Are Observations, Analysis, and Insight generation words interchangeable?
Are Observations, Analysis, and Insight generation words that can be used interchangeably?
NO! NO! NO!
Never ever should a brand manager use one word in place of the other
So how do we separate these so intertwined words – when does Observation end and Analysis begin? At what point do we say we are now in the space of Insight Generation? It is easy if you are asking the right 3 questions
Observation: If you are getting answers to the question “What Happened?” – you are doing observations.
Statements like – Brand X has lost market share this month. Competitor brand has lost a rank in YTD or Prescriptions for our brand have increased this period over the previous period are a classic observational statement in Pharma
Analysis: If your statements answer the question ‘Why?’ you have reached the Analysis phase now
A possible analysis of the above observational statements could be – Brand X lost market share because there was a dip in 4 major regions for us. Competitor brand has lost a rank in YTD because Brand Y gained 2 ranks to replace them. Prescriptions for our brand grew because of core specialty support.
Believe me, just asking one ‘WHY?’ is never enough. At least 7 to 10 ‘Whys’ will lead you towards the core of the problem.
Insights: Ask yourself the question ‘What do we do about it?’ – and voila! You are in the insight generation phase. Get a load of answers to what you could do and eliminate each after in-depth thinking to get to the 1-2 action plan/s that your brand needs. I have always found it fruitful to involve a team when debating the merit of each action plan.
Sounds easier when you put it on paper but it’s a task for a superhero in practice – The rewards are totally worth it though! So yes, there is a honey pot at the end of every struggle 😊.