Consumer insight is the understanding and identification of an unmet need in the marketplace and then using the insights to find a way to fulfil the need. It implies a depth of understanding the customers. It also implies the sensible use of the obtained knowledge to help consumers fulfil their needs. Consumer Insights also implies understanding the collected data so that an organization can position itself the way it wants to be seen by its consumers.
Consumer Insight is a result of market research and consumer insight database analysis being combined to manage consumers and to allow consumers to manage themselves.
Consumer insights help to formulate changes in marketing strategies and help to improve interaction with individual consumers. Good Consumer insight means good CRM.
Consumer insights work with and on the following:
• Gaining Perspective
• Inspiration
• Knowledge
• Discernment
• Introspection
• Truth
• Intuition
• Revelation
• Deep Understanding, and
• Discovery
The following business challenges can benefit from Consumer Insight:
1. Effective and efficient growth of the business:
• CI helps to measure effectiveness of marketing campaign by analyzing volume, influence and sentiment of consumer responses across multiple social media channels.
• Pinpoint key influencers and social channels to engage consumer communities.
• Gain insight into triggers of churn and cross-sell/up-sell opportunities to improve ROI.
• Understand and measure the affinity relationships of your marketing messages by analyzing keywords and consumer reaction to more agilely modify messaging for campaigns in progress.
2. Enhance organizations reputation both internally and externally:
• Apply the analysis of key stakeholder and influencer sentiment to targeted public relations, investor relations or public affairs initiatives.
• Inform senior management of