Posts tagged Insights Association
Market Research CEO’s Summarized and Text Analyzed

A Summary of the 2018 Insights Association CEO Summit Last year I summarized the CEO Summit theme as ‘Technology Partnering’. This year the two words I’d choose would be ‘Change’ and ‘Partnering’.

Change

It was widely agreed that successful companies can’t stand still in a changing industry. Changing doesn’t necessarily mean adding more Technology. In my opinion it means doing something completely new. If profits aren’t increasing, and your team isn’t happy, stop and think.

Personally, I believe change can even be backwards looking. Sometimes we’ve done something successful in the past, that more recently we have forgotten to do. A conference like the Insight Association’s CEO Summit can remind you of these things when you hear stories about what is working for others, and you think, hey I did that a while back, and had forgotten about it, it’s time to try it again, perhaps in a slightly new way that matches your current conditions.

The theme of the day, which I believe was expressed by different CEO’s in different ways had to do with incremental change. Changing a bit at a time. “Changing 1% Per Day”, or my personal long time favorite answer to the question “How do you eat an elephant?”, answer “one bite at a time”.

I like the new “1% per day” though because of the focus on the present and need for continuous improvement and change. [Zain Raj, CEO of Shapiro + Raj, really drove this home]

Partnering

Partnering was a theme I wrote about last year as well. I do think if you come to a conference like this, and don’t have it in mind, you’re missing a big opportunity.

As usual at conferences there are many little side meetings.  A good partnership in my experience doesn’t have to be some grand M&A, it must be more than words, there must be execution.

The CEO’s of Nielsen, Kantar, TNS, and IPSOS don’t attend the Insights Association Summit. This is a chance for start-ups, smaller and mid-sized firms to learn from each other, to begin partnerships, and offer better innovative products and services to our clients than the larger and somewhat slower moving firms can.

Jamin Brazil, formerly CEO of two successful research firms, Decipher and FocusVision, spoke on a different type of partnership than those between companies. He drew on his experience with long-term business partner Jayme Plunkett. His humble yet undeniably successful story is an interesting one.

As part of his talk he had surveyed the attendees at the CEO summit. As with most surveys, the data was “Mixed” (structured and unstructured), and so he had used OdinText to analyze the results. I’ll include 2 of his slides below.

First, comparing the market research industry data to other industries, he had found that we as an industry seem more likely to partner, and tend to do so longer/more successfully than CEO’s of other industries.

While sample size here was very small, OdinText’s AI was still able to detect some directional patterns in the data. For instance, when considering the Pro’s and Cons of Partnering, Marketing Research CEO’s who have partnered longer were much less likely to be concerned with ‘Decision Making’ issues and agreeing on specific ‘Goals and Roles’, and instead more likely to focus on ‘Sharing’, and ‘Finance’, while those in shorter relationships tended to be more focused on the former, and less on the latter.

Also, perhaps not surprisingly, those who were more favorable and successful in partnering had a very different, more positive and productive outlook related to the idea of partnering. This manifested in several ways including the tone and word choice. In fact, those who had more difficulty with the idea of partnering tended to be more likely to use more formal terminology like the word “Partner” instead of more familiar and affectionate terminology such as “best friend” and describing partnering “as a marriage”. As one of the many CEO’s who had responded to the survey said it, “You Fight and are Challenged to Make Decision – Best Decision Ever”, that certainly sounds like a marriage to me!

I know I for one can see the benefits of partnering, and have seen it work great in many other research companies. Another such company is Critical Mix where attending Co-CEO Keith Price and his Co-founder Hugh Davis, have also had a very long and successful relationship. Keith did a great job on the now infamous ‘CEO-Summit Hot Seat’, and echoed some of these findings.

Ultimately Partnerships and Partnering are to some degree about timing. But if we aren’t on the lookout for good partners, whether inside our business or outside with another business, we’re likely to miss these chances. Clearly based on what I saw partnering offer the opportunity of not just more profit, less risk and stress, but also as a way to make our journeys more fun.

How do you plan to change or partner in 2018? Looking forward to hearing your thoughts, at OdinText we’re always looking to partner with researchers who have good data and want to improve their insights.

