Consumer Insights for Marketing and Product Development

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Marketing and Product Development
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What kind of consumer insights you can gain? Social media, Surveys, Customer experience management software, and even a little social listening can help you gain valuable insights from your customers.

Read on for more ways to leverage consumer insights for marketing and product development. Then, you can use these consumer insights to help shape your product strategy.

Weigh the pros and cons of each strategy and choose the right one. This article will provide a brief overview of these techniques.


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Social Media

The use of social media for business can provide a bank with a lot of valuable consumer insights. Using social media for banking can increase engagement, improve customer service, and reinforce brand equity.

In addition, banks can use social media for cross-selling and retention to increase revenue and reduce risk. However, they must ensure that their social media strategy aligns with their business goals. What is the purpose of social media for banks? The answer is not all of them are useful to banks.

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In social media, engagement is regulated by product lifecycle stage, discourse logic, and argument frame. Customer engagement is higher in introduction stage when there is more objective evidence. Engagement declines when customers are not convinced by the message. In addition, social media posts from famous people attract higher engagement.

Thus, it is important to determine the lifecycle stage for each social media post before it is posted to maximize its effect. If the lifecycle stage of the product is identified as the most important for customer engagement, the next step is to develop a social media strategy that will cater to this stage of the lifecycle.

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If you want to understand how to make your business better, consider implementing a social media listening tool. Social media listening tools enable you to capture consumer insights and organize them according to the major stages of the customer lifecycle.

These insights can be useful for benchmarking against your competitors. By knowing how your company stacks up against competitors, you can develop more effective business strategies. When combined with data from other sources, social media can become an invaluable marketing tool.

Discourse logic and argument frame are factors that contribute to message quality. Discourse logic consists of objective evidence versus subjective opinion. Source credibility theory involves evaluating the message’s attractiveness or trustworthiness.

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Argument frame is the tone of the social media post. The higher the user engagement, the better. Discourse logic also shows the user’s attitude toward the message. It also shows how attractive or disapproving the content is.

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Surveys

Organizations are discovering that the most valuable data they can get is derived from consumer insights, and that they can achieve this by collecting it quickly and easily. While traditional methods of market research, such as focus groups and surveys, still have their place, the rapid growth of the internet has made surveys an increasingly popular choice.

They can provide organizations with a wealth of data faster than ever before, and they can also be conducted with less expense. So, what exactly is a consumer survey?

One method of collecting consumer insights through surveys is through SMS. Text messages are a low-cost way to get a sample of people’s opinions. In developing countries, they can be delivered directly to consumers via SMS.

SMS surveys are especially useful in Africa, where Internet penetration is very low, and basic mobile phones are widely available. Additionally, if the participants are not using a smartphone, they can easily receive the survey. SMS surveys can be sent to their phones when their mobile service is restored, and they are available in real time.

Another approach to collecting consumer data through surveys is through one-time surveys. One-time surveys are designed to complement other data sources, such as website analytics and point-of-purchase systems.

Sometimes, a product’s page may have a large number of visitors, but these people do not purchase. Therefore, using a one-time survey is an excellent way to collect feedback on a new product or service. By analyzing survey responses, you can make informed decisions regarding future products or marketing campaigns.

Customer reviews are another method of gathering consumer insight. For example, reviews on social media sites such as Facebook can be extremely valuable in terms of identifying problems.

Moreover, customer sentiment surveys are less detailed than traditional questionnaires, but they allow a brand to understand what customers are feeling about the company’s overall performance. These surveys can also include emoji faces, ‘like’ and ‘dislike’ buttons, and other questions to gauge the customer’s overall mood.

Customer Experience Management Software

The Customer Experience Management software suite consists of a variety of tools for tracking customer relationships. It can monitor feedback, gather and analyze relevant data, and then take action to improve the customer experience. In some cases, the software can predict customer retention, repurchase rate, and loyalty.

By combining strategies, resources, and tools, CEM software can help companies identify what works and what needs improvement. Below are some key features to look for in CEM software.

Customer experience management software is a vital tool for measuring and improving the overall customer experience. It helps organizations prioritize customer needs, anticipate stakeholder needs, and measure progress to continually improve the customer experience.

The best software is flexible, integrating with multiple business systems and providing ‘one customer view’ to track customer feedback across multiple channels. Voxco is a great example of CEM software, integrating survey responses with email communications, marketing automation, and third-party apps to create a unified view of the customer experience. This helps companies uncover how CX impacts the bottom line.

Another popular CEM software option is Qualaroo, which focuses on delivering surveys in specific contexts and using AI to analyze responses. This customer experience management software provides consumer insight via a powerful artificial intelligence algorithm.

It allows users to complete surveys in real time as they navigate a website. The software is backed by a high level of security and offers a variety of flexible data hosting options. Customers can even e-sign surveys through Qualaroo’s mobile app.

While the cost of customer experience management software is largely dependent on the features available and the number of users, there are several different options available. Some vendors charge between $5 and $300 per agent per month, and others offer a subscription plan with a monthly or annual set price.

However, it’s important to understand the features of each customer experience management software tool before choosing one. A free trial or demo of the software is a good idea if you’re not yet sure if it will fit your needs.

For example, Ve’s Email Remarketing platform can automate a response to a customer’s query when the customer fails to complete a transaction. This feature is specifically designed for small businesses, and provides a range of benefits.

Its robust features enable organizations to analyze customer feedback, measure the effectiveness of their customer support policies, and make informed decisions. In addition to this, it allows companies to quantify their customers’ experiences.

Social Listening

By monitoring social media, brands can gain valuable insights into their consumers. Using social listening for consumer insights can help you benchmark yourself against your competitors and identify their strengths and weaknesses.

For example, by tracking what your competitors say about their prices, delivery times, and other characteristics, you can find out how to improve. Using social media as a marketing tool, marketers can keep tabs on four common metrics. Here are some ways to use it:

First, decide what your goals are. What are the benefits and challenges of your business? Once you have decided on your goals, you can use social listening to discover which of your competitors are attracting customers.

For example, you can discover whether long lines and poor customer service are contributing to your company’s low conversion rate. Alternatively, you can identify where your target audience is online. Once you have determined what you hope to gain from your efforts, you can use social listening to create strategies around them.

One of the benefits of social listening for consumer insights is that it can help you spot troubled listed companies. In some cases, you can detect early warning signs – employee discussions and news articles – before a company experiences a significant problem.

Although early warning signs don’t attract much attention, they can help you prevent a company from experiencing significant damage and mitigate any loss by ensuring timely intervention. This type of consumer insight also enables you to make customized smalllot products for specific groups.

Another use for social listening for consumer insights is monitoring events. It allows companies to see how audience members react in real time, which can be useful in virtual conferences. Listening for conversations related to a specific industry can also help you identify trends.

When it comes to marketing campaigns, listening for discussions can help you understand whether your current campaign is working or not. If the discussion is negative, you can use this data to adjust your strategy. You could use this data to tweak your marketing efforts or craft better campaigns in the future. Here you can see allow ERC20 Token Wallet.

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Paschal Okafor is NaijaTechGuide Team Lead. The article Consumer Insights for Marketing and Product Development was written by Manoar Molla. The article was last modified: May 16th, 2022
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Manoar Molla is naturally passionate to write articles on different niche related to business, health, travel and digital marketing. He writes article by day and read at night and he has a passion to promote business by providing digital marketing articles which can increate organic traffic and Search Engine Visibility. He has published many articles on different blogs like contentpond, seonewbiehub etc. Contact: [email protected]