Understanding your consumers’ needs and wants has become essential to ensuring your organisations longevity in the future years.
So, what are consumer insights?
A consumer insight is an interpretation used by businesses to gain a deeper understanding of how their audience thinks and feels. Analysing human behaviours allows companies to really understand what their consumers want and need, and most importantly, why they feel this way.
However, collecting and analysing consumer insights can be challenging, so to help you understand the basics our team compiled a few essential points when it comes to collecting and utilising consumer insights properly:
1. Good data quality
Data quality is vital to the collection of consumer insights. Without high-quality data, your conclusions or results will suffer. To ensure that you’re collecting good data, you must first ensure that you weed out any “data collection mistakes” – click here to read our blog on data collection mistakes.
2. Professional Expertise
Having the right expertise and experience on your side when it comes to understanding and interpreting data analytics is essential in achieving an understand of how your customers think and behave. If you don’t have the right people on your side, it will be very hard to understand what the data is telling you.
3. Consumer Research
It’s important to understand and acknowledge that consumer behaviour and consumer insights should help you increase the effectiveness of a product or service and understand how to communicate and engage with customers on a personal and emotional level. However, in order to do that, it is essential to not ignore or falsely report (internal bias issue) on the results of your consumer research, whether you agree with them or not.
This is when partnering with a third party like HOED Research becomes essential, because our team provide an un-biased service and a high-level of expertise that will help you to achieve only the best results.
So, what is the difference between market research and consumer insights?
Long story short, market research tells us what is happening, whereas consumer insights tell us why it’s happening, and will enable businesses to make changes to business operations, products, and services to improve customer satisfaction, customer retention, produce more sales and higher conversion rates, which ultimately improve your bottom line.
Using consumer insights to amplify your marketing efforts:
Consumer insights also help to analyse the competition. Whether you’re a leader in your industry or not, looking at how consumers talk about products and services in your industry can reveal a lot about consumers’ needs, and what you can implement to improve your own product, service, or business.
In the long run, consumer insights will help to improve the customer journey. See chart below:
The customer journey’s 5 different stages: awareness, consideration, purchase, retention, and advocacy. Mapping your customer journey will help you understand your customer’s experience and should highlight any gaps you may have.
Insights are essential to learn about and understand your audience better, which further helps to develop actionable insights that can be utilised to improve the way you market your business and the products/services in which you offer.
Find out how the team at HOED Research can help you collect great insights that will help you to produce more sales and achieve higher conversion rates. Contact us below!