Whenever a company analyzes data to find important information about their target audience’s buying patterns, they are looking for customer insight.
A useful customer insight has three aspects to it. First, it allows you to recognize what the customer is doing. Then, you discover why they are doing it. Finally, you come up with a solution and ask yourself why nobody has thought about it before. By doing this, you can keep your customers happy and create products they actually want to purchase.
These insights can help companies understand how customers think and can even answer some questions the business might have. These include:
- Why are sales down for this product?
- What does our audience think of our brand?
- Why don’t customers buy our more expensive products?
- Can we succeed if we market towards a new target audience?
Businesses utilize many sources to gather the data used to answer the questions above. These include the use of product reviews and market research. They can also look into a person’s purchase history, and even analyses what a customer’s sentiment about a product is.