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05 - GRIT Report Sneak Peek: The State of Insights In 2022
Episode 527th January 2022 • Greenbook Podcast • Greenbook
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In this week's episode: Lenny Murphy, is joined by Nelson Whipple, GRIT Research Director at GreenBook, to talk about the upcoming Insights Practice GRIT Report!

GreenBook Research Industry Trends (GRIT) Report is the #1 strategic planning tool in consumer insights, and because we're just about 2 weeks away from publishing our 30th edition, we're celebrating by providing an ultra-rare GRIT Report sneak peek with Lenny and Nelson - the masterminds behind the magic!

Listen in to get exclusive details like:

  • Emerging Methods
  • Visualization Trends and Buyer Sentiment
  • Strategic Consultancy Supplier Trends
  • Primary Revenue Sources
  • Remote, In-Person, and Traditional Methodology Trends
  • Qualitative shifts + scalability
  • Permanent changes for 2022

Links From The Show:

  • GreenBook --> https://greenbook.captivate.fm/gb
  • Lenny Murphy --> https://greenbook.captivate.fm/lenny

Many thanks to Emily Fullmer, for producing and editing this episode, and to Zappi, for sponsoring this podcast.

Mentioned in this episode:

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Visit greenbook.org/events to learn more about events in Asia, the Americas, and Europe. Use code PODCAST for 20% off general admission at all upcoming events.

Transcripts

Lenny:

Hello everybody.

Lenny:

It is Lenny Murphy here with episode five of the green book podcast.

Lenny:

Before this, we were trying to think of some pithy star wars

Lenny:

reference for episode five.

Lenny:

We won't go there.

Lenny:

But what we are going to do is to talk about the upcoming grit report.

Lenny:

This is kind of a labor of love, uh, this, this session, because

Lenny:

we are going to be talking to our secret weapon Nelson Whipple.

Lenny:

And before I actually bring Nelson on, I want to give you a

Lenny:

little bit of background because he's a bit of an unsung hero.

Lenny:

I've known Nelson for gosh, probably 10 years or so, and an amazing

Lenny:

researcher and the opportunity presented itself a few years ago

Lenny:

to uh, bring him in, to help with.

Lenny:

Little did I know that that help would turn into an amazing collaboration

Lenny:

where Nelson has raised the bar on every single aspect of grit from

Lenny:

questionnaire design certainly through the analysis and in writing he's driven

Lenny:

the expansion of the usability of grit data to address other use cases and other

Lenny:

product lines that we are launching.

Lenny:

He has just made everything better.

Lenny:

He challenges me to be better.

Lenny:

In most recently for this grit report that is about to come out.

Lenny:

I was was ill during that time.

Lenny:

We were under a deadline.

Lenny:

He, He did most of the heavy lift from a writing standpoint.

Lenny:

It's, we've tried to keep it about 50, 50 this next report that is is coming out.

Lenny:

It's probably 90%.

Lenny:

And it's damn good.

Lenny:

So with that I would like to bring on my friend, my

Lenny:

colleague Nelson Whipple Nelson.

Nelson:

Welcome.

Nelson:

Thank you, Lenny.

Nelson:

And uh, going to be hard to follow that interim.

Lenny:

Everything I said is absolutely true.

Lenny:

And I just haven't had the opportunity to say that.

Lenny:

So, Nelson do you want to give the audience a little bit more background

Lenny:

on on you before, the grit era of your.

Nelson:

I spent most of my life working with four smaller consulting

Nelson:

firms on strategic projects for clients of all sizes in all kinds

Nelson:

of industries, mostly using contract analysis and building simulation

Nelson:

models, but also using other techniques, mostly quantitative work, but also.

Nelson:

Uh, But they call them quality quantum projects in some circles where do the

Nelson:

qualitative and the quantitative, so that you get marketing input the vocabulary

Nelson:

and so forth, built directly into it.

Nelson:

So I'm pretty sensitive to a lot of the different areas that we look at and also

Nelson:

what they're supposed to mean and the impact that they're supposed to have.

Nelson:

So when we look at things like this, the selection criteria for

Nelson:

suppliers and methods, you know, there's always at the top of the list.

Nelson:

Insights quality, but that's hard to define and it's not defined in terms

Nelson:

of any of these specific methods.

Nelson:

And it's interesting to see how we can discern whether people are actually

Nelson:

getting the quality that they say they want from the kinds of things.

Lenny:

Yeah.

Lenny:

So, And we always make a point in the introduction that

Lenny:

grit, it is an evolving tool.

Lenny:

And that's a great example, right?

Lenny:

We, I think every iteration we realized there's a better way to ask

Lenny:

this question, or there's a follow-up question we need to ask, or uh, sometimes

Lenny:

we don't need to ask that anymore.

