Consumer Insights

Any business that relies on consumers to grow and thrive needs to have a way to observe consumer habits, understand their sentiment toward a brand, product or service, and make improvements. This is the purpose of Consumer Insights, which are a result of market research that provides businesses with an advantage over competitors who lack this type of data. The best way to gain insight into customer behaviors is through conversations with customers, whether they happen in a chat app like WhatsApp or over the phone, in person or online. The goal of a conversation is to ask customers for feedback on how they use a company’s products, what they love about a service, or what they’d change about the brand.

A common mistake companies can make is to ignore the insights they receive from their current clients. Insight is the key to making changes that increase customer satisfaction, boost loyalty, and ultimately grow sales. It would be beneficial for every company to have mind-reading superpowers, but since that’s not an option, brands can instead capture and analyze their own customer insights to make improvements.

Capturing and analyzing consumer insights is often done through a variety of surveys or other forms of market research, including interviewing customers or tracking social media activity. The process begins by establishing goals and determining what types of data are needed to meet those objectives. Some examples of consumer insights may include customer demographics, brand reputation, recognition, product concerns, market competition or how a company’s customer service programs are doing. Having an idea of what type of information is needed can help companies decide on the best survey method and the most effective questions to ask.

Often, the easiest source of consumer insights comes from the company’s support team. These employees talk to customers daily and can provide valuable feedback on how a brand can improve its product or services. They can also relay customer questions to the engineering or product teams so that they can be addressed.

Another great source of consumer insights is a competitor analysis. Identifying the strengths and weaknesses of your competitor’s products can be a valuable tool in developing a successful marketing strategy. It can also reveal which types of products consumers are likely to buy, which can be an indication that you need to expand your product offerings into those markets.

Another important piece of consumer insights is understanding what price consumers are willing to pay for your products or services. This is critical to your pricing strategy, and can help determine whether you need to lower or raise the prices of your goods to remain competitive. Using these data points can help you develop a more successful marketing strategy by reaching the right audience at the right time.