CONSUMER INSIGHT CAN DRIVE BUSINESS GROWTH. SAM-OGIDE ADIELA Consumer insights are very important because marketing processes are implemented when solid insights are in place. Consumer insight is the distillation of consumer facts, observations and viewpoints into a key business strategy, when turned into a strategy it gives clear understanding on business operations and directions Consumer insight is also a profound understanding of consumers that leads to a business idea w hich ultimately drives business growth. Consumer insight needs to be interpreted accurately to arrive a clear understanding and an in-depth perception of consumer thought, feelings and data. Companies and brands should understand why consumers choose their brands, their reaction, their thought pattern and their lifestyle. It is also important to understand their culture context and current societal changes. When consumers’ motives, values, desires and aspirations are identified, they are turned into ideas that can drive profitable growth for the business. Importance of consumers insight Consumer insights are important because without them, there cannot be a cohesive marketing strategy implementation. It is the insights that will drive the marketing process in order to achieve stipulated objective. Insight also plays a critical role to appropriately develop an organisation’s business model. It empowers the management to map out effective tactics that will translate to business leverage. Insight should be converted to business advantage There should be a clear line of development from insight to the business idea. A deep understanding of the consumers will help companies and their brands turn the idea into profit. For instance, Starbucks has always been about coffee drinking than coffee itself. It was a thorough consumer’s insight that indentified music as a critical part of the experience. This led Starbucks to launch its own compilation of CD’s-which was additional revenue. Lucozade drink also was originally positioned as a recovery drink for patients. This scenario however changed with the advent for Lucozade boost as an energy drink as well as other variants of the brand. The brand extension through consumer insight has increased profitability for the brand. Consumer insights are the engine room of marketing Consumer insight means much more than just knowing the consumer. It is also an avenue to know what your brand means to them. It is also aimed at determining their perception about the brand within the context of competitive brands influencing their choices. Brand communication has been able to build an image in the minds of consumers but today’s consumer experience is a very fast growing variable on the brand image. When consumers’ pulses are felt, the findings drive marketing activity of any organisation. Insights lead to competitive advantage Consumers’ insight is a critical tool for differentiation and competitive advantage. Companies who generate insights leverage on them to have an edge in the marketplace. Insight generation is a potent tool for differentiation as companies utilise insights generated to results to reinvent the rules to gain advantage over competitors. The good thing is that insights permeate the knitty gritty of an organisation’s operations. Insights are applied to new product development, marketing strategy, corporate communication, promotions and pricing. Insight leads to competitive advantage when companies make consumer centric decisions to enhance penetration in the market place. Today’s consumers are very demanding and they connect more with companies and brands that value them. What companies should do Consumer bonding-there is the need to have a strong chord with consumers to know their fears, aspirations and know whether your product or service meets the needs. Companies need to effectively deploy workable tactics to know their consumers beyond patronage of their products or services. Relationship building is also very crucial in order to promote loyalty amongst the consumers. A satisfied consumer will stand to defend the cause of any brand even to other consumers. Relationship is a springboard to build both physical and emotional affinity with the identified consumers. Generate feedback-install feedback mechanism to generate objective and raw insights from consumers. Most companies do not want negative feedback but the truth is that such goes a long way in deepening equity for the company and its brands. Observe consumers-create a time to study and critically observe consumers attitude, their choices, mannerism and lifestyle. The lifestyle experience of consumers differs and it is important to know what drives the motive of a particular consumer as different from others. Companies need in-depth analysis of consumers who patronize their brand to thoroughly understand them and know how they can be profiled accordingly. The role of consumer insights in any organisation cannot be underestimated. Consumers need to have touch points experience with their preferred brands and the values of such are derived through consumer’s insights. The proposition has since changed as consumers want brands that align with their aspirations. Companies who generate value driven insights leverage on it to a great extent to drive profitability and business growth
Posted on: Sat, 28 Sep 2013 21:20:58 +0000
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