Lenny:

So we can get to, to better a better data, but we're probably

Lenny:

putting the cart before the horse.

Lenny:

I think we'll get into some of that stuff.

Lenny:

One thing we don't have the opportunity to do is the authors often is to kind

Lenny:

of step back and think and share, what we personally found to be most

Lenny:

interesting from this massive dataset that, that we collect and the analysis.

Lenny:

And again, I want to reiterate that most of the heavy duty analysis uh, Nelson

Lenny:

as far closer to, even than I am and taking just a little bit of a step back

Lenny:

from from the grunt work of producing Greg, what did you find most interesting?

Lenny:

What popped out for you when you were doing the analysis?

Lenny:

I'm thinking, this is important.

Lenny:

This is something that really is a finding that is impactful

Lenny:

for the industry as a whole.

Nelson:

Well, First I was looking through the draft that we got back from the.

Nelson:

And what I noticed the most, what stood out the most to me was

Nelson:

the number of blank pages in it.

Nelson:

And first I thought, oh, those must be the ones that Lenny road, but

Nelson:

no, they're actually the ones where the commentaries are going to go.

Nelson:

And I just wanted to mention that so that people know where we are

Nelson:

in the process, but also because.

Nelson:

The quality of the commentaries has gotten a lot better over the years.

Nelson:

And so I'm looking forward to when we have those in this edition, and then

Nelson:

I'm sure we'll find even more impactful stuff because those are, and this is

Nelson:

not a plug because I don't do that.

Nelson:

But uh, I was really impressed with the ones that we've gotten

Nelson:

the last couple of issues, I think.

Nelson:

And it'll be really interesting to see what we get this time to.

Nelson:

Uh, I think overall what stood out for me is if we think about two of the sections

Nelson:

that we don't usually make very much.

Nelson:

Um, Maybe because we save them for the last, maybe because if we don't see much

Nelson:

change the day in the life of the insights professional and the evolving insights

Nelson:

professional, those kind of seem to be in some ways at the core of the findings,

Nelson:

because one of the things that we, one of the things that we always see is that

Nelson:

when we look at the day in the life, which is how much of your time are you

Nelson:

spending on these various activities?

Nelson:

We always find that it doesn't change year to year, and it literally.

Nelson:

Doesn't change, even though the sample might change a little bit, even though

Nelson:

there might be other, the percentages, literally don't change for what

Nelson:

they're spending on, implementing the research uh, designing the research,

Nelson:

managing the research, analyzing reporting, and consulting and so forth.

Nelson:

But if you pull it apart more, you start to see that there are lots of things

Nelson:

going on underneath that and that.

Nelson:

One of the things that we see when we pull it apart is that people that are using

Nelson:

more technology are we, I think always had the supposition that if you leverage

Nelson:

technology more and automate more things, then you can spend more time consulting.

Nelson:

But what we found on the buyer side is.

Nelson:

Some of the people that are investing more in technology are investing in it so they

Nelson:

can bring more of the research in house.

Nelson:

So it actually spending more time on the research and a lower

Nelson:

percentage of time on the consulting.

Nelson:

So that's interesting and it gets to this dynamic that we see under all

Nelson:

of the sections, which is good to think about is that some people are

Nelson:

leveraging actually using suppliers more so they can spend less time on

Nelson:

research and spend more time consulting.

Nelson:

And then other people are leveraging technology so that they can take more of

Nelson:

that work in-house and control more of it.

Nelson:

And that was a trend that I think is a little bit counterintuitive to what we

Nelson:

had expected, but we see that through all of the different sections on supplier

Nelson:

criteria, the methods they're using.

Nelson:

And I think it gets to one of the things that seems to be a major theme is that

Nelson:

in addition to the people that are taking investing in technology solutions

Nelson:

in DIY, so they can do more of the.

Nelson:

They also seem to be doing things that are not things that they

Nelson:

would want the supplier to do.

Nelson:

So it's not actually taking work away from the supplier.

Nelson:

So we see that the major investments or to do visualization that consistently

Nelson:

or wave after wave after wave suppliers, get low scores from the buyer.

Nelson:

Uh, Always low on data visualization.

Nelson:

They seem to be investing in it more and perhaps doing more of that themselves.

Nelson:

So what we see as a driver of satisfaction, but as a driver

Nelson:

of satisfaction for buyers is.

Nelson:

Reporting, they want good reporting from suppliers, but they don't necessarily

Nelson:

need good visualization because I think they've given up on that expectation

Nelson:

to electric stent and more of them are doing the visualization themselves.

Nelson:

So while they need the results to be clear and to be accurate and to be high

Nelson:

quality, they're not necessarily at this point in time expecting suppliers

Nelson:

to take it all the way into the organism.