@TomHCAnderson

You Asked for It. Here’s a Chance to Learn More about Our International Culture Poll…

It’s True: You Only Need One Open-Ended Question and Language Doesn’t Matter!

First of all, thank you all so much for the incredible response to this week’s multi-country, multilingual Text Analytics Poll!

I’ve received a flood of email and calls for additional information and I’m always happy to share, so if you have questions or want to geek out with me, please feel free to contact me on our website, LinkedIn or Twitter.

While so many of you thought the findings of our poll were remarkable, I was pleased that the implications for researchers weren’t lost on anyone, notably:

  • A single analyst, speaking English only, can today analyze data in eight different languages,

and

  • In an age of steeply declining response rates, one can gather deep insights on a multi-dimensional subject with just a single question!

This analysis of more than 15, 500 text comments spanning 11 cultures, 10 countries and eight languages really showcased the power and practicality of modern text analytics.

So much so, in fact, that I am delighted to announce that I’ve been invited by the Insights Association to present on this topic at their inaugural analytics conference, NEXT: Advancing Insights Through Innovation & Research, May 9-10 in New York.

For what it’s worth, I really got a lot out of attending the Insights Association’s CEO conference earlier this year (I blogged about it here).

Anyone interested in conducting international, multilingual research on the scale of our poll this week easily, quickly and affordably will not want to miss my presentation. Please feel free to use my speaker code [NEXTTA15] to register at a 15% discount.

If you won’t be able to attend NEXT, or you can’t wait until May to learn more about what OdinText can do for YOU, please request additional info or a demo here.

Thanks again for your readership, support and interest in what we are doing!

@TomHCAnderson

About Tom H. C. Anderson

Tom H. C. Anderson is the founder and managing partner of OdinText, a venture-backed firm based in Stamford, CT whose eponymous, patented SAS platform is used by Fortune 500 companies like Disney, Coca-Cola and Shell Oil to mine insights from complex, unstructured and mixed data. A recognized authority and pioneer in the field of text analytics with more than two decades of experience in market research, Anderson is the recipient of numerous awards for innovation from industry associations such as CASRO, ESOMAR and the ARF. He was named one of the "Four under 40" market research leaders by the American Marketing Association in 2010. He tweets under the handle @tomhcanderson.

65 CEOs Share Thoughts on Insights

Insight Association’s Inaugural CEO Summit: Future Tied to Collaboration and Technology Writing this at the Miami Airport as I’ve just finished up a great 3 day meeting of the minds at the new Insights Association’s first official event, the Marketing Research CEO Summit.

Though this event was formerly part of the Marketing Research Association (MRA), after the merger between The MRA and the Council for American Survey Research Organizations (CASRO), it is now is part of the greater and brand new Insights Association. This is also the reason I chose to attend the event for the first time this year. I like many others are eager for positive change in our industry and optimistically welcome new initiatives (as I mentioned in a post on their founding earlier this month).

Steve Schlesinger, CEO of Schlesinger Associates and Merrill Dubrow of M/A/R/C Research did a great job putting together and hosting the event.

While the obvious benefit of any event like this is the attendees and not the speakers, we had some other interesting and well respected client guests including Walmart’s Urvi Bhandari, Merck’s Lisa Courtade, Electrolux’s Brett Townsend and Dhan Kashyap from Humana. Their very candid evaluations of how well the industry is delivering *Hint* it’s not even close to as well as we think, was worth the cost of attendance.

Getting back to the attendees though, Market researchers as a breed are a cautious bunch and CEO’s in any industry are likely going to be “Alpha’s”. Quickly gaining trust and enabling sharing among this audience of would be competitors is not an easy task. Partly this was made possible via a fun case study competition sponsored by La Quinta CEO Keith Cline who also spoke at the event.

Another interesting aspect of the event was the Hot Seat interviews wherein a handful of the CEO’s in attendance were asked a series of tough and sometimes semi personal questions. I was one of those selected for this impromptu exercise and was asked what I thought about various aspects of the future of marketing research including digital/social (which I like to separate from other text analytics), and of course the topic of machine learning/AI which seems to be on everyone’s mind. For that reason I’ve decided to do a short blog post on AI and Machine learning later this week.

