Customer insights provide you with important information about your target groups. Successful companies do not rely on hypotheses, but collect reliable data. The aim is to know and understand the wishes and needs of your customers in order to perfectly tailor products and services to them. Modern brands use customer insight tools for their branding. We show which tools are suitable
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Consolidate market position and increase market share
Companies that focus on their customers use customer insights as a source to initiate change. If new developments and marketing measures are based on data, it is possible to both react to the current situation and initiate new processes. If necessary, existing processes can be further developed. The aim of these existing processes is to maximize economic success.
If you can optimize the respective customer journeys, the number of leads and conversions will increase. You strengthen your market position against your competitors and increase your market share.
It is important to use up-to-date data to ensure that the use of the customer insights gained brings the desired positive results. Your market environment and business conditions change just as quickly as the needs and wishes of your target groups evolve.
Difference between customer insights and market research
There is a big difference between customer insights and the results of market research. While market research gives you a clear picture of what is happening in the markets you serve, customer insights provide you with the background for what is happening.
Customer insights tools help you answer the question of why
If you change your mindset and incorporate customer insights into your strategic planning, you will be able to answer key questions and set trends yourself. Take the opportunity to generate real benefits for your prospects and customers.
Optimize touchpoints with a customer persona
The customer journey of your customers determines whether a customer relationship leads to a successful conversion or whether the potential customer moves on to the competition. Use Customer Insights tools to optimize your customer personas with the help of touchpoints. The data collected enables you to vividly depict typical customers in the form of fictitious people.
Real customers and users of your products or services give you feedback on how they use touchpoints and what changes they would like to see. It often happens that questions and problems arise that would not have occurred to you as an expert in your field. You learn first-hand which touchpoints work, where the strengths and weaknesses are, what your customers are missing and which elements you can leave out.
What customer insights tools are there?
There are a variety of effective tools to help you gain customer insights. Common methods are:
- Individual interviews with selected customers - e.g. top-selling customers, new customers, regular customers
- Filling out online questionnaires: incentives increase the willingness to participate.
- Social listening: How do customers perceive your company, your brands and your products and services? Are there discussions on internet forms and social platforms?
- Reputation monitoring: How is your reputation in the digital media? What information do you receive about reviews of your products and services?
- Search data analysis: Automated searches for relevant keywords provide you with new data on sentiment and current topics.
- Competitor analysis: How do competitors present their products and services? What is the branding strategy? How are the customer personas differentiated and addressed?
Search data and competitor analysis are cost-effective customer insights tools. Any company can use them - manually or automatically - to gain valuable customer insights. If you only have a small budget and limited human resources available, these two methods are the perfect way to get started.
It makes sense to make the acquisition of customer insights a standard task in day-to-day marketing and to implement it across departments in the company processes. The central storage of the collected data and evaluations enables every employee to access the customer insights gained.
Data analysis with expertise, objectivity and empathy
Careful data collection is only the first step. Much more important is the correct interpretation of the data. Data collected in personal interviews in particular provides important information about emotions and wishes. Specialists must have specialist knowledge, objectivity and empathy in order to interpret and process the data correctly.
Customer insights do not always deliver the expected results. If your own perceptions and the opinions of customers differ, unpleasant feelings such as disappointment and frustration can be the result. It is crucial to be able to accept the new findings and implement the new know-how in your own processes. This will ensure that you get the maximum benefit from the complex data collection process.
Conclusion - replace hypotheses with facts
Use customer insights tools to back up hypotheses made in your company with facts and uncover customer needs. If you can respond to the wishes of your prospective customers before your competitors, you will consolidate your market position, strengthen your branding and gain market share. Don't forget to evaluate the effectiveness of customer insights and the impact on sales at regular intervals. This will optimize the evaluation and data collection processes as well as the company's internal application.
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