Lenny:

that is an interesting point and it makes me think about, for

Lenny:

years, when we looked at adoption of emerging methods a few things

Lenny:

stood out social media analytics, text analytics, big data is having.

Lenny:

In use or being considered levels on the buyer side and on the supplier side.

Lenny:

And it's supposition that we repeated it every year is those

Lenny:

may be areas where that ship has sailed for the supplier community.

Lenny:

We miss the opportunity to rise to the occasion to deliver that buyer need.

Lenny:

But this year, this wave we finally saw pretty close to parody from an

Lenny:

adoption standpoint, that suppliers were now just as engaged and utilizing

Lenny:

those solutions as buyers, which begs the question, where are we wrong?

Lenny:

Because the supplier community decided there is a, there is an opportunity here

Lenny:

to capture some of that business from the buyers that they were obviously were doing

Lenny:

it, but they were doing it with some, in some other resource, either another

Lenny:

type of supplier in house, something.

Lenny:

but I would suspect that a supplier would not offer something unless

Lenny:

there were buyers for that.

Lenny:

So we see that that change But it's an interesting question for us to think about

Lenny:

as an industry, if that is true, that the supplier community stepped up and was

Lenny:

able to capture a seat at the table for lack of a better term in those solutions.

Lenny:

Is there an opportunity that if the around data visualization, for instance,

Lenny:

those functions that buyers are keeping in-house because they're not getting

Lenny:

what they need from this supplier.

Lenny:

For suppliers to step up and start earning that business.

Lenny:

And we'll see that reflected down the road.

Lenny:

Now I know you prefer to look at the data.

Lenny:

So this is an opinion.

Lenny:

Um, What do you think, is that an aspirational goal that, that we can on the

Lenny:

supplier side uh, shoot for that may be.

Nelson:

Well, you know, I think that what we see in the data to go back to the

Nelson:

data is that there hasn't been as much opportunity as there used to be over the

Nelson:

last two years to think about the future.

Nelson:

So I'm not sure that's the question that people are asking.

Nelson:

I know that's the question you're asking because you're very future

Nelson:

oriented, but remember, we've got the five big buckets of suppliers that

Nelson:

we look at and obviously they're.

Nelson:

They're hybrids and so forth, but there's the full service research.

Nelson:

There's the field services, there's technology providers, data and analytics

Nelson:

providers and strategic consultancies.

Nelson:

And what we've seen particularly over the last year is the percentage

Nelson:

that define themselves as strategic consultancies has dropped and their

Nelson:

service portfolio has changed a bit.

Nelson:

The ones that have that are full service have rebounded

Nelson:

and technology has rebounded.

Nelson:

So what we're seeing is more, I think, of a division of.

Nelson:

And I think what we saw last year is that the many of the buyers of,

Nelson:

of insight services had to take the business aspect of it in-house because

Nelson:

so much was happening real time in terms of understanding the needs.

Nelson:

In terms of, I was mentioning in here that they had to deal with a

Nelson:

situation where it was not safe.

Nelson:

To deal with consumers and research participants in the same way,

Nelson:

they had novel issues to address, which they didn't have before.

Nelson:

And they also needed to do a lot more uh, that had to be cost-effective.

Nelson:

And that came into, I think the portfolio of technology that people used as well

Nelson:

as a portfolio of suppliers, where there was much more, we talked about this, a

Nelson:

division of labor, where for example, you might hire a full service provider.

Nelson:

Full-service research provider to be your project coordinator and they

Nelson:

would hire the different aspects.

Nelson:

They would hire the technology provider.

Nelson:

They would hire the data and analytics and bring it together.

Nelson:

Or you would focus on finding out what people internally.

Nelson:

And how you would serve them and communicating with them

Nelson:

because there wasn't a lot of time to go through many channels.

Nelson:

It wasn't a lot of time to bring a new supply.

Nelson:

And this is the other, the other major point.

Nelson:

When we see in the selection criteria for suppliers, we see all around relationship

Nelson:

is much less important than it is.

Nelson:

So people aren't just going back to the same people.

Nelson:

They're having to find, to address the novel issues in novel ways,

Nelson:

having to find novel solutions.

Nelson:

So they have to go to new suppliers.

Nelson:

So they don't have time for all those people to learn about their

Nelson:

business while they try to survive.

Nelson:

COVID.

Nelson:

So I think that's a lot of what we're seeing.

Nelson:

uh, When we compared this year, the areas for which insights groups are responsible

Nelson:

versus last year to me seemed a lot.

Nelson:

They're focusing on areas to maintain the business.

Nelson:

Whereas a year before they were focused on areas to grow the business.

