The definition of customer insight is pretty consistent, whichever business you’re in: its information that helps you serve your customers better. That’s ‘better than ever before’, and ‘better than your competition’.
At the heart of a successful strategy is data, and of course this is from a wide range of sources including customer feedback, customer service feedback, surveys and transactional data. Here are three ways you can develop 20/20 insight:
1. Break open the data
How do you turn all those diverse data sets into something you can really use to win customers’ hearts and minds? Segmentation. You can start with sociodemographic segmentation, but digging deeper into behavioural and transactional data is where the real rewards are:
2. Ask if the price is right
Insight into your customers’ attitude to price and product quality is an important factor. You can use the data you have to identify price points your customers will be happy with. Maybe they feel that your products are overpriced for the quality, or that they’re a steal. In any case, it means revisiting the product, which can lead you to…
Change the design of the product
When segmentation and insight intersect, they shine a bright light on areas of product development. Putting your customers at the heart of your product’s design is a clever way to bolster customer loyalty – after all, their needs are being met by you, and not your competitors.
This feeds back into price – we know that customers will pay a premium for a product that exceeds their expectations and delights them.
3. Learn how your customers behave
Paying close attention to customer transactional data and communication is hugely important. Today’s omni-channel retail environment demands it, especially now that the lines between social media channels and retail are blurrier than ever.
How do customers prefer to engage with you? Over the phone, via web chat, in-store or via DM? And what information are they seeking? What part of the buying cycle are they at – are they long-term customers or new to the market?
Tap into your customers’ preferences and pain points, and you can build rock-solid relationships.
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