Consumers are getting more exposed daily to things they never knew existed and this exposure keeps changing their behaviours. Due to this, the global market is becoming overly competitive as brands are competing to meet up with the consumers’ changing taste and needs with products and services they feel would satisfy these needs. Knowing the demographics of consumers is no longer enough to develop products for the average consumer. This is because consumers think differently despite being in the same age group or ethnic group. Basing your product development and marketing on just demographics will limit the effects of your marketing.
Similarly, consumers are mostly controlled by emotions. What they watch, share, buy and participate in is mostly determined by how such thing makes them feel. They want to know what they will gain by associating with your brand and how it will make them feel. They want to feel connected with a brand through the ads. This means brands need consumer insight to get consumers to elicit the kind of response and emotion that will lead to purchase.
Consumer insight is processing data/information and consumer trends to have a deep understanding of what consumers want, how they want it and giving it to them. Contrary to what most brands think, consumer insight deals with more than numbers. It involves conducting a well planned research and studying trends to get into the minds and heads of consumers to know what they are thinking and channel the product to suit their interest, values, languages, beliefs, behaviours and what is generally acceptable by them. It also involves knowing why your targets purchase and what will influence future purchase decisions. It goes beyond using basic demographic segmentation; it digs deeper into revealing the entirety of a consumer.
Also, consumer insight involves digging deep into the cultural practices of consumers. It allows brands to personalize marketing (product design and development) to create a sense of intimacy with the consumer, devise an effective marketing strategy on a more personal level and use the language the targets are familiar with.
In addition, it helps to answer the following questions:
- Who are my consumers?
- Where are they?
- What do they think (of my brand, and in general)?
- How should I stand out to them from noise and competition?
- How do I make them come to me?
- Who or what influences their decisions?
- How can I find more of them?
- What do my consumers and potential consumers want?
- How do I make it available to them?
Conclusively, brands should not stop at knowing what goes on in the minds of consumers to get immediate response without proper follow up to know how to keep up. There is always more to know and this is how brands can stay in the game in the ever evolving world that has brands popping up every day with new products to make up for the defect of another brand. This means getting insights should be a brand’s long term marketing plan.
Source: CI Ultimate Guide: The Why and the How of Consumer Insights Todayhttps://www.trybesagency.com/blogs/consumer-insights-guide