Nelson:

Now there seem to be a lot more of them being able to focus more on, on

Nelson:

growing the business and maintaining the long-term health of the business,

Nelson:

rather than trying to find stock gap solutions to, to keep afloat.

Nelson:

That's how it seems to me

Lenny:

though.

Lenny:

And I think that's right.

Lenny:

And for the audience get, this is the little bit the

Lenny:

dynamics three Nelson NY, right?

Lenny:

He keeps my feet somewhat on the ground, at least maybe a pinky

Lenny:

toe while my head is going in other directions, and I, you know, I'm

Lenny:

obsessed with the idea of, defining.

Lenny:

The market structure and the dynamics that drive that structure from an

Lenny:

evolutionary perspective, that's my default view in thinking about grit

Lenny:

overall and its usefulness is as some level of predictive tool, right.

Lenny:

To give, uh, at least some signals on where things may go and yeah, based on

Lenny:

that piece of the conversation I would say that the more things change, the

Lenny:

more they stay the same that, although we are, I think we've certainly seen an

Lenny:

adjustment of a size of pie by segment with technology, probably being the

Lenny:

best example of that from a growth perspective, but at the same time, to

Lenny:

your point, Fully rebounded while uh, groups that we thought were going to grow

Lenny:

well even a few years ago, like strategy consultancies, that was the big thing.

Lenny:

All the full service companies wanted to be strategy consultancies, but it

Lenny:

looks like now not so much they're back to being, we're comfortable being full

Lenny:

service suppliers which seems that.

Nelson:

Yeah, go ahead.

Nelson:

When we talk about whether.

Nelson:

Full service providers, for example, want to provide strategic consulting or not.

Nelson:

They still say that's one of their revenue sources.

Nelson:

It's just for fewer of them, their primary revenue source, because there

Nelson:

was a lot of focus in the last year of just being able to get things done.

Nelson:

And so what we see when we look at the methodology sections of this is we see

Nelson:

what probably a lot of people would have predicted that last year, there's

Nelson:

an increase in remote methods, online telephone and so forth to conduct

Nelson:

research rather than in-person then.

Nelson:

No surprise there.

Nelson:

And that's a year old.

Nelson:

Now what we see this year is that some of those have increased a little

Nelson:

bit, but mostly they've leveled off.

Nelson:

But what we've seen is the continued decline of in-person methods, as well as

Nelson:

a decline in some of the more traditional methods like telephone interviewing,

Nelson:

which isn't what you can do in.

Nelson:

you know, But obviously that there are challenges to doing telephone interview,

Nelson:

but some of these more traditional areas that are not in-person are also

Nelson:

declining and the hypothesis is that people were forced to use some of these

Nelson:

newer methods, some of these online methods and remote methods last year.

Nelson:

Just to be able to get their work done and decided now, when things are returning

Nelson:

more towards a more normal perspective, at least in time that we've been

Nelson:

doing the analysis they find the deal.

Nelson:

They like them, and they don't necessarily want to go back to the old ones.

Nelson:

Or you could take a dimmer view and say that more of the people

Nelson:

that provided those kinds of services aren't around anymore.

Nelson:

So it's just not available to go back to that.

Lenny:

Well, So the idea of the sea change, right?

Lenny:

If I had to sum up and overall view I would say that the, many

Lenny:

trends that we have already seen in place for years accelerated.

Lenny:

The migration of technology, et cetera, et cetera, right?

Lenny:

Those are the obvious ones.

Lenny:

And the proportion of how technology is redefining even the service-based sector

Lenny:

of our industry while the sea change.

Lenny:

And as you just pointed out, Really was that shift towards, in particularly

Lenny:

qualitative and things where it stands out the most and from an in-person perspective

Lenny:

that ship has sailed, that he did change the there was the necessity to shift

Lenny:

to online qualitative, for instance.

Lenny:

And now those folks, yeah, I like it.

Lenny:

Why would we go back when we've proven that we can

Lenny:

achieve most of our objectives?

Lenny:

And a more scalable, easy, safer way.

Lenny:

And I would not expect to see in person bounce back it at the level that it

Lenny:

was the, I think we'll find new use cases for in-person anything sensory,

Lenny:

for instance, we're not there yet.

Lenny:

Maybe when the metaverse launches and they'll have some type of of a device

Lenny:

that duplicates our census, but we're not.

Lenny:

So those will continue on while the scalability of online qual

Lenny:

seems to Trump, the benefits of the immediacy of being face-to-face.

Lenny:

So that's a sea change, but I don't see a lot more.

Lenny:

Massive sea changes into your, go back to your original

Lenny:

thought on the day in the life.

Lenny:

That was a great example, right?

Lenny:

We kept expecting to see something change and people allocating their time.

Lenny:

And that's not really what we've seen.

