P&G, L’Oreal, and Nestlé part of new industry-wide insights on demand consortium
Procter & Gamble, L’Oreal, and Nestlé are among the founding members of The Insights on Demand Consortium, an industry movement committed to promote the adoption of a new way for businesses to understand and act on consumer intent and behaviour.
The consortium comprises of individuals and companies from all industries, such as CPG, technology, and market research. It said the vision for Insights on Demand is democratised market research, where insights into consumer intent are accessible and achievable for all business professionals in companies of all sizes.
Founding Consortium members include P&G, L’Oreal, Nestlé, Nature’s Way, agencies and research firms W2O, AKQA, Simmons Research, Toluna, Harris Interactive; as well as other “thought leading organisations” that are focused on reshaping market research.
A statement said that consortium members are focused on providing thought leadership that will help professionals from research practitioners up through CMOs at Fortune 500 brands to broaden the scope of influence that this new way of conducting market research has within today’s on-demand economy.
Initially, the group will focus on topics that include the scalability of expertise, the need for ongoing real-time consumer insight, and fragmentation of research tools and technologies. The consortium will host its first meeting in mid-January and share key findings with the business community at large.
The group will provide best-practice approaches to adopting transformational insight strategies enabled by technology and automation, as well as general market education through the distribution of content via webinars, thought leadership and conferences.
Frédéric Charles Petit, CEO of ITWP, said: “Our mission with insights on demand and this consortium isn’t to change market research per se, but instead to advance an entirely new way of thinking when it comes to understanding consumers. The concept of insights on demand transcends market research and is something much bigger that makes real-time consumer insights accessible to a much broader scope of individuals outside of traditional researchers.
“AirBnB didn’t change the hotel industry, but it did change the way people travel and stay overnight. In the same way, we seek to change the way businesses access consumer insights within today’s on-demand economy.”
Holly Rozelle, Director, Marketing Capabilities for Nature’s Way Brands, added: “It’s a well-known fact that organisations committed to being insight-driven report far higher levels of consumer engagement and market growth than their laggard counterparts.
“In the last year we’ve been able to create and push Nature’s Way to become an insights driven organisation. However, we’re also cognizant that in order to stay competitive, there’s great collective value in meeting with industry leaders to bounce ideas and discuss opportunities. I’m excited that the Insights on Demand Consortium will be able to deliver on that.”