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Consumer Insights: Knowing Your Customer

By Jesselyn Chang

Understanding the needs and wants of the customer has recently become essential to marketing and business success. Businesses that spend time and resources to gather this valuable information can provide better customer experiences and increase sales over time. This data allows your company to develop and utilize consumer insights, which are interpretations that can be used to gain a better understanding of how customers behave, think and feel. High-quality, focused data is acquired from targeted research, and is followed by recommended actions to make well-informed business decisions that drive customer satisfaction and loyalty.

Collecting Customer Data

Utilizing a dedicated research team can improve your company’s ability to collect the right data, and there are many methods available. Capturing behavioral data from websites and social media data, as well as generating and analyzing surveys and online publications are commonly used techniques. Consumer insight data can allow your company to answer important questions such as:

  • Who is my target customer?
  • What challenges do my customers encounter that may prevent them from purchasing?
  • How do my target customers perceive my company and brand?
  • Did a specific marketing campaign resonate with my target customer?
  • How can I appeal to my target customer more?

In addition, insights allow your company to create targeted and more personalized messaging for your customers in the right channels at the right time.

Customizing Your Insights

To create powerful consumer insights, it’s advisable to follow the steps below:

  1. Focus on the problems at hand. For example, asking why sales are down for a specific segment of your audience
  2. Gather relevant data to help answer your question
  3. Analyze the data to find trends
  4. Create your consumer insight
  5. Decide what perceptions or strategies you want to alter

Investing in research and data analysis of your customer behavior and attributes, producing consumer insights, and implementing them into your business strategy can transform a simple insight into powerful tool that results in increased leads and revenue.