Insight-driven businesses are set to steal $1.2 trillion in market share by 2020, according to a recent Forrester report. With that much money at stake, more and more companies are investing in gathering insight and infusing it in all aspects of their business. But to get the maximum ROI from insight, it needs to inspire action and drive customer-led decision-making across the organization.
At Summit, leaders from Vision Critical’s product team shared some of their thoughts on how companies can do that. The session was led by Lindsay Fanning, senior product manager at Vision Critical, and Jeff Brenner, co-founder of Pressly, a world-class, enterprise grade content creation and distribution platform recently acquired by Vision Critical. Tori Weitzel, director of market research and customer experience at Connections Academy, was the session’s special guest.
Here are three takeaways from their session.
1. Prioritize customer relationships
Strong customer relationships are at the core of an insight-driven business. If your customers feel a strong affinity for your brand, they’re more likely to share their feedback with you, which allows you to get insight faster.
Weitzel said having the right organizational structure is a good first step to becoming insight-driven. Connections Academy recently went through a reorganization to bring the voice of students and parents closer to key stakeholders in the organization. Her team moved from the marketing team to the product team.
Today, Chalk Talk, Connections Academy’s insight community, is a valuable tool that allows Wietzel and her team get feedback on the student experience. It allows the research team to make a great impact to the product lifecycle and overall product development.
2. Share insight
Sharing is vital to building mutual value with your communities and deepening customer relationships to get trusted insight. In fact, a recent Vision Critical study found that 65% of community members would visit the community more often if there was more content and ways to engage.
Weitzel said that distributing insight—both to stakeholders and community members—helps ensure that your insight community is engaged and that you’re helping drive customer-led decision-making. She emphasized the importance of having a workflow that enables quick turnaround in sharing back insight to stakeholders. The other teams that work with Weitzel get the insight they need quickly and can make customer-led decisions that are timely.
You need to get the right insight to the right people at the right time and place, added Brenner and Fanning. If you’re not sharing content that highlights the insight you have, you are missing the opportunity to maximize the business impact of your community.
3. Create a hub for your insights
Build a centralized place where stakeholders and community members can go to consume all the great content you’ve created. To showcase how to do this, Brenner and Fanning gave a sneak peek of Member Hubs, one of the innovations we unveiled at Summit.
Member Hubs and Sparq Share: New ways of sharing and distributing insight within Sparq
Sharing back what you’ve learned with your community members is a critical step to building deeper customer relationships. It creates mutual value and ensures that your customers remain actively engaged and invested in your community.
Members Hubs are social spaces that make sharing and engaging with members and stakeholders as simple as posting to Facebook. As its name suggests, this new feature allows you to create beautiful and responsive hubs where you can share content from anywhere on the web. In addition to publishing insight directly from Sparq to your hub, you can also share PowerPoint presentations, PDFs, videos and industry articles in your hub.
One of the key features of Members Hubs is its drag-and-drop simplicity. Sparq 3 users can now create newsletters in a matter of minutes and get their insight in front of the right people faster than before.
4. Don’t just distribute—engage
Your insight will be more powerful if it invites two-way conversations with your members and stakeholders. Member Hubs will enable you to do this through interactive likes and commenting—features that people have come to expect from their favorite social networks.
By helping drive engagement, Member Hubs enables collaboration across the organization so your stakeholders can provide their comments and submit relevant content.
5. Continue to drive engagement
Member Hubs provide detailed analytics so you can identify the content that resonates with your members. With the ability to see the number of views, likes, comments and shares, you can make better decisions on what to share in the future. This is critical information to continue to drive engagement and ensure that your insight is consumed and used in the company.