The Importance of Consumer Insights

Media has changed completely in just a decade or two. Earlier there was one television network, one newspaper in every city, and clearly defined radio stations. Now there are hundreds of television and cable channels, let alone Netflix and DVRs. AIR is fading as FM Radio networks take over. Even the once mightiest of newspapers are struggling to survive. And now there are numerous online marketing and social media marketing opportunities that must also be considered. Due to this complex media scenario simple demographics no longer suffice, and consumer insights have become very important. Researchers, or those who casually profess to provide consumer background, are now being forced to provide more than just numbers. Marketers today demand real, useful information that can be acted on by all segments of an organization that are involved in doing business with prospects and customers. Consumer insights research gets under the skin and inside the consumer’s head to completely understand the thought process that goes on in his mind during any transaction. They help us to understand the reason for a purchase, what happened, who influenced the consumer and what could be his behavior in the future. Consumer insights are not only gathered from research or focus groups. They are usually gathered from various sources and then analysed to provide an understanding of the customer’s behaviour.. Marketers must necessarily gather consumer insights in order to sharpen and implement their strategies. This helps not only in how a product or service is presented to the consumer but also helps in deciding the content of the products and services in the future. Consumer insights provide an understanding that enables focussed marketing. Not only do marketers need to know how people refer to a particular product, they may even find it helpful to understand whether cultural differences play a role in product selection, especially in a country as diverse as ours. Do people from different social or ethnic backgrounds have different preferences? Consumer insights define a problem that the company can then solve to find a solution for. This will lead to happy customers and better sales for the company. Identifying influencers and ambassadors, and predicting how information will be shared among peers can lead to a more effective consumer relationship. These insights can be applied to business and marketing decisions to give the organisation a lead over its competitors. Once you know why your customers react in a certain manner, it will be much easier to reach out to them and ensure their loyalty.

About NFX

We’re a consumer insights agency. The interface of digital innovation and human psychology lies at the centre of our process; it helps us bridge the gap between brands and people>