Consumer Insights

With consumer insights, brands can customise their services to the requirements, preferences, and expectations of its target audience and create precise and insightful advertising. Personalisation is key — today’s customers have come to anticipate and seek individualised experiences as a result of services by market leaders, such as Amazon. Moreover, according to a study from Microsoft, companies that used insights this way outperformed their competitors by 85% in sales growth.

If you have a solid understanding of your target demographic, you’ll have a better idea of how they evaluate your competitors — and where you stand in relation to them. A good place to begin researching a competitor’s products or services is through online product reviews and social media postings. This will subsequently show you how and where to improve, as well as identifying white space in the market to capitalise on. Then, you can swiftly position your product as the answer to this unfulfilled demand.

Not only is there a shift occurring in consumer behaviour, the pace of this change is ever-quickening. New technologies continue to promise universal improvements in customer experience (CX). Predictive analytics are making it easier for brands to provide exemplary levels of customer support — however, those that are less adaptable are quickly falling behind. Acting as a compass for brands to follow, consumer insights point brands in the right direction when it comes to meeting the expectations of the modern-day customer.