HOW TO GAIN CONSUMER INSIGHTS ?
Published on January 13, 2020 - Updated on April 22, 2021
Emotions are the #1 factor in customer retention in 94% of industries (Forrester CX index, 2017). For this reason, gaining consumer insight is vital if you are in the business of consumer marketing.
What is a Consumer Insight?
A consumer insight is a company’s interpretation of customers’ thoughts and feelings. Beyond capturing raw data, consumer insights provide more subjective results and suggestions, enabling companies to better communicate with their customers and therefore increase sales.
How to Collect Consumer Insights
Not all consumer insights are equal. The process of collecting strong consumer insights is an important step you should not overlook, so ask yourself these four questions to optimize consumer insights:
1. what is your goal?
It is important to identify what you want to learn from your consumer insights because your data collection method will vary as a result. For example, the data an airline company collects to find ways of improving passengers’ journey will differ from the data a cosmetics brand collects to evaluate customers’ reactions to its new, more natural ingredients.
2. how will you collect your data?
There are numerous ways of collecting data, ranging from email surveys to focus groups to review websites, so think about which will give you the results you desire. Moreover, whom are you going to ask? Existing customers, customers of your company’s industry, all people?
3. how will you conduct your analysis?
The next step is finding an effective and efficient way to extract insights from your data. Luckily, Qºemotion can help. We study consumer reviews using emotional analysis, which is the process of using technology to interpret the emotion or opinion of a piece of writing. With our service, you avoid wasting time processing the data yourself; rather, our software does it automatically, allowing you to focus on what you do best: running your company. Our advanced SaaS platform processes large amounts of data to help you prioritize your company’s most pressing issues through actionable insights that will improve the customer experience.
We send personalized reports as frequently as you like, and should you wish to share this feedback, you can easily create custom reports to distribute to your company, choosing only the statistics and visuals that will give you the right insights into your business. You will also receive alerts of any critical situations, such as bad buzz about your company, allowing you to stop the talk before it becomes a problem by rapidly detecting any negative emotions and anticipating customer concerns.
4. what will you do with your insights?
How you answer this question is largely based on your first response. What are your aiming to accomplish in your research? Consumer insights can help you and your business in a multitude of ways, leading us into our next question…
Why are Consumer Insights Helpful?
Improve and personalize the customer experience Consumer insights allow you to discover how your customers are reacting to your company. What do they like? dislike? With a better understanding of your customers, you can personalize your product to them. For example, one French luxury brand was looking to generate a more emotional shopping experience, so it turned to Qºemotion for help. With the company’s reviews, we developed ways to sensitize the staff to customers’ feelings and helped them prioritize actions to fulfill customers’ expectations.
Identify the irritants in the customer journey
Consumer insights also help you better map the customer journey and identify any gaps. For example, you may learn not only that a large number of potential customers do not complete their purchases, but at exactly what point they change their minds. With consumer insights, you can more specifically identify the problem points in the customer journey, and with Qºemotion, find the solutions too.
With this luxury company, we realized that the staff’s main shortcomings were their availability to customers during peak hours, emotional connection to the customers, and knowledge of the product. Therefore, our primary solutions were to increase the number of staff during peak hours, read them customer reviews containing strong positive emotions to increase their dedication and sensitize them to emotional insight, and reinforce their product knowledge to strengthen customer care.
Engage your customers to build customer loyalty
With consumer insights, you can learn more about your most loyal customers and discover tools to reduce churn rate and increase your customer loyalty. Qºemotion will help you find new and innovative ways to enhance customer satisfaction, in turn giving you the tools to better engage your customers. We identify your company’s biggest supporters and advocates, helping you to learn from your successes to establish a more engaged customer base.
With this luxury company, we identified the points in the shopping experience that clients enjoyed the most, allowing the company to engage with them and increase their loyalty. We then helped the company create new services, expanding on its existing strengths, to offer a higher quality customer experience. The company was able to give the shopping experience more valuable thanks to its understanding of emotions through consumer insights.
At this point, you are probably wondering: How do I get started? The answer is simple, so simple that there is only one step: Request a demo or simply click on “Test the solution!” on our home page. Just give us some basic information, and we’ll take care of the rest. Qºemotion will process your data and provide emotional insights to boost your company in no time! What are you waiting for?
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