We’ve written a lot about consumer insights in 2018. This is our attempt at picking the top 4 insights to help make a big positive impact in this area for your business in 2019,
Our unique perspective on consumer insights, delivering a revolutionary technology for this space, makes us look at understanding consumers from a different angle. While we recognize that deep understanding of consumers is a difficult task, our technology finally allows anyone in the organization to turn consumer opinions into business intelligence without data or IT experts.
We changed something in an important way. Understanding consumers has typically been a long expensive process (involving experts) with results being at best a partial understanding. We have made the results in-depth, highly granular and easily available to everyone in the organization.
With this, here are 4 ways you can change consumer insights in your business next year:
Find the 20-50 topics that are important to your consumers which you might be missing out on
There’s a huge misconception within understanding consumer. There is a belief that consumers care about 5-15 different aspects of a product, service or brand. For example, when you search online for “top factors consumers consider in a product” you will find a long array of “5 factors” or “top factors” or even “top 10 factors” articles.
The reality is, consumers are much savvier today than in the past. They typically consider 30-60 different parameters around a product or a service as part of their purchase and usage experience.
Even if a specific consumer cares about just 10-20 aspects, they are not necessarily the same aspects concerning other consumers, therefore as a group, consumers care about many more aspects of your products or services than any individual consumer.
This means that unless you change your thinking, you’re leaving behind as many as 20-50 different things your customers care about when considering your brand!
The data for analysis can come from either external or internal sources (See other paragraph on Leveraging as Many Data Sources). External sources are eCommerce sites, brand sites or social media. Internal data sources can be your call center, customer service email, store data and even open-ended survey questions etc.
As an example, in the paper care industry, spanning paper towels, toilet paper etc. consumers care about the following 41 topics as part of their buying and usage experience:
- Overall Satisfaction
- Price/Value for Money
- Tensile Strength
- Is It Recommended?
- Returning Customer
- Free Samples & Coupons
- Looks & Design
- Ease Of Use
- Meets Expectations
- Cardboard Tubes
- Time/Frequency of Use
- Cold & Allergy
- Skin Sensitivity
- Item Availability
- Fragrance Sensitivity
Leverage as many data sources as possible for granular analysis
According to a recent report by IBM’s Marketing Cloud, 90% of the world’s data was created in the last 2 years!!! With so much data out there, it’s an opportunity to upgrade your customer analytics initiatives!
Online reviews and feedback data are in fact becoming the world largest consumer panel. Since it is an anonymous source, it’s easy to share loads and loads of data because no one is worried about saying the wrong thing. This data source, in our experience, is the most detailed in terms of industry coverage – it will cover the most brands in your industry and will also cover the most SKUs.
Internal data (From stores, call center, open ended surveys or even emails) is the hidden gem. On your own servers you have the most direct and brand specific feedback you can get. Your own customers are expressing their thoughts about you and your offerings, now all you must do is pick it up. The largest typical data source here is the call center. See our other paragraph, “Focus on the Negative”.
Social media offers a wealth of data. Keep in mind there’s lots of “noise” in social media. You need to clean up the data “noise” efficiently. The feedback is typically delivered at the brand level and not the SKU level. Still from a sheer volume perspective this is likely the source with the highest volume of feedback you can get today.
Think high def movie, not stills
Customers’ opinions change all the time. Just to name a few reasons:
- Market disruptors
- Change in tastes
This means that you’re chasing a fast-moving target, otherwise you’re basically stuck in still photos when the world is in video. A recent McKinsey Survey about organizational agility confirms the fact that organizations tend to fail to keep pace with and understand customers’ changes with proper speed. The ability to quickly react to change and move toward creating and/or protecting value opportunities is elusive for most organizations.
In order to establish an ongoing process that will make sure you see trends and changes as quickly as possible, you’ll need these ingredients:
- Fresh consumer opinions that are regularly updated (One-off surveys will not cut it)
- A mechanism (ideally an automated one) to decipher the opinions with high granularity
- Regular, easy distribution to all relevant members in your organization
- Self-service analysis on the data/results. Not a centralized service center
Focus on the negative
With nearly 95% of shoppers reading online reviews before making a purchase decision (Spiegel Research Center) most brands work hard to drive more positive reviews of their products or services. So, they do everything in their power to get five-star reviews and prevent any negative reviews, right?
Believe it or not, learning from positive reviews isn’t critical for your business. In fact, negative reviews can help your business much more then you may have ever expected.
Our experience serving dozens of brands across numerous verticals shows that when consumers are happy about a product or a service they will mention it in broad terms and not touching on the specifics – “I am very happy with the service”, “it met my expectations”, “value for money is awesome” ….However, when consumers are unhappy with a product or a service, they will mention the specifics of why – “phone is very unstable and stops working several times a week”, “display is not crisp”, “camera is very slow and doesn’t take good pictures in the dark.” Therefore, listening to and analyzing negative reviews gives you more details about your product/service and those of your competitors!
Mining meaningful insights from the masses of data that brands have is challenging. Most of the existing methods and technologies used today are not fast/granular/affordable enough.
The good news is that Revuze is here and is offering the first personal consumer intelligence solution – affordable, no IT or experts needed, to be used by all.
Wishing you a very successful 2019!