Lenny:

The we've seen people still do things they've always done.

Lenny:

Although the proportions are not necessarily changing radically.

Lenny:

If anything, maybe the volume.

Lenny:

Of the activities are changing to an extent but not as it fits

Lenny:

in with the overall change.

Lenny:

The industry is in an interesting state of flux and change,

Lenny:

but it seems as if it is a.

Lenny:

Natural progression of evolution versus a disruptive, oh crap.

Lenny:

Everything is changed kind of moment.

Lenny:

I don't see much evidence of disruption.

Nelson:

Yeah.

Nelson:

I want to go back to what you first said, which was about how you brought me into

Nelson:

this to change how we're doing everything.

Nelson:

And so one of these.

Nelson:

Yeah.

Nelson:

What I said about the day in the life is that the percentages

Nelson:

on average do not change.

Nelson:

There's absolutely.

Nelson:

There's not even in some cases, there might be a 1%

Nelson:

change, but there is no change.

Nelson:

But if you look below the surface and this is the thing, is that things on

Nelson:

average, they're canceling each other out.

Nelson:

There's just as many people, it seems to be just as much work being brought

Nelson:

in-house as being outsourced more.

Nelson:

Time added a question.

Nelson:

Are you outsourcing more or bringing more work in house?

Nelson:

And we saw that there's about a quarter that are outsourcing more and is

Nelson:

about a quarter that are doing more in-house more than they were before.

Nelson:

So it's not that nothing is disrupted.

Nelson:

It's just, it's not universally disruptive in the same way.

Lenny:

Ah, so like the William Gibson quote the future is already here.

Lenny:

It's just not evenly distributed I'm.

Nelson:

Sure.

Nelson:

Yeah.

Nelson:

But then back to the, how we got off on this, I pushed us off on tangent,

Nelson:

which is actually, one of our, one of our main conversation screens, I think.

Nelson:

But you had been talking about whether.

Nelson:

People I've given up on strategic consulting, whether they should be

Nelson:

giving up on data visualization.

Nelson:

I just wanted to return to that for a minute because that's where we

Nelson:

jumped off onto this, but people are offering strategic consultants

Nelson:

consulting and strategic services.

Nelson:

It's it just seems like the mix has changed more to where people

Nelson:

have had to get more of the revenue from research then from consulting.

Nelson:

Partly I think because stuff needed to get done.

Nelson:

And that's where buyers had to put their money, but also because buyers had to

Nelson:

spend more time doing the consulting and doing the business aspect of it.

Nelson:

And couldn't bring buyers, couldn't bring suppliers up to speed.

Nelson:

I don't know if that will come back or not, but they're still

Nelson:

saying that's among their services.

Nelson:

So it might, but that will be one of the things to watch is if this

Nelson:

relationship where people are really as comfortable with somebody, external

Nelson:

being somebody who's positioned as.

Nelson:

You know, As someone who is a true partner and, they're like an employee and whatnot,

Nelson:

I don't know how feasible that is.

Nelson:

And how versus how much more comfortable buyers are taking that

Nelson:

role in their own organizations on the data visualization point.

Nelson:

Let's remember when we look at the big buckets technology providers and

Nelson:

data and analytics providers are very focused on data visualization, but.

Nelson:

They're providing it, but providing those capabilities to buyers.

Nelson:

So it's not as though suppliers should give up on that.

Nelson:

It's just, who is doing it.

Nelson:

Might change from business to business.

Nelson:

I don't know that buyers are waiting for suppliers to come in and take

Nelson:

a strong role consulting like that and doing the data visualization.

Nelson:

I think they see a distinction between reporting and data visualization.

Lenny:

Well, Yeah.

Lenny:

As is, and maybe that's been that always been the disconnect

Lenny:

from a research world, right?

Lenny:

We're really good at reporting results.

Lenny:

Um, We're just not very creative and we report the results.

Lenny:

I'm not sure how the audience thinks about grip, but give you a little

Lenny:

peak in how the sausage is made.

Lenny:

The, those nice, cool, pretty charts that we use.

Lenny:

Those aren't things that Nelson and I developed.

Lenny:

We have designers who do that.

Lenny:

So we deliver table.

Lenny:

That designers, based the day you go into the data tables

Lenny:

and create a chart off of that.

Lenny:

So we're not very imaginative, but that does bring up a and to something

Lenny:

that is new or different in this wave.

Lenny:

And let's talk about it because we touched on.

Lenny:

The idea on a, on mapping, the industry visualizing the industry and those who

Lenny:

were followed grit, for a few years, we used our grit scape, the LUMAscape that

Lenny:

was this, fund map model that we used kind of game of Thrones fantasy world.

Lenny:

And that's my geekiness that was manifesting.

