offer valuable…

Robot hand and human hand touching with strand of DNA in between, futuristic.
artificial intelligence

Exploring the Evolution of Insights

With the market research community currently reaching a key inflection point focused on AI and human insights, All Things Insights has released its “F…

scuba diver in water with equipment, searching for something.
predictive analytics

Searching for Emerging Market Research Trends

Consumer behavior is an ever-evolving field, and market research is particularly suited to explore the changing dynamics behind understanding the cons…

Hands holding a director's clapper, about to say Action!
actionable insights

Directing Insights Action

In the competitive world of consumer-packaged goods, data analytics and insights are essential for brands to stay on top of their game. While retailer…

Man sitting down, holding and spinning a small globe.
data science

Find New Insights Career Opportunities

Science, technology and innovation are accelerating at a rapid pace in today’s marketplace. Machine learning, generative artificial intelligence, pred…

A round pizza cut into slices, one bite taken out of one slice.
actionable insights

Activating Insights Leadership

Insights leaders are facing new challenges and demands from their organizations. With the rapid growth of artificial intelligence, and the influx of B…

human-centric insights

Leading with Human-Centric Insights

As technology rapidly changes the world around us, such as the growth of artificial intelligence, there is a counterpoint to this evolution: A focus o…

Basketball on the court with hoop in background.
data storytelling

Elevating Insights Impact

Market research efforts are evolving as corporations strive to determine actionable insights, implement new operations and infrastructures, and establ…

Pinpointing on a map, ie, being strategic.
actionable insights

Finding Stakeholder Alignment

Stakeholder alignment is increasingly important in both overall business and insights strategy. As the enterprise strives for organizational success,…

Reaching into a full tool kit on the ground.
artificial intelligence

Putting Together DIY Research Solutions

It seems that whether the economy is surging or stagnant, the emphasis on do-it-yourself market research has remained a relatively strong attribute in…

Hand pointing to computer screen with data charts.
organizational strategy

Engaging Sales with Market Research

At TMRE @ Home’s Insights ROI & Strategy Summit, Joe Agostinelli, Sr. Director of Market Research, Morningstar, gave the presentation, “Strategic Insi…

Hands shaping a clay pot on the potter wheel.
market research mission

Positioning the Market Research Mission

Just how should the enterprise and the team go about determining its market research mission? This specific market research mission is not necessarily…

Woman in a laboratory testing formulas.
forecasting

Finding the Right Concept Testing Formula

Concept testing is an important aspect of market research. With this tool in mind, the researcher can enhance their forecasting abilities, as well as…

soccer player on his knees upset that he lost or missed goal.
insights culture

How Insights Can Benefit from Failure

No one actively looks to launch an unsuccessful product or venture. Yet failing can have its upside. There is a philosophy of thought in the business…

Book with pages flying open.
insights talent

Learning the Soft Skills of Market Research

Skills can be developed in a variety of ways in the insights workplace to create an effective, versatile employee with a diverse arsenal of competenci…

stressed out worker in front of laptop
upskilling

Stay Competitive Through Upskilling

Upskilling and reskilling—training workers so they can fill more advanced roles in an organization—is becoming vital in today’s business environme…

open book, flipping through pages
data storytelling

Harnessing Data Storytelling

As data becomes more accessible throughout an organization, the need for data storytelling becomes more important in terms of strategy. It’s no longer…

in-house insights

Evolving Your In-House Team

During TMRE Continued, All Things Insights’ Seth Adler had a chance to hold a session with Shilpa Khanna, Assoc. Dir., Transformational Growth Insight…

insights culture

Increasing Insights Influence

Thomas Walker, Senior Director, Global Brand and Customer Insights at eBay, and Christopher Frank, Author, Co-Faculty Director at Columbia University,…

insights purpose

Navigating the Insights Capability

Thomas Walker, Vice President, Global Consumer Insights at eBay, and Christopher Frank, Author, Co-Faculty Director at Columbia University, presented…

partnerships

Leveraging Foresights to Drive Brand Goals

Doug Healy, Senior Director, Consumer Insights – Gatorade, PepsiCo, held the session, “Global Might for the Local Fight: Forward Thinking in Brand Str…

consumer insights

Leading Insights Through Change

Elizabeth Oates, Vice President, Consumer Insights, Ulta Beauty, spoke at TMRE at two sessions: “Leading High-Performance Insights Teams Through Chang…

foresights

Preparing for Future Trends

In “How to Apply Future Trends to Your Business Today,” TMRE keynote presenter Sheryl Connelly, Global Consumer Trends Expert & Former Chief Futurist…

consumer insights

The Evolution of Building an Insights Team

Josh Goldfinch, Director Customer Insights, Verizon, participated in a panel at TMRE focused on “Building an Insights Function from the Ground Up.” Al…

foresights

Setting the Stage for the Future of Insights

Setting the stage for insights into 2024 and beyond, All Things Insights’ Seth Adler had a chance to speak with Oksana Sobol, Senior Director, Insight…

optimization

Optimizing the Mind to Fuel Creativity

The unconscious mind is more powerful and active than we ever imagined. Knowing that, how can we optimize ourselves for success? At this year’s TMRE,…

