In the modern world, consumers are producing valuable data with pretty much everything they do. Without even knowing their identity, you have an ever-growing bank of customer data expanding with new insights on a daily basis. To leverage these data-driven consumer insights and gain a competitive advantage, all you have to do is strategize and follow through. Yes, getting started is that simple.
MAKE THE MOST OF WHAT IS ALREADY AVAILABLE
When someone sees your banner ad or clicks a link to your website, those actions produce valuable consumer data. When people follow your social media accounts or subscribe to your company newsletter, those actions are also producing valuable consumer data. From first-time online shoppers and loyal customers to brand advocates and even brand defectors, the actions of each consumer group produce meaningful and valuable data with a variety of different business applications.
A detailed Customer Analysis focused on leveraging such Consumer Behavior Data will equip your team with data-driven insights to better understand important details about your customers. Here are a few examples of what can be gained through a Customer Analysis project:
> Purchase Patterns
> Media Habits
> Marketing Effectiveness
> Online Activity
> Conversion Rates
> Engagement Levels
And that’s not all… (said in our best infomercial voice)
If you’ve done any market research in the past, whether it was a long time ago or recently, that information can be added to the mix for even deeper insights. The “passively collected” consumer behavior data mentioned above is being collected on a regular basis whether you’re using it or not. The “actively collected” consumer data you’ve spent time and resources acquiring shouldn’t be sitting in the corner collecting dust. Let’s put that information to good use!
AS THE SAYING GOES, USE IT OR LOSE IT.
Too many times we see companies conduct a market research project only to disagree with or refute the results. This completely negates the point of conducting research, even if it disproves previous theories. In fact, the entire point of conducting market research is to confirm or deny current theories so that decisions are based on fact rather than presumption.
What’s even worse is when resources are used for market research but the results analytics are pushed aside and disregarded altogether. What a waste of time and energy!
A detailed Customer Analysis project will make the most of this market research data you’ve already collected so that the overall value and ROI are not completely lost. Believe it or not, there are a lot of valuable insights to be pulled from even the most basic market research data sets.
Here are some examples of useful market research data:
> Brand Perception
> Brand Identity
> Experience & Satisfaction
> Lifestyle Preferences
> Decision Drivers
> Price Sensitivity
> Product Usage
COMBINE AND CONQUER
Want to take things to the next level? Combine the passively collected consumer behavior data with your actively collected market research data and watch the depth and scope of your data-driven insights expand exponentially. A lot of the questions surrounding your business can be answered today by leveraging the data already available. Uncovering hidden gems of information is part of the fun of Customer Analysis; it’s like a treasure hunt where X marks the spot, but even more surprise valuables are discovered along the way.
Is a Customer Analysis project right for you?
Can we help you organize, analyze and apply the insights you already have available?
Want to learn more about Customer Analysis?
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