why you should consider investing in audience insights & behavioural analysis
Brands have a tough job on their hands marketing to their audience in today’s climate. More so now, as audiences comprise a complex mixture of several generations.
Baby boomers, Gen X, Millennials, Gen Z – each generation comes with their own particular wants and needs. While some brands will want to target just one or two of these, many companies’ target audiences span all generations, and it’s imperative they understand the nuances of each in order to market to them as effectively as possible.
There is more competition across more channels than ever before. What may work for one audience won’t necessarily work for all. With numerous and varied influences on purchase decisions today, through consumer insights, brands must identify which marketing communications and channels will resonate most powerfully with their target audiences.
The information that website analytics tools are able to provide is informative; its feedback essentially. The data that it provides can be used as a catalyst to improve a business, but only once who you know the most effective ways of acting on it.
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What is consumer insight in marketing?
Consumer insight is the analysis and interpretation of human behaviour and trends, undertaken by brands to truly understand their audience(s) and improve the effectiveness of targeted marketing efforts. The insight can also delve deep into anthropology and ethnography to uncover societal and cultural drivers, to better understand the ‘why’ behind consumer actions and behaviour.
Consumer insights and intelligence are best gathered from a variety of sources on an ongoing basis, to provide a qualitative and 360 ̊ view of your audiences. Methods of gaining consumer insights can include interviews, surveys, focus groups, Google Analytics, competitor consumer insight and social listening.
It’s important to note the nuances when marketing to B2B vs B2C markets – particularly the shift B2B marketing has encountered with the advent of emerging digital technologies. How and where you communicate to B2B and B2C customers requires a different approach, yet there are general marketing practices that apply to both markets.
common mistakes brands make when assimilating consumer insights
when you decide to develop your integrated marketing strategy , here are few challenges we help you overcome when defining your target audience.
You try to develop customer insights from a single piece of market research -Some people still think that insight is just another word for market research. It's not! Insights are rarely, if ever, developed from a single project.
You don't base the customer insight on a desired behavioral change - When Sales, Marketing, or management look to change a category, segment, or brand customer's behavior, their objective is to improve their business results.
You involve only customer insight professionals in developing insights - Insight development really benefits from taking differing perspectives on the information gathered, to get to that "ah-ha" moment that many refer to.
Your customer insights are not based on a human truth - The insights that resonate best with people are those that are based on a human truth—a statement that refers to people, irrespective of race, color, or creed.
You view customer insights as category-specific -Although insights are developed for a category, once found they can be used for different categories because they are based on a human truth.
Asking the wrong types of questions - It is generally best to use open ended questions for complicated topics (ensure you have planned time and an approach for synthesising the answers when you do).
Best Practices to keep in mind when understanding audiences and their behaviour
Many marketers talk a lot about what they’re selling, but the most successful ones focus on who they’re selling to. Buyer personas are a useful tool for understanding who that is.
It helps to see how your buyer persona stacks up against real life prospects and customers. When gathering audience intelligence, it’s important to consider the source.
First-party data yields the highest ROI because it is more cost-effective and profitable to convert prospects or retain existing customers than it is to attract new ones.
The goal here is to identify major groups that visit your website and/or purchase your product and get as deep an understanding as possible of the differences between these groups.
Once you’ve identified your most important consumer segments, you need to understand why they’re buying. What’s driving that decision?
Any behavioral analytics data you may have will be relevant. All marketing analytics data should be collected as well, including all data from both paid and organic channels.
Now that you’ve got all of your data, it’s time to start doing the real customer behavior analytics. Look for trends and valuable insights in the quantitative data, and compare those to your qualitative data and your customer journey map.
The results of your analysis in step four will almost certainly suggest changes and optimizations you can try, so the next step is to try them! Insights you’ve discovered should be directly applied to your marketing plan.
top reasons why consumer insights are so important for your business
Predicting customer value. The better you understand your customer segmentation, the more easily you’ll be able to optimize your operations to focus on your most profitable customer segments.
Personalizing customer experience. When you understand your customer base better, you can build bespoke customer journey maps for your most profitable customer segments to give them a more targeted, optimized-for-them experience, which will increase conversions.
Improving customer retention. Understanding your behavioral data will help you identify what brings existing customers back, thus increasing customer satisfaction and reducing customer churn.
Comprehensive audience research is integral to the success of any marketing campaign. In-depth buyer personas, an understanding of the strengths and weaknesses of various types of data, and a focus on CX will set your company on the path to marketing success.
In a nutshell, today’s buyer is all over the place. They are multitasking on several devices at once and at the same time chatting and texting with 15 different people. It is imperative for businesses to understand who their audiences really are.
why we are the best people to do this for you ?
We understand that you’re looking for partners, not vendors. That’s why we focus our energies on adding value to your digital marketing strategy. By treating every piece of work as a new challenge, we break it down to produce something that is innovative, strategically sound, and fun.
if you’re looking to measure the effectiveness of your digital marketing effort, there aremany tools out there to help you – but the main thing is that the right metrics and KPIs need to be selected in the first place, we help you set them and build flawless digital experiences for your customers.
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