For decades, gathering consumer insights involved listening to voice recordings or panels, conducting painful surveys, or studying consumer complaints. However, modern analysis has evolved to include careful social media monitoring, visitor interaction analysis, and app-based engagement.
Today, consumers want more convenience; they interact directly with brands and get involved in the product journey, from origin to feedback. This generates more data, and results in better, deeper, and more insightful consumer data. It’s here that a tool can accelerate the data collection process and accentuate the experience.
Why Are Consumer Insights So Important for Your Business?
Consumer insights help interpret consumer behavior trends. They nail down the customer journey – what they are buying, what is the driving force behind the buying decisions, and how they feel about a particular product or brand. This powerhouse of information assists companies in providing compelling products and services to boost sales.
Understanding consumer insights is vital because it helps brands take a consumer-centric approach in everything from product design to messaging placement. More profoundly, it enables brands to look beyond the products or services that interest consumers to understand ‘why’ they interest them in the first place. Microsoft suggests that consumer insights provide businesses with an opportunity to tailor and personalize products better to resonate with the wants, demands, and needs of consumers. As a matter of fact, organizations leveraging consumer behavior data outdo their peers by up to 85% in sales growth.
With ASK1, Aroscop’s innovative consumer research tool, businesses can reach their desired audiences, seek answers to the most relevant questions related to their brands, and shape the brand image to resonate better.
Fundamentals of Consumer Insights
Analyzing consumer behavior helps companies to realize the changing trends. It further helps them improve communication with customers and boost sales.
However, gathering valuable consumer insights is challenging. This is where you need ASK1 – to generate actionable insights and implement tactical changes depending on the research. For research, you need the following:
- Good Quality Data: Collecting quality data is critical for generating consumer insights. Since you want actionable and high-value insights, it is only possible from relevant, qualitative, and high-value data.
- Analytics Team: The analytics team lends the language to the data findings. They are pivotal in interpreting the significance of consumer data.
- Consumer Research: Consumer research is the core of this exercise as it allows businesses to understand consumer behavior and connect with their consumers emotionally. Hence, the research results are the source.
- Segment & Database Marketing: Database marketing drives personalized communications with respect to customer personas. While consumer insights are theoretical, database marketing gives a practical element to the research for learning and testing. Test actions convert insights into facts.
Are Consumer Insights the Same as Market Research?
While the terms are sometimes interchangeably used, there are subtle differences that cannot be overlooked. Both market research and consumer insights deliver valuable data for decision-making.
Market research involves gathering information about the market and customers. It resonates with the market needs, size, customers, and competitors. It delivers knowledge and statistics.
Consumer insights also deliver these potential markers. However, they also provide actionable insights to amplify the growth of a brand. In other words, they combine data with narratives and allow businesses to use data and make decisions.
While research highlights “what” is occurring, insights lead us to “why” it is occurring, allowing retail brands to evolve their business to improve customer retention and satisfaction and increase sales.
Consumer Insights Benefits
Understand Consumer Needs in Real-Time
Real-time consumer insights boost the confidence of the sales team and enable them to foster better interaction with prospects. On the back of insights, they can build trust by demonstrating to prospects that they understand and acknowledge their needs.
Bridge the Gap Between Sales & Marketing
Sales and marketing teams must work cohesively in an organization for better reach. Consumer insights are invaluable to both verticals. While marketing creates targeted campaigns from the available customer data, the sales domain nurtures the leads and pushes them through the funnel while leveraging consumer insights. This combined effort increases conversion as well as revenue.
Personalize Consumer Experience & Improve Journey
Modern consumers prefer personalized experiences and interactions. Favorably, consumer insights offer a more granular understanding of the ways to serve customers one-to-one and open new opportunities for a personalized and uninterrupted experience. For instance, when customers communicate with a brand directly through social media, it is the right place to connect with them and deliver what they seek.
Accurate Inventory Predictions
When it comes to sales data, insights help brands understand the products in demand. As such, they can forecast their inventory requirements to ensure a real-time and accurate supply chain and avoid waste.
Uncover Common Pain Points
Consumer insights also help brands realize the pain points of their customers throughout their buying journey. These pain points could be related to a seemingly sophisticated checkout, laggard service response, product-related inefficiencies, manufacturing issues, etc. With this information, brands can take necessary action to improve the customer experience.
Enter New Market Segments
With sales and consumer data, brands can rediscover new opportunities and make their way to new markets. They can thoroughly comprehend the new personas within the community, especially those that did not find the product appealing before. They may further get a glimpse of the current markets that are not giving high ROIs and accordingly pivot the strategy to suit the needs.
Taking the Leap with Ask1
ASK1 enables brands to take a customer-centric approach by converting real-world customer data into business opportunities and actionable insights. By tapping into the consumers’ voices across different channels, it empowers retail brands to effectively and successfully engage with their audiences.
Get in touch for a personalized demo today!