With more accurate inventory levels, your business will be less likely to have excess product that has to be marked down. Better inventory planning for smaller inventories and fewer markdowns - Leveraging consumer insights, particularly sales data, will help you more accurately forecast the amount of inventory you might need.By leveraging consumer insights, you can more effectively deliver tailored experiences. In fact, a survey by Epsilon and GBH Insights found that 80% of respondents want personalization from retailers. Deliver personalized experiences - consumers in the retail space increasingly expect personalized experience and interactions.Maximize customer lifetime value - simply put, the higher the customer lifetime value, the more revenue your company can expect.Predict churn - better understand future expected revenue and identify areas where you can improve customer service and potentially decrease customer churn.
Additional benefits and actionable steps CPG companies can take based on retail analytics and customer insights include: Benefits of Harnessing Customer Insightsīy using customer insights to inform strategic and tactical decisions, you can develop relationships with your customers, better understand the connected customer, and generate meaningful and quantifiable results. Additionally, companies that do well with customer service grow 4-5% above their market. Why is this important? A great customer service experience will earn loyalty and “turn customers into promoters with a lifetime value of 6 to 14 times that of detractors,” according to Bain & Company. According to a Microsoft survey, 54% of consumers had higher expectations in 2017 than in 2016, and that jumps to 66% for consumers in the 18-34 age range. According to Microsoft: “A moderate increase in customer experience generates an average revenue increase of $775 million over three years for a company with $1 billion in annual revenues.”Ĭustomers also have higher expectations when it comes to customer service. Because smart use of customer insights is intended to improve customer experience, it can also mean more revenue. Organizations that leverage their customer behavior to generate insights outperform their peers by 85% in sales growth, according to Microsoft.īusinesses can use these insights to expand their product/service offerings, develop new marketing strategies, create detailed customer personas and customer journey maps, and enhance current offerings. Why Are Consumer Insights Important?Ĭonsumer insight can provide a business with the opportunity to better personalize and tailor products to the needs, wants, and demands of their customers. How can I get great insight into market basket analysis?Ĭustomer insights can be collected from a variety of sources: customer service data, product and service reviews, market research (such as how weather impacts shopping and where consumers are spending their money), purchase history, and customer sentiment.What can you do to increase conversion rates of marketing campaigns?.How can you sell an existing product or service to your customers?.How can customers purchase more expensive items, upgrades, or add-ons to an existing product?.What do customers think of a new or a potential new product?.How is your brand perceived by your audience?.How likely are you to succeed in a new target audience?.Why are sales down for a particular product?.Such insights also provide a deeper understanding of how customers think and can help business owners answer important questions, such as: These insights help businesses obtain a 360-degree customer view to better understand customer behavior when it comes to purchasing decisions. What Is Consumer Insight?Ĭonsumer – or customer – insights are “the understanding and interpretation of customer data, behaviors, and feedback into conclusions that can be used to improve product development and customer support,” according to TechTarget. Learn why consumer insights are important and how they can help you stay ahead of the competition. Data and consumer insights are the tools needed to provide valuable information to help businesses, especially consumer packaged goods retailers, exceed customer expectations. In today’s competitive retail landscape, customers expect high-quality experiences to accompany high-quality products and services. The ability to provide personalized customer experiences is now an essential component of organizational success Download the Whitepaper FEATURED Whitepaper Deliver Personalized Experience with a Customer Data Platform
0 kommentar(er)
