How Does Consumer Insights Shape Your Business in 2020 & Beyond?
Updated: Jan 19, 2021
Understanding your consumer’s needs and wants is important to make sure your business is future-proof. Giving your ear to your audiences allows you to learn from and talk to your customers in order to create great experience for your audience.
Businesses with quality data will be more likely to receive actionable customer insights, which can help improving the relationship of the customer and the business in the long run.
So what consumer insights means?
Consumer insights are interpretation used by businesses to gain a deeper understanding of how their audience thinks and feels. With the understanding of human behaviours, it allows companies to understand what their consumers want and need and most importantly, why they feel this way.
Conducting a consumer insight research properly will improve the effectiveness of the communications between your brand and your customers, which is likely to change consumer behaviour and increase sales.
But what’s the difference between market research and consumer insight?
Market research is about the effort to gather information about customers or markets. It has the information about competitors, customers, market sizes and market needs. Market research also provides information about statistics and knowledge.
Consumer insights has some similarities, but tend to help brands develop the company’s growth with recommended actions. Both the data and narrative will be provided by the team in charge of consumer insights, enable us to make use of the data.
Basically, both are just as useful, research give us what is happening while consumer insights give us why it’s happening. This helps us to improve customer satisfaction because it allow us to make improvement to our business.
Using consumer insights to boost your marketing efforts
Consumer insights can help you analyse the competition in the industry your business is in. This tells how consumers talk about your brand in your industry which can reveal a lot about consumer’s habits, what more you can implement to improve your service, product or business.
Keeping your ear on consumers conversations when it comes to other brands can be very valuable, regardless of whether or not they mention or are aware of your business.
The Forces Behind the Rise of Consumer Insights
As business has grown and evolved especially in the year 2020, people are aware that we cannot just give consumers what they want, but they need to offer a wide variety of products, services to appeal to a fast-changing customer base.
Consumers today now represent a mixture of age group. Each group has its own specific needs, wants and desires. You need to have insights into these groups to allow your business to execute a successful marketing campaign.
Businesses have to realise the fact to improve their insights into consumer behaviour. What grabs the attention of the customers today might not work the next. The world is dynamic, changes dramatically and continues to evolve rapidly, just be ready for changes and turn consumer insights into your business secret weapon.