Understanding your Customer Insights

 

The Power of Industry Benchmarking & Business/Customer Insights

Customer Insights helps companies create a 360-degree view of the customer, understand market demand, and analyze how their brand impacts purchase decisions and compares to the competition. Insights are the actionable motivations behind the wants and needs of customers that can be used to guide the evolution of features, development of new products and creation of consumer benefits.

Customer insights are the data that provides an understanding of customer behavior, needs, preferences, and opinions gathered through various channels like surveys, feedback, social media, and sales data.

Building an Insights Strategy

A customer insights strategy is your plan for how you will gather and analyze data about your customers, specifically about their needs, preferences, and behaviors. A data-driven strategy allows you to make informed decisions about your products, services and overall customer experience with speed and confidence.

It is the journey or buying process that consumers go through to become aware of, evaluate, and purchase a new product or service, and it consists of three stages that make up the inbound marketing framework: awareness, consideration, and decision. Analysing human behaviours allows companies to really understand what their consumers want and need, and most importantly, why they feel this way.

Building Accountability & Benchmarking the Competition

To make insights more actionable, you need to ensure that they are relevant and timely. You also need to know you have the right people in place to act on them. Finally, you need to have a plan in place to follow up on the insights and ensure that your business implements them effectively.

A business insights report will provide you with a wealth of information, including data on your revenue, expenses, profits, cash flow, breakeven and sustainable growth rates, and a detailed examination of business risks. Business insights help companies to benchmark themselves against the competition, streamline work processes, reduce costs, and create predictive models for future success.

Develop an Insights Dashboard

In addition to identifying trends, a good business insights report will help benchmark your performance against industry standards. Look for benchmarks in revenue growth or profit margins and compare your performance to other businesses in your industry.

Are you utilising both these forms of insights in your business or organisation. A Insights Dashboard is a great way of tracking market, consumer, competition and product or service trends. they will also over time help you forecast opportunities for business development, market expansion and sales growth.

Did you know that Business growth and development experts combined with organisational/industry benchmarking can help you understand your organisational performance better.

 

Did you know ESG Mindset Consulting can help you with this?

We also can recommend an industry benchmarking organisation that will help you understand your data sets, ROI and CODB.