Importance of Customer Insights in Today’s Marketing Strategies
Customer insights should be part and parcel of any marketing strategy. However, when it comes to developing new services and products or marketing these products and services not many businesses really try to understand their consumers.
A basic understanding of how a product would appeal to a specific demographic group is not enough. Businesses need to understand why consumers act a certain way, what is shaping their understandings and perceptions, and how they share information with each other.
In media discussions, this marketing strategy is grossly under-represented.
In how they choose to work with the brands and companies they support, today’s consumers have changed radically. They process and receive information in new ways, have different cultural foundations and backgrounds, and want to network on a more personal level. Marketers and businesses won’t be able to motivate leads to become customers or connect or engage with prospects if they do not search for consumer insights, or succeed to understand their past and present backgrounds.
To understand consumer’s culture, businesses need to take an anthropological approach to marketing. Marketers can learn how to play into them, instead of trying to change behaviors and utilize the information to their advantage. Establishing an emotional and intellectual relationship is essential for brand building. Product developers, business planners, and marketers must take the cultural context into consideration to enable this. Culture is a combination of tribal, historical and mythological characterizations. It is more than just language. The marketer’s ability to inspire action and achieve behavioral change will be more if there is a greater understanding of anthropological factors and cultural insights.
For a business to grow marketers should give options or a wide variety of services, products, styles and colours to their consumers who are fickle.
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Have you ever wondered why certain products sell more while others languish in the shelves? To make any product or service desirable marketers should have consumer insights as well as do in-depth market research.
In the past decade or two, the make-up of the buying public has changed dramatically. Consumers now represent a complex mixture of Gen Xers, Baby Boomers, and Gen Yers. Each group has its own wants, specific needs, and desires. Businesses will never be able to promote them in a way that gains attention or develop products they want without gaining insights into these groups. There can be a wide diversity of characteristics even within these groups.
Why each group is different is something businesses need to understand culturally. While growing up what shaped their morals and values?
The new global economy is adding to the complex demographic puzzle. Now, consumers are spread all over the world and they can shop from anywhere if they have an Internet connection. An understanding of the consumer insights can shape buying patterns in various countries. An American and European consumer’s desires and needs may vary. Within Europe, there will be variations. Businesses need to understand the differences within the various regions of each country. Before setting marketing plans in place marketers need to understand how each population relates to the products and services it uses.
Without studying the consumer response if products or services are brought to the market then those businesses might fail.
Consumer-centric marketing is the need of the hour. The world continues to evolve rapidly. Consumers’ likes and dislikes are fast changing, and businesses need to understand this fact and act fast. This will be possible only if they perk up their consumer behaviour insights.