The tech surge and information explosion have empowered today’s savvy consumers to make smarter, well-researched, and highly informed choices. Therefore, for businesses today, consumer centricity is much more than just a buzzword. Brands must rely heavily on crucial consumer insights for better planning and decision-making, as well as to chart a clearer, more futuristic, and actionable growth trajectory. Especially in a data-driven world, ‘insight’ plays an unprecedented role in bridging the gap between consumer needs and organizational strategies.
According to a report by ESOMAR, the Insights Industry is currently a US$142 billion powerhouse and one of the fastest-growing sectors globally. The report highlights that while the United States and Europe are leading this growth, the Research and Data Analytics sectors are the key drivers. The fundamental objective of the industry is to revolutionize customer centricity and elevate human centricity as a whole across various sectors by building powerful business strategies using mathematics, AI, and data, all while keeping an eye on the future.
However, organizations have yet to realize the full potential of insights. The critical role of insights is commonly misunderstood or confused with basic data and consumer research, which are often ineffective without actionable insights. According to a study by ESOMAR, 45% of respondents indicated that the demand today extends beyond mere data to actionable insights. Additionally, 40% emphasized the need for insights that can drive organizational change rather than just providing data. Meanwhile, a Cloverpop study revealed that over 60% of investments in Insights & Analytics are not being utilized effectively. It also noted that 78% of data-driven insights and recommendations did not change stakeholders’ decisions.
The insights industry plays a crucial role in adopting insight-driven approaches, empowering organizations to become more proactive, customer-centric, and innovative. This, in turn, helps them achieve success in an increasingly competitive and rapidly evolving environment. Best practices in insights include proactive advisory, leveraging existing work, synthesizing knowledge, and remaining engaged to add value. It utilizes and synthesizes existing studies to create foundational knowledge that drives future insights.Recognizing the crucial need to position the insights industry as a significant segment, Insights Lighthouse — a forum gathering the leaders of the industry — made a mark during the Cannes Lions International Festival of Creativity this year. Founded by Dr. Liubov Runchinskaya, Insights Lighthouse strives to harness the collective expertise of diverse industries, foster innovation, and empower organizations to make insight-based decisions. Powered by ESOMAR and Appinio, the event served as a vital platform for exchanging ideas, sharing best practices, and collaborating on groundbreaking initiatives.
Speaking about the vision behind the event and the rationale for choosing the Cannes Lions International Festival as the appropriate platform, Liubov Ruchinskaya stated, “We observe a stark disconnect between ‘Insights’ and ‘Decision-Making’ within organizations. On one hand, agencies are optimistic about leveraging new-age technology and aligning with the evolving insights industry. On the other hand, many businesses on the client side are still struggling to grasp the critical importance of this segment and its human-centric approach. They have yet to recognize Consumer Insights as a specialized field that provides deeper consumer intelligence, which is essential for business growth. There is a lack of clarity surrounding the insights sector that necessitates better interpretation.”
She further added, “Cannes Lions was the perfect platform to launch this event, as the Cannes Festival embodies the spirit of creativity — creativity that thrives on the power of insights. We’re excited to revolutionize the insights industry and amplify influence across all sectors, and Cannes was the ideal place to start.”
The launch of Insights Lighthouse has created a network of Global Business Growth Executives from around the world, united by a common goal to embed people-centricity and consumer insights at the core of every successful business strategy. The board members of the event included prominent names from various sectors and industries such as: Bilge BALCI, Chiara Bolognini, James Sallows, Joanna Dumont, Kimfer Flanery-Rye, Olga Komlev, Polina Toropova, Pranjal Sharma, Raquel Navarro-Prieto, Valentina Tarchinskaya, Vesna Hajnšek. The event partner Appinio and lead sponsors Behaviorally, Cloverpop, Descartes & Mauss, EyeSee, Fastuna, GWI, Hotspex, Stravito, Toys for planet, are some of the most progressive organisations in the sector.
Speaking at the event, James Sallows, Global Head of Marketing Effectiveness at the LEGO group, said’ “Insights are a genuine superpower in business, but they need to be unlocked to reap the benefits. In today’s highly competitive landscape, speed is essential, which often leads us to rely on vast amounts of data without actionable insights. Therefore, it is sometimes necessary to take a step back, build the right solutions, and derive the appropriate insights that will enable us to make swift decisions and implement our strategies effectively.”
Dr. Tizian Bonus, Chief Revenue Officer at Appinio, shared his thoughts on the event, stating, “AI is already transforming efficiency and effectiveness, and it should be embraced quickly and optimally. Insight departments must not only listen to consumers but also communicate in the language of marketing. There should be absolute clarity on how insights directly drive higher market share and increased sales. We need to make insights central to every business decision, and it’s crucial that the insights industry has a seat at the table.”
Highlighting the key challenge of distinguishing between data interpretation and consumer insights, Bilge BALCI, Director Insights & Analytics, Vectura Fertin Pharma, said, “People often don’t fully understand what “insights” stand for because the term can seem abstract and is frequently used in various contexts. “Insights” go beyond mere data or information; they involve a deep, often nuanced understanding of underlying patterns, motivations, and behaviors that aren’t immediately obvious.”
CEO at EyeSee, Joris De Bruyne added: “With advanced tools and AI, the need for professionals to turn data into actionable insights is more crucial than ever. Behavioral insights providers bridge knowledge across categories, enhancing innovations and driving better products, consumer experiences, and sustainable growth.”
Furthermore, the forum’s discussion on the future of insights highlighted a transformative path ahead, driven by advancements in AI, real-time analytics, and the rising demand for personalization. Navigating a data-rich world, integrating diverse sources, leveraging behavioral insights, and offering predictive solutions will remain pivotal. Success will belong to those who can skillfully merge cutting-edge technology with a deep understanding of human behavior. This approach will not only drive business success but also enhance societal impact.
Talking about the future of the Insights & Analytics industry, Kimfer Flanery-Rye, Founder, Principal DEI and Culture Practitioner at Inclusion Equals, said, “The future of the insights and analytics industry is set to become increasingly essential, as access to data and information becomes democratized, putting it into the hands of people every day. Access to information will require greater analysis to cultivate meaningful insights. Therefore, skilled professionals in insights will become even more crucial.”
The future of insights and analytics is dynamic, offering immense potential. The insights industry is ready to evolve from reactive to proactive, creating opportunities and anticipating the future to meet the growing demands of businesses and society alike.
