Do you know what your consumers are saying about you? And are you leveraging their social interactions to inform campaign planning? Our North America Consumer Insights Analytics Report 2020 shows you how to uncover this insight, put it in action – and much more.
In this article we’ll share:
- Why market intelligence and consumer intelligence are critical to understanding your customers
- How social listening captures the consumer journey and why you need this intel
- Surprising revelations around insights many brands are missing
Let’s start with some stats we’ve uncovered:
- 63% of businesses strongly agree that consumer insight analytics are crucial
- This year, only 15% of businesses considered consumers’ post-purchase activity – a choice they will come to regret
- 61% of respondents shared that launching new products was the top priority for their business.
Why Consumer & Market Intel is Essential
Without the proper intel to guide a brand, you may as well be crossing your fingers and hoping for the best outcome. And in today’s competitive world, with brands lining up to take your place if you fail, that’s not enough. Then there’s COVID-19, bringing in a whole other element to consider. This is where market intelligence and consumer intelligence make all the difference. And 63% of respondents strongly agree. These industry leaders shared their reliance on consumer insight analytics as an essential business tool:
And it is.
In this report, we share changes in consumer behavior that businesses are observing since the pandemic came into play. Long months of staying indoors have changed the way consumers shop and feel about brands.
Consumer Behavior & Consumer Journey
Social listening illuminates the shifting consumer journey and helps brands uncover ways to stay in touch even after the sale. For example, the Tesla word cloud shares top emotions like best, love or even hate. Each word is clickable and explorable, bringing us to the piece beside it, from someone who owns a Tesla. Tesla could do so much with this post, from simply replying and thanking the customer for being amazing to using it in a consumer generated promotion and tracking this potential influencer for future efforts. Either way, it should not be ignored by the brand. These posts shouldn’t be ignored by any brand – are you seeing every post about you?
And brands should also be using social listening to prevent and address PR Crises when those negative sentiments pop up. But that requires active social listening too!
Market and consumer intelligence separate the wheat from the chaff – sorting out distraction and irrelevant information so that you get exactly what you need to inform your next campaign, product, or ad. In short, it captures the customer journey from start to finish.
Last year, only 11% of businesses focused on post-purchase consumer behaviors. And this year hasn’t been much better, with only 15% considering post-purchase activity.
This is really a gamble, as most negative press comes after a product or service is purchased. In our report, we touch on ways to reach consumers at each phase of the consumer journey, with specific intel detailing why social monitoring at each phase is essential.
But it’s not just any intel that matters – brands require the right, real-time insight.
The Right Intel Matters Most
We all know that consumer intelligence is key when tracking down CX and reporting it back to your C-suite. But there’s a definite difference between static dashboards and explorable, real-time insight. Without it, your brand will feel disconnected and may think you’re going in the right direction when in fact you’ve missed out on real-time, consumer-driven data that shares entirely different insight.
Last year, we had a so many examples of brands that missed the boat. They wasted lots of valuable time apologizing and backtracking to figure out what they’d done wrong. With the correct tool, you can be certain of your position and consumer experience and won’t make those same mistakes.
And it’s not just social media posts that inform this understanding. This intel aggregates structured and unstructured data from many market intelligence and consumer intelligence sources and is supremely reliable.
Brands capture a balanced, contextualized view from news sources, online reviews, forums and more And its intelligence that helps brands make confident decisions around business priorities.
Business Priorities Industry Leaders Watch Closely
Industry leaders exist because they prioritize the consumer. The idea of “the customer is always right” has taken new meaning, as the consumer is always the most accurate voice around what they want. Not listening is folly.
However, there are other business priorities that are just as critical. And sometimes their order of importance can get a little skewed. For example, 61% of respondents said that launching new products was the top priority for their business. And although this may seem like a great idea – in the rush to push out something new, brands may be devoting too little time to consumer understanding. Not to say they shouldn’t create new offerings, as consumers are hungry for new distractions, but they need to be consumer-driven products and services.
So, how does one find balance with these many priorities competing for resources that are already stretched thin? Our report shows brands how to fine tune priorities, with examples and insights around:
- How to find intel on what marketing campaigns would be effective
- Improving customer care through social listening on Facebook, Twitter, TikTok and other social sites
- Identifying new customer segments that were previously unknown
- Learning how to identify efficiencies and shift costs with market intelligence
- Finding niche influencers for collaborations, by understanding what influencer marketing really is and how it can work for your brand
- Managing crises by avoiding them all together with predictive consumer intelligence.
If your brand feels like it’s treading water as other big fish swim by gulping up all the opportunities, our North America Consumer Insight Analytics Report 2020 is a delectable soup of know-how, reduced down to its meatiest bits. Get your copy now. And when you’re ready to see where market intelligence and consumer intelligence can take your brand, reach out for a demo!