Market Research as a Capability and Not a Function for Data-Driven Decision Making with Christopher Frank

Ponderings from the Perch

Data informs… but human judgment decides.

On this episode of Ponderings from the Perch, the Little Bird Marketing podcast, host and CEO, Priscilla McKinney, and guest and CCO of PSB Insights, Christopher Frank, talk strategy in business and market research.

Frank, who brings 25 years of frontline experience from American Express and Microsoft, discusses his recent move to PSB Insights, a 40-year-old research-based consultancy with offices in DC, Seattle, and London, transitioning from the client side to a consultancy role in the field of market research. He stresses the importance of framing problems correctly before diving into data analysis, which is crucial for gathering meaningful insights from both audiences and competitors; a key framework for which he calls IWIC (I Wish I Knew), which aims to shift discussions from data-driven to strategic by asking stakeholders what information they truly need to make confident decisions.

The two discuss Frank's two books on the subject, Drinking From the Fire Hose, and Decisions Over Decimals; the latter of which, highlighting its relevance in today's data-driven decision-making landscape, has been featured in Malcolm Gladwell and Dan Pink's Next Big Idea Club. His books emphasize the importance of balancing intuition and information in both the market research and strategy processes.

"If you are concerned that your role is going to be commoditized because of these new technologies,” Frank explains. “What [AI] is not delivering yet is [your own] judgment."

McKinney and Frank also discuss his role as co-director of Columbia Business School's Leading in a Data-Driven World program. This initiative focuses on developing quantitative intuition, teaching professionals how to make smarter, more informed decisions without necessarily needing advanced mathematical skills.

That and much, much more!

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