Chicago Insights Executive Roundtable - Soho House, Chicago, July 17 2019 - Market Logic Software
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Chicago Insights Executive Roundtable Soho House, Chicago, July 17 2019
Attendees
Connie Zhang Brendan Baby
Senior Director, Marketing Intelligence Director Customer Intelligence
Virginia Radosh
Senior Manager Global Market Insights
Kathy Burns
Head of Insights
Sebastian Schuliaquer
Marla Berry Director, Global Insights & Planning
VP, Marketing Research
Karyn Prather
Enterprise Social Collaboration Program Manager
Todd Bever
Director Research Center
Juliano Godoy
Head of Business Development & Category
Insights – Food Services
Jada Jones
Head of U.S. Personal and
Commercial Marketing Research
Lauren DeCook
Director of Consumer Insights & Marketing Services
Amie Lindaas
Senior Manager, Market
Research & Insights Caroline Kelly
Principal Researcher
Sherrie Willson
Communications Effectiveness Manager
Martin Egger Nithin Sukumar
Director Data Strategy & Performance Mgmt Senior Engineer Big Data
Paul Nesbitt James Frieden
Head of Audience Research Principal, Market & Customer Insights
Chicago Roundtable Market Logic © 2019 CONFIDENTIAL | 2
Agenda 10:00 – 10:10 Welcome and introductions 10:10 – 10:50 Keynote on strategies to run an insights-driven business 10:50 – 11:10 Resolving the insights disconnect: payback and ROI 11:10 – 12:00 Panel discussion with Abbott, Coca-Cola and The Home Depot 12:00 – 2:00 Networking lunch Welcome Elizabeth P. Morgan, CMO Market Logic Elizabeth kicked off the 3rd annual Chicago Roundtable, introducing VIP panelists Connie Zhang from Abbott, Martin Egger from Coca-Cola and Brendan Baby from Home Depot, as well as Market Logic presenters Mike Volanoski and Jason Childers. She noted that since the first Chicago Roundtable in 2017, the profession of insights management has dramatically changed as thought leaders have fought to grow their business impact. The focus of this roundtable was to share some of the strategies that have contributed to their success. Chicago Roundtable Market Logic © 2019 CONFIDENTIAL | 3
Strategies to run an insights-driven business
Mike Volanoski, CRO Americas Market Logic Software
Jason Childers, VP Sales Market Logic
Mike described the prevalent struggle to Mike touched on some of the contributing
leverage insights in today’s market. “In the age factors, such as the overwhelming abundance
of the customer, 73% of businesses aspire to of information, noting that managers can’t
be data driven, yet only 29% succeed in turning afford to waste time searching for answers
their data into action” he explained, citing work when the speed of business (and competition)
by Forrester Research on the theme of the is constantly accelerating. He drilled into the
Insights Disconnect (2018). main barrier:
Mike recalled his own recent experiences at “In the age of the
SAP, a company that touches over 80% of the customer, 73% of
world’s global B2B transaction data but still
businesses aspire to be
struggles to put it to use. He asked the audience
whether they see an insights disconnect in their data driven, yet only
own organizations, and everyone raised their 29% succeed in turning
hands. So, where does this gap come from, and their data into action”
what can we do to close it? Mike Volanoski, CRO Americas Market Logic
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Jason then explained how technology can research annually is synonymous with your
be used to close the gap, touching on annual knowledge asset” he explained.
key functional requirements for a market Market Logic clients believe that as soon as
insights platform and the associated ROI. they can find past research on a platform,
they can extend its shelf life – using 80% of
Firstly, Jason explained that the platform research one year after purchase, 50% two
has to connect all data and tools, so the years later and 30% three years down the
valuable investments that companies have track. In this way, the new research spend
already made in data lakes and marketing combined with the re-usable content swiftly
technology are not wasted. AI can then be builds, doubling the value of the knowledge
applied to connect the dots between the asset within 2-3 years.
data sources, by looking for patterns to
identify business concepts. Market intelligence gains are achieved by
aggregating many external sources on one
platform, so business managers don’t have
“These pathways to waste time searching for information in
reveal fresh insights, all the wrong places. Jason cited IDC and
by connecting “what McKinsey research showing 19% of a business
happened” with “why it manager’s time is spent searching and
gathering information. He said this was no
happened”.
surprise when Market Logic clients subscribe
Jason Childers, VP Sales Market Logic
to anywhere from 100-800 sources.
Jason said this creates the foundation to Not only is time wasted, he added, but the
build insights capabilities including: resources themselves are under-utilized.
• Knowledge management to use all your “People only go to the source they remember
existing data and insights. the username and password for.” By putting
• Market intelligence to analyze and everything in one place and allowing workers
collect insights from many sources. to self-serve, business managers can utilize
• Agile research to execute custom information from all sources to maintain a
research projects efficiently. much closer eye on markets and competitors.
• Growth planning to scope necessary
actions. Thirdly, Jason shared ROI benchmarks for
• Market execution to act and learn. agile research management. “When Market
Logic clients equip their teams to check
Jason identified specific mechanisms for ROI new research requests against existing
which have been achieved by many Market knowledge, they reduce duplication of
Logic clients. research by 10-15%”. An automated and
transparent agency roster also boosts
In knowledge management, ROI is realized negotiating power for another 5-10% in
by transforming the annual research spend efficiency gains. Applying both can release
into a growing knowledge asset. “If you’re 15-25% of the annual research budget to
unable to find the knowledge that you focus on research that truly differentiates
already own, the money you spend on strategy.
