Customer Insights
Gain a deep understanding of your audience and enable a personalized customer experience with the power of data.
Table of Contents
Background
There is no surprise that marketing is keeping up with shifting tides of customer demands. Beyond understanding how they feel, knowing your customer also helps your team prepare for where they might go moving forward. That’s where ongoing customer insights come into play. Customer Insights provide clarity on exactly who your customers are and what they want. If utilized appropriately, these insights can serve as your brand’s “cheat sheet” to grow exponentially.
What is Customer Insight in Marketing?
Customer Insights are more than data points. They are conclusions established based on an analysis of quantitative and qualitative data and information established from market research. Customer insights are “truths” that businesses can leverage to generate revenue.
The Difference Between Marketing Research and Customer Insights
Marketing research and customer insights are often intertwined. Businesses see it as the same entity when in reality it is not. Market research is the action to gather information about your customers or markets. It provides information about what your current customers and markets need.
While customer insights deliver both data and narrative information gathered from market research, it tends to come with actionable steps that can help businesses amplify their marketing strategies.
To simplify, market research delivers statistics and customer insights transforms them into values that improve customer satisfaction, customer retention, and more.
How You Can Leverage Customer Insights in Marketing
Various success can be achieved by leveraging authentic customer insights for marketing.
Analyze the competition
Looking at how your industry consumers talk about products and services reveals a lot of their needs and what you do to improve your product and services. Customer insights help you become aware of competition conversations that can extremely be valuable for business growth regardless of whether they mention your business or not.
Improve customer journey
Mapping out your customer journey involves various details. Insights gathered from customers can help your organization identify gaps and figure out what works best for a better user experience and customer journey.
Personalize your marketing
Personalized marketing has become a necessity for brands to gain an edge over the competition. Targeted and personalized messages help convey a clearer message that attracts and retains customers. Customer insights are a great method that helps businesses understand why people buy certain products over others and determine the best way to speak to different segments of your buyer’s journey.
How to Acquire Insights
Obtaining consumer insights is hard work but it will pay you off in the long run. Thanks to digitization, gathering data and turning them into valuable and effective insights has been easier than ever. Here are a couple of ways to find customer insights:
Third-party Tools
Third-party tools are everywhere. They dive further into comprehensive methods that help deliver information which makes your analysis and insights much more viable.
Online Surveys
Surveys are still alive and effective. Today, smart businesses online surveys via forms—Google Forms, SurveyMonkey, and more.
Phone or In-Person Interviews
Voice-to-voice is still the best option because it lets you control the environment and see how a customer will interact with your product.
Customer Insight Solutions Available Today
Growth Mapping and Designing
Growth Mapping uncovers potential opportunities for revenue growth. It helps organizations align behavior, benefits, and consumers by providing predictive, consumer-led insights for growth. 3 elements that revolve around growth mapping:
1. Behavioral segmentation
What do people do? This identifies how customers make product choices.
2. Needs segmentation
Why do they do it? Understand the benefits that are most important to customers
3. Customer segmentation
Who they are? Customer segmentation to define whom to communicate to based on their attitudes toward the category
Customer Decision Journey
Customer Decision Journey involves gathering of performance and perceptions insights of the brand versus the competition. It allows an organization to analyze what matters to consumers along all touchpoints. Rolling out a customer decision journey solution benefits organization by:
- Bringing brand messaging in line with customer needs.
- Helps companies understand and address fundamental shifts in journeys and touchpoints.
- Optimizes positioning and messages to meet consumer needs.
- Provides a better understanding of current customer sentiment and perception of the brand
Getting started with consumer insights
Establish your goals
Before conducting research, make sure you know the end goal you want to get from the data you’re collecting.
Identify your resources and methodologies
It is best to have a process on how you will obtain data, who will collect them, and who will interpret them.
Sometimes all it takes to move a marketing campaign from adequate to exceptional is a few consumer insights on your prospects. This input can cover a wide range of attributes including product features, branding, packaging, and much more to strengthen your advertising efforts and take your results to the next level.