Consumer insights are becoming a key part of branding, particularly in the global context. It is not easy to understand the desires of consumers, whether they are across the sea or right down the street. This is where consumer insight techniques come into play and work for hand in hand with strategic planning and development to ensure that a brand’s products, services, marketing campaigns, market presence and pricing remain relevant for current times. Consumer insight is a unique and original idea that is discovered through research, either qualitative or quantitative. These insights can shape a brand in different ways, such as determining its direction, forming the basis of the brand’s promise and designing its marketing strategy. While this may seem simple enough, people, for some reason, still have trouble capturing the true sentiment of consumers. Here are ways consumer insights contribute to building a strong brand.
1. Focuses a Brand’s Direction
Understanding consumers’ true wants and needs through consumer insights directs a brand’s direction in terms of what it decides to do, how it does it and where it will direct its efforts. For example, suppose the findings tell a company that people want a certain product but cannot afford it. In that case, this company should use creativity to reframe the product’s new target audience so that it is now affordable for these consumers. For instance, a consumer insight will tell a company that people dislike the traditional blue color used in its shirts; as a result, it will now focus on using a more complementary color. This is just one example of how consumer insights help determine a brand’s direction.
2. Formulates the Brand Promise
Consumer insights can be utilized to formulate the brand promise of a company. The process of forming this promise centers on identifying what is valuable and not to consumers and then understandably communicating this value to consumers. However, it is important that this value is valuable in the eyes of consumers. For example, if a consumer insight tells a company that the best way to attract consumers is to offer them the very cheapest product in town, but most consumers do not want it because they do not want to look cheap, no one will buy it and therefore fail to fulfil their brand promise.
3. Captures Consumer Sentiment
Consumer insight research allows a brand to have an understanding of the wants of consumers and needs of consumers. This information is then used to pinpoint specific ways the brand can meet people’s unmet needs or wants. Sometimes, a brand will use these findings to design its marketing strategy. Still, it is more often than not that the company will use this strategy to focus on maintaining and growing its market share.
4. Determines Customer Satisfaction
It can also be used as a tool for determining customer satisfaction. Suppose a brand can determine what consumers value more than anything else and understand why this value exists. In that case, it will then be able to determine the steps that can be taken to make people more satisfied. For example, if a company finds out that its customers are most satisfied if they can talk with their salesperson in person, it will make sure to have its representatives available during daily business hours.
5. Redefines the Target Audience
To capture customers and retain them, a brand will need to offer them something of interest. This is where consumer insights play a vital role as they help a company understand the people interested in its offerings. This target audience must be defined with specificity so that it is easier for a company to ensure that its products are reaching the right people.
Regardless of where a company is located or who it is competing against, it is always good to have an understanding of what people want to buy and why. This kind of insight will help companies stay out in front and allow them to create unique products that are both wanted by customers and profitable.