Consumer insights are your customers’ truth – how they experience your product or service, how they felt about it, what they want, need, and desire.
Understanding your consumers’ needs and wants is essential to ensuring your brand’s future. Scanning, collecting, and analyzing customer feedback empowers businesses to learn from their customers – so they can innovate and improve customer experiences and generate positive sentiment.
This blog post is your definitive guide to consumer insights.
We will explain what are customer insights, their importance, how you can use them in your favor, and what impact the spread of COVID-19 has had on customer feedback analysis.
What are Consumer Insights?
Consumer Insights are analyzed data businesses use to better understand customer wants, needs, attitude, and sentiment. Useful Consumer Insights are new, relevant and inspiring, and provide extensive knowledge of consumer desires, needs, and motivations. These insights help improve a brand’s interaction with customers, which creates better customer experience and improves revenue.
So, how do you find consumer insights? Well, data.
Consumer insights are a result of data interpretation and analysis. They are aggregated from data collected with different tools, like trend analysis, customer satisfaction surveys, focus groups, Social Listening, and more.
Why are consumer insights important?
First and foremost, consumer insights give the tools to make better business decisions. Improving customer experience, focusing marketing campaigns, and optimizing brand innovation will help drive brand growth and revenue.
In addition, customer insight analysis helps identify consumer and market trends, pain points and attitudes. This information highlights consumer sentiment and experience on different parts of the consumer journey, data that helps brands build and maintain customer loyalty.
How can consumer insights improve advertising?
I’m glad you asked.
Advertising and marketing your product can be hard. It is hard to know how successful your campaigns are or how your latest ad resonated with your target audience.
The job can be even harder when we talk about e-commerce. Online consumers come from all walks of life, from different generations, with varied interests, and unique needs. For example, Baby boomers, Gen X, Millennials, and Gen Z are all very different and come with their own particular wants and needs. So, what may work for one audience won’t necessarily work for all.
This is where consumer insights come into use.
Consumer insights allow businesses to get a better and deeper look into their customers’ purchase decisions and behaviors. Insights enable brands to identify the best marketing campaigns and strategies that will resonate most powerfully with the targeted audience.
Using consumer insights allows you to make a smooth and data driven shift from product-focused marketing to consumer-centric marketing. For instance, what if you could focus your ad campaign on a customer-desired feature? Quality consumer insights enable you to do just that.
Taking an example from our latest Headphones Market Report, after analyzing customer feedback we have identified noise cancellation as the latest trend in the wireless headphones industry. Just look at the noise cancellation topic volume chart below –
Using this data to create a more focused, optimized, customer-centric advertising strategy will allow you to achieve your marketing objectives more effectively and efficiently, saving you valuable time and money.
How to use consumer insights in your favor?
Now that you know what are consumer insights and why they are so important. It’s time to understand how to use them in your favor.
We already covered the positive impact consumer insights can have on your marketing efforts. Here are some other aspects of your business can profit from consumer insight analysis –
Consumer loyalty –
Consumer or Brand loyalty is a strong positive consumer sentiment, meaning people will choose a particular brand over all the others. Businesses with a strong and well-founded brand loyalty will enjoy returning customers that’ll make repeat purchases.
Quality consumer insight analysis provides information about which brand aspect is the customer’s favorite and why. Optimizing customer experience (or even the product itself) based on that data will make people feel heard, cultivating customers’ emotional connection and loyalty.
Customer service –
Identifying customer pain points using insight analysis helps brands stay ahead of the game. Knowing what is bothering your customers will help you improve your customer service – you can plan your response, prevent issues from recurring, and even train and educate your staff to better handle customer complaints and inquiries.
Optimizing your customer service will not only create and cultivate customer loyalty, it will attract new clientele through positive word-of-mouth, and might even improve brand equity.
Consumer Insights In the COVID-19 Era
As the novel coronavirus (COVID-19) spreads across the world, consumers and businesses are forced to dramatically rethink their commercial behaviors. This means customer feedback and its analysis must change as well.
People are afraid and worried not only for their health, but for their jobs and saving too. These financial concerns have resulted in major emotional and economical shifts, ones that have to be taken into account when collecting and analyzing consumer insights.
Maybe the most important thing you can do is listen. The constantly changing global reality calls for flexibility and open mindedness. For example, you might want to abandon the normal barrage of survey questions. Asking fewer, more open-ended questions will help you get more extensive, detailed answers from your clients, so you won’t miss vital insights.
Another much needed aspect these days is adaptability. Quick thinking and short response times are essential for brands to survive such tumultuous times. building up your brand’s capacity to make short-term changes largely depends on quality information. Consumer insights allow you to test changes and prioritize future ones. Knowing what your customers are feeling and thinking will help you adapt to the coronavirus crisis.
Getting started with consumer insights
- Establish your goals – Make sure you know what you want to learn from your data.
- Identify resources – It’s important to be clear on how you will get the data – who’s going to collect and analyze it, what’s your collection method, what audience are you targeting?
- Create a plan – In order to make sure all your efforts won’t go to waste, planning is key. So, think about what departments, processes, and strategies will use and benefit data the most.
We know collecting and analyzing customer feedback can be quite a challenge. Find out how Revuze’s AI powered CX analysis can help you get quality consumer insights that’ll push you to the next level!