Customer Insight is one of the important factors determining the success of a Marketing campaign. So what is Customer Insight and why is it so important, let’s explore with us right in the article below.
1. What is Customer Insight?
Customer Insight is the analysis, learning about the needs, wants, desires, behaviors, habits, … of customers through the available Insights. However, Customer Insight is not something that is easy to grasp and control. To be able to understand Customer Insight, marketers need to learn, research thoroughly and comprehensively to get accurate and valuable information about customers.
2. Why analyze Customer Insight customers
When you know customer insights, you can tailor your business plans more effectively. The ultimate goal when doing business is for the consumer to buy the product and the business to reap a lot of profit. Therefore, understanding the inner desires of customers will help businesses communicate with target customers more effectively, recognize what needs to be improved in products and services, and avoid wasting resources doing business. unnecessary things. Then both you and the buyer mutually benefit.
Another advantage when analyzing customer insights is predicting future user trends. In the context of such fiercely competitive businesses, just because you are successful today does not mean that you will continue to be successful in the future. So if you do not understand consumer behavior, failure is waiting for you ahead. Understanding customer insights, businesses will make timely preparations to still hold market share not only in the present but also in the future.
3. Customer Insight Pros and Cons
As an important factor in Marketing, Customer Insight still has advantages and disadvantages in parallel as follows:
Advantages and disadvantages of Customer Insight
- Advantages: With the essence of understanding the desires and needs hidden deep inside each customer, once you grasp Customer Insight, you have grasped the key to the Marketing campaign. Accordingly, once you grasp Customer Insight, you will map out the correct directions, develop product strengths and improve shortcomings to better suit customers. From there, your business will reach a larger number of customers, easily take practical actions and drive sales.
- Cons: The downside of Customer Insight also stems from its elusive nature. Because it is difficult to grasp, if you do not learn carefully, it will be easy to capture the wrong Customer Insight. And once captured incorrectly, it will lead to the introduction of wrong, objectionable strategies, causing economic and property losses.
4. Steps to take to define Customer Insight
1.1 Build an overview of the customer’s buying journey
These will be the steps customers will follow to access your products, from the first interactions with the brand, the consideration and review process, the purchase, and then the post-purchase behaviour.
In this process, if you give buyers a pleasant experience, they will accompany you throughout the process, otherwise they will “turn the car” to “go on the road” with other brands.
A customer journey map will help businesses know which are the most important touchpoints (touchpoints) and what customers need at these points.
Therefore, close monitoring of this process is important. It will help you better understand your customers, thereby making appropriate business plans.
1.2 Data collection, data
There are many ways to find customer insights, but in order for these metrics to most accurately represent customer insights, you should choose information about customer behavior when they come into direct contact with your business. The sections that can provide the most useful information are:
- Marketing department, market research
- Business Department
- Customer care room
Another way that can bring useful information is to rely on available data, big data to better understand the “secret” needs of customers. However, it is important to pay attention to the reliability of the information. Because if the initial data is wrong, 100% leads to incorrect results. At that time, all subsequent stages are considered as “falling in the river”. Don’t let when you complete all the stages you have to check and redo from the first steps.
1.3 From the acquired data, conduct insights analysis
To make the most of this data, businesses need to understand what they mean. These metrics are just “the tip of the iceberg”, so you have to analyze why shoppers are behaving like this? What were their thoughts at the time of purchase? When you find out the problem behind the purchase decision, this is the time for businesses to develop plans to satisfy customers.
It sounds very simple, but performing these analysis steps is not easy. To be able to analyze customer insights most accurately, analysts need to have a lot of knowledge about customer behavior research, understanding of buyer psychology and necessary data analysis skills.
1.4 Apply to business plan
After having all the necessary information, the next step is to rely on that data to shape the direction of operation. Each industry will have different applications. So don’t “put one man’s beard in another woman’s chin” but create separate ideas so that revenue can grow dramatically.
Note: During the implementation of the plan, it is necessary to continuously measure work efficiency, to avoid the case of wrong or inappropriate customer insight analysis. Minimize waste of business budget. A few questions to help you gauge effectiveness:
- Are the campaigns that the business creates effective or not?
- If not, where is wrong? What is the plan to fix it?
- If the campaigns are done right, is that the best way? Is there a way to optimize the effectiveness of the business strategy?
Hope the information shared about Customer Insight above is useful to you. If you have any questions or concerns, do not hesitate to leave a question for timely support.