What are consumer insights and why use them?
Updated: Jun 27, 2020
Put simply, your brand only exists, and therefore the success of it, relies on what the consumer want and needs. They hold the key to long-term business success, and we’re on a mission to bring them into your brand and marketing decisions.
Brands today have access to an endless stream of data, but being data-rich doesn’t mean you have insight.
Traditionally a lengthy process involving several arms of external research, and took both time and resource. Now we have easy to use platforms which allow us to tap in to immediate and relevant consumer data - the 'why' of consumer data.
What is 'consumer insight'?
An insight is a universal, human truth about a customer. It reveals something unique about their perceptions and behaviors that you can tap into. It is an interpretation used by businesses to gain a deeper understanding of how their audience thinks and feels. Great ideas start with really nailing the customer insights. If you want great creativity (branding and marketing) that works you really have to start understanding customer insight!
The difference to market research? Well, it helps us understand the 'why' rather than the 'what'. It can deliver both data and narrative, allowing more use of the data, therefore greater emotional connections with your brand in order to improve customer satisfaction, customer retention, and increase your bottom bottom line. Analysing human behaviours allows companies to really understand what their consumers want and need, and most importantly, why they feel this way.
Why does it matter?
It gives you the ability to take a truly consumer-centric approachIt ensures less money is wasted, as you know the audiences, channels and branding tactics to focus onIt creates opportunities for more authentic marketing communications It drives greater brand loyalty as you build your brand around true and meaningful consumer data (did you know it costs a business about 5-25 times more to acquire a new customer than it does to sell to an existing one?).
Brands that leverage this approach are taking the guesswork out of marketing and building a data-driven strategy that delivers. It really is worth investing in. It helps put the science around ideas.