This Business News Story Was Uncovered By Us From: https://www.entrepreneurshiplife.com/what-is-customer-insight-and-why-do-you-need-it-for-your-brand/
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In today’s hyper-competitive market, it is no longer enough for brands to simply have a great product or service on their hands. While this may give you an advantage in the beginning, customers could quickly switch over once your competitors launch a better option.
To prevent this from happening, you need to give your customers a reason to stay loyal to your brand, and one of the ways to do this is through customer insight. This is why successful companies spend a chunk of their budget on market research in order to gain a better understanding of their customers.
What Is a Customer Insight?
From the term itself, it is evident that customer insight refers to information about the customer that is relevant to the brand. But the key here is that you do not just look for any information – you need to zero in on those pieces of information that could drive your customer’s behavior, motivation, purchase decisions, and user experience.
Simply put, customer insight is a “universal truth” about our customers based on the interpretation of quantitative and qualitative data that research teams collect from market research, survey, customer feedback, and other informational sources. This will give your organization a better understanding of customer psychology, behavior, and preferences and can be used as a guide to help company leaders make informed business decisions.
As such, it can drive the direction of key activities such as product development, marketing, sales, and customer service. The right customer insight, when used properly, can give the company that much-needed edge over competitors.
Importance Of Getting the Right Customer Insight
Customer insights enable businesses to understand the behavior of their customers by highlighting the underl… Read More
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