5 Types of Consumer Insights that can Boost Your Business

It makes sense that knowing who your customers are could only help with knowing how to market to them. Once you have a solid foundation of your customers it becomes an integral part of boosting your business through customer insights. Customer insights tools are beneficial in gathering information that can make business decisions down the line.

What is the Difference between Market Research and Consumer Insights?

Before gathering consumers' insights it is important to have done research on the audience. This process is known more broadly as market research. Market research uncovers the "what" behind things such as market needs, size, and competition. Although consumer insights are a type of research they uncover the "why" of the consumer. What are their needs, preferences, and behaviours when interacting with your business?

What are the 5 Types of Consumer Insights?

There are various types of consumer insights Below is a list of 5 that are useful to understand and look out for when collecting customer insight analytics.

1. Competitor data

Dive into market research on your competitors to understand the ins and outs of how they are running their business. This information will help you determine how to stand out.

1. Customer service data

Your customer satisfaction team is your best resource when it comes to knowing what the customer has to say about your business. Use their feedback to learn more about what can be done to improve.

1. Customer loyalty

A survey can be a quick look into how likely a customer is to recommend your business or how happy they are with the service they received.

1. Usage information

Gathering data on how often customers are interacting or using your business is valuable in understanding consumer behavior.

1. Firmographic data

This data categorizes the industry your business is in while assessing which businesses are interested in or currently using your product or service.

Visualizing Consumer Insights

A customer insight platform is a useful tool to organize and visualize your customer's behaviors. You can see a trend in behavior through continuous research all compiled into one software. If you are looking for a platform to use one of the best customer insights tools can be found at Mapsted, a company that is dedicated to helping businesses understand the data behind their consumer behavior.

What to do with all these Consumer Insights?

Using consumer insights can help your business make informed decisions to improve your product and business performance.

For example, a business can use consumer insights to help assist their customer service team by providing additional help that is readily available to the consumer or even guide them to the direct team that can answer their questions by filling out a quick survey.

By listening to consumers' needs you can figure out a way to help them and in turn, make your business process more efficient.

Consumer insights can also assist in figuring out the customer journey, allowing your business to know where to offer support during the buying process and ultimately making their experience more enjoyable.

Going forward with Consumer Insights

Once you have a solid foundation built around your consumer insights you can plan for your business to grow by always implementing recurring feedback from your customer insight platform. A good platform will have customer insight analytics that you can draw meaningful information and data. This information becomes extremely valuable for customer insight marketing as well since you have a thorough understanding of what the consumer values and needs from your business.

As long as you are listening to the needs of your consumers and taking action to improve areas that are in need, your business will benefit greatly.

As a tech-savvy writer, I take great interest in learning about new innovations in technology and how it is changing our world.