What is customer insight? How will it help your company to grow?
Understanding the needs of the customer is the only area of focus of many successful companies. If one defines a company as a function between its customer and supplier, without understanding the customer’s needs and behavior, a company cannot be fully defined. As Jeff Bezos puts it, if he would have to define Amazon, his definition would be “customer focused retailer“.
Nowadays data makes customer insight projects much more effective, reliable and profitable. Let's define the word data before diving into its benefits. Data is saved information and facts from past, put together in form of parameters and variables. If the data points are somewhat dependent on each other, one can say that the data is a dataset.
The team of Beratics will help you to clean and analyze your customer data, so that you understand your customer better.
Data analytics and visualization help you to understand your customer and help you to make the right business decisions.
Customer insight is not only understanding the customer behavior, it is more than that. Customer behavior is a title in a customer insight report. Customer insight is more about defining your customer and its relationship with your company. Many successful companies with intelligent marketing use their current customer base to reach more customers and to adapt their products. Below is an illustration which helps you to understand different parameters of a customer insight project.
Google analytics can be used for customer insight, if the data is processed correctly. Google analytics uses past behavior of the customer at the internet, the behavior flow at your company's webpage and what the customer does after leaving your page. However, internet is only one channel and not all visitors are your customers. They are mostly likely to be your competitors, some bots or probably a good portion of them your potential suppliers. That leaves the customer insight from analytics tools with wrong information and false decisions.
The team of Beratics knows how to make use of Google Analytics data and how to interpret it and increase your conversion rate.
How to collect information about customers and potential customers from internet?
There are thousands of ways to do it, there are hundreds of apps what will give you service to track and collect information about your customer. However, we advise you to consult a lawyer with deep knowledge of privacy rules before doing this. The right way to get to know your customer is the inquiries that you receive via e-mail, specifying why they have contacted you and why they trust your company and what are the most problematic areas during the sales process. This kind of information can be collected and analyzed only with natural language processing tools. Google uses mostly NLP tools to collect information about users.
The team of Beratics is expert in natural language processing. Our success is proven by our history.
#Customerbehavior is dependent on the underlying product. The insight on customer behavior can be gained by #marketresearch, #surveys and the data that is available in the company. Customer behavior is a research field of psychology and according to our experience, one can never make true statements about customer behavior that will stay true for a long time, e.g. 20 years period. This means that the company must always stay in touch with the public and its customers in order to adapt its products to the changing environment. This kind of approach brings the necessity to set up the following:
Setting the right parameters that change the attitude of the customer towards the product
A very powerful feedback loop from customers into the company that is not necessarily a derivation of the number of sales (an assumption that high sales indicate high customer satisfaction is a common reason for failure)
Abstracting the success or failure of marketing activities from the satisfaction of the customer that arise after consuming the product
One can answer the following questions after a project, which sets a thorough understanding of customer behavior into focus:
What parameters do customers use or which emotions guide customers in deciding for a product in my industry?
What criteria should we choose in segmenting my customers for a predefined goal?
Which customer segment should we target for higher efficiency in our marketing activities, thus how to increase the return on investment in marketing?
How has the perception of our company changed in the eyes of customers in recent years?
What do customers write in social media about us (Social media analytics / sentiment analysis)?
Did our company’s most recent campaign resonate with customers? Why or why not?
What is the level of customer loyalty? How can we increase it?
On which platforms and where should we leverage customer loyalty?
Which communications tools are most likely to result in the highest customer satisfaction?
All of the above questions and many more can be answered if your company has data for it. Thanks to our technologies, we process data without losing the sight of the underlying motivations. Contact us for a free consulting session.