Definition:
Customer Insight reflects valuable quantitative and qualitative information about the characteristics, preferences, needs, pain points, and behaviors of consumers. The more a brand understands the needs, motivations, and expectations of customers, the more suitable it will be to respond to their problems. Consumer insights can provide an opportunity for a brand to personalize products according to the needs and want of its customers. Also, brands can use these insights to develop their products or services, develop new marketing strategies, optimize the customer journey, etc.
Types of Customer Insight:
Firmographic Customer Insight: Firmographic customer insight assesses the characteristics of companies that consume a brand’s services or products. This insight includes the company’s industry, size, and location.
Usage Customer Insight: Shows “how” and “how often” consumers use a particular product.
Customer Loyalty Insight: It shows the level of consumer satisfaction with the product.
Customer Service Insight: Relates to the support team and the quality of customer interaction.
Competitor Insights: examines how competitors are doing business and standing out among competing brands.
Data collection methods:
Surveys and questionnaires, data from market analysis and search platforms such as Google Analytics and Google Trends, third-party data, and A/B tests are data collection methods to discover customer insights.
Advantages:
Analyzing data and customer comments helps to:
_ Identifying the reason for not using or stopping the use of the product
_ Optimizing product performance and quality
_ Improving the customer journey
_ Developing product or service capabilities
_ Create new products
_ Campaign design
_ And improve the customer service experience
