Consumer Insights – What Are They and What Are Their Relevance in Modern Marketing
Consumer insights involve a holistic approach to understanding consumer behavior. It is based on the idea that only by analyzing a consumer’s points of contact with a brand can one understand their interests and needs. It is not just about researching what they buy. It is also about understanding how they consume media, build relationships, seek out information and navigate their digital world.
Consumer insights are all about understanding what matters most to consumers. In this sense, it is an important tool for creating greater relevance, engagement, and loyalty.
- Lifestyle Insights
This is the most important type of consumer insight. Lifestyle insights provide a deep understanding of how a consumer’s life works. This is made possible by exploring different aspects of their life, including their health, finances, education, careers, social life, and family. A customer’s lifestyle speaks a lot about their values, aspirations, and tastes.
- Decision Insights
Decision insights will look at the factors that influence your prospects’ decision-making process in order to help you understand their purchasing behaviors. It also explores how consumers weigh their options in order to make informed decisions and overcome risks while buying a product. This will help you discover how buying behavior links to your company’s products, services, offers, and discounts.
This is all about examining what consumers think of your brand or business. It is also about understanding the most effective ways to market to them.
- Usage Insights
This looks at how consumers use and experience your brand or product. It also explores their touchpoints, including every interaction they have with your brand.
- Cultural Insights
Cultural insights help businesses understand their consumers and the culture in which they live. It examines their values and beliefs, what they enjoy, how they spend their time, and how they relate to each other. It looks at how consumers express themselves and what influences their emotions. It also considers the social and political forces that shape their lives and behavior.
It is important to look at a person’s cultural background to understand how they think, feel, act, and make decisions. The more you know about a consumer’s culture and values, the better positioned you become to develop a deeper understanding of their needs or desires. Studying their culture will also help you understand why they buy or don’t buy a particular product or service.
Ways of Collecting Consumer Insights
- Market Segmentation
Market segmentation is a process of dividing consumers into different categories based on their buying behavior. It can also classify consumers by their particular lifestyles, values, and demographics. Segmentation can be used to develop different strategies that can help brands create a more focused marketing plan.
- Customer Profiling
In customer profiling, the focus is on understanding the needs, behavior, and attitudes of an individual customer. You will first need to identify potential customers that may be interested in a product that you wish to sell. Customer profiling combines individual market research and psychographic data analysis to help understand what makes every consumer unique.
- Customer Relationship Management
CRM software helps you manage your customers in order to learn more about them, build stronger relationships, and ultimately increase the lifetime value of a customer. An example of CRM software is NetBaseQuid.
NetBaseQuid provides a fully integrated solution for customer profiling and relationship intelligence. It enables businesses to understand their customers as individuals and relate to them personally. The software helps identify customer segments, develop new prospects, and nurture existing ones. It also helps build and maintain customer loyalty by providing the ability to analyze all points of customer contact and build deep insight based on real-time responses.