Lenny:

We pulled back from that this year, not just because we thought

Lenny:

it was just time to do something.

Lenny:

But it wasn't reflective of the industry.

Lenny:

So that those questions that you forced us to add on looking at a

Lenny:

proportion of revenue by different different offerings, products and

Lenny:

services across the board in driving this idea of trying to understand what.

Lenny:

Isn't really such thing as a pure technology company, for instance, was

Lenny:

one of the obvious examples of that.

Lenny:

No, there's not right.

Lenny:

As we look at that, we see that every company is still doing lots of different

Lenny:

things and is generating revenue that their proportion of revenue may be higher

Lenny:

for technology licensing, but there is significant service oriented revenue

Lenny:

involved in their businesses as well.

Lenny:

So to map that out and this is one of the things, again, that would give you

Lenny:

credit Nelson uh, we're really trying to struggle, but how do we show this?

Lenny:

Cause it's just like a big, messy, nasty Venn diagram, you know, when you think

Lenny:

about from an overlap perspective, but.

Lenny:

We started thinking, is there a way to, to almost show this as a, in a

Lenny:

spatial way of some type of almost quadrant type of analysis and you

Lenny:

crack that code on how to do that.

Lenny:

And there's lots of complications in doing it.

Lenny:

The, what do you want to describe what we've come up with at a high level in.

Lenny:

In showing the relationship between big bucket and sub-segments

Lenny:

visually that we'll be debuting.

Lenny:

And in this group report

Nelson:

Yeah.

Nelson:

I mean, It really gets back to something that I think is important.

Nelson:

For people to conduct surveys, for example, is we have this, we ask people

Nelson:

about now I think it's 25 services.

Nelson:

Do you offer it or not or not?

Nelson:

And we ask them which one is primary.

Nelson:

And I know from the comments that people leave, some of them are frustrated because

Nelson:

they say they're all equally important.

Nelson:

Yeah, okay, fine.

Nelson:

You can think that.

Nelson:

But when we ask people to say, which one is most important, or just to

Nelson:

pick one, regardless, they might think that they're making an arbitrary

Nelson:

choice of which one is most important, but it does help to focus things.

Nelson:

There is some meaning to the top of mind.

Nelson:

How do I identify myself?

Nelson:

Even if many things apply.

Nelson:

And so we use that in the visualization we used all of the services.

Nelson:

Do you offer them or not?

Nelson:

And then what's your, what do you, where do you get most of your revenue

Nelson:

from full service, strategic strategy, finance analytics, and I guess one of

Nelson:

the things that Lenny that the result of putting all those together is that we

Nelson:

came up, something came up with something that we probably would have drawn by.

Nelson:

Because it's intuitive.

Nelson:

So we've got, if we think in terms of quadrants, we have on the one side, the

Nelson:

generalists, the strategic consultants and the full service providers on

Nelson:

the other side, the specialist, the data and analytics, technology,

Nelson:

and field services providers at the top we have more of the consultant.

Nelson:

Type areas at the bottom, we have more of the getting the research done type areas.

Nelson:

So we have those four quadrants.

Nelson:

And then if we look at the real, so we have strategy generalist versus

Nelson:

specialist in strategy versus tactical strategic versus tactical research.

Nelson:

And then within those, if we look at the detail, we can also see

Nelson:

that there are areas where online services have grouped together.

Nelson:

In person or, other not specifically online services or grouped together

Nelson:

and you know, get a, you get a clearer picture of what are the

Nelson:

combinations of things that people are offering that, that are most common.

Nelson:

Does that answer your question?

Lenny:

Well, It does.

Lenny:

And we're also, we're trying to explain something that's inherently visual just

Lenny:

using words but I think the the point.

Lenny:

the high level view.

Lenny:

And I think the audience will see this when you see the report, is that

Lenny:

there's a one we've made, we tried to do something really cool and interactive

Lenny:

and we'll see whether we succeed or not.

Lenny:

I think it will be, I think it's pretty cool.

Lenny:

But the overall view is to show the complexity of relationships between

Lenny:

the supplier community, based upon the revenue contribution of services and

Lenny:

solutions and the message there is that.

Lenny:

It is a very intertwined industry.

Lenny:

Right.

Lenny:

You know, Sometimes.

Lenny:

people will say you use the word ecosystem too much.

Lenny:

We work in a synergistic ecosystem.

Lenny:

That's just the way that it is.

Lenny:

It's a very complex industry.

Lenny:

There's lots of interrelationships.

Lenny:

No man is an island, so to speak, right?

Lenny:

There's very few kind of really, truly standalone companies that

Lenny:

are not interconnected with others.

Lenny:

Uh, And I think that's only going to grow in complexity as more and more

Lenny:

companies enter the space from outside.

