Jack Be Nimble: Faster & Richer Insights Through Insourcing by Richard Shakarchi #FOCI14 #MRX

Live blogging from the #FOCI14 conference in Universal City. Any errors or bad jokes are my own.foci14

Jack Be Nimble: Faster & Richer Insights Through Insourcing
Richard Shakarchi, E*TRADE FINANCIAL

  • you can’t have faster, cheaper, better – one will always suffer. it’s a zero sum game
  • There is a pyramid of services
    • do sample providers provide direct value? not terribly [HEY! disagree!] easily outsourced.
    • Research operations gets work programmed. do they add direct value?
    • What about project management who makes sure things are done on time? Could be outsourced
    • Design and reporting translate business need into research design. sometimes outsourced.
    • Then comes insight at the very top. frequently omitted.
  • Project information and design and reporting people give you tons and tons of data. but where is the insight. are we training anyone to become insights professionals?
  • budgetary constraints are driving industry change [do you think budget would be an issue if researchers proved they were essential? no]
  • many innovative techniques actually cost more
  • budget constrained researchers can use omnibus surveys, google consumer surveys, good for generic simply research but not the deep dives
  • if money determines which method you are using, then you are sacrificing something
  • DIY research has a really bad reputation.  OPen access to non-professional less to less than stellar control, quality of research deteriorated, limited capabilities for better design. Yes, cost went down but so did quality.
  • Since early days, DIY has dramatically evolved, it’s not just surveys any more. we can do user testing of websites now, face-to-face interviewing, online communities
  • I know I CAN DIY, but should I?
  • Read “The Innovator’s Dilemma”  As an industry evolves, new technologies will emerge. In the early days, the tech won’t be that great and people will ignore those tools. But just you wait. They will eat at the heels of the higher quality providers. But those “new” technologies eventually become just as good and now they are cheaper.
  • “Guns don’t kill, people do”  Don’t blame the DIY tools for the problems of those who use the tools.
  • Break the paradigm.  Among skilled researchers DIY is faster, better, cheaper.
  • Own the insights. Clients are the category expert. They know all the products inside and out, the financials, and how the survey was programmed. No one is better qualified to explain the insights.
  • If you do it long enough, you will have your own benchmarks for all the same types of measures your research supplier had.
  • make sure the DIY team has all the expertise they need from consulting to project management, research design, question writing, survey programming, database skills, data processing, basic and intermediate statistics, storytelling -[okay, one person can’t know it all but your team can]

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