How consumer insights help convert new clients
Every company wishes to increase its customer base, but now there are new directions and opportunities to achieve just that.
Consumer insights data analysis helps businesses in a variety of ways. Understanding the customer experience based on what existing customers say helps the research process of trying to improve products and services.
Insights and data from those customers can additionally help the conversion of new prospects into paying customers.
While the customer journey may be viewed differently by customers, consumer insight covers various customer pain points, which leads companies to plan and create better products. Such products may increase sales as they appeal more to more new customers.
The customer insight data, however, which serves as the basis for every company's decision-making process, becomes more and more tricky. Data volumes of customer feedback are immense.
Customers are also commenting on many different digital platforms. Customer sentiments regarding trends and brands may change daily.
So how can companies evaluate such data and overcome these issues?
Thanks to today's AI and machine learning capabilities, customer insights can be tracked and analyzed in real-time for every business' actionable insights.
Open web data, that is all customer conversations appearing in forums, review sites and social media platforms can be tracked simultaneously and form the aggregate opinions of millions of customers.
Taking such unstructured data, meaning different comments on different topics from a variety of platforms, and turning it into structured business analytics, enables businesses to figure out their customer behavior.
Feedback may include such things as purchasing decisions, product usability and design, pricing, brand awareness, a company's overall reputation, and more.
Data-driven insights regarding the customer experience can lead organizations to have a deeper understanding of their customers and improve customer engagement, and sales, with the brand. That data may lead to better planning of products and to more focused marketing campaigns, in order to increase the conversion of new consumers.
Converting new customers based on existing customer insights data is obviously key to increased sales, brand reputation, and growth.
Businesses would be wise to use these insights for improvement of their brand, products, and services.
The importance of consumer insights
Insights from consumers contribute to a variety of business issues. Every customer-centric company tries to gain valuable customer insights in order to make the following areas better.
Improving existing products and services
Customer insights tell companies what's right and what's wrong with their products and services. Businesses can then use customer insights to fix their products and offer better versions to consumers.
Customer feedback and insights show their pain points about using products and services, and therefore can show businesses what they need to improve.
Creating better new products and services
Newer versions of products and then completely new products are being invented and created all the time. Insights to improve products often lead to new ideas and new solutions to customer pain points.
Products and services disrupting entire industries also fall into this category. The television business serves as an interesting example of that.
The cable and satellite industries, for example, disrupted and literally destroyed the antennas business. By providing customers with hundreds of channels, instead of the limited offers supplied via rooftop antennas, customers wishing for a lot more content managed to receive more entertainment channels (via cable or satellite).
Better strategy planning
Insights from consumers make companies gain better focus and concentration on their strategy. Businesses often change their market strategy based on a variety of factors, with one of them being data collected about their customer preferences.
Businesses constantly ask themselves what is the best way to continue. They use surveys, customer behavior analysis, their products and services reports, and whatever other pieces of data possible to create or change strategy.
Figuring what customers want is always on their minds. Customer insights then serve them to plan better and more focused strategies.
Maintaining a leading position in the market
Customer insights and actions determine the position of each and every brand and company in the market. Businesses trying to lead their respective markets are obsessed with their customers and their insights and sentiments.
Customer insights help businesses figure out how to constantly improve their products or services, and such customer data helps them maintain such leads.
Maintaining brand reputation and market share
Marketers employ market research to always figure out customer sentiment on brands and trends.
Research may include a variety of methods but it always comes back to figuring out consumer insights and using the data for creating marketing efforts such as a marketing campaign or a public relations initiative.
Brand reputation is built upon how consumers perceive a product or a service. And market share represents the size of a company's business within a specific market. Both rely on customer satisfaction from brands and can be figured out also from an analysis of customer insights.
Better targeting of your audience
The final important factor to companies is that by analyzing insights from customers, they are able to target audiences better.
The more they carry out consumer research and the more they analyze the customer sentiment, the higher their chances of truly figuring out what their consumers need and want.
Research can take place in a variety of ways, such as conducting focus groups, carrying out customer data surveys, tracking online reactions from social media platforms and review boards as well as doing market research.
Once data is collected and analyzed, profiling your target audience can become more accurate and efficient. The research done in order to use customer insights then enables companies to turn more directly to a specific audience, with better marketing offers and greater brand solutions.
Where to collect consumer insights from?
There are numerous places where customer feedback can be found in.
Many of them include open web platforms, meaning digital online places where customers give their opinions and comments openly. This excludes closed platforms such as specific forums and communities, which are not open of course to the overall public.
In addition, there are direct communications between customers and companies, from which valuable data insights can be drawn too.
Here is the lowdown on the variety of platforms from which consumer insights can be tracked, and then serve to combine the customer's true voice.
Emails to the company’s website +chatbot data
Customers keep sending their opinions, be it praises or complaints, directly to companies via emails to the website or through chatting with the website bot.
