Greenbook Future List Spotlight: Karuna Banerjee

Editor’s Note: The following interview features a 2024 Greenbook Future List honoree, Karuna Banerjee. The Greenbook Future List recognizes leadership, professional growth, personal integrity, passion, and excellence in the next generation of consumer insights and marketing professionals within the first 10 years of their careers.

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Karuna Banerjee is a market research professional with a strong background in behavioral science at BEESY Strategy. She specializes in healthcare research, uncovering subconscious healthcare decision motivations for pharmaceutical companies. Karuna, a Senior Behavioral Associate, mentors colleagues and pushes boundaries in pharmaceutical market research. 

Her past work for behavioral science non-profits in India reflects her commitment to improving healthcare access. Known for blending human behavior with pharmaceutical market dynamics, she is recognized globally for her storytelling and educational prowess. She actively participates in mentorship programs and public health initiatives with organizations like UNICEF and the World Health Organization.

Who is your career role model or source of inspiration?

It’s difficult for me to pin-point a single role model because I’ve been extremely lucky to have had the chance to work at two organizations full of extraordinary people. 

My colleagues at my first job (at the Centre for Social and Behavior Change) showed me the power of conducting research with empathy to be able to improve the lives of underserved populations. 

The team at BEESY Strategy (where I currently work) inspire me everyday with their passion for behavioral science, and commitment to bringing scientific rigor, innovation and practicality to our work. Our leadership, and my managers, have created an environment that has allowed me to grow through close mentorship while also allowing me to take on significant responsibility – something I hope to model as I grow professionally and become a mentor for new professionals working in this space.

When did you know you wanted to enter a career in insights, and what inspired you?

In my last year of undergrad, I took an elective called ‘Behavior Change’ which focused on exploring what make human beings behave the way they do (essentially, it was a ‘Behavioral Science 101’ class). As part of our coursework, we were taught how to leverage frameworks in behavioral science to analyze prevailing behavioral issues in my university. It was this elective that kickstarted my love for behavioral science & research.

After I graduated, I was able to continue my exploration of the insights industry at my first job where I leveraged behavioral science to design and implement interventions to improve the effectiveness of health policies, products and services among low-income populations in India. It was through this work that I understood the true value of delving deeper into the nuances of human behavior, and the potential of market research to influence decision-making for positive outcomes. After that, there was no turning back!

What advice do you have for folks hoping to start a career in insights?

1. The best way to learn is to do. 

While having a strong theoretical foundation in your specialization is important, many of the skills that are crucial to success in this industry (storytelling, problem-solving) can’t be taught in a classroom. Use every opportunity you can to gain practical experiences, so that you can learn how to adapt your theoretical knowledge to the nuances and complexities of the real-world. Doing so will also allow you to keep-up with the inner-workings & trends in the insights industry, which is constantly evolving.

2. Market research is a team sport (advice inspired by BEESY’s CEO & Founder!)

Ask questions, bounce ideas with your team, and proactively seek feedback so you can learn from people's diverse perspectives and skills (especially those that have been doing this for longer than you have)! Regularly brainstorming also necessitates clear and effective communication, which will help you refine your ability to articulate ideas and listen actively, both of which will be crucial skills for working with clients & communicating insights.  

What do you think the key characteristics or qualities of a leader are? How does this play into MRX?

For me, a good leader is someone who is empathetic, and is able to both inspire and empower the people around them.

It is only through empathy that a leader can foster a supportive work environment, and nurture a team culture where everyone feels valued, understood, and motivated. Being empathetic is also crucial for MRX, so we can go beyond a superficial understanding of people's needs and motivations. Prioritizing creating a genuine connection with, and consideration for, clients, respondents and team members is crucial for generating valuable insights. 

In addition, a leader's ability to empower their team members irrespective of their title, role or level of experience is crucial for fostering innovation and creativity. The trust a leader places in every member of their team is fundamental for leveraging the diverse skill sets and unique perspectives brought by individuals from different roles. When leaders trust and invest in their team members, it boosts morale, leading to higher engagement and productivity. It also encourages team members to take ownership of their work, fostering a sense of responsibility and commitment.

Where do you see the future of insights heading in the next 10 years?

I think the next decade of MRX is going to be shaped profoundly by the technological advancements that are already on the rise. Somewhat selfishly, my prediction is also that we’ll also be able to leverage these new technologies to gain a more holistic understanding of human behavior & decision-making.

AI and machine learning are already becoming integral tools for every market researcher, giving us ability to sift through large amounts of data that go beyond the scope of human analysis. AI algorithms will soon be able to not only parse through mountains of data but also interpret it through the lens of behavioral science, allowing us to both understand what consumers are doing, and why. 

In this context, leveraging big data will enable us to understand human behavior at scale.  By applying behavioral science models to data generated from a wide variety of sources (social media, unstructured data like images & videos etc.), MRX professionals will be able to uncover deeper insights into consumer habits, motivations, and decision-making processes, offering a more holistic and human-centric understanding of market trends.

Predictive analytics could also potentially take on a new dimension. By applying behavioral theories and cognitive models to our predictive analytics, we’ll be able to foresee how consumers are likely to react to new products, changes in the market, or global trends. This predictive power will become a crucial asset and enable us to be tuned-in to the evolving psyche of consumers.

I believe the insights industry is set to become a fascinating convergence of technology and human psychology, where AI and big data are not just processing tools but pathways to a richer understanding of human behavior.