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Types of Consumer Insights

DemandJump uncovers never-before-seen consumer insights by revealing more of the customer journey and competitive landscape than ever before.

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Types of Consumer Insights: What Are They and How Do You Use Them?

What are Consumer Insights?

Consumer insights are pieces of information that offer deeper understanding of a group of consumers. There is benefit to seeing this data as a whole, but some insights will be more actionable than others. The real skill in working with consumer insight research is in knowing how to use the information presented  effectively.

Your company gathers a great deal of information, everyday. Some of this can be used to revolutionize the messaging and branding you put out and  reap a major impact. The reason this happens isn't because you've stumbled upon a magical marketing campaign idea. It's because you've used the insight to find how your services make life better for that consumer. There is a real, concrete benefit for the customer when you crystalize the messaging to focus on how you can fix their problem or benefit their life.

Types of Consumer Insights

Consumer Insights help you to better understand the behavior of online shoppers. This knowledge is integral because it  will help you tailor your business and services to meet the needs of your ideal audience. Instead of developing a product in a void, you're customizing your services for what the customer base wants. This approach to development makes sales and marketing far easier and leads to advanced and prolonged growth. Customer insights are used to develop products, write better content , and increase sales.

Data can be found everywhere. While that means you may have  ample information available to gather, it can also make the task of prioritizing those insights far more difficult. Even with  a great wealth of data, finding actionable information can be like pulling a needle from a haystack. It's not about getting more information, it's the right information that you're looking for and, to do that, you need to ask the right questions.

The type of insights you're looking for will depend on the type of questions you want to answer for your target audience. If you're working on developing your products or services, the insights you want are going to be dependent on your market positioning. What is your customer base looking for that isn't served by your competitors? If you have an existing product, these valuable  insights might be the answer to questions you're asking about limited growth or customer retention.

Examples of Insights

Where do you gather your customer insights? They can come from a number of places, but to gain the most value you have to look outside of your own four walls.. In many cases, companies analyze their own data, but never look at in connection to how consumers are actually behaving when they conduct searches online. 

You might gather insights from any of the fields a customer fills out through your website or you might be using social media markers. Some people also gather information from industry wide surveys about the larger base and  compare with what they know about current customers or use to alter messaging to reach a wider audience. A great key insight example might be that your customer base consists of many sports fans. To segment that further, you might find they follow only set sports or only specific teams. That insight might not mean anything at face value, but if you found a way to use that information to encourage customer retention, such as running a promotion to raffle off sports paraphernalia or tickets, it would be a great insight.

Consumer Insights Data

Consumer insights companies specialize in the collection and analysis of data for companies. With the vast amount of data available, this disciplined approach means that all the pertinent information can be collected and used for the best benefit. Companies today are using a number of different methods to gather data on consumer behavior.

In essence, consumer insight research techniques are developed in order to gain the most usable data as possible about the current customer base, as well as the market as a whole. The insights you're looking for may be about customer retention, in which case the specific information on your user behavior will likely be more usable than wider market research. Though they may work hand in hand.

Consumer Insights Report

Your consumer insights reporting may feature different aspects of your business, your customer's wider online behavior, social media analytics, whole market research, and research into your competitors. You can see how this amount of information can cause more confusion than clarity.

It's important that you have a goal when conducting consumer insights research. Remember, the insight is not the data itself. The insight will be in how you look at the  consumer which your data implies. Sometimes you'll find an insight that you're not looking for. You might be aiming for customer retention but stumble upon a great insight that can be used to increase new sales in a wider market. Insights might be used to design new products, offer new services, promote specialized deals, or market your existing business.

Some of your key consumer insights could  remain unchanged over time. You may find a certain segment of your market respond steadily  to a certain product or particular contact method. For instance, your target audience may grow but always include a set demographic.

There are different ways to gain insights that include advanced analytics and reporting. Some creative insight examples come from gathering standard data on product reviews, customer sentiment, and other set parameters and then combining that with newly surfaced topics and questions being asked by online consumers. This  will give you more in depth look at your customer's behavior, beliefs, lifestyle, and needs.

Consumer Insight Review

Your customer insight initiatives need to start with a plan. This is where your customer insights strategist excels. You need to develop a strategy to work with the data  and empower your team. 

You can use analytics tools to gather data that will help  with consumer product insights, advertising and marketing initiatives, the development of offerings, brand development, and sales.

There is an immense amount of information available today. This allows you an in depth look at your target audience, your current customer behavior, and your company's overall performance. Don't forget internal data in your consumer insights reporting. You'll find that areas where your process shows deficiencies can often yield excellent insights on customer retention and building brand loyalty.

Using Customer Insight Tools

There are a number of places where your content strategist can gather great information that's pertinent to your target audience, as well as your current customer base. When deciphering this information, they often start with a few basic questions:

  • What areas of my business will these insights improve? Often your strategist will be looking to compile a consumer insight review based on answering a specific pain point or improving productivity in a set area. They may be looking for increased sales or to build customer loyalty and branding. The pain point they are trying to improve will inform the type of insight on which to focus. 
  • Who does this affect? If you're looking to attract new customers, data on your wider market and those in your sales funnel who have not converted will be key. If you're looking to improve branding or for insights to develop a new product line, your loyal customer base might be the best place to start. You need to partner where you're segmenting your data from with the question you're trying to answer.
  • Is this insight unique and does it inform positive change? Insights are like ideas, while there may be a number of insights you can find on any given topic, not all of them will be helpful. Your strategist should follow through with solid planning to determine how the insight is useful to benefit the business. Often a great insight will sound simple but prove to be impactful in a positive way. 

The Types of Insights that Are Important to Your Strategy?

There are many types of insights that impact your business. All the ones you're using should be included in your strategy. The strategy acts as an overall plan to help your customer insights strategist meet benchmarks and focus on the ROI of implementing changes based on past, current, and future insights.

There are several types of insights you might be looking for in your process:

  • Product Development. The fantastic part about using consumer insights here is that your current audience tells you exactly what product they need or want . You're tailoring new products to a ready-made audience who are already asking for them. 
  • Advertising. The advertising industry has been using this technique for many years. There are ample advertising insights examples that showcase great creative solutions
  • Marketing Campaigns. Your marketing campaign may be geared to increase recognition and add more customers or it can be a portion of customer retention. Marketing and advertising insights often overlap and can encompass much of what insights are used for because these departments deal with the branding of the business.
  • Sales. Insights can help the sales department create warm leads and increase profits.

Once you've discovered some helpful insights, developing an insight statement can help you make the best use of this information. The insight statement should be clearly written and concise. It details what the insight is, what data that insight is based on, and what steps the company can use to use this insight in an actionable and beneficial  way.

As technology continues to advance, consumer insights will be used more widely and with greater efficiency. Companies are streamlining their data gathering techniques, pushing much of the responsibility to AI.  The DemandJump platform, for instance, is making it easier than ever to gain knowledge about your target audience with their Consumer Insights product. Additionally, it provides you with automated recommendations on how to use this information to benefit your business.

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