This way they can communicate their customer experience and product or service insights. It is usually about complaints or about suggestions on how to improve various product or service areas.
Such intel includes customer support issues but could be also related to the product, sales, or marketing. Whatever consumers comment about, businesses can consider and evaluate.
Businesses can treat such communications by first answering them, but also by collecting and analyzing all of them periodically (daily/monthly/quarterly) to figure out if there are wider pressing issues that they need to attend to.
Such email analysis also contributes to assessing customer sentiment, looking for ways to improve brand reputation, and maybe even reconsidering the company's positioning in the market as well as its strategy.
In a similar fashion to the previous item, many businesses employ a "support ticket" system, in which customers seek the business help on a brand, product, or service issue, and the company deals with assisting the customer via this system.
Operating a good ticketing system enables organizations to also maintain a list of common problems reported by customers. That brings organizations to have a high-level view of their most urgent tasks to resolve.
Different departments can then be brought into the picture and take strategic actions to improve whatever customers complain about.
There are many online review websites, either general and very popular such as Facebook (it is considered among many other functions as a review site) or specific industry-based sites such as Trustpilot.
Since reviews appear publicly on the open web, it is fairly easy to identify and collect such reviews, and then analyze them for actionable insights. These websites are, too, part of the big feedback machine that helps you understand customer insights and behavior.
Several high-volume websites, such as Reddit, hold many genre sub-Reddits, or in other words, special forums dedicated to a specific audience. Learning about the customer journey and conversations about products can be done by tracking and analyzing data from such special places.
For example, the Gaming sub-Reddit is the website's third-largest forum, as it contains a large volume of player comments and feedback regarding various aspects of many video games.
Valuable data that can help you understand real-time player insights can come from tracking this special forum.
Social media platforms
Social media completes the list of the platforms from which to track and analyze real-time consumer feedback.
Customer insights on a variety of products or services appear on many of these open web platforms, enabling businesses to learn more about their customer pain points and how they view their customer journey.
Insights and data from social media platforms are of course monitored 24/7, but there is also a way to target specific insights to improve products by using a keyword search.
Existing customers many times turn to social media to voice their opinions about a brand, product service, or a marketing initiative, and with the right analytics, a business can learn in an instance what consumers are thinking about with regards to its services and products.
7 ways of converting new clients based on consumer insights
Every customer insight counts, for a variety of purposes, but as they aggregate to form the voice of existing customers, they also help draw businesses to new markets and new customers.
Data-driven consumer insights help form new strategies, increase the growth of brands as well as create more conversions. So customer insights play a key role in the future of every organization.
With tools such as AI-powered platforms as well as machine learning, businesses are able to collect huge volumes of invaluable customer data. Using such analytics tools leads to actionable insights, which sometimes result in new customer conversions.
Customers who just showed interest in a business's product or service are more likely to become new customers if organizations employ the following ways.
Creating better products
Insights from customers, when tracked and analyzed, contribute to improving brands and sometimes to even creating new products.
When better products are being produced, their chances of being liked by new customers increase, and so do their potential sales. So insights about customer pain points turn into improved brands, thus increasing possible new customer conversions.
Optimize customer service
Customer support or customer service determines not only how the customer journey continues after the sales cycle of the customer has been completed by purchasing a product, but they also shape how a business is perceived by customers.
When customers converse about brands, they many times discuss how they were served by the business. Their real-time comments and mentions enable organizations to learn what they do right and what needs to be improved in their customer service.
After reviewing the aggregate voice and opinions of consumers, and discussing the entire customer insight data, businesses can begin to take actions to improve and even optimize the services they give to customers.
Since the consumer insights include not only ratings of customer services but also written specific comments, once such data is tracked and analyzed, the type of criticism is very clear and actionable.
When managers collect such data and identify the customer pain points, fixing those issues is both relying on solid data and not guesswork as well as actions taken to respond more accurately to the issues raised by customers.
Improving marketing campaigns
Marketing teams are always on the lookout to see how their efforts have resulted.
While several actions are quantifiable, such as marketing leads resulting in sales or when issuing social media posts and seeing how many likes and shares they have received, items such as brand sentiment and reputation need a broader evaluation and consideration.
Qualitative insights and data are extremely important when it comes to marketing-related items. Looking for new markets constantly, or for personalized marketing, means taking many different actions to reach and convert new prospects.
At the center of such efforts are marketing campaigns. They can be about brand awareness or simply hard-selling a product.
Once the strategy and targeted audience for a campaign is determined and the online and offline ads appear, marketing managers are able to collect valuable numbers but also qualitative intel from customers.
The process of tracking and analyzing both numbers as well as written insights enables marketers to identify whether their efforts have paid off. And through the consumer insights analysis data and process, managers can improve their future campaigns for further success.
As can often be seen, organizations sometimes pick specific customer insights to be presented to the overall public.
