How to Gain Consumer Insight

April 5, 2018 | Jason Kay

Successful businesses prosper when they know what the customer wants. That’s why organizations spend so much time and money gathering data and asking questions. They want to ensure that they are providing the right value to the right customers.

But market research alone isn’t enough; companies also have to collect and act upon consumer insights to be sure they’re on the right path.

The difference between research and insight

Traditional market research involves gathering facts, figures and statistics. Researchers then attempt to discover trends and look for generalities among the data. This is extremely valuable for business attempting to penetrate new markets.

Consumer insights have a tighter and more intimate scope. Instead of looking for the overall picture, it looks at the rationale behind a situation or action (not just a purchase) and attempts to build a narrative out of the data.

Consumer insights allow companies to create more personalized marketing campaigns and more tailored brand experiences. You don’t just know which of your products sell; you know why they want it. You don’t just know that you have a defect in your product; you know why that defect matters to customers in the first place.

What makes a consumer insight valuable?

By understanding the primary motivation behind a customer’s actions, organizers have a much higher chance of responding in the correct manner.

Nike is a brand that did consumer insights right. Its “Find your greatness” campaign for the 2012 London Olympics sprouted from the insight that most of Nike’s consumers were everyday athletes who wanted to push beyond their own individual limits.

Coca-Cola (specifically New Coke) is a brand that got consumer insights wrong. Market research and product studies had shown that people like Pepsi better in blind taste tests. This data convinced Coke that they had to change up their flavor to be more like—or better than—Pepsi.

Unfortunately, they hadn’t asked the customers what they thought. People hated New Coke. They didn’t want Coca-Cola to change, and sales of New Coke tanked.

Think about how else consumer insights can help your business. It can help you improve your customer service, open opportunities for new products and improve existing ones.

How to gain consumer insight

As mentioned before, consumer insight is similar to market research in that they both require facts and metrics, but insight can only be gained through deeper questions and thorough comparative analysis of the data.

Observing customers’ buying habits is one sure-fire way of developing customer insight. This can easily be done if you have the right tools to capture and measure buyer activity, such as website cookies, tracking URLs and web submission forms. You can easily use these to assemble a consumer insight picture of buyer intent and motivation.

All this collected electronic data is great, but there’s no better source of insight than the buyer himself. Contact centers are in a unique position of being able to talk directly to the customer and ask them the right questions. When you combine this with call tracking software like Retreaver, which helps agents identify the caller, the reason for their call, and what led them to reach out, and you are well on your way to picking up valuable consumer insights about your brand and product.

Contact us today to find out how your call centers can help you gain key consumer insights.

Why Call Intelligence is Important for Marketers

November 11, 2017 | Jason Kay

Hitting the phones is one of the biggest ways to drive business. 5 billion people in the world have a mobile phone – that’s two-thirds of the people on the planet – and most of them like to talk. “Customers have been found to respond better to the human touch than to some other form such as digital marketing,” explains Call Center Outsourcing Consultant Russell Meisman. “Sixty-eight percent of B2B sales were found to involve some form of human interaction such as telemarketing.” However, Meisman is quick to note that it also takes an average of 80 calls to make a breakthrough.

What if you can skew the odds in your favor just a bit more? You can use call intelligence – data gathered from previous phone calls. This data will allow you to personalize the buyer experience for repeat calls and identify more qualified leads. This strategy can improve your paid campaigns, help you attract new customers and give your teams an edge in closing deals. In other words, understanding call intelligence can help you drive revenue.

Here’s why call intelligence is important for marketers:

Call Tracking

The first opportunity that call intelligence affords marketers is analyzing effectiveness through call tracking. This technology can look at the pages your would-be customers looked at before they call you, the ads on which they clicked and the sites they visited. That information is then paired with the subject of the call and its outcome. Marketers can use this information to see exactly where their marketing efforts are driving interests.  Along with information on which ads get the most clicks and what characteristics those ads share.

Revenue Drivers

Call tracking and call intelligence can also help to identify revenue drivers. The technology is perfect for measuring how successful the campaigns are. Data will identify which campaign drove the most sales and which products or services get the most traction. If a particular product line is disproportionately responsible for phone call volume, it might be an area in which your company should further develop. A revenue driver with the opportunity for business expansion or create media to answer common questions. 

Relative Performance

National campaigns can be tracked and allocated to various branches or a small company that needs to understand their customer journey. Call tracking helps your marketing department accomplish those things. It can illustrate the source of calls so you can clearly see what made a person pick up the phone. For instance, was it the ad for which you paid $1 per click or a blog post with your contact information that went viral? You can also see whether your marketing campaigns had a direct impact. Companies may find that the bulk of their business comes from prospecting and inbound sources as opposed to cold calling.  Other companies will experience the reverse. Call intelligence helps you track relative performance. In turn, marketers can use the information to develop better, more effective campaigns – earning you more revenue in return.

Call intelligence is a valuable tool for growing your business. It clarifies which efforts are producing the biggest impact and which are earning you a poor return on investment (ROI). Get your free trial with Retreaver and help your company generate more qualified leads and better serve those people who do call in.