As a market researcher, there’s a good chance that you’re a naturally curious person who loves to ask questions and dive deep into data. You’re passionate about the work you do— but how do you get your company’s internal stakeholders to be just as passionate about market research and customer insights as you?
Unfortunately, while many C-suite leaders state that they value customer insights, only 49 percent of business decisions are based on the analysis of data and information as opposed to opinion.
There’s no shortage of tools and technology to collect data and conduct research, but many customer insights teams are facing a challenge when it comes to influencing company decision-makers to take action on their insights.
The missing ingredient? Knowledge management.
Knowledge sharing, in the context of market research, refers to the practice of communicating market insights to the team members and stakeholders who can apply these findings to their business decisions. Effective knowledge sharing eliminates silos between departments, brands, or lines of business; makes research accessible to more stakeholders, and promotes a culture of data-driven decision-making.
However, in many organizations, knowledge sharing is an afterthought. Market intelligence and customer insights teams conduct research, share it with the line manager who commissioned it, and move on to the next project.
As remote working and decentralized teams become more common, the risk that market insights will become siloed increases. Without a central place to store and distribute insights, market researchers are likely to miss opportunities to share their findings with a wider audience of internal stakeholders.
As a result, research doesn’t become the source of competitive advantage that it should be, and customer insights teams fail to become true drivers of change.
In this guide, we’ll look at some of the challenges customer insights teams face— and how your team can use knowledge sharing strategies to overcome those challenges and become a source of competitive advantage for your organization.