Research Teams: Are You Curating a Big Picture?

Research Teams: Are You Curating a Big Picture?

Research teams can be mistakenly viewed as simply research buyers or just project managers, for a number of reasons, including a lack of curating a big picture.

I’m sure anyone leading a research or customer insight team can relate to the problems of such misconceptions. But, what do I mean by ‘curating a big picture‘?

In many ways, this is an extension of the points I previously made on knowledge management, but with a focus on research teams.

Here, I’ve seen two elements that can be lacking.

Firstly, insufficient context and secondly, a lack of remembering and connecting what has been learned previously. In this post, I’ll briefly share some advise on both elements.

Missing the Big Picture: Out of Context
 

Many of the problems I’ll highlight in this post, stem from viewing each piece of (primary or secondary) research in isolation.

The first pitfall, is the danger of viewing your latest insight work in isolation of the wider context. What I mean by that can vary depending on the focus or scope of your research. But, commonly, a researcher should be considering:

  • Context of consumer’s behaviour within their wider life (What is the bigger job they are trying to get done? What appear to be their priorities/goals?)
  • Context of consumer’s attitudes within wider comparison set (What is their attitude towards competitors or sector in general? How have their expectations been raised by other buying or services experiences, including totally outside sector?)
  • Context of consumer’s lifestyle (What is their home/family structure? Do you have proxies for affluence or cultural attitudes? Does location/community matter?)
  • Context of consumer’s concerns (Are their known pressures or threats to their jobs/families/location/life-stage/affluence, from PESTLE range of changes in wider market?)
  • Context of consumer’s events (Can you identify life events that are important to understanding their behaviour or attitudes? Pending marriage/children/divorce/move etc?)
     

Without seeking to garner as much understanding as possible about this wider context, there is a danger of misinterpreting the drivers of their current attitudes or behaviours. If you get this interpretation wrong, there is a strong likelihood that your recommended hypotheses and actions could be totally wrong for your target audience. Although, well designed & facilitated qualitative research (whether solo interviews or groups) will routinely allow space to capture elements of context, of which consumer is aware. There are likely to still be gaps though.

But, I recognise the above is in danger of being a ‘counsel of perfection‘. Few, if any, insight teams have immediate access to research sources to garner all that context accurately.

Here, recalling the multi-disciplinary nature of Holistic Customer Insight can help. Rather than limiting your focus to just research, consider the information that can be gleaned from other research sources. Seek out market & competitor intelligence, behavioural analytics, results of database marketing campaigns etc. Each can help shed light on your blind-spots.

Missing the Big Picture: Groundhog Day
 

Anyone else who enjoyed Bill Murray in the 1990s movie “Groundhog Day“, will get the meaning of this section. Here I am focussing on the risk of starting each piece of research afresh, as if nothing is already known. Effectively capturing and managing domain knowledge, matters just as much for researchers as it does for data analysts.

Research best practice should be avoiding the worst excesses of this. Any insight leaders looking to control costs in the spending of research budget, should be ensuring that adequate secondary research is undertaken when any new request comes in. That is, checking records to see if the new question can be answered from prior research work, rather than requiring new (expensive) primary research.

However, I am talking about more than that. Not only do I find that busy research teams can neglect the best practice of adequate secondary research, there is also a pitfall in how past research is curated and thus searched.

All too often, research teams can be their own worst enemies. What I mean here is that their presentation in research debriefs (or worst still leaving that solely to agencies) can sound like all they needed to do was buy from this clever agency = team seen solely as buyers. Another way such teams “shoot themselves in the foot” is in the storage and presentation of past research. Where this is done, all to often it is held in an Excel spreadsheet or Powerpoint slides with embedded hyperlinks to past reports. The problem is not using those tools, but the structure often applied, that organises past research as if it is just a number of completed projects into different subjects = team seen solely as project managers.

To avoid your talented, but busy, researchers regularly feeling a sense of Deja Vu – you need to find a way of curating, storing & presenting past research that better joins the dots. What I mean here is a way of building on what has been learned before and connecting evidence to build continually improving understanding and hypotheses about your customers and why you see & hear what you do. Ideally this should also include evidence from data, analytics & database marketing teams. But research can be a good place to start.

