Survey: B2C Firms Lose Millions Due to Knowledge Gaps

A new global survey of marketing and product management leaders, Hyperscaling Insights Impact reveals that a staggering 40% of key decisions are taken without reference to consumer insights. This oversight, driven by cumbersome information access, is costing businesses millions in lost value annually.

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Published by Market Logic Software, the survey highlights how reversing this trend could deliver top line impact. An overwhelming 90% of marketing leaders surveyed believe easier access to market insights would boost advertising effectiveness while 89% of product leaders surveyed say it would enhance product launch success rates.

Appetite for utilizing market insights and consumer data is strong.  Business leaders across industries want to apply this data to at least 80% of decisions – a 20% increase over current usage. Yet, fragmented data systems and formats remain a major roadblock. Nearly half (49%) of executives report it takes too long to find and access data. To overcome this, respondents identified implementing a centralized insights platform as a top priority.

The negative impact of not using centralized knowledge management systems is visible in the survey data. Almost 59% of respondents who are not regular users of a knowledge management system reported problems finding and accessing data compared with 36% of those who have a system in place today.

“Our survey shows that marketing and product leaders see vast potential for revenue growth and margin improvements by tackling technological barriers to insights access,” said Dirk Wolf, CEO of Market Logic Software. “In the consumer-packaged goods (CPG) industry alone we estimate a $25 billion opportunity. Insights executives and CIOs now have a critical role in enabling their organizations to unlock this advantage rapidly by building a strategic end-to-end insights process utilizing internal and external data sources and consumer insights holistically.”  

The survey was conducted by Insight Platforms, a leading independent voice in the insights industry. Mike Stevens, CEO of Insight Platforms, commented on the results, “Advances in technology, especially AI, make it easier than ever to generate and share market insights at scale. Yet, the survey data shows many businesses are missing out. It’s time for IT and insights teams to collaborate and fully leverage their market intelligence and research investments.”

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Source – Prnewswire