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.