What Are Consumer Insights?
February 18, 2020 •DJ Team
A consumer insight is information about a specific segment of individuals. These insights about the market inform a company’s marketing strategy. Consumer market insights are typically derived by analyzing data to see consumers through a different light, in a way that inspires a unique business action to meet the consumer more effectively.
For at least a decade, companies formulated digital marketing strategies based on vague definitions. They relied on general statistics to develop consumer insights, despite the lack of any real data backing their conclusions.
It was more conjecture than conviction, with online marketers touting lofty concepts like the study of “online consumer behavior” to craft a “consumer journey” but without any concrete method for calculating and tracking digital consumers in the first place.
The relatively recent introduction of AI software, along with rising SEO awareness, has flipped the script completely by delivering an abundance of online consumer data. Data now streams 24/7 from more digital platforms than ever before.
The plethora of data points and analytics reports now accessible overwhelms even the most-seasoned marketing professional. Adopting technology like DemandJump’s advanced customer behavior data analytics software gives businesses and marketing experts a way to expound on consumer insights — using much more detailed, coherent, and accurate data.
With that level of visibility, companies can confidently make business decisions based on numbers instead of gut feelings. They also gain the ability to track the success of their digital marketing campaigns, along with discovering new ways to improve performance and profit.
What Is an Insight in Marketing?
The word “insight” is defined in the dictionary as “the capacity to gain an accurate and deep, intuitive understanding of a person or thing.” That’s precisely what data-driven consumer insights deliver to companies and digital marketing firms.
While often used interchangeably, there’s a big difference between an observation and a consumer insight in marketing:
- Observations make generalized assessments of data that apply to many people. They merely report what was witnessed when reviewing the consumer data.
- Consumer insights highlight more individualized shopping behaviors, and may restrict data to a specific market, industry, or company. This is how consumer market insights provide actionable revelations companies can implement to improve business performance.
What Is an Example of a Consumer Market Insight?
Consumer market insights cover a broad range of consumer behaviors. These start with what keyword phrases and questions customers search to begin their buying journey all the way to which lead sources convert the most customers at the end of their search.
Google analyzes these 5 prime examples of a consumer insight, based on Google and YouTube data:
- Consumer journeys have become increasingly complex.
- New channels of media consumption constantly emerge.
- Satisfying a need immediately is often more important than customer loyalty.
- Traditional industries have transformed with digital.
- Standards are continually raised for privacy and digital well-being.
The power of a DemandJump Insight Report is that it puts these general trends into context based on your customers’ online behavior. What questions are they asking? What needs can you satisfy immediately to win against competitors? Run a free Insight Report about the concept or topic you need to sell and learn all this in a matter of minutes.
Why Study Online Consumer Behavior?
Online consumer behavior gives marketers a clear vantage point because it provides so much data and is easily trackable — with the right tools to collect and analyze the data.
Connecting online data to offline sales is the essential final step when evaluating true ROI of marketing efforts if you’re a brick-and-mortar store or provide an offline service. But digital data delivers more than enough consumer insight into the minds and hearts of your customer base to make massive improvements in business performance for all sectors.
According to consumer insights developed by Salesforce and research partner Publicis Sapient, 87% of shoppers start product research online — even though 46% of those consumers indicate they plan to buy in a physical store.
Data collected from a variety of websites, social media networks and digital ads fuel powerful online consumer behavior insights. By using a DemandJump Insight Report to study how customers interact with your brand on different online platforms, your marketing team can create targeted messaging geared toward each audience using top-ranking keywords, questions, and phrases.
You can also tap into channel-specific data to see which online marketing spends pay off, and adjust campaigns in proportion to the content analytics to improve ROI on digital advertising.
Tap Into Your Company’s Search-Driven Data To See How You Measure Up
Companies often lack understanding on what kind of consumer data would be valuable, let alone how to gather and analyze the information, or even why it’s important.
Trying to compete in a rapidly evolving digital landscape with an unwieldy heap of ever-changing information to digest…sounds awful. That’s why we created a platform to help you skip all that and start acting on insights faster.
DemandJump works with businesses large and small, along with marketing agencies, to help digest the data and uncover actionable consumer insights.
There's no better time than now to start using data-driven marketing principles for your business. And DemandJump is the turnkey solution you need to get started!
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