Customer Insights is a collection of carefully curated data on your existing and prospective customers. They are derived via a mix of quantitative and qualitative research and analysis of consumer data by your digital marketing firm.
It is critical that we collect this data and make effective use of it in our marketing strategy.
Also read: Increase Sales with Product Sampling
Why would you want to use consumer insights?
These observations include the following:
Confirm or refute existing assumptions about your customers' requirements and desires. You may believe that your consumers want or experience one thing while they really do not. Feedback from customers is critical.
Drill down into demographic and psychographic differences to better understand and target your consumer base's distinctive groups. You must understand the best way to communicate with and serve the target client.
Simply stated, Customer Insights shed light on who your consumers really are and what they need and desire.
If used effectively, these insights may act as your brand's "cheat sheet" for exponential growth and competitive advantage.
This blog will discuss how to increase your company's return on investment and how to become even more helpful and relevant to your target client base. How? We are going to:
Extend the definition of Customer Insights
Provide instances of companies that have successfully used customer insights into their marketing.
Examine strategies for acquiring customer analytics and data.
Throughout the blog and as you go ahead following it, keep the following in mind:
When it comes to Customer Insights, it is critical to be deliberate about the most critical element.
Customer Insights insights must be actionable and influence your entire sales and marketing efforts.
Because if you get information without the intention of increasing revenue or altering your consumer marketing strategy, you are not actually influencing earnings or your bottom line.
Thus, we arrive to the final question.
What are Customer Insights in Marketing?
To begin, let us establish the following:
Consumer Insights include more than just customer data points. Yes, there are numbers involved, but:
Marketing insights are more reasoned ideas and conclusions formed from the study of data and information gathered via market research, surveys, and other sources.
According to Morgan Shorey's presentation, "Insight (is) a reality that has not been exploited before, but when leveraged can create income."
After all, consumer data on its own is meaningless unless context, direction, and objectives are derived from it. When we apply the appropriate filters to that data, we can utilize knowledge that enables us to realign our marketing efforts and brand strategy in order to achieve better business and sales growth.
How Major Brands Have Profited from Customer Insights
Through genuine Customer Insights, incredible results may be accomplished. Here are a few examples.
Always
The #LikeAGirl campaign was inspired by the experiences of females going through puberty. At this age, it was shown that 49% of girls are so afraid of failure that they freeze and often refrain from trying new activities.
The business utilized this information to create a campaign encouraging females, who comprised a portion of their target audience, to persevere.
Nike
Nike did not launch a campaign emphasizing the importance of exercise in daily life until the 1980s. The business and its ad partner recognized that exercising hasn't always been this enviable experience for the ordinary individual. Prior to this, the majority of Nike's ads targeted top athletes. However, consumer insight and social listening entered the picture.
There was finally an acknowledgement that the bulk of their consumers are regular people who sometimes procrastinate on exercise and see it as a job. (You know what we're talking about: the temptation to hit snooze during a pre-work gym session.)
They started "Just Do It" in 1988, armed with this information.
And, as you may recall, this campaign evolved into a slogan that has consistently communicated successfully with audiences.
Sun Life Assurance
This company launched a campaign that addressed individuals over the age of 50 and how they are represented in the media...as if they are always on the lookout for medicines and deteriorating in health.
They discovered that almost three out of four individuals in this group thought they were invisible in mainstream advertising. Sun Life's extensive research study discovered that many individuals over the age of 50 believe this is the greatest period of their life. (This is not shown in any of the drug advertisements!)
How to Effectively Market Using Customer Insights
Now, as with any time we discuss data or analyze research, it is critical to use extreme caution in defining and interpreting findings.
It is more critical than ever to have high-quality information.
Why?
According to reports, more data has been produced in the past two years than the whole human race.
With so much data and information to analyze and transform into actionable insights, it's critical to understand how to properly examine and appraise it. It's simple to overlook or exaggerate a few things.
Let us return to the Sun Life example from before. The research was very large; it was Sun Life's largest-ever in the United Kingdom, interviewing 50,000 individuals over the age of 50. This is the appropriate target market, as well as a comparable figure that will provide an accurate comprehension of the data.
A study of 100 people would have been insignificant.
Customer insights inform the creation of personas
The information gained may be used to create the most effective and accurate buyer personas possible.
To clarify, a buyer persona is: A fictitious, all-encompassing depiction of your ideal client (s).
To get a better grasp of what an ideal client is, why it is necessary, and how to develop one, see What is a Buyer Persona?
We utilize Customer Insights to ensure that our existing buyer personas are matched; most businesses need three to five.
For instance, suppose a company's customer personas are entirely composed of males. Then, a study of blog traffic reveals that 60% of visitors are female. Thus, the buyer personas must be re-evaluated.
Customer insights influence marketing strategies.
Customer insights are critical for more successful marketing to:
Recognize what is and is not relevant to your audience
Money may be the primary motivator for your business. An assumption, on the other hand, is simply that - an assumption. According to research, your audience may be willing to pay a premium for specific product features or quality.
Utilize data to influence channel selection, message, and creativity
Insights should have an effect on the following:
Initiatives tailored to each channel: Your Facebook audience is probably distinct from those on Instagram or Twitter. Utilize that audience's expertise to launch the most relevant advertising and messages.
Unique funnel creation: Different audiences must be addressed differently and individually targeted. Insights assist in ensuring that funnels are more effectively tailored.
Customer Insights must be reflected in message. For instance, Nike's tone moved away from the grandeur of elite athletes and toward relatability with ordinary people via cheering on daily workouts and times to "Just Do It."
Customer insights should influence creative decisions, as shown in the brand examples. For Sun Life, individuals over 50 who felt fantastic (and weren't constantly seeking medicine!) finally got to see themselves in colorful, seductive, and exciting lifestyle advertisements.
Customer Insights assist you in determining your audience's unique customer journey (s)
Each audience behaves uniquely online and throughout the purchasing process.
For instance, one research found that eight out of ten millennials avoid making purchases without first checking product evaluations.
Therefore, if your target customer persona is a millennial, devote more time and resources to monitoring and acquiring favorable evaluations.
Additionally, you'll want to utilize Customer Insights to ascertain the following:
Which channels, techniques, and kinds of material are most appealing to them?
The manner in which they must be nourished throughout the funnel
How many (or how few) touchpoints do they need to convert?
What offers/promotions will generate micro-conversions and help you maintain a full funnel?
As you can see, obtaining and using Customer Insights has a plethora of advantages. Now, let's look at how to get this data.
Customer Insights: How to Acquire Them
The internet world makes it simpler than ever to get data for analysis and processing. Utilize third-party technologies to assist in the delivery of information, which makes analysis and insight all the more feasible.
YouTube Analytical Services
Google's Retention Tool
Google Analytics and Trends
Mentioned in Social Media
These are the fundamental methods for obtaining consumer insights. However, let us be realistic. You are not a simple person. You want to go further into more exhaustive techniques.