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Best Practices Approach to Marketing Research and Competitive Intelligence Department Management Agenda • • • • • • • • Questions that need answers Once you have the answers, what do you do Determine the business need Considerations Determine Services Provided Put together the team Get the proper tools Some final thoughts Questions that need answers • • • • • • • Who What Why Where When How (are you going to do all of this) How much Who • • • • • • • • Who is asking you to set it up Who will be your support Who will be out to make sure you do not succeed Who is your client; Who do you support Who isn’t your client Who is funding the department Who do you need to hire Who are your competitors What • • • • • • • What services will you provide What are your staffing requirements What budget will you have What budget will others have to pay for your services What is your business plan What is your agenda What are you tracking Why • Why does the company want/need a marketing research and/or competitive intelligence department Where • Where is the research going to conducted • Where is the research department going to be housed • Where within the organization is the department going to report • Where is the funding coming from • Where are the projects coming from When • When do you want to set up the department • Or, when do you want to expand it • When are projects going to be done – At planning time – All year long How • How are you going to go about setting up or expanding the department • How are you going to justify your budget • How are you going to justify your headcount • How are you going to justify your existence • How are you going to respond to requests • How are you going to determine what requests to respond to • How are you going to determine the needs of the organization How • How do you do what you are supposed to do • How do you get your data/information • How do you go about hiring the right people How much • How much time do you have • How much is your budget • How much do your clients have in their budget for MR/CI work • How much interest is there in using the department • How much staff do you need Now, once you have the answers, what do you do Building a CI and/or marketing research department Building a CI and/or marketing research department • “Form follows function” – Louis Sullivan • There is no generically “correct” department • Every department will look different – Culture of the company – Needs of the company – Ability of the company to fund it and to staff it First, Establish the Business Needs Potential Areas of Research Cost Structure Customers Products & Services Organizational Structure Financial Performance Business Operations Distribution Channels Strategic Plans Management & Culture Information Technology Marketing & Sales Competitive Intelligence Proactive Reactive Primary Research Competitive Intelligence Secondary Research Strategic Tactical Determine Services to be provided • Marketing Research – Primary • Qualitative • quantitative – Secondary • Competitive intelligence – What types • Business Information Center – “Virtual Lab” – Daily insurance related news Second, Build/run the department • Organizational • Costs • Benefits Organizational • Analyze the company now • Identify possible areas of duplication of effort – where is MR/CI being done now • Senior Executive long term commitment • What is the philosophy regarding outsourcing vs. keeping things in-house • Decide who controls the MR/CI budget • What do senior management, business division management, distributors want in terms of MR/CI services Structure • How many people needed to meet needs identified • What type of people • Span of control/levels of management • Where will the unit and/or people reside – Centralized – Embedded within a business division Costs to Consider • • • • • • • • Salaries Internal marketing information External marketing information Travel Technology Development and maintenance Training Memberships Benefits to Consider • Will the information/data be used to make better decisions • Can the company/will the company respond to competitor moves • Will the company do something once MR identifies consumer needs/wants • How does the company react to changes in market conditions Benefits to Consider • Will the company do something once MR identifies distribution force needs • Does the company take a long term view on issues • Does management care about the company’s image/awareness • Does management want to track customer loyalty Measuring the value of the Department • Quantity and quality of key information provided to decision makers • Timeliness of information • Fewer surprises • Ability to put competitor actions into context • Less frustration trying to interpret overwhelming or contradictory information • More proactive decisions • More informed management team regarding competitive issues “Marketing Research” Defined The gathering, analysis, and communication of actionable information in order to: • Design/develop products and services, • Determine market position, • Determine image/awareness, “Marketing Research” Defined • Track customer and agent/producer loyalty, • Support the development of strategies and • Do what it takes to make the company more successful. • Determine corporate culture • and, a whole lot more Marketing Research is “not” • • • • • • • • Doing “gee whiz” research Doing management’s kids’ homework Doing Loss Control’s environmental analysis work An information gathering process A project specific initiative “Analysis paralysis” Database management Simply statistical analysis “Competitive Intelligence” Defined Competitive Intelligence is the gathering, analysis, and communication of actionable information about competitors' products, market position, performance, capabilities, strategies and intentions. Competitive intelligence is “not” • • • • An information gathering process A project specific initiative “Analysis paralysis” Database management Role of a CI Program • Improved planning and decision-making – Preempt competitors' marketing moves – Protect or increase your market share – Avoid expensive surprises – Assess merger and acquisition candidates – Learn from other companies' experiences A Competitive Intelligence Example Continuum of services In-depth analysis of competitor strategy/operations High Annual detailed review of competitor organizations Level of analysis Analysis of competitive information Competitive information Low Initially When will be in a position to be provide 