New research should feel like “standing on the shoulders of giants“. Those designing and undertaking the research should be well briefed and have easy access to everything that has been learnt so far, in a coherent form. Enabling them to readily understand hypotheses to date and both test & refine them through what is learnt that is new.

Two tips to improve
 

So, rather than just highlight a problem in many ‘in-house‘ research teams, can I offer any practical advice to improve the situation? I hope so.

To manage expectations, I have seen very few teams do this well. But, learning from those who have seen success, here are just two things to try with your own team. I suggest reading these in conjunction with my previous posts on both the importance of knowledge management and building domain knowledge. Progress on both those fronts is foundational to sustained improvement here too.

Tell stories to see the Big Picture emerge
 

One simple way, to start building and capturing the Big Picture content for future work, is to talk more. Akin to the idea of native storytellers gathered around the campfire, it can help to protect time in regular meetings to talk about what everyone has learnt.

As well as keeping the team up-to-date and enabling leaders to gauge understanding and/or issues, doing this together provides a vital opportunity to ‘join the dots‘. Team members should be encouraged to spot where something new builds on, or contradicts, past work. Meeting together with those who managed any past research provides plenty of opportunities for connections to be made and discussed. Surprising insights can emerge, if everyone is heard.

But, how best should this be captured? Another benefit of the storytelling analogy is the concept of crafting a story to capture what has been learnt to date about a topic. If this is already known then the discussion on new insights (joining the dots) can also be used to highlight where a particular story may need to be refined.

We’ve shared previously on the power of stories as narrative structures to communicate key messages. This time, whether the story is heroic or tragic, the focus is normally one of the following:

  • A segment of consumer or customers (however defined, e.g. attitudinal/demographic/behavioural/value, as a structure to capture learning about this group)
  • A channel or media used for marketing or service (how it is used, different audiences between channels, multi-channel attribution, irritants etc)
  • A product or service (differential appeal, utilisation, satisfaction, repeat purchase/use etc)
     

Rehearsing existing narratives when discussing whether new findings change the story, can be a great way to keep them in the collective consciousness. It can also be worth investing in some copywriting to capture important stories in first person of a customer. Coupled with ‘Vox Pops‘ & capturing emotional impact can improve impact & recall.

Paint a Big Picture to bring it to life
 

Complementing the audio input of story telling, can be the visual impact of art or infographics.

Previous posts of events I have attended have shown the growing popularity of using artists to capture visual stories or infographics to summarise key points. In a similar way, once the most important insights or most robust stories have been identified (judged by relevance to key business decisions needed), art can help.

Based on my own experience of the engaging nature of ‘big picture‘ graphics to communicate business strategy or key insights of customer groups, I recommend investing in this approach. A skilled graphic designer with a track record in this technique can create graphics that really engage your business. In a world dominated by MS Office outputs, this different kind of visual summary can stand out well in corporate businesses.

Better than just including in a  slide deck, these ‘big pictures’ (or visual stories) work well as posters or art work positioned at key locations around your offices. It can be even more effective to break out of the normal locations, e.g. office notice boards. Seek to achieve either some locations for regular insight summaries (close to gathering points like water coolers or internal coffee shops), or permission to treat these graphics as attractive items to decorate the offices on a more permanent basis.

Two final pieces of advice on this technique:

  1. Be creative in media used. Especially when communicating to key senior meetings, it can work well to bring in unexpected media. Glossy books, life-size realistic personas, posters to cover a wall or even 3D objects, can all work well if you are able to clearly communicate the story they convey.
  2. Create a ritual of updating art work when new insights are gleaned. A great way of engaging your wider business with key new insights, without forgetting context, is to add some ceremony to unveiling updated versions of big pictures. Not too often, but internal campaigns to reveal new pictures can really engage your leaders.
Paul Laughlin
Client Experience
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Paul is the founder of Laughlin Consultancy, a business that enables companies to maximize the value of their customer insight. This includes growing their bottom line, improv ... Click for full bio

Solving Your Biggest Client Issue May Be at Your Fingertips

Solving Your Biggest Client Issue May Be at Your Fingertips

Written by: Shileen Weber

When the American Funds’ Capital Group  asked 400 advisors last year to name the biggest issues they face in their businesses, it wasn’t the DOL, market uncertainty or the economy that sat in the center of the idea cloud of answers.