Chicago Roundtable Market Logic © 2019 CONFIDENTIAL | 5
Panel Discussion
Elizabeth asked the VIP panelists from Abbott, Coca-Cola and The Home Depot to introduce
themselves by sharing their motivation to deploy their Market Logic platform and learnings
along the way.
Connie Zhang, Senior Director Martin Egger, Senior Director Brendan Baby, Director Customer
Marketing Intelligence at Abbott Strategy & Performance at Coca-Cola Strategy & Intelligence at Home Depot
Abbott Laboratories Coca-Cola The Home Depot
Ignite S&I Connect The Insights Depot
Abbott is a diverse company S&I Connect originally Home Depot deployed
that struggled with deployed in 2013 in one their platform in 2015
communication between business unit. Martin said to “shift from the art of
divisions, despite common the platform’s success retail to the science of
knowledge regarding preventing duplication retail”. Before deployment,
vendors, best practices, of research and analytics Brendan described a small
etc. Connie said Abbott prompted expansion across insights department with
launched their platform to Europe and then globally. a significant backlog of
break down that barrier and requests. “Most of what
promote knowledge sharing Since Coke is a the team was doing when
between teams. decentralized organization, interacting with partners was
there were varied levels of picking up the phone and
Ignite was quickly engagement in different saying, ‘oh yeah we have
embraced by Abbott’s units, so Martin’s team that, let me dig through the
nutrition division, and held sessions where fast old data and find it for you”.
with careful work from adopters shared their
the insights team, it experiences with resistors, Since deployment, the
successfully spread to other and this helped to drive Insights Depot has become
divisions. “They all pitch in change throughout the the central location for
to make this happen. Now organization. Now, S&I information at Home Depot.
the platform is being used Connect has over one This freedom of information
by hundreds of marketers thousand users”. In Martin’s has freed up Brendan’s
across the company, words, “It’s our one stop team to conduct up to 150
connecting everyone shop now for everything, easily distributable studies
through a common hub”. not just the research”. per year.
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Panel discussion on the insights disconnect
Brendan said that many organizations embed “As an insights professional,
an insights disconnect from the outset, by we challenge ourselves to
starting with the hype, not the purpose for
insights investments: “Hey, I’ve heard there’s
find data and facts, but we
this thing called big data, we should do that”. also need to consider the
why behind the what. The
For Brendan, it’s not simply about answering why is the driving force
questions with data, it’s about training people that we can act on”
to understand the why behind the question. Connie Zhang, Senior Director Marketing
Intelligence at Abbott
Connie agreed, elaborating on what she calls
“the last mile” of an insight – understanding For Martin, the disconnect is best resolved
the why behind the insight and acting on it. by closely aligning with your stakeholder to
Abbott strives to complete the last mile as ensure that the project brief reflects a deep
often as possible. understanding of the business case for the task.
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AI and insights management
On the topic of the role AI can play in insights How much effort to manage the platform?
management, Martin Egger is an early and The panelists all agreed that the their
successful adopter of Market Logic’s AI search platforms are effortless to maintain.
experience, where algorithms uncover insights,
from research, data and social media. He
advised “Don’t do AI just for the sake of it, “We have an internal point of
or because everyone else is doing it…in the contact, but the heavy lifting
end there’s still a human being that needs to
is done by the Market Logic
look at the output and make sense of it, and
then make the final decision”. Connie agreed,
people and our suppliers
explaining that AI is an incredibly useful tool contribute content as well,
to help digest data, but human intelligence is which reduces the workload
still required for the last mile. we have internally to the
bare minimum”
She added that when using AI, the output is Martin Egger, Senior Director Strategy &
only as good as the input, so you still need Performance at Coca-Cola
to be diligent in knowing when new research
must be conducted. The panel’s consensus
was that while AI has a very positive and At Home Depot: “There was important work in
tangible impact on insights management, the initial configuration, launch, and change
it’s not meant to replace human intelligence. management program; but after that, the time
“The last mile from insights to action requires spent with the platform is time using it. Today,
collaboration with a team, and a lot of one senior manager spends around 2% of her
brainpower to think about how we can act time managing the Insights Depot. “Market
upon them”, Connie summarized. Logic handles 99% of the work”.
Chicago Roundtable Market Logic © 2019 CONFIDENTIAL | 8About Market Logic Market Logic helps the world‘s best brands to run insights-driven businesses. We do this with insights portals to find and promote knowledge, intelligence portals to analyze markets and competitors, and market insights platforms to generate insights from data and inject these in business processes. Our software is used to drive customer centricity in CPG, healthcare, retail, finance & insurance, telecom, travel and media sectors, where our clients collaborate with 600+ research agencies online. We employ 300+ software developers, data scientists and marketing professionals at regional headquarters in Berlin, Chicago, Pune and Singapore. www.marketlogicsoftware.com info@marketlogicsoftware.com EUROPE NORTH AMERICA APAC INDIA Franklinstrasse 28 223 W. Jackson Blvd, Odeon Towers #02-01 Wing-B, Ground Floor 10587, Berlin, Suite 900, Chicago, 331 North Bridge Road Business @ Mantri Nagar Road, Germany IL 60606, USA 188720 Singapore Pune 411014 Maharashtra, India 2019 © Market Logic AG. The information contained in these documents is confidential, privileged and only for the information of the intended recipient and may not be used, published or redistributed without the prior written consent of Market Logic Software AG, Franklinstraße 28, 10587 Berlin, VAT Nr. DE 249354497
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