Consumer insight is essential for any type of business. Understanding the needs of the customer is the only area of focus of many successful companies. If one defines a company as a function between its customer and supplier, without understanding the customer’s needs and behavior, a company cannot be fully defined. As Jeff Bezos puts it, if he would have to define Amazon, his definition would be “customer focused retailer“.
Data analytics and visualization help you to understand your customer and help you to make the right business decisions.
Customer behavior is dependent on the underlying product. The insight on customer behavior can be gained by market research, surveys and the data that is available in the company. Customer behavior is a research field of psychology and according to our experience, one can never make true statements about customer behavior that will stay true for a long time, e.g. 20 years period. This means that the company must always stay in touch with the public and its customers in order to adapt its products to the changing environment. This kind of approach brings the necessity to set up the following:
- Setting the right parameters that change the attitude of the customer towards the product
- A very powerful feedback loop from customers into the company that is not necessarily a derivation of the number of sales (an assumption that high sales indicate high customer satisfaction is a common reason for failure)
- Abstracting the success or failure of marketing activities from the satisfaction of the customer that arise after consuming the product
One can answer the following questions after a project, which sets a thorough
Some questions that a customer insight project will clarify:
- What parameters do customers use or which emotions guide customers in deciding for a product in my industry?
- What criteria should we choose in segmenting my customers for a predefined goal?
- Which customer segment should we target for higher efficiency in our marketing activities, thus how to increase the return on investment in marketing?
- How has the perception of our company in the eye of customers changed in the last years?
- What do customers write in social media about us (Sentiment Analysis)?
- Did our company’s most recent campaign resonate with customers? Why or why not?
- What is the level of my customer loyalty? How can I increase it?
- On which platforms and where should I leverage my customer loyalty?
- Which communications tools are most likely to result in the highest customer satisfaction?