Consumer behavior is changing at a fast pace. Technological advancement has been playing an important role in meeting consumer expectations and impacting shopping habits. As trends unfold rapidly, consumer insight can help your brand to prepare for the future, for adaptation of new trends, and for making an informed decision to these behavioral shifts.
Understanding your consumers closely, can lead to cross-selling opportunities and even open up new opportunities. Consumer insight can identify the need of consumers to help you craft your marketing strategies and offer based on that. Make your consumer feel valuable by showing them what they want. With consumer insights, you can make them feel valued and cherished with personalized messages and offers. Once you have a full data-driven understanding of your consumer, you can create highly effective and engaging marketing campaigns to specifically target them.
Consumer insight is essential for the optimization of consumer journeys and to understand their shopping behavior. Therefore it is important for Shopify store owners to not only generate insights but to turn it into readable reports to make data-driven decisions. AiTrillion intensifies, allies, and visualizes every byte of data in real-time, it also provides insights through a collection of data-visualization graphs. These insights allow marketers to improve their customer experiences, optimize their campaign results and increase profitability.
By using their customer insights to make data-driven decisions, they can achieve the same results with less money, by ensuring that their campaigns are reaching the right people, on the right channel, at the right time.
For a marketing team to be able to start using customer insight effectively in their campaigns, they must have the four following components in place:. By using clean and reliable data you can be sure that your insights are based on facts. Ensuring that the data is complete also confirms that you are not missing any data that could change your perception.
A customer that bought six items but returns five of them would look very different if the refunded items were not included in the analysis. Creation of a Single Customer View, where data from everywhere is centralized, deduplicated, and cleansed, is therefore essential for any marketing team that is serious about using customer insights to increase the profitability of their marketing campaigns and decisions. Having the right tools in place to analyze the data is possibly more subjective.
The requirements for any customer insight system purchase should be non-ambiguous, have measurable goals and have fully considered the five key components of a technology purchase:. In BlueVenn undertook a Data Deadlock survey of more than marketers.
Essentially, the ability to find patterns in data, particularly in the modern world, where data is bigger, faster and more varied than ever before. In truth however, the world of data visualization has come on leaps and bounds in the past five years and made customer insights and analysis more the job of using charts, graphs and maps rather than analyzing and manipulating numbers and cells.
It could be a single multi-channel marketing platform, or a variety of different marketing platforms. These could be integrated or they could act independently. As consumer insights remain theoretical, database marketing is another essential element to your research when it comes to testing and learning.
Indeed, test actions are necessary if you want to turn insights into facts. Market research can be defined as an effort to gather information about customers or markets. It provides information about market needs, market sizes, competitors and customers.
Market research delivers statistics and knowledge. This means the team in charge of consumer insights will deliver both data and narrative, allowing you to make use of the data. Consumer insights can also help companies map their customer journey and identify any gaps where there might be some, as well as find what works best, and what can be improved for a better user experience and customer journey, from awareness to purchase and advocacy.
Forbes covered a great example of how consumer insights was used. Wayfair, a multi-billion dollar online home goods retailer conducted consumer research and analysed their data, and realised they needed to improve their overall customer experience. So they built an app that lets users take pictures of items they see and like giving the information needed so Wayfair can offer recommendations.
Mass marketing is a strategy in which a company decides to ignore targeted marketing and speak to a whole market instead. The example below illustrates mass marketing perfectly. Today, companies offering a service or product used by many still tend to use mass marketing, like this toothpaste advert. So there is a clear gap to close, and a need for B2B brands to invest in both existing and prospective consumer insight. Forward thinking brands understand the importance of putting the consumer at the centre of their brand and marketing strategies.
Unlocking the data available allows brands to make intelligent decisions and be extremely targeted in their approach. This enables precision marketing, which drives marketing effectiveness and ROI.
Three found that customers used 71 times the amount of data they would have used had they been charged as normal — most of which was used to post holiday snaps on social media. All things considered, there is a lot of data available at our fingertips today, but not all of it is good data. Be careful where you source your consumer insight from, and ensure your sources are credible. Only once you have this full data-driven understanding of your consumer, can you create highly effective and engaging marketing campaigns targeted specifically to them.
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