Customer Insights: Understand what drives your target market

 

Consumer insights look at the needs of your target market to describe why the market behaves the way it does. These insights can give your business an extensive understanding of consumer behavior, including personal consumer preferences and market trends.

Market research data, such as how many people in your target market would consider buying your product, isn't always sufficient to go on to product development and marketing. Your business also requires to know what drives that data. Consumer marketing insights help you recognize potential customers and make product and marketing decisions that win them over.

Consumer insights and market research

Market research collects data on consumer behavior using research methods such as interviews, focus groups, experiments, and surveys. This research type often generates quantitative and qualitative data, such as market demographics and consumer sentiment.

Market research results are usually either statistical or anecdotal. For instance, you may find that 55% of consumers think it's essential that your business donates to charity. In comparison, 31% think it's somewhat crucial—and some consumers may even recommend a specific charity.

Consumer insights look into market research results to explain the "why" behind a statistic. For example: why do consumers think it's essential for your business to donate to charity? Maybe your brand values align with a certain cause they want you to support. Perhaps they want to feel like they're creating a positive impact when they buy your products. 

How do you get consumer insights?

Every business requires consumer insights and even those with a bare-bones staff and budget can easily create them. Here's how you can find consumer insights in your research data:

1.      Conduct consumer insight research

Businesses with precise data are more likely to develop meaningful insights. Make well-informed conclusions about consumer behavior by diving into your target market's wants, attitudes, and buying behavior with consumer insight research. This type of market research helps you boost correlations between beliefs and buying behaviors.

Although there are many types of consumer insight research, surveys are usually the most versatile way to handle the consumer research questions—and they play a crucial role in more complex research methods such as focus groups and experiments. With surveys, your business can frequently collect data from a representative sample of your market.

There are two fundamental ways to extract consumer behavior insights from your research. You can either straight ask respondents for their insight or establish correlations between data points when your consumer insights research is complete. If you're using the initial method, ask follow-up questions that encourage participants to describe the reasoning behind their buying behavior. Survey logic can support this, as it lets you cover custom questions based on a respondent's previous answers.

2.      Extract consumer behavior insights from research data

Businesses often struggle to handle the information they collect from market research. To develop insights from consumer market research or analytics, you'll require to sift through big data to find the most important data points.

To recognize potential insights, arrange your data so that patterns appear in your participants' buying behavior. To manage big data sets, filter your responses to focus on patterns in smaller segments of your target market. This technique assists you in uncovering micro-trends and correlations and focuses on a more manageable pool of participants.

3.      Build consumer insights data

Consumer insights are only helpful in the hands of the people who know what to do with them. Make a clear impact on your business by sharing your significant consumer insights with co-workers or employees who will gain the most from your research. A shared database or report is an excellent way to make your insights available to anyone at your business who requires them.

New consumer insights help your business remain on top of market shifts, but consumer behavior data from the past can be just as helpful. Past insights are a considerable way to add context to future research questions and benchmark future insights, so hold onto the reports you make—the best consumer insights are those that your business can come back to now and then.

If executed properly, the insights you get from doing more solid customer research will help formulate your marketing strategy, brief your design decisions and guide your future business plans. Customer research should be done constantly as customer needs change or as competitors offer new features. We at Ingenious e-Brain have a wealth of experience measuring customer satisfaction on behalf of our clients, so if you require any assistance in carrying out this type of market research, please get in touch with us at services@iebrain.com.