Nowadays, it is necessary to understand your customer wants to be successful in the competitive business landscape. By listening to your customers’ views, you can better understand their desires to provide them with a better customer experience. Businesses that listen to their customers and work on their feedback to improve their service tends to be more successful than those offering a generic experience.
Consumer insights (CI) often refer to information collected and analyzed by brands to understand how their target audience feels and thinks about their brand. They use various techniques and KPIs to obtain actionable insights and modify their products and services according to ever-changing customer tastes.
However, it is not that easy to collect consumer insight, especially if you are doing it manually. You have to ensure that you choose sources that are highly accurate and provide relevant information. After collecting data, you have to ensure that you have an expert analytic team. This team will analyze the data to provide you with actionable results. However, you can use a consumer insight tool to do all this for you.
This type of data is vital for any business as it is a fail-proof tactic. You can understand your customer and provide them with what they want. When you develop a marketing strategy, you try to engage your customers with schemes they are supposed to like. If you already know what your customer wants, you can simply provide it to them and have higher chances of converting them into sales.
How to Understand your Customers with CI Analytics?
A consumer insight software can help you in gathering the information and analyzing it for you. However, conducting consumer insights research is only the starting point. You have to compartmentalize this data to achieve your target more efficiently. You can and should use different sources to cross-reference your data and better understand your target audience across various channels. Some of these sources are:
#1. Your Product reviews
The best way to learn about what your customers think is by how they interact with your product. When customers visit your online store and look at your products, they react to it somehow. They can add it to their wishlist, add it to the cart or move onto the next product. This interaction can be used to learn how well your products are behaving in the market, and you can decide whether they are making enough profit.
Several analytical tools can help you understand the performance of multiple products at the same time. You can use this info to create better marketing strategies. For example, you can put a promotion or an offer on your low-performing product, and you can raise your high-performing product prices to increase your profits.
#2. Monitor your competition
Another way to gather consumer data is by monitoring how users interact with brands across the competitive landscape. As most of the data points nowadays are generated by users (like social posts, online reviews, etc.), AKA UGC data, it is all publicly available, allowing you to use a scraper to gather this data.
You can also collect consumer reviews and comments to understand how they perform and what marketing strategies they are using. You can even scrape their online stores for the most used keywords to integrate these keywords with your marketing strategies.
In addition to crawling online reviews, you may also keep an eye on your competitor’s marketing strategy and how they promote their products. You can check their top-grossing products (or most reviewed ones) and the marketing schemes they are using to promote that product and then use this information to adjust your strategy.
#3. Social Media
Social networks have become one of the most extensive resources that are free to use. The majority of the population has a social media presence that they use frequently. When people interact with a brand, they immediately go on various social media channels to talk about their experience. They are honest about their experience and explain what they like and dislike about some business.
You can use this information to understand how your customers are interacting with your business. If the person speaks well of your business, you gain free marketing, and if they dislike something, you can work on that to improve it. With social networks, you can also monitor recent trends and incorporate them with your campaigns to create engaging content.
#4. Customer Service Data
People are very vocal about their complaints and issues on customer service channels. You can provide them with a solution to their problems and use the information to understand what your customer wants. This also improves your customer relationships as you are willing to accept your shortcomings and provide them with a solution.
You can then create new features or suggest changes to your SLA according to customer’s feedback, thus improving your overall customer satisfaction score and top line.
Consumer insight analytics is an excellent strategy in your arsenal to understand the customer’s voice and improve your marketing and products. You are no longer bound to old fashion data collection mechanisms like surveys and focus groups; you can collect UGC data from several sources and use it to come up with creative and engaging content. Improve how you interact with your customers and come up with new features for your products.
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Four Ways Brands Use Data To Extract Consumer Insights.pdf