Lenny:

We'll see this things progress, but it's also one of those evolutionary

Lenny:

components of the report that I think keep it really interesting for you.

Lenny:

And I hopefully interesting for the audience as well.

Lenny:

You know, you've always been kind behind the scenes when it comes

Lenny:

to grit, obviously, which is one reason why I wanted to do this.

Lenny:

if there's something you've always wanted to say to the industry, now be careful.

Lenny:

Nelson, because I can imagine this few things you might want to say.

Lenny:

And

Nelson:

so we added it right

Lenny:

uh,

Lenny:

about grit.

Lenny:

What would that be?

Lenny:

What's something you've always wanted it to communicate to everybody about grit.

Nelson:

Well, To be perfectly honest, All of the comments that people leave.

Nelson:

We read the emails that they send about it.

Nelson:

And, you know, just to start on one end, I understand a lot of the

Nelson:

frustrations that some people have and a lot of limitations and a lot of

Nelson:

the criticisms that they have, but we know that too, and we deal with it.

Nelson:

So it's constantly evolving.

Nelson:

We're constantly doing additional analysis to test whether any of

Nelson:

these criticisms Under undermine what we're trying to report And, you know,

Nelson:

like I said, one of them might be, you know, people don't want to pick

Nelson:

what their primary service area is.

Nelson:

And I understand that because that's true with any survey that people answer.

Nelson:

But when we look at the results, there is some meaning to it.

Nelson:

When.

Nelson:

The population, there's some meaning to it.

Nelson:

It helps us organize it.

Nelson:

And we understand that there is a lot of complexity.

Nelson:

We understand that some of the questions are simplifications.

Nelson:

We understand some of the conclusions are simplifications, but I would

Nelson:

think, something I would like to, I guess, tell people would be to spend

Nelson:

as much time as you can looking through the whole report and you'll see.

Nelson:

We are making generalizations about things were pulling things back layer

Nelson:

upon layer, as much as we can to show all the individuality and diversity in

Nelson:

the industry, because it isn't one thing.

Nelson:

Something else that supports this and you read in the first part

Nelson:

of the grit report, we talk about the sampling method and so forth.

Nelson:

It's a very, we don't say who's in and who's.

Nelson:

We contact people and let them say if they're in the

Nelson:

industry or out of the industry.

Nelson:

So in this way, the grit survey has the potential to grow.

Nelson:

As the industry goes to identify new niches.

Nelson:

Now it may take us a wave or two for the questions to catch up with

Nelson:

the new people who've come in, but we catch up and we, you know, it's

Nelson:

a constantly evolving process and it's a very thoughtful process.

Lenny:

Thank you.

Lenny:

Now, one of the cool things too, the tapping in the past year or

Lenny:

so is that we obviously grit's a beast from a size standpoint, right?

Lenny:

It just is there's a lot to cover and we've played different

Lenny:

ways to try and cut it down.

Lenny:

And you know what it could easily be two to three times as long.

Lenny:

Um, But we've started exploring spinoff reports with new things.

Lenny:

Can you describe the spinoff reports and the surprises that have

Lenny:

come for you as a result of that?

Nelson:

I've always felt that, that even as we use more of this in

Nelson:

each sprint report, that there's still some that's underutilized.

Nelson:

And we know that we want to, to some extent have portion control because

Nelson:

there's a lot to digest in any one issue.

Nelson:

A part of that is reflected in moving this to a digital HTML version where

Nelson:

people can skip around to what they want to see and pick and choose.

Nelson:

Although the whole report, I'm always surprised by the time we

Nelson:

get to the end of it, that every section seems to be pretty valuable.

Nelson:

But there's other areas that we take a deep dive in at the

Nelson:

beginning of last year, we put out.

Nelson:

Field guides, what we called field guides to help with targeting

Nelson:

customers so that suppliers could use that to target their customers.

Nelson:

And the original idea was, yeah, let's do a field guide.

Nelson:

And what it became was seven field guides, because it can't come up with

Nelson:

one set of recommendations or one set of.

Nelson:

Things to think about for strategic consultants, consultancies that also

Nelson:

applies to field services providers.

Nelson:

It's just not responsible.

Nelson:

So we put the time into doing seven of those and put those out.

Nelson:

We are about to release the industry benchmarking report, which looks at

Nelson:

different behaviors and different ways of doing business within different

Nelson:

segments so that we can compare.

Nelson:

Uh, So that people can look at it and say, oh, my business is the same as others.

Nelson:

We need to differentiate.

Nelson:

Or my businesses, the same as others, we can leave that alone

Nelson:

because that's not an issue.

Nelson:

You can look at it through whatever lens you want, whether being the same as is

Nelson:

good for you, or whether being different would be a better strategy for you.