It was client issues.

At a time when regulatory concerns and market turbulence would seem to be at all-time highs, the advisors who answered the survey were most concerned about servicing their clients as well as ways to find new ones and grow their businesses.

It’s one of the ironies of the business, that the things most people find so hard to manage – creating financial plans, managing assets and staying ahead of events – are what advisors find to be the easiest parts of the business. Marketing - the business of selling themselves – can be the area advisors find the hardest elements to master.

In this age of instant communication, it can be even more intimidating to market your practice, especially to younger clients for whom many traditional methods like newsletters, postcards and phone calls don’t work anymore. For them, email is the preferred way to get information, and, if it’s important, they are more likely to respond to texts, not phone calls.

But, it doesn’t have to be that hard. The digital age gives you access to ideas and content of all kinds you can use to touch your clients in a way that positions you as a valuable resource. The key is to keep it simple, stick to some basics and create consistent outreach that clients and potential clients are interested in and will appreciate you sharing with them.

Here is a common-sense approach you can take that will not require you to hire an expensive agency or take valuable time away from managing your clients’ assets and running your business.

Content is King


Create a content calendar for the year: Think about reasons to touch a client 13 times during the year – that can be once a month and on their birthday. (The common rule of sales is that it takes at least 7-13 touches to make a connection.) The number is limited and keeps you from inundating the clients who likely already feel inundated with content. You can take the seasonal approach – tax planning in the fall, January for account review content, college financing in the spring – and supplement it with topical events during the year. Creating a calendar will help you stick to a plan. Here’s one resource for a content calendar.

Review what content is already available to you:  Basically, this means finding the resources you already have and determining what pieces will be most valuable to your clients. Start first by checking out content your broker-dealer already generates that you can personalize. Many firms have economists who write regularly about the market. That’s content you can pass along to keep clients up-to-date they would not have access to anywhere else. In addition to your broker-dealer, mutual funds, your clearing firm, and money managers are all excellent sources of informative and even analytical content.

Personalize the content you use: Add your name, the client’s name or some way to avoid making it feel like canned content that you are using just to check the outreach box. See what capabilities your email program may have to help you.

Related: What's an Investor to Do When History Doesn't Repeat Itself?

The birthday strategy: One advisor used clients’ birthdays in a new way. Instead of the card or lunch date, the advisor asked the client’s spouse for a list of friends he could invite to a birthday lunch and made it a memorable event that was also a soft approach to getting referrals.

Become a curator of good content: What your review will show you is that you don’t have to generate the content yourself. You can point clients to pieces you find insightful. You are likely already doing this every day just to keep yourself informed. The next step is to compile it and send out the very best pieces to your clients, again, with a note with your own thoughts about why you found it valuable.

Find out what is working and do more of it: Use your client interactions, in-person and online, to find out what types of content clients liked and any they didn’t. You can use tracking on your emails to see how many were opened as a measurement tool, but the personal interactions tend to provide more insight than raw data.

Be disciplined about your execution: Get help from an office assistant or schedule the time each month to do the content development and outreach. As any good strategy, if you make it a habit, it won’t seem so hard.

Most importantly, be yourself and be personal: You may want to regularly get personal by talking about your family and hobbies. The ultimate is if you can provide content that is personal to your clients, not just about their investments – they get that from their statements, apps and online portals. Think alma maters, hobbies, children and parents.

Of course, as a disclaimer, you have to make sure all content and communications are complying with regulations and the rules of your own broker-dealer.

The process of creating a plan will get you thinking about your clients in a new way. That exercise alone can re-energize your business and get you seeing marketing opportunities in places you may never have seen them before.

Shileen Weber is Senior Vice President of Marketing and Communications at GWG Holdings. She was previously Director of Online Strategy and Client Experience at RBC Wealth Management, where they placed first in two JD Power and Associates U.S. Full Service Investor Satisfaction Study (2011 and 2013).
GWG Holdings, Inc.
Investing in Life
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GWG Holdings, Inc. (Nasdaq:GWGH) the parent company of GWG Life, is a financial services company committed to transforming the life insurance industry through disruptive and i ... Click for full bio