Being a successful brand means understanding your target audience better each day. And with the right data analysis, you’ll know what your audience wants right now and anticipate what they’ll want or need in the future. And it all starts with market insight.
What are insights in marketing? We’ll explore that specifically below as well as examples of how they can be used to inform your brand to make savvy moves in the marketplace and win over new customers. But first, here are some telling stats showing why you need to understand these stats in the first place:
- Customers have grown to expect and desire personalized experiences.
- 64% of consumers want brands to connect with them––this starts with knowing who they are.
- Consumers know that brands use personal data to deliver tailored messages, which makes getting messaging right critical; otherwise you seem to be purposely ignoring their needs and they’ll go somewhere else!
Key Insights in Marketing
Key insights in marketing, are the relevant, actionable, and previously unknown intel about your target audience. They help brands understand their consumers better and create messaging, products and innovations that resonate with different audience segments. Let’s dive in a bit.
Your data insights need to be relevant.
If the tool you’re using isn’t offering real time, pertinent results, then you’re missing out on big opportunities to not only appeal to your current audience swimming around in your data pool, and you’re missing out on hooking some new fish swimming around the periphery of your brand as well. Five weeks late to the party is too late. You’ve missed an opportunity to be a first mover. First movers become the industry standard, allowing them to grab consumer attention, which often generates brand loyalty.
Your insights in marketing need to be actionable.
You need insight that allow you to take direct and meaningful action. For example, let’s say after analyzing consumer behavior along the purchase path, you realize a hindrance to purchasing is lack of sustainable efforts from your brand. From this information, you know that if you hope to capture those consumers, you need to either create more sustainable offerings or amplify your existing sustainable practices to increase awareness. You’re making a data-driven decision based on crunched numbers, not conjecture.
Your insights need to uncover previously unknown intel.
Consumers are fickle and change their minds frequently around what they want and need. Market and consumer intelligence which identifies shifting sentiments and emerging trends keeps brands aligned with these changes.
For example, the metrics below for a top beverage brand show us volume of mentions, posts, potential impressions, and sentiment:
And though everything looks great, we should examine why there was a big spike in positive sentiment around June 27. If a brand knows why, they can amplify this quality. If due to a recent campaign, this brand could repeat the actions which caused this spike. But if you don’t know, you can’t do anything. And just think if these sentiments were negative and you needed to know why and couldn’t, your brand could be in trouble.
In NetBase Quid®, the fluctuation summary capability clearly reveals what is happening behind these changes and you can dig down as granularly as you like.
Differentiating Between Facts & Insight
A fact tells us what, and insights tell us why. Facts are big statements that one can infer from analytics. But insights uncover what’s driving these opinions. It provides the why.
For example, a fact says that Josie likes running. An insight reveals that she enjoys it because of the challenge to go further and faster. Armed with this intel, a brand can create messaging that will resonate with Josie, perhaps showing runners challenging themselves and not quitting when it gets hard – all while wearing your bran’s running shoe, of course.
On the other hand, without the why of that intel, reaching Josie with the right messaging is more of a shot in the dark.
Your insights in marketing need to provide a deeper understanding of the consumers opinion, emotions, habits – all the things that are driving their choices to purchase. Without this detailed intel, you can’t hope to make decisions that will resonate with consumers.
NetBase Quid® AI Explains Why
Brands need a broader look of the social landscape. Just tracking brand mentions and likes isn’t enough to give you a full picture of your audience. Our artificial intelligence is always evolving, which means better, more accurate and detailed results. Let’s explore what advanced insights in marketing can really do for a brand’s efforts.
We’ll begin with engagement. Our earlier metrics for our top beverage brand revealed elevated positive sentiment, with a spike in later June. Here, we’ve broken down that graph to illustrate what each of these individual metrics looks like:
When we click through to the aforementioned fluctuation summary, we find out that this sentiment is partially due to a love of glass bottles versus plastic or canned drinks. And we also see a dip in sentiment in July, which touches on the unhealthy side of this companies’ products. Is this something that could possibly pick up steam and become a larger conversation? We can set alerts based on specific keywords being used, so we’re sure not to miss a climb in relevant conversation.
This is all super important as brands must adjust messaging and sometimes even their product offerings to better suit consumer needs. As we can see below, consumers love this top beverage brand because it’s more affordable than its competition. But they also love it because it’s sweeter. On the flip side, negative drivers reveal that consumers feel it’s unhealthy:
We can filter these results and layer it with a personal narrative theme to dissect posts that have I statements like “I hate, I love, I need/want, I wish and My favorite.”
And each subsection can be analyzed to fine tune these results.
- I want/need reveals that consumers would love more beverage dispensers. These loyal fans are the diehards, and making a product that’s geared towards them could be a big win.
- In My favorite there’s some conversation around the design of this brand’s beverage can. Turns out people enjoy the logo from the early 2000s – and with nostalgia playing a big part in capturing consumer attention these days, this could be an opportunity.
By understanding the why behind your consumers’ posts, you can design successful brand campaigns, innovate and create products all based off what they willingly and eagerly told you, if you’re listening online. Are you?
If your metrics aren’t diving beneath the surface revealing the why, then it’s time to get insights in marketing that do. Reach out for a demo!