The top 3 challenges for insights professionals in 2023
The top three challenges from our 2023 report, and how to overcome them.
In a turbulent world where the rules are constantly being rewritten, insights pros are more important than ever. They hold the data and analysis their companies need to navigate today’s changing markets, evolving customer needs, and growing economic uncertainty.
At the same time, insights pros are struggling to earn respect, prove the impact of their contributions, and be heard. In 2023, they will need to close the gap between how important their work is and how it’s being perceived within their companies.
In a new study, we hope to help insights pros do just that. Our 2023 report: Top challenges and opportunities for insights professionals lays out the specific challenges they face in the coming year, and how to master them. In this article, we’ll detail the three biggest challenges they must focus on in 2023.
Challenge 1: Adapting to changing industry landscapes
Insights pros are worried about a down economy and rising competition. Sixty-one percent of insights pros state their company will face more competition in 2023 than in 2022, and 59% believe the economy will decide their company’s success this year.
Additionally, 43% think their company will experience slow or reduced growth this year due to these factors. And there are other concerns too; 46% of insights pros worry that changes in their company’s strategy will be a barrier to growth, and 40% are concerned about customer turnover.
The takeaway: Insights pros face many barriers to growth in 2023. They must be adaptable, realign to new directions, and develop a clearer picture of their customers.
Challenge 2: Hitting targets and showing the impact
Insights pros are trying to meet their targets and demonstrate their results. Eighty-six percent think they will need to meet increased performance expectations in 2023, and 47% believe this will create additional barriers to their success.
Even if they meet these expectations, insights pros may not be recognized—25% find it difficult to measure the impact of their campaigns or the decisions they drive, and 35% state they receive feedback too slow to address their target market’s needs.
The takeaway: Insights pros face two mandates. They must both hit their increasing performance targets, and they must also find a way to prove their impact.
Challenge 3: Earning respect and building influence
Unfortunately, many insights pros still feel that they haven’t gotten their seat at the table. Over a quarter state their work is valued only a little or not at all by leadership, and a third say they have little to no influence on their company’s business decisions.
Ultimately, insights pros are struggling to produce insights and get them to decision makers. While 47% believe collecting the data they need is easy, only 33% find it easy to analyze that data, and only 30% find it easy to develop plans from that data.
The takeaway: Insight pros must build their influence by generating more data-driven insights and getting them into an actionable form that’s easy to implement.
How to navigate these challenges: ask, listen, act
In 2023, insights pros must overcome increased competition within a slowing economy, demonstrate the impact of their work, and earn the respect they need to get a real seat at the table. To achieve all three, they must develop a deeper understanding of their market through a renewed focus on actionable intelligence.
- Ask: Create an insight-driven map of your market. With industry tracking you can collect fresh market data on your industry and leverage AI-powered insights. Gain a clear picture of what factors drive your market’s trends, how your industry is shifting in real-time, and why those shifts are happening.
- Listen: Turn your market data and insights into dynamic visualizations. Create attractive charts, graphs, and dashboards that leadership can understand at-a-glance. Share your findings on market trends, present data-driven plans to move forward, and demonstrate the measurable value of your work.
- Act: Optimize your marketing strategy for each of your ideal buyers. With consumer segmentation, you can define the demographics and behaviors of your ideal buyers. Gain a clear picture of what makes each of your ideal buyers convert, and create tailored experiences for each that increase your sales.
The takeaway: Insights pros who ask, listen, and act, while using the right tools and resources, can leverage data to tackle their biggest challenges in the coming year.
If insights pros must tackle these challenges, they can take advantage of the many opportunities 2023 offers. Because in spite of the challenges, 94% of insights pros feel optimistic about their industry’s direction and 93% feel optimistic about their company’s position in their industry—a good outlook! Additionally, eight out of ten say data is already used to make decisions at their company, which means that companies understand the importance of data, even if they don’t always leverage it correctly/
In short: 2023 presents new challenges to insights pros, but they are working from a solid foundation with a bright future to capture — if they take the right steps forward.
To get more detail on these challenges, plus information about the opportunities and what’s needed to get ahead, check out the full guide.