What is a customer insight?
Jan. 14, 2019, 1:26 p.m.
There are many ways to describe what really is a customer or consumer insights. Simply put, it is all the information about human behaviors that come from extensive research or analysis and tell you something potentially actionable about your consumers. It has the potential to change that behavior for many mutual benefits.
What are the components of customer insight?
• The access to complete data about your customers and their behaviors
• The right tools to collect and analyze important data
• Skills to interpret that information
• The technology to act on the insights
What can you gain with customer insights?
• With all the unique data about your customers and markets, you understand them better so you can develop a more successful marketing plan.
• They help to improve product and services so that it better serves the customers needs.
• Knowing what is and what isn’t relevant to your audience can drive new tactics.
• They can help you to understand customer journeys.
• They allow you to bring the needs and perspective of your customer into the product development earlier.
Differences with traditional market research
What really differ customer insights from market research is the community. Customer insights are made up of not only customers of the brand (like they are in traditional market research), but also a cross section of employees, shareholders and many more people who have some connection with the company. That wide and complex feedback can yield a greater ROI even with a much narrower group.
Is there a possibility that you don’t need them?
Of course, you can run your business without having that big data. But remember: knowledge is the bedrock of developing any business. No matter what your budget is, you should always try to get your marketing team to jump up onto seeking more information. You can never have enough data. Knowing your customers is the key to growing your company. No information will be unnecessary. You can use them either way.