Phase 2 of the ROI from Insights initiative will build on the understanding gained during phase 1, which is being led by the Boston Consulting Group.
Our mission in phase 2 is to encourage as many Insights departments as possible to measure their ROI, and then to use this evidence a) to request larger budgets (or at least defend budget cuts) if there is already high demand for their services, or b) create increased demand for their services by demonstrating the added value.
The key objectives for the 2nd phase are:
- By 2020, to double the number of insights teams, which are perceived to be strategic insights partners or a source of competitive advantage (from 20 to 40%)*
- To have at least 200 insights teams use the ROI measurement tool before June 2018
- And for these teams to have on average a 20% budget increase for 2019 over 2018
- To encourage clients and agencies to build partnerships based on ROI
To achieve these objectives, GRBN will work closely with its national association members across the globe, in order to engage as many clients, in as many countries as possible to use the outputs from this initiative.
To complement the self-assessment tool, we will be creating a handbook for end-client Insights departments. The handbook will present the key learnings from the research conducted during phase 1 of this initiative and contain a walk-through of the self-assessment tool. The handbook will be supported by case studies and will contain practical tips on both measuring ROI and demonstrating value.
Whilst this initiative is aimed primarily at helping client-side Insights departments grow their budgets, there will also be considerable benefits for research agencies. We believe that “ROI from Insights” can become the foundation of a strong client-agency relationship, in which both parties are working together to add increased value to the client’s business and then measure that return.
To find out more about this initiative, please contact us.
* Source: BCG, Yale CCI and Cambiar 2015 Consumer Insights Benchmarking Study