What I’d like to end this post with though is in re-answering one of the questions which I think Merrill indirectly asked me, and which I was asked by a couple of other attendees. I think the question is also related to the future of research. Do you think of yourself as a Marketing Research co. CEO or a software CEO? [Prior to founding OdinText Inc. in 2015 I ran boutique research firm Anderson Analytics for 10 years]

I admit it’s a tricky question, and obviously if I didn’t consider myself at least in part a marketing research CEO I wouldn’t have attended. Yet many of our software users definitely aren’t market researchers.

So here goes, I think we as an industry have an important skill set and understanding of our clients that no outsider has. I’m proud of this background and like other speakers including ZappiStore’s CRO Ryan Barry and Dan Foreman of Hatted pointed out, the future is not in resisting technology, nor is it necessarily in building your own technology, which can be time consuming and wasteful, but it’s about embracing technology and often learning how to rent or partner with technology experts and adding what you are best at (often data and as importantly consultative insights and strategy).

Several of the CEO’s I spoke with separately admitted having tried various internal technology builds which either weren’t right, or in some cases may have been right when the effort began, but didn’t evolve quickly enough and so was outdated when they did come to market.

Yet it was also quite clear to most of these CEO’s that while it’s critical to watch out for new technology oriented entrants into the market research space, more often than not these simply do not have the knowledge necessary to deliver truly actionable insights. Companies like IBM Watson for instance, certainly have a strong brand name in computers, but their offering as a plug in for marketing research API’s is sorely lacking to say the least.

The point is, knowledge and trust is what we have in good supply at both the event and in our industry in overall. The key to evolving is to remember the knowledge and best practices our industry was based on while being open to understanding outside technologies and ideas, yet resisting the urge to just try to copy them. Importantly as Merrill Dubrow pointed out, there are tremendous benefits in overcoming your fear of collaborating with other research and technology companies and partnering.

This is the idea I’m most optimistic about coming away from the conference. I made several new friends at the event, and I welcome anyone who attended to please reach out if they have are any questions in regard to text analytics and data mining software and discussing potential mutually beneficial relationships.

Until Next Year!

@TomHCAnderson

 

ABOUT ODINTEXT

OdinText is a patented SaaS (software-as-a-service) platform for advanced analytics. Fortune 500 companies such as Disney and Shell Oil use OdinText to mine insights from complex, unstructured text data. The technology is available through the venture-backed Stamford, CT firm of the same name founded by Tom H. C. Anderson, a recognized authority and pioneer in the field of text analytics with more than two decades of experience in market research. Anderson and OdinText have received numerous awards for innovation from industry associations such as ESOMAR, CASRO, the ARF and the American Marketing Association. He tweets under the handle @tomhcanderson. Request OdinText Info or a free demo here.

New Insights Association Born

Optimistic about a more progressive, transparent and innovative organization with data accessibility for all

Congratulations to CASRO and MRA which have now successfully merged to found the new Insights Association.

I think it was rather confusing for our industry to have so many associations, and I’m curiously optimistic about where this new Insights Association might take things, only time will tell.

Hopefully they’ll be focusing less on the status quo including  rules, regulations and protocol, and more on progressive innovation and access to data for us all.

You can read more about the new organization here.

Curious what thoughts if any you have?

I think change can be good. Our industry has certainly changed dramatically, here’s to hoping the new organization will be able to keep up!

 

@TomHCAnderson

Tom H. C. Anderson

OdinText Inc. www.odintext.com

 

ABOUT ODINTEXT

OdinText is a patented SaaS (software-as-a-service) platform for advanced analytics. Fortune 500 companies such as Disney and Shell Oil use OdinText to mine insights from complex, unstructured text data. The technology is available through the venture-backed Stamford, CT firm of the same name founded by CEO Tom H. C. Anderson, a recognized authority and pioneer in the field of text analytics with more than two decades of experience in market research. Anderson is the recipient of numerous awards for innovation from industry associations such as ESOMAR, CASRO, the ARF and the American Marketing Association. He tweets under the handle @tomhcanderson.