Nelson:

But what we try to do in all of these, I think when you've written this in one of

Nelson:

the, maybe in the forward or something is we want people to see themselves in the.

Nelson:

If we just report the top line findings across suppliers, for example, a

Nelson:

technology provider is not going to see themselves in that and at a full

Nelson:

service provider might because they might be a bigger part of the sample.

Nelson:

You where you want to do is you want to be able to use the report

Nelson:

to see what matters to you.

Nelson:

If you're a small company, you want to know, what does

Nelson:

this mean for small companies?

Nelson:

If you're a big company, what does this mean for a big company.

Nelson:

you know, I always felt coming from smaller companies, I read the old

Nelson:

grit reports and I think this is interesting, but this doesn't really have

Nelson:

anything to do with my small company.

Nelson:

And so we trying to bring that out more so that any so that people don't just see.

Nelson:

Spaghetti thrown against the wall or whatever.

Nelson:

They see a particular pattern that applies to what they're trying to do, and

Nelson:

they can see themselves in the reports.

Lenny:

Yeah.

Lenny:

Now, and there's more to come we'll continue to experiment with that.

Lenny:

So for the audience Nelson, I made copious use uh, use of slack often

Lenny:

when writing in sharing quotes from.

Lenny:

Songs or movies or books.

Lenny:

And he wins every time.

Lenny:

This man has an encyclopedic.

Lenny:

He's almost an autodidact in terms of his memory, to be able to memorize the

Lenny:

most obscure reference you can possibly think of from any type of media.

Lenny:

And it impresses the hell out of me all of the time.

Lenny:

If you get a chance to just sit down and chat with Nelson about popular

Lenny:

culture and particularly music of movies that it is time well spent.

Lenny:

Yeah.

Nelson:

So Lenny and that point, we could have a contest and this might encourage

Nelson:

people to read more of the group.

Nelson:

To whoever's the first to identify all the Beatles first,

Nelson:

identify the doors reference,

Lenny:

There.

Lenny:

So guys there are Easter eggs and grit it tell Nelson I entertain each other.

Lenny:

Most of them are his but they're already strikes.

Lenny:

But Nelson for wrap up just to humanize this whole thing.

Lenny:

What are you currently watching.

Lenny:

Reading and listening to that you're just really enjoying right now.

Nelson:

Yeah.

Nelson:

Well, This is a leading question because you know, for Christmas,

Nelson:

I know for Christmas, I got the, a complete dark shell.

Nelson:

She's a 1966 to 1971 TV series daily soap.

Nelson:

So over those five years, there's 1,273 episodes.

Nelson:

So I'm making my way through those.

Nelson:

I'm in uh, around number four 30.

Lenny:

Very cool.

Lenny:

What about reading?

Nelson:

Uh, The original gold key series, dark shadows.

Nelson:

No, I'm actually reading.

Nelson:

I'm actually reading a novels.

Nelson:

I've been reading a master and commander, which everybody has told

Nelson:

me, when our MPB people rave about it, they say how, how wonderful it is.

Nelson:

And so I've always been intimidated to try to read it because it's a.

Nelson:

When people read that much about something, I think it

Nelson:

might be too hard for me.

Nelson:

So it has been taking me a long time to make it through it because it's about

Nelson:

the Napoleonic wars and in particular Naval activities in the Napoleonic wars.

Nelson:

So every third word is a word I have to look up either because it's an

Nelson:

archaic reference or because it's a nautical term so it's taking me

Nelson:

a long time to go through that.

Nelson:

And I had just finished reading a crime novel from takes place in 1933

Nelson:

in Germany after the Weymar Republic has collapsed and Hitler taken over.

Nelson:

And that I also had to, I also had to.

Nelson:

A lot of stuff in that, because it's really interesting how they bring you into

Nelson:

the everyday reality of it by referring to these things that, for me, unless

Nelson:

I look it up, I don't know what that meant to somebody in Germany in 1933.

Nelson:

So learning more is a way of learning more about the film industry or learning more

Nelson:

about the history and more of learning about the cultural sites and so forth.

Nelson:

So that's an example of what I've been.

Lenny:

Thank you.

Lenny:

Oh, and yes, I did know those, but I trust your tastes and think

Lenny:

our audience may enjoy it as well.

Lenny:

So Nelson, thank you for making the time.

Lenny:

This was long overdue.

Lenny:

I'm sure that we will do this again with other iterations of grit and

Lenny:

really appreciate you sharing your time with the, with me and with

Lenny:

Greenberg podcast and our audience.

Nelson:

Thank you for the.

Lenny:

All right, everybody be well.

Lenny:

And we'll have another one of these coming out real soon.

Lenny:

Thanks a lot.

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