What Are Consumer Insights and Why Are They Important?

what are consumer insights

In today’s competitive marketing era, it’s essential to maintain a complete and valuable knowledge base about your customers. The marketing term for this database is consumer insights. The primary purpose of consumer insight is that it will help you understand your customers deeply. Therefore, you will be able to make your products according to them and maybe even get ideas about your future products from the data you have gathered. 

Customer insights will make your one-to-one relationships with your customers better and gives both sides a good feeling. This is based on analyzing your customer behaviors and not just on hasty conclusions. 

So, let’s start and see how to make use of customer insights.

Note: Get customer insights and make better decisions with WatchThemLive. Understand how your users behave, what they do, and how to optimize your conversion processes.

customer insights

What Is the Meaning of Consumer Insights?

Consumer insights are the process of converting your customers’ behavioral data into meaningful facts that can be used in improving your product and customer support. 

When consumer insights research is done decently, it should improve how a firm communicates to its customers, which will affect consumer behavior and hence increase sales.

As a company that wants to use every matter to increase its sales, it’s super essential to use these insights in your marketing plans. 

What Is The Importance of Consumer Insights?

User insights can help a company better personalize and adjust products to their customers’ requirements and wants.

These data can be used to extend product/service offerings and build new marketing strategies. It also helps to construct detailed customer personas and journey maps and improve existing offers. Because the goal of utilizing customer insight is to improve the customer experience, it can also result in increased revenue.

By using consumer insights, you will be able to make a strong bond with your customers. This way, you can make better decisions and prevent costly mistakes in your future product design process. 

After implementing consumer insight, you will acquire better customer knowledge, which will significantly boost your business.

What Are the Best Customer Insights Platforms?

watchthemlive homepage

The ability to gather customer data is very important in today’s tense competition between companies. The very business that decently does this can achieve better sales and revenue. However, to achieve this goal, you need to get help from professionals. There are lots of platforms for gathering your customers’ data, but a few of them will do it perfectly. One of them is WatchThemLive

WatchThemLive is a user tracking platform that provides lots of services for this matter. You can be completely sure to find what you need on their platform. The very specific feature that we want to mention here is the session replay. 

This feature allows you to see exactly how your customers behave on your website. It’s like you are watching through their own lens. This will allow you to find out which part of your website is working well and which part is not and take quick action according to that.

So, if you need a reliable user tracking platform for your business, sign up here right now.

What Are Consumer Insights Examples?

Here are some examples of how real organizations have improved their customer relations by using consumer insights and being able to manage them in the right way:

1. Public Perception

Carlsberg homepage

Carlsberg’s ‘Probably Not’ ad was a consumer insight effort that proved to be a winner. The company has long boasted that they make “possibly the best beer in the world,” but they suddenly decided that they couldn’t ignore customer complaints on social media that the beer didn’t taste as good as it claimed.

Not only did the firm change the beer’s recipe and rename it, but it also came up with the bold statement, “Probably not the best beer in the world. As a result, we’ve made a modification.”

This alone shows us the importance of being aware of customer insights and deploying them in the right way.

2. Brand Recognition

netflix's homepage

Netflix. When you hear the brand’s name, you immediately identify it and understand what it does. However, what is it about the company that has made a great deal in customer engagement?

Netflix started by focusing on consumer insights gathered from its own users and continues to do so today. What users view, the alternatives they shift through, the amount of time they spend watching, and the time of day they watch are all recorded and used to improve the experience.

This all led to personalized experiences for customers and great retention for Netflix.

3. Increasing Revenue

Nike's homepage

Nike is known for being a game-changer in the sportswear industry. The Nike Plus membership benefits package, powered by the Nike app, is the company’s most recent innovation. This package has a number of perks, including one-of-a-kind events, special offers, expert guidance to help you improve in sports, and birthday gifts. 

But what do they want from you in exchange? You tell them about your workouts, hobbies, measurements, and personal information, then make purchases on the linked website to get reward points.

When they understand your preferences, buying habits, and hobbies, they can not only improve their products but also allow them to give you attractive offers. While the corporation sells you more, you get a personalized exercise program and what you want.

Conclusion

Knowing your customers will give you the edge you need in your competition against your rivals. By gathering customer insights and creating a database, you are able to make decisions to fulfill your consumers’ needs. This will lead you to better sales and revenue.  in addition to all these benefits, by using consumer insights, you will be able to make a fool connection with your customers that is worth a lot in the marketing world.

In this article, we explained the definition of customer insights and provided some examples. We also introduced you WatchThemLive, one of the best platforms for this matter. Make sure to use sign up to gain actionable insights. 

Abtin
Abtin
Abtin Bahramian is a game programmer who now concentrates on the web content area. Abtin loves to write beautiful content about digital marketing strategies. But, while not writing, he is probably learning some other languages, playing guitar, having fun with his friends, or most likely making video games.
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