Many managers consider testimonials to be a strong sales factor. A customer insight about his journey, as told by him in front of a camera, is one of the sales tools intended to convert many new customers into buying a product.
Believing that there's no one better to describe the customer experience than the customer itself, managers choose such a tactic as one of their many solutions to increase conversions.
Creating brand’s “word-of-mouth” and increasing recommendations
"Word of mouth" reality is the hope of many businesses, as a recommendation from one customer to another may be the best publicity there is.
Marketers do not wish to take their chances in seeing whether their brands create a natural "word of mouth", and work their ways to help the process. An example may be carrying out a buzzworthy influencer effort or a product giveaway program.
Use what customers are saying about your competing brands
Analyzing every customer insight via an AI-powered platform is one of the main tools organizations nowadays use. But analysis of what customer insights come out of what consumers say about competing products can be important as well in converting new customers.
Trying to differentiate your product from those of your rivals, or taking a similar direction as your competitors, is a choice faced by many organizations.
Learning and evaluating what the consumer's voice says about competing brands can give businesses the necessary intel to decide which way they choose to go about their own market products.
Analyze feedback mention peaks to see what works and what doesn't
Tracking customer insights constantly from all over the open web enables businesses to always know where they stand.
Following the sentiment graph is a fascinating thing, allowing managers to see the ups and downs of their efforts as viewed by the eyes of their customers.
It is like seeing the journey as voiced by many people who participate in it. So it is a sort of a collective diary where the aggregate opinion of many customers is reported while their journey takes place.
A key factor is to track those ups and downs, or "mention peaks", as they are professional terms.
A market move from an organization may result in a positive peak, meaning many customers view it in a good light. The opposite happens for a move that gains lots of criticism, leading to a negative mentions peak.
Since along the customer journey there are many "ups and downs" peaks, strategies may be tested or replaced when organizations analyze each and every peak.
It enables them to continuously research and witness the direct relationship between their actions and customer reactions, leading businesses to learn if their strategy works.
Feedback analysis from Affogata's AI-powered platform can help convert new customers
The customer experience is described on many different digital platforms by many customers. As one consumer insight adds to another customer insight, the aggregate consumer's voice is formed.
Imagine the collective, real-time customer insights pool or the collective say of endless focus groups and surveys, as tracked and analyzed by an AI-powered platform.
Such a platform does the tracking, and monitoring but also the real-time analysis of those digital surveys, which are what customers mention and converse about brands.
Affogata’s AI-powered platform does the research as well as the analysis of all those customer experience conversations. As the AI works to collect the data, doing its automatic market research, managers can enjoy the evaluation of their customer insights in real-time.
Fast-tracking of consumer insights helps businesses check their strategies, sales, brands' performance, reputation, and much more.
Coverage of the customer experience, as appears in many digital places all the time, serves as the ultimate market research as it expresses lots of customer insights businesses can work with and learn from.
Some of the tools and benefits of this platform include the following:
Accurate analysis of sentiment and feedback
Tracking customer insights, as they appear on many different digital platforms, and then analyzing them, forms the collective consumer opinion and voice. It is a collection of their unfiltered, unbiased sentiment.
Once bots and spam are excluded, as is the ability of the AI platform, an accurate sentiment score and insights analysis are established.
That enables businesses to immediately learn where they stand in the market, not only in terms of sales but also with regards to their strategy, market share and position, and more.
Alerts of mention peaks
Customers react all the time to actions from businesses, be it sales efforts, personalized marketing initiatives, or brand campaigns.
When positive or negative moves take place, they are expressed in the customer insights, and that results in seeing up or down mention peaks.
Getting those mention peak alerts, as provided by the platform, enables businesses to know how their consumers react as well as take action, when necessary. Reacting, or deciding not to, is the privilege of businesses, and the AI data enables them to make up their minds quickly.
Analysis of feedback on competing brands
Strategies are formed and examined not only by the wishes of businesses but also by the moves of their competitors.
It is now fairly easy to track and analyze such moves as also seen by the eyes of competing business' customers.
Comparing sales figures is not enough anymore.
It is understanding the business' story against its rival businesses' stories. Customer insights regarding the competition, as if conducted with many surveys about their brands, tell an organization where it stands in the market and may lead to future decisions and moves.
Cross-organizational feedback analysis
The data tracked and analyzed can serve multiple teams within every organization.
So the product department, for example, is not the only one to use the customer insights analysis. Other teams, such as marketing, customer service, and even sales and human resources, can receive their own data for analysis and decision-making.
The executive branch can also use the data, for strategic, high-level market views. They can use the analysis to, for example, among many other things, discuss how they go about converting many more new customers.
Pain points from customers, as mentioned in their millions of conversations all over the open web, turn into the collective customer insight voice. By tracking how consumers view their customer experience and journey, businesses can analyze how their actions resonate with consumers.
Then organizations can take actions resulting from such insights data and trust that such moves are built upon what their customers want.