In a recent Forrester report, it was revealed that insight-driven companies are growing at 8x the pace of the global GDP, a compelling reason for any organization to prioritize customer insights—including your competitors.
For many companies, insights departments are asked to do more with less: fewer employees, lower budgets and often loftier goals. By effectively identifying customers’ needs and being more agile in their data-driven innovation, your competitors, even those with lesser products and teams, quickly evolve and become a greater threat.
Sure, Intuit co-founder Scott Cook, is right about keeping your focus on customers, but your competitors will eventually impact your customer acquisition and loyalty through their prioritisation of customer insights.
By leveraging the insights of your shared customers, your competitors will be able to plan and launch the next product while simultaneously attracting and retaining customers. This gap will only broaden with time, especially as innovation and market changes become more agile and disruptive.
Data creates more data and when you gain the right data consistently, you gain precision and effectiveness most organisations only dream of. Being able to focus your time, energy and resources on actions most likely to delight, retain or acquire customers has incredible long-term value, no matter your industry or business size.