October 31, 2013

Customer insight analytics: The key to business success

2 minute read

The business to consumer (B2C) industry has witnessed a huge shift in power over the last decade. With the internet giving everyday customers the chance to analyse their prospective purchases from every angle – giving unobstructed views of prices, features and known competitors – no longer can businesses launch a new product without applying the same attention to detail in designing it.

B2C is now virtually rid of complacency, with companies taking no chances in the development of every single one of their projects. Of course, some are still wising up to the wonders of the internet and how it can impact the buying process, but it’s not too late for them to change their ways and gain an upper hand on the competition.

In order for business to cater for their customers’ expanding requirements, they need to learn more about them as people. Fortunately customer insight tools can give every business the chance to explore their market and find ways to sell their services more effectively.

Data

The valuable information hidden within chunks of data is no longer the preserve of the tech whizz kids, nor does it belong in the boardroom. Any B2C business can use this information to strive for focus and concentrate on the moods, desires and mindsets that influence their customers’ buying habits.

Whether they’re looking into social chatter or scouring for customer surveys, companies must use this data to rewire their businesses and focus on customer inputs instead of company outputs. Being a sure fire way of driving customer loyalty, information is the key to developing stronger relationships.

Guidelines

When it comes to designing a new product, it’s often hard to find a place to start. Customer insights give the business a solid foundation on which to build their grand visions.

By finding and then keeping the insight in focus, this single chunk of information becomes the guide for something much, much bigger. Just one key piece of information about the product’s ideal customer can provide the pathway to its ultimate success in the marketplace. Grand ideas always need something to build off and customer insight tools provide exactly that.

Protection

On the other hand, a business that fails to look into the pros and cons of going ahead with developing a product could have a catastrophe on their hands.

Customer insight analytics acts as a protective mechanism in the research stages, almost like a preliminary risk assessment for the product in question. Through utilising their data effectively, a business can prove the true worth of anything before they decide to invest their time and resources into its development.

Effective marketing

With their unique selling points already to hand, customer insight tools have made it so much easier for B2C companies to market their products.

Good marketing should help “sell the insight”, which means advertisers can start working out ways of marketing the product before it’s even been built. These campaigns can achieve a number of things for the business – delivering new information and benefits about the product whilst helping to sell more units. Thus, the advantages of customer insight range far and wide.

Posted by Quant Marketing

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Customer insight analytics: The key to business success

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