3-6 months Phase One • Tracking top competitors – – – – – Personnel moves New policies Strategy Financial news Other interesting tidbits Phase Two • In addition to simply tracking competitors analyze results to determine significance, if any of – – – – – Personnel moves New policies Strategy Financial news Other interesting tidbits Phase Three • In depth report of one competitor per month for six months – Strategy – Target markets – Financials Phase Four • Identify key issues which warrant in-depth competitor information – Claims processes – IT moves – Financials • Provide results Put together the team A successful team will • Profile the organization – SWOT analysis • Identify desirable (internal) customers and their wants & needs • Identify emerging markets and trends • Provide timely, useful reports to Senior & Executive Management • Act as an independent and objective advisor to decision makers Expectations of a MR/CI team • Objective, clear and concise reports • Creditable data • An explanation of the forces responsible for results found • An analysis of the implications of competitive situations or studies completed • Recommended courses of action and options • Active participation on the teams implementing the results of the research Operating Philosophy • • • • • • Collaborative working relationship Project prioritization – in collaboration with clients No agenda Good, cheap, fast, pick two Must have a client Must be actionable Ethics • Trade secrets represent only 5% of all the information about a competitor • What is legal is not always ethical • Always remember the “public disclosure rule” if this appeared in a headline, would we be proud of it? • CASRO rules followed • SCIP “code of ethics” followed Implementation - Overview • Hire and/or move internal staff • Obtain space and all needed hardware, software, books, periodicals, on-line licenses • Develop internal communications plan introducing the MR/CI team • Set priorities Overall competencies • Comfort Around Higher Management • Composure • Learning on the Fly • Decision Quality • Drive for Results What to look for in people • Business Acumen • Action Oriented • Time Management • Written Communications • Approachability • Presentation Skills Managerial Competencies • • • • • • Listening Skills Creativity Persistence Strategy Experience Professional Development Staffing for CI • Skills required – – – – – Masters in Library Science Marketing research experience Strong consulting skills Familiarity with a wide range of information sources Experience managing external vendors CI Analyst Competencies • Understanding data bases, particularly unique internal data bases • Knowledge of the library • Knowledge of key software packages • Communication skills – Writing and interviewing – Stating facts quickly and convincingly – Listening and asking follow up questions • • • • Team player Reasoning skills, inductive and deductive Pattern Recognition Organizational skills Staffing for Marketing Research • Skills required – – – – – – – – – Marketing research experience Strong consulting skills Familiarity with a wide range of information sources Experience managing external vendors Project management Knowledge of various methodologies Questionnaire design Discussion guide design Familiarity with various statistical techniques MR Analyst Competencies • Project management skills • Understanding data bases, particularly unique internal data bases • Knowledge of the statistics (not necessarily how to do them, but to know what needs to be done) • Knowledge of key software packages • Communication skills – Writing and interviewing – Stating facts quickly and convincingly – Listening and asking follow up questions • Team player • Reasoning skills, inductive and deductive Get the proper tools for the team to use Get the proper tools for the team to use • Fast computers • T1 line or at least broadband • Database access (for example, Lexis-Nexis, Highline, D&B, AM Best etc) • SAS or SPSS or whatever • On-line focus group capabilities • On-line research tools (for example, survey monkey, Zoomerang or other services) • Budget to bring in outside resources as needed Sources of information • I.I.I. • SCIP • National Underwriter • Conference Registration • ACORD • AM Best • Highline Data • [email protected] • Risk and Insurance ([email protected]) Sources of information • Insurance News Network • Gartner Technologies • The Automated Agency Report, Inc. • Giga Information Group • Lexis-Nexis or Dow Jones News Retrieval/Factiva • [email protected] • www.InsuranceBroadcasting.com • [email protected] • Business Insurance ([email protected]) Associations – Health Insurance • America’s Health Insurance Plans (AHIP) • National Association of Managed Care Regulators (NAMCR) • Association of Managed Care Dentists (AMCD) • Academy of Managed Care Pharmacy (AMCP) • Center for Studying Health System Change (HSC) • Institute for Health Freedom • National Managed Health Care Congress (NMHCC) • National Association of Health Underwriters (NAHU) Associations – Property and Casualty • • • • • • Risk and Insurance Management (RIMS) Professional Insurance Agents (PIA) PCI NAMIC AIA IABA Associations – Life Insurance • LIMRA • ACLI Associations – All Lines • Society of Insurance Research (SIR) • American Risk and Insurance Association (ARIA) • National Association of Insurance Commissioners (NAIC) • IASA Associations – Customer • Too many to name • There is one for practically every industry group – Many have more then one • There are also consumer groups such as AARP for people over 50 and for every ethnicity • Labor Unions • Health and Pension societies • And, many, many government sites with all sorts of great information Some final thoughts Things to consider • Educate the entire organization about what Marketing Research and CI can deliver • Time & resources are limited • Great ideas may not always be successful – be flexible • Stay in touch with your clients – Provide quarterly updates, at the highest level • Stay in touch with senior management Things to consider • If organizationally possible, Don’t let the purchasing department tell you to whom you should outsource • Position the department at the highest level possible in the department; report to the CEO or business division head • Become indispensable Open Discussion • Q&A • Share ideas Market Research and Competitive Intelligence Department Management © Copyright 2009 The Glen Ellyn Consulting Group, LLC The Glen Ellyn Consulting Group, LLC [email protected] www.glenellynconsulting.com 630-790-4304