Over the last month or so, we have noticed how the word ‘insight’ is being increasingly used to describe data points or merely information. This isn’t insight. For us, insight is a rich output from the analysis of multiple threads and sources, bringing together the external market forces challenging the business – ‘outside in’; and the internal processes and team dynamics – ‘inside out’.

True insight answers the ‘why’ question.

We at Futurecurve generate insight by focusing on discovering what customers really value, something which cannot be uncovered without this full context. We immerse ourselves in the analysis, set and validate hypotheses, then draw conclusions and insight from qualitative and quantitative data points and information sources. It’s deep stuff.

Using the diagram to illustrate:

Data is point specific, the raw numbers
Information is collated data, enabling visualisation such as trend analysis
Insight is contextualising the information based on the dynamics of a marketplace, understanding the human in the system and how they respond to the things that impact them
When you have this insight, you then possess the knowledge for good business decision-making

Most businesses have customer or client feedback mechanisms, designed to collect and measure the data on how customers interact with a variety of engagement channels, the website and its pages, social media, customer services, customer support, sales enquiries, etc. These are all valuable inputs. However, internal biases and technology limitations determine what to measure and so you risk missing data that may indicate a shift in buyer behaviour because the metrics you’ve chosen just don’t see them.

Customers are human; our responses are a mixture of cognitive, emotional, and social, impossible to inter-relate with single measures. Sentiment analysis enables the collation and comparison of millions of social media chats, but this will only get you so far, you also need to connect with your customers at the emotional level. This doesn’t just mean being sympathetic. Real empathy means being open minded and taking a deep dive beyond the superficial.

A deeper qualitative connection with customers allows us to put ourselves in our customer shoes and reflect on the experience each individual customer shares, we can see common themes emerge and begin to assess any divergences. This ability to understand and adapt when and how our customers have changed and are continuing to change allows us to get to the heart of what customers really value, based on their feelings, thoughts, experiences, desires, ambitions and expectations.

Crucially, it isn’t just about uncovering the past. With careful design it is also predictive, telling you what your customers want both now and going forward. Qualitative research can deliver deep insights, explore why and provide psychological understanding.

Advances in Social Sciences have proven that qualitative research techniques are not reliant on the statistical confidence limits used in quantitative surveys because patterns in in-depth feedback from a small group, analysed appropriately has been proven to represent a fractal of the larger group and part of our work uses these latest techniques to generate insight.

Developing customer insight is where the magic happens; it’s what we do at Futurecurve. When you appreciate the context of your customers’ experiences you understand how it shapes and changes their expectations and buying behaviours

There is nothing more satisfying than the alchemy of bringing together the ‘outside in’ with the ‘inside out’ perspective to give rich insight. Find out more about the Futurecurve approach to delivering insight here.

Insight is where the magic happens