By Owen Fay . Posted on January 6, 2022Understanding your consumers’ wants and needs has become essential to any successful business. Consumer insights allow your business to learn from your audience and optimize your resources around what your customers want most.
Businesses that utilize consumer feedback are more likely to be successful from the start and quality feedback can reduce risk, save time, and optimize revenue.
What Are Consumer Insights?
Consumer insights are feedback used by businesses to gain a deeper understanding of how the audience thinks and feels. Gathering feedback from consumers allows your business to discover what their customers want and need, and more importantly, why they feel that way.
But, collecting actionable, quality consumer insights can be hard. Here are three important factors in consumer insight research.
1. Collecting Quality Data
The quality of your data is vital to how beneficial consumer insights can be. Without enough high-quality data, your conclusion might be inaccurate. The data your audience gives you can lead to big changes for your business, this means good data is that much more important. Real insights on your business will only help your business down the road if they are actionable and reliable.
2. Understanding The Data
Once you have all the data from your consumers you need to understand what they mean. If your business can’t interpret what the data is telling you the insights and feedback don’t have value.
It is important to analyze and acknowledge your data, and it should help you reach your audience and engage consumers. To get the most out of your consumer insights it’s important to not ignore the results of your research, whether you like them or not. The data shows what your audience wants and what they will respond to most, go with what your audience wants.
3. Implementing Changes
After collecting and interpreting your data, the next step is to make the changes consumers want. Your business now understands what the consumer will respond to most, implementing those changes to optimize revenue and create more engagement is the ultimate goal of conducting consumer insight research.
What Is The Difference Between Consumer Insights And Market Research?
While both market research and consumer insights are important to any business, they can serve very different purposes.
Market research is an effort to gather information about customers or markets. It gives a researcher data about market size, needs, competitors, and customers. Market research provides statistics and knowledge and is the “what” of the market.
Consumer Insights provide much of the same information but come with recommendations that can help grow the business. Consumer insights will deliver both data on the market and ways to make use of the data.
If market research is the “what” consumer insights are the “why”. It gives businesses the information needed to improve engagement, satisfaction, customer retention, and revenue.
Where and When You Can Use Consumer Insights
Consumer Insights Help Personalize Marketing
Today, most companies that want to reach a large audience use mass marketing to create a broad audience. But, with new businesses emerging every day the competition is stiff, personalizing marketing efforts is important.
With consumer insights, your business can understand why consumers respond to certain resources and help to optimize based on what your audience wants. It can help to refine your audience and find the best ways to reach your desired consumer.
Consumer insight research is essential to learn about your target audience and find actionable ways to improve marketing.
Using Consumer Insights Before Launching Your Business
As we’ve talked about, consumer insights are essential to optimizing your business. They can be used when your business is rebranding, wants to find new ways to reach customers or optimize resources. Using consumer insights to optimize after launch can be helpful but it can also cause lengthy and costly changes for your business. Utilizing feedback before going live can save time, money, and reduce risk.
Doing consumer insight research and testing resources pre-live will let you understand consumer wants and needs before launch. This lets you focus on what’s most important and set you up for success immediately.
A business can use consumer insights to find the best logo, landing page, ads, and more; giving your business the information it needs to reach a target audience right when it launches. Insights can be used in multiple ways to optimize your business and are essential to creating the best marketing plan. We’ve put together a list of things to think about before collecting consumer insights.
Gathering Consumer Insights
- Understand what you want to learn: before your business gathers consumer insights, understand what you want to get out of the data.
- Find your assets: How are you going to collect the data and analyze it? Dedicate some time to gathering and using your consumer insights.
- How will you collect the data?: How you capture the data is extremely important. The type of collection method and targeting are important factors for utilizing the data. Poll the People’s usability testing platform is a great way to do research.
- Using your data: Make sure the time and money spent on consumer insight research doesn’t go to waste. Once the process of gathering and analyzing your data is complete, think about what resources will change and how to implement those changes.
Now that you know about consumer insights, the benefits, and some use cases, you are ready to start. Consumer insight research can be hard but can have a big payoff in the long run. Find out how Poll the People’s usability A/B testing can help you gather consumer insights, learn about Poll the People’s platform here, or create a free account and get started today.
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