innovation

Finding Your Way to Breakthroughs

All Things Insights’ Seth Adler got a chance to sit down with author and professor Adam Alter, at this year’s TMRE. Alter gave a keynote presentation…

data storytelling

Unleashing the Growth Potential of DIY Research

During the “DIY Research” session of the Road to TMRE Gathering, Seth Adler discussed “DIY Insights: When Less is More” with Anu Sundaram, Vice Presid…

insights leadership

The Strategy Behind Insights Influence

Josh Goldfinch, Director Consumer Insights, Verizon, presented a panel discussion on leadership and influence at TMRE @ Home. All Things Insights’ Set…

insights purpose

Advocating for More Insights Influence

The latest edition of the Insights Spend & Trends Report has just been released. Brought to you by TMRE and All Things Insights, this benchmarking rep…

actionable growth

Actioning Insights

Providing insights is not a barrier. Ensuring those insights actually move the needle is the job at hand. Is where the insights are reported the probl…

business insights

Balancing Insights with Uncertainty

Uncertainty abounds, from inflation and layoffs to bank failures and talk of recession, to robust job reports, financial resilience, and the strength…

insights strategy

Gaining Insights Leadership

The role of today’s Insights professional is evolving as Insights teams are increasingly pressured to connect data sources, surface consumer stories a…

actionable growth

Taking Action to Spark Growth

Actionable growth is the process of taking action to achieve a desired outcome. It involves making strategic decisions and implementing tactics that w…

strategic insights

Building Strategic Insights

The world of data is evolving and ever-changing. A data insights strategy is built in part on the potential data that one hopes to accumulate, the ins…

foresights

Using Insights to Predict the Future

A key component of any marketing strategy is to think about and plan for the future. Despite constant macro and micro disruption, marketers can still…

insights talent

Insights Talent: Ask, Listen, Act

“Ask, listen, act.” If the pandemic has taught us one critical lesson, it’s that environmental changes don’t occur in a vacuum and can dramatically in…

data translation

Translating Data Into Action

“Data is the new oil,” and it seems like everyone wants to get a piece. But what is it that most major companies are missing when it comes to harnessi…

digital twins

Digital Twin Insights

If there’s one thing we know for certain, it’s that there is a major shift happening in tech, specifically in the ways we quantify the human self, and…

forecasting

2023 Outlook

Known uncertainty. We enter 2023 with some of the most known uncertainty of our lives. Going into 2019- certainty. Going into 2020- certainty-albeit m…

consumer insights

Ripple Effects on Insights

For many of us the pandemic brought along with it a series of impactful changes that honestly, none of us could have predicted. Everything regarding w…

insights talent

Insights Synergy

As the political climate changes, so do our working habits. Going through a pandemic also changes things, as Jim Newswanger, the Senior Market Intelli…

insights strategy

Timely Insights

“May you live in interesting times.” We are all familiar with this curse (or blessing, depending on how you see it). Many of us even know it as Chines…

disruptive innovation

Insights Enablers

Over the past two and a half years, there “have been more DIY projects” thus “Insights teams are moving more to becoming consultants and enablers fro…

user experience

Insights Hacks

What are the hacks, the shortcuts, the clever or elegant solutions which can be applied now? To answer this question we checked-in with three executiv…

business resilience

Insights Resilience

Way back at the beginning of our modern almost apocalypse, there was one term used across the globe and up and down the organization- resilience. Faci…

insights talent

New Work Order: The Future Of Work Is Here

2022 still has some work to do in figuring itself out. We’ve clearly not yet definitively evolved to what’s next. That said, some patterns have emerge…

insights talent

Internal Insights

Think back to the office of February, 2020. In many ways it felt like the office in February, 2010 and February, 2000. For the most part, every single…

market research

20 Quotes On Risk, Truth, Wealth And More

Dan Runcie, Founder, Trapital sat down with Percy ‘Master P’ Miller at the most recent TMRE. The discussion focused on how Miller’s background provide…

media insights

Measurement, Currency and Attribution

Keeping pace with innovation is always a challenge. The Media industry not only has to keep pace with that innovation, many players have offerings tha…

actionable insights

Consistent Breakthrough Insights

All Things Insights brought the community together for a live session focused around the concept of providing consistent breakthrough brand insights o…

insights strategy

Mental Fitness In Business Culture

In the first century, it was the Christian Church which accounted for a substantive portion of societal change. In the fifth century, it was Greek Dem…

insights strategy

Empowering Breakthrough Insights

Empowering insights through a broader understanding of the business can happen if there are consistent breakthrough brand insights being served to the…

strategic insights

Slow Power: Pacing The Speed Of Insights

We know from Aesop’s “The Tortoise And The Hare” that the ability to achieve great speed doesn’t always mean finishing first in a given journey. And w…

insights strategy

Achieving A Renaissance In Purpose

How many people painted the ceiling of the Sistine Chapel?
Reportedly, one.

How many people are painting the picture of each transforming global b…

insights strategy

Insights From Seizing The Moment

Remember the young students at Welton Academy of “Dead Poets Society,” huddled around the photos of their predecessors who were no longer living. But…

insights strategy

A Contemporary Insights Organization

We are in the process of experiencing the second paradigm shift of human behavior in just a three year period. For a prepared organization, this is a…