![]() You may also learn that some of your current markets are not resulting in high enough ROIs, and it’s time to pivot your strategy. You may learn about a new audience of interested consumers you didn’t appeal to before. Sales data and customer data may help you discover opportunities to enter new markets. Consumer insights help you determine how customers value your brand, products, or services against the market competition and enable you to create or adjust your pricing strategy to reflect this sentiment. Determine ideal pricesĬreating a pricing strategy for your products or services can be challenging and requires an understanding of how much your customer is willing to pay for them in your market. For example, a repeat buyer is likely to see a different promotion than a one-time buyer who had a bad experience with your brand. ![]() Targeted adsĬustomer insights such as browsing and buying history, social media conversations, and online reviews help you target specific ads and promotions to consumers based on their experience with your brand. This information enables you to forecast inventory needs to ensure you have an accurate, real-time supply chain strategy that avoids waste. Learn more: How AI-powered insights can boost your omni-channel CX strategy More accurate inventory forecastsĬustomer insights, specifically sales data, helps you determine what products are in high demand. Customer insights give you a more granular understanding of how to better serve your customers on a 1:1 basis, opening up opportunities for a more personalized, uninterrupted customer experience. Personalized customer experienceĬustomers demand personalized interactions and experiences in today's digital world. Higher customer lifetime values result in more revenue for your company. Listening to the voice of your customers builds customer loyalty, making them more likely to make repeat purchases with your brand. These insights also give you an idea of how customers perceive your brand, products, or services, providing several benefits, including: Optimized customer lifetime value Using customer insights to make actionable business decisions helps you better understand your customers’ needs and develop 1:1 relationships with your customers. How should you position yourself against competitors?Ĭonsumer insights can be collected from several resources, including:Īny channel through which consumers can offer feedback to a business or brand qualifies as consumer insight, which can be collected formally (e.g., customer surveys or focus groups) or informally (e.g., social media or online reviews ). Where are your opportunities to increase sales or conversions? Where are there opportunities for product or service add-ons or upgrades? ![]() Where are there opportunities for new products or services? How do you open up new opportunities for new audiences? How is your audience perceiving your brand? What is the demand for each of your products or services? How should you position your products or services to customers? Business owners can use these real-time insights to understand how customers think and answer important questions like: This information helps companies provide more effective products or services for consumers and increase sales.Ĭonsumer insights help brands move into a consumer-centric way of thinking by looking beyond what products and services consumers are interested in and looking into why they’re interested in them. It gives a further look into the customer journey, from what consumers are buying to why they’re making buying decisions and how they’re feeling about a brand or product. Consumer insights, or customer insights, interpret trends in consumer behavior.
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