Simple Lessons Marketers Should Learn From Consumer Insights
The following are lessons marketers can learn from consumer insights to enhance innovation, improve customer experiences, generate positive sentiments, and ultimately increase ROI.
According to the World Economic Forum, by 2025, 463 exabytes of data will be created each day worldwide. For marketers, a large proportion of this data will come from customer sentiments, consumer insights, or customer feedback.
The most important thing is that marketers must do everything possible to harness the data.
2020 was a bad year for marketers, coronavirus ravaged every aspect of human life, but the world has finally come up with vaccines. The war is now being taken to the “doorsteps” of coronavirus. But does that mean that we can now go back to our former ways?
Before the coronavirus pandemic, the revolution in business circles was centered on big data. However, it has become expedient now that the marketing world must key into the move as indicators are that coronavirus changes have come to stay.
Marketers must, therefore, learn to adapt to the new changes, think up new and better ways of ensuring that their customers are happy and make good returns on investments for the brand.
The truth is that the marketing world is now revolving around data. The earlier you understand the significance of your brand, the better you will be prepared to access the huge advantages you can derive from consumer insights.
Consumer insights are your customers’ true feelings and sentiments about your product or service. They sum up how they experience your product or service, what they want, need, and desire.
It’s, therefore, important for marketers to understand their consumers’ needs and wants. The following are lessons marketers can learn from consumer insights to enhance innovation, improve customer experiences, generate positive sentiments, and ultimately increase ROI.
- Understanding the story behind the data
The first mistake you can make as a marketer is if you look at consumer insights as a set of data for researchers. Consumer insights are fundamental truths about your product or service that can help you understand what defines consumers.
This understanding will help you in many ways to arrive at more targeted business decisions, keep consumers, and ensure that the customer experience is the focal point of your marketing campaigns.
The amount of data you can gather in a day can easily overwhelm you, especially if you have not worked with data daily. To overcome this, you need to present your most relevant findings so that your clients and colleagues can access them easily.
A step in the right direction is to use visual aids such as graphs and charts to understand the story behind the data you have gathered properly. Visual aids will also ensure there is a real-life meaning to your statistics and not just figures.
- Gaining extensive knowledge of your consumers
Consumer Insights are analyzed data you will use as a marketer for valuable insight and a thorough understanding of your consumer’s wants, needs, attitudes, and sentiments. Useful consumer insights are new, relevant, and full of inspiration.
They will enable you to have extensive knowledge of your consumer desires, needs, and motivations. Once you have these insights, the problems you encounter when trying to interact with your customers will be a thing of the past, which will greatly improve your brand’s standing in the market.
The ultimate goal here is to create a better customer experience and improve revenue. The only way you can have valuable consumer insights is through the interpretation and correct analysis of data.
There are many tools such as trend analysis, customer satisfaction surveys, focus groups, Social Listening, and product review platforms you can use to access consumer insights.
- Accessing the right data
There is a great change in consumer behavior, and this is because they have access to a wide range of devices and platforms through which they determine what to purchase. Any purchasing path they take can avail you of veritable information about what drives their behavior.
While you can gather large amounts of data from these sources, you must refrain from collecting data that is not useful. The right data will ensure you have the relevant consumer insights.
What you get from these sources are fundamental truths about the humans you do business with and not the platforms. To be constantly informed, you must not lose sight of the right answers you seek. It’s only when you have reliable data that you can be sure of the truths you need.
- Consumer insights enhance brand loyalty.
Why must a consumer choose your brand over others? Do you have authentic marketing strategies? These are the questions every marketer must try to answer at any point in time.
Your consumers want to hear the truth, and this can only be possible when you focus on the simple but defining aspects of your consumer insights. The ability to discover what ideas stick with them will make them choose your product over others, which is the essence of brand loyalty.
If you can establish strong and well-founded brand loyalty, you will have ensured returning customers will make repeat purchases.
Focusing on the consumer and the perceptions within and leveraging the fundamental truth you have discovered from the insights are what you need to connect with your target audience.
With quality consumer insight analysis, you uncover which brand aspect is the customer’s favorite and why. You can then go ahead to optimize customer experience (or even the product itself) from the result of your analysis.
Your customers are satisfied when you listen to their voices. You succeed in cultivating customers’ emotional connection and loyalty.
Consumer insights are quite revealing. You have a mix of the consumer journey and the purchase journey.
You must, however, try to understand the day-to-day of that consumer’s life, which plays a vital role in every part of that journey. While your consumers feel happy when you truly understand them, the information helps marketers achieve their goals.
Thinking of the enormity of data you have to work with can be unnerving, but you can’t afford to assume. It would be best if you went through them to get the true picture of things.
It’s only by using in-depth consumer data that you can truly understand who they are, what their motivations are, their priorities in life, and their daily challenges.
How can you map the consumers you want to track without data? Consumer insights will ensure you understand how they interact with your brand at every turn.
Alon is a Tel Aviv-based Cheif Marketing Officer who supports b2b tech startups in capturing customers’ (and VCs’) attention through marketing based on data-driven storytelling.