Stakeholders advise managers to base decisions on insights

Discussants at a market research business fo­rum have underscored the significance of mar­ket research and ap­propriate data as critical factors for business decision and growth.

At the forum organized by Nige­rian Marketing Research Association, the discussants including Idorenyen Engang, CEO Corporate Shepherds; Tarang Gupta, marketing director FrieslandCampinaWamco and Bode Abifarin, senior manager, KPMG agreed that research and data should be predictive of the future.

In an attempt to make a difference in a competitive environment, the discussants who looked at the topic ‘ Innovate with evidence’ also advised managers of businesses to also rely on data beyond the questionnaire.

Strengthening the argument for market insight, Idorenyen Engang who believes in creativity and col­laboration brought the analogy of Nokia phone and Peugeot car that perhaps failed to follow market trends and consumer taste.

“How did Nokia go from more than 75 percent share of the market to less than 10 percent? Was Nokia not listening to the changing consumer needs? When people came begging for dual sim phones, where was Nokia? Similarly, what did Honda and Toyota do right or better still what did Peugeot do wrong”, Idorenyen who led the discussion asked.

He likened this to the paradox of the present. According to him, when companies become excessively fix­ated on the present day successes and failed to see slow happening market shift, they often become vulnerable to their own successes. “Nokia and Peugeot were caught in that paradox”, he said.

He said today a new market which is Smartphone market has emerged in the phone business which he said Samsung leveraged earlier. That of­fering made the difference between Nokia and Samsung based on what the consumer wanted. It is about strategy and understanding lifestyles.

According to him, winning is not a strategy as elements of winning start with diagnosis. He said diagnosis defines and explains the nature of the challenge. That is why research, intelligence and insight are key be­cause good diagnosis simplifies the overwhelming complexity of reality by identifying certain aspects of the situation.

Idorenyen who is also a facilitator told marketers that they can imple­ment strategy by listening, observing and taking action. While emphasiz­ing that Smartphone battle which saw Nokia struggle, offers marketers learning points, Idorenyen said the ability to move and take decisions faster than the competitor is also key.

Also speaking, Tarang Gupta said data must be reliable and relevant enhancing managers to take action now than tomorrow.

Femi Orimalade, the country manager of NZMP Fonterra Nigeria Limited said data must be able to give managers a picture of situation. He advised managers to take actions based on data and facts in spite of CEO beliefs. According to him, man­agers need to constantly measure, text and implement actions.

In his comment, Bayo Adekanmbi of MTN Nigeria said innovation is ability to predict what customers can buy next. He said often times, busi­ness managers can predict what cus­tomers want through their behavours.

In her comment, the president of the research association, Joy Uyan­wune explained that the purpose of the association is to bring research agencies and clients closer in doing business. “We want to bridge the gap between research agencies and vari­ous companies”, she said.