The Whole Truth: Why Consumer Insights are Critical to Marketing Strategy
The marketing industry is transforming at a rapid pace. There are more channels today than ever before, and there’s never been a time when it’s more important to understand your customers. It’s no longer enough to get your message out there and hope for the best – you need to be aware who you’re talking to and what they want before you take any action.
Consumer insights can be all the difference between your success or failure in any business, but most companies still don’t grasp how to use them properly. Here we’ll discuss how consumer insights can be applied in making marketing decisions.
What are Consumer insights?
This is the information you have about your customers. It’s everything from demographics to their behaviors and even what motivates them. It’s all the information you have about your customers and potential customers.
Why are consumer insights important?
Insights on consumers are important because they allow you to make better decisions. They provide a deeper understanding of your customers and the market, allowing companies to develop marketing strategies that resonate with their target audience.
They can applied in a variety of ways, including:
- Developing product messages,
- Identifying which products/services to offer or develop
- Targeting marketing messages based on who you’re speaking with
- Ensuring that your company messaging remains consistent across all channels.
How can insights be applied to marketing decisions?
1) Create unique messages for each segment of the market
Marketing to everyone, in the same way, is a surefire recipe for failure. Instead, your company should create unique messages that resonate with each sub-segment of customers you’re targeting.
For example, Toyota created an ad specifically geared towards their female drivers by showing women confidently driving cars through windy roads and uneven terrain. This message was much more effective than simply focusing on safety features because it spoke directly to what this group cares about – adventure and freedom behind the wheel.
2) Improve your customer service
Customer satisfaction is critical for any business. Suppose you’re not doing everything in your power to ensure that customers are satisfied with their product/service. In that case, all your efforts will go to waste – especially if they have a negative experience and share it online. Consumer insights can help companies identify what improvements need to be made to avoid losing valuable customers who might recommend them or buy from them again.
For example, when Domino’s Pizza wanted to understand better why people were dissatisfied with their products, they partnered with Acosta’s market research firm. Both groups went into stores and asked consumers about their recent experiences while ordering pizza through delivery services like GrubHub or Eat24. This way, instead of just relying on complaints that were posted online or simply asking people why they weren’t satisfied, Domino’s got direct feedback from the source.
3) Create a strong brand image
Your company’s branding must have consistency on all platforms. Your customers are taking in every piece of information they can get their hands on about your business, and if you’re not presenting them with cohesive messaging. It will reflect poorly on the company’s overall image.
Many companies spend millions of dollars each year trying to create an iconic logo design for themselves. This ensures that anyone who interacts with the consumer has the same message, which helps build a stronger brand image.
4) Position your company at the lead in the industry
Everyone wants to feel like they’re on top of their game, and customers are no different. If you can position your brand as being ahead of everyone else in terms of quality service or product development, this will help build trust among those who buy from you – especially if it’s true.
5) Find common ground with your target audience
The best marketing strategies are built on consumer insights that give companies a better understanding of their customers. Using this information to show how you’re similar instead of different can hugely impact brand perception and overall success.
For example, when Netflix was trying to market themselves as just like cable TV – except without all the commercials – they created an ad campaign where people were complaining about paying for cable while enjoying what they wanted because it streamed instantly onto any device.
6) Respond quickly to negative feedback
Social media has given consumers a platform to voice their opinions directly about any company. If you wait too long to respond or don’t make an effort at all, then it will reflect poorly on your image and how fast you’re able to adapt – not just in terms of messaging but also service delivery.
Insights on consumers are key to customer retention and growth, as well as overall business success. Building a deeper understanding of your customers and knowing how best to communicate with them will help you make better decisions both today and in the future.