From Insights to Action: Key Takeaways from YCCI’s 2024 InsightsOn Conference

On May 9th and 10th, the Yale Center for Customer Insights hosted its annual InsightsOn conference, gathering industry and academic leaders to discuss the latest in marketing, data-driven insights, and consumer behavior. Over two days, a diverse group of speakers and panelists offered valuable lessons for marketing and insights leaders aiming to make a substantial impact in their fields.

The Essence of Insights

Insights, as defined by Stan Sthanunathan, a former EVP at Unilever, are "retrospectively self-evident." Once uncovered, they seem intuitive. For example, Yuji Winet, from Duke’s Fuqua School of Business, highlighted how perceived endings drive consumers toward repeat experiences. Similarly, Joowon Klusowki from the Yale School of Management revealed the often irrational preference for even numbers in decisions ranging from purchase quantities to thermostat settings.

But insights aren't merely interesting observations. According to Jing Mertoglu, the Global VP of Insights and Analytics at Suntory Global Spirits, they must also be actionable. Stephan Gans, the Chief Insights and Analytics Officer at PepsiCo, agreed, emphasizing the necessity of focusing on each insight's "so what?" to drive strategic business decisions.

The practical applications of insights were evident in presentations from Meagen Eisenberg, CMO of the cybersecurity firm Lacework, and Alanna Shipley, the Head of Audience Insights at DoorDash. Eisenberg described how her team created impactful initiatives that addressed cybersecurity professionals' lack of visibility, while Shipley showcased an advertisement for DoorDash that focused on summer’s tendency to evoke nostalgia.

Forging Consumer Connections

In today's market, consumer connection is paramount. Marcel Marcondes, the Global Chief Marketing Officer at AB InBev, pointed out that the role of the CMO is now more critical than ever as companies increasingly tailor their offerings to consumer needs. LPGA’s CMO Matt Chmura exemplified this mindset by describing how his organization used behavioral data to create more personalized, engaging relationships with fans.

For Julia Yufe, SVP of Vodka and Rum at Diageo, authenticity is key to developing genuine consumer connections. At Smirnoff, this meant leveraging its history of inclusivity and innovation to resonate with new generations through creative marketing campaigns.

The Art of Storytelling

Storytelling was frequently cited as a vital skill for marketers. Antonio Lucio, the Chief Marketing and Corporate Affairs Officer at HP, Inc., underscored the need for customers and employees to feel connected to a larger purpose and urged marketers to link insights with a meaningful narrative. Similarly, JPMorgan Chase CMO Carla Hassan highlighted the role of empathy in relating to consumer emotions.

Zoe Chance, a senior lecturer at the Yale School of Management, added a scientific perspective as she led an interactive charisma workshop for the group. She noted that storytelling activates feel-good hormones like dopamine and oxytocin. She also offered practical advice for speakers, like making purposeful eye contact and individual connections while addressing a large audience.

Harnessing the Power of AI

Many speakers also discussed the emergence of generative AI. Nick Graham, the Global Head of Insights and Analytics at Mondelēz International, asserted that GenAI changes “everything and nothing.” While AI can handle some tasks well, it can’t replicate the human understanding and creativity central to others. Brigitte King, the Global Chief Digital Officer at Colgate-Palmolive, affirmed that GenAI can increase productivity but needs guardrails to ensure real value creation.  

Meanwhile, H. Tai Lam, an assistant professor at UCLA’s Anderson School of Management, provided an academic perspective on AI’s impact on content markets. GenAI tends to be most effective in niche markets, where it increases competition and can sometimes crowd out real images.

Influencing & Understanding Consumer Behavior

The conference uniquely highlighted academic research with applications for marketing and insights practitioners, focusing on understanding and influencing consumer behavior. Among the academic speakers, Uri Simonsohn, a professor at ESADE Business School, introduced “Action Scales,” a ratings method that elicits more concrete feedback than traditional 5-star scales, providing marketers with clearer insights into consumer preferences. Giovanni Compiani, a professor at the University of Chicago’s Booth School of Business, showcased a machine learning model that better estimates consumer demand for substitute products by analyzing text and image data, helping marketers understand and predict consumer choices.

Navdeep Sahni, an associate professor at Stanford Graduate School of Business, presented his research on “competitive interference,” demonstrating how advertising has caused consumers forget about rival brands, thereby influencing their purchase decisions. Kristina Brecko, an assistant professor at the University of Rochester’s Simon School of Business, examined the dynamics of sustainability claims, revealing how economic forces shape the promotion and pricing of sustainable products, thus affecting consumer perceptions and behavior.

On the other hand, Seethu Seetharaman of the Washington University in St. Louis’s Olin Business School illustrated the potential of data analytics and insights work outside the marketing world Seethu Seetharaman of Washington University in St. Louis’s Olin Business School illustrated the potential of data analytics and insights work outside the marketing world. He presented a detection algorithm that could help identify suspicious opioid buyers using DEA data, showcasing the broader impact of insights and analytics.

YCCI sincerely thanks everyone who participated in this year’s dynamic and enriching conference. You can find videos of sessions on our YouTube channel here.