Today, almost every brand is looking to understand its consumer base better.
Nowadays, consumers seek content that is relevant to them and will quickly turn to social media to voice their opinion on a brand, product, or service. To stay relevant and ensure their business stays in front of their customers, businesses must work towards becoming more customer-centric.
In this blog, we will be exploring what customer insight is, how businesses can leverage insights to drive growth and profitability, and how to scale customer insights efforts.
Table of Contents
- What is Consumer Insight?
- Why is Consumer Insight So Important?
- Improves Customer Journey
- Personalized Marketing
- Boosts Brand Development
- Assists in Inventory Planning
- Prepare You To Break Into New Markets
- How To Find Consumer Insights on Social Media?
- Use of Social Listening and Analytics Tool
- Do a Primary Audience Analysis
- Discover The Main Topic Associated With Your Brand
What is Consumer Insight?
By definition, consumer insights mean analyzing consumers’ data that brands use in order to understand their potential customers and target audiences, needs, and perspectives.
It’s all about interpreting human behaviors in order to dive deeper into the likes, dislikes, and other behavior of your customers.
Doing proper consumer insights research will allow any company to improve customer relationships and increase sales as a result.
Let’s understand this with the help of an example.
The founder of ChubbyBrain has a desire to make a Yelp-like website for private companies and startups. One thing which they did wrong was not asking their customer base whether they really wanted it or not.
Once the site was built, it became a low-traffic hub for former employees, instead of helping any startup. Even though it was a revolutionary idea but was not relevant to their customers.
Overall, it’s about being able to understand the challenges that your customers may face and how you can help them overcome them.
Why is Customer Insight So Important?
Even after discussing the above example, you might still question whether customer insights are really important. So to answer your queries, we thought to cover some exceptional benefits of getting customer insights.
Improves Customer Journey
Customers’ insights are helpful in benefiting the complete process of the customer journey. With the help of such analytics, brands can easily explore gaps and figure out what might work best in order to improve customer experience.
Customer insights are always crucial at every stage of the customer journey. For example, if your target audience is not familiar with your brand, you can use these insights and analyze them to your benefit.
Marketing your brand to everyone is not a smart strategy anymore for companies. Personalization has become the norm in marketing to reach your target customers.
Personalized marketing can only be done with the help of customer insights. That data will let you know which products are preferred by customers and why. Then you can use these insights to create ads targeting buyer personas and get better results.
Boosts Brand Development
Brand development and customer experience are correlated to each other. If you’re not able to connect with your customers, your brand development will not grow in the way you desire.
You have to present your brand in such a way that your customers can relate to it emotionally.
And to achieve this, you’ve got to use consumer insights and learn what moves your customers. It might be any social issue they’re concerned about or maybe a daily life problem, and then you can accordingly create a suitable product that can solve it.
Assists in Inventory Planning
There’s no other factor than customer behavior that can tell you the approximate number of sales you’ll get. Apart from inventory planning, it also helps to find out why and when your customers will purchase any product.
Having such insights will help you to manage your inventory better.
Prepare You To Break Into New Markets
The only way to enter a new market and emerge successfully there is when you have your customers’ insights and know their preferences, shopping behavior, and other factors.
By doing market research, you can get the right and unfiltered customer data that you can use in your strategies and make your brand successful in the new market.
How To Find Consumer Insights on Social Media?
Use of Social Listening and Analytics Tool
In order to get near-accurate data from social media platforms, you need a good analytics tool. You can’t monitor all social media accounts’ analytics on your own; therefore investing in a good tool is a must.
Do a Primary Audience Analysis
The first step for getting consumer insights is to find out the audience who already knows your brand. A great social analytics tool can help you determine your audiences’ gender, locations, and age ranges.
You can start by monitoring your brand across social media. Once you’ve collected that data, look at the kinds of people mentioning/interacting with your brand.
Discover The Main Topic Associated With Your Brand
Sometimes it’s not enough to know only the likes and dislikes of your customers. You can also be benefited after reading a few of their comments on social platforms.
It helps you know the context of the conversation in which your brand name is brought up.
For example, Nike wouldn’t be surprised if people use their brand name while talking about fashion or sports.
Consumers are changing the way they shop and how brands talk to them. They’re more informed than ever and expect brands to provide greater value than they used to.
In order to win their trust, brands need to adopt a more customer-centric approach and focus on providing value beyond just their purchase.
That’s where customer insights come in. Investing in and understanding your customers is the first step towards creating a culture of customer service that delivers a consistently positive experience.