Image by nickwheeleroz via FlickrThe recent survey from McKinsey on how companies use strategy to "beat the market" had some nice insights but the one that stood out to me was that only 33% of companies say they use novel insights in their strategic planning. Now think about this for a second. That means two thirds are using exactly the same research as their competitors to drive their strategic thinking. While this lack of motivation to uncover new insights has been a topic in other articles recently, it astounds me that McKinsey has the number so high. We have become so dependent on the Internet to get information, which is great. However, if we do not step outside and uncover insights that are truly specific to our needs (and not published for all to see on the Internet) then how will we be any different than our competition.Macro generic industry data is great for getting a picture on some of the forces that are driving an industry, I use them all the time, but business needs to get to the micro level drivers that are specific to their buyers and business, to be able to build a brand that is relevant both to them and their buyers. I do not believe for a second that this can be done without spending the money and uncovering new insights about ones buyers and marketplace on a regular basis.
If you are keen to see the entire survey click on the link below.
http://www.mckinseyquarterly.com/Putting_strategies_to_the_test_McKinsey_Global_Survey_results_2722
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