WHY BRAND PERFORMANCE SHORTFALLS HAPPEN
Insight Gaps, (and I mean Gaps, plural), are growing in number, size, type and importance in many industries. Stated simply, an Insight Gap is the difference between what you know or think you know and what your constituents are actually saying and wish you knew about your brand.
Understanding Insight Gaps can help explain shortfalls in business performance. The differences between the outcomes expected (i.e. The Plan) and the results obtained (i.e. The Actual). It's a way to explain the difference between the way things actually are (reality) versus the planned outcomes (expectations).
Let's start with a Pharma example and a basic question: "why is something bad happening to my brand?"
Constituent experiences and opinions shift quickly. It's critical to know how and why opinions,
issues, problems, behaviors are developing about the brand in real time. If something
negative is happening to the brand, it's important to respond with immediate action to mitigate and preserve the brand.
Pharma organizations have performance monitoring capability in place: CRM, BI, KPI, ERP systems all generate reports providing great detail about brand performance by micro-segment. Marketing research, focus groups, surveys, customer service notes, inbound Email and web input, et al provide additional insight over time. This provides historical comparative data between plan & actual. But it doesn't explain WHY there's a performance difference.
Constituents are discussing their experiences, opinions, sentiments and sharing it on the vast digital media outlets available. This information is shared among them and it drives decisions and actions that impact pharma brands. But this insight is not necessarily accessed by the pharma brand owner...thus the Insight Gap.
There is a critical need to acquire Insight about issues impacting the brand as quickly and as clearly as possible, even before negative performances occur. This will enable decisions and actions to mitigate problems that could impact the brand. A near real-time Listening system will provide understanding of what constituents are thinking and enable better decision management.