What makes consumer insights valuable?
Successful businesses prosper when they know what their customers want. That’s why organizations spend so much time and money gathering data and asking questions. They want to ensure that they are providing the right value to the right customers.
By understanding the primary motivation behind a customer’s actions, organizers have a much higher chance of responding in the correct manner.
Nike is a brand that did consumer insights right. Its “Find your greatness” campaign for the 2012 London Olympics sprouted from the insight that most of Nike’s consumers were everyday athletes who wanted to push beyond their own individual limits. Because Nike understood its customers, they were able to create new products with effective marketing campaigns to match.
Coca-Cola (specifically 'New Coke' ) is a brand that got consumer insights wrong. Market research and product studies had shown that people like Pepsi better in blind taste tests. This data convinced Coke that they had to change up their flavor to be more like—or better than—Pepsi.
Unfortunately, they hadn’t asked the customers what they thought. People hated New Coke. They didn’t want Coca-Cola to change, and sales of New Coke tanked. Coca-Cola hadn't gathered enough consumer insights to know why people drank Coke in the first place and diverted their valuable time and energy towards an unfavourable change with their product.
Think about how else consumer insights can help your business. It can help you improve your customer service, open opportunities for new products and improve existing ones.
Asking for consumer insights can be difficult. Customers aren't interested in filling out forms and wont always know what they want. Market research alone isn’t enough; companies also have to collect and act upon consumer insights to be sure they’re on the right path. Getting accurate information about your clients shopping habits takes a lot of work, thankfully learning more about your customers has gotten easier!
Observing customers buying habits is one sure-fire way of developing consumer insight. This can easily be done if you have the right tools to capture and measure buyer activity, such as website cookies, real-time page tracking, tracking URLs and web submission forms. Your valuable data can then be analyzed to create a consumer insight model of buyer intent and motivation.
How to gather consumer insights
Real-Time Page Tracking
By monitoring consumer activity on your website, you can collect information about your customers purchasing habits. Find out what page led to the most sales, maybe a certain page generated high quality leads or a particular video drove high volume traffic to a certain product page. By knowing what motivated a customer to choose a product, you will know how to improve those lead generation sources. Learn more about Real-Time Page Tracking.
A Tracking URL can tell you a lot about a lead source and their intention. By appending attributes and passing them along through URL's, Retreaver can add those attributes as tags to a displayed phone number. Pass along attributes from all of your pages, and when a customer makes a call you can analyze the sales path or any engagements they made along the way. By aggregating URL attributes, you can understand your customers sales path. Learn more about Tracking URL's.
Consumer paths aren't always in a straight line, people will shop around, compare prices and read reviews before finalizing a purchase. Not all activity can be monitored on a single page or website, you need to save and store page activity on a per-instance basis, thats where Customer-relationship management systems such as Salesforce or HubSpot come in. CRM's can help build client lists and aggregate all the information you've collected through various engagements from site traffic, phone calls, previous sales down to individual social media campaigns. Learn more about our HubSpot Integration and using Zapier to forward information through various platforms to maximize the value of your consumer insights.
By combining Real-Time Page tracking, Tracking URLs and CRM Profiling - You can start building a client profile list with associated consumer insights. Create a retarget list of missed conversions to never waste an engagement. Analyze why certain pages, products or ads are driving more traffic and reconfigure your campaigns to match.
Consumer insights have a closer and more intimate scope than just sales attribution. Instead of just looking for the final result, it looks at the rationale behind a situation or action (not just a purchase) and attempts to build a narrative out of the data.
Consumer insights allow companies to create more personalized marketing campaigns and better tailored brand experiences. You won't just know which of your products sell, you'll know why they sell.
Learn more about how Retreaver helps Marketers scale their efforts.