Consumer insights, or customer insights, are data acquired through research for the purpose of understanding how a consumer behaves during shopping and how they perceive a product or brand.
These insights help businesses, particularly in the early stages of product development, understand their consumers and their needs. It helps in managing consumers' needs by researching their pain points and finding an appropriate solution. It also helps in branding the product and coming up with the right value proposition that aligns with the customer’s perception of the brand.
Consumer insights are gathered via extensive market research. Market research is interested in how consumers interact with a particular brand, what they think of it and what they need from it. It is interested in how consumers behave when shopping and consuming. These insights in consumer behaviour are then utilised in product development and branding, and in improving the customer journey for better sales conversions.
This type of research delves deep into customers' way of thinking to really understand their behaviour and come to conclusions and solutions regarding their brand and product.
Consumer insights can also help a company understand:
Utilising data from customer research as extensive as this, companies are able to improve their product and services and drive sustainable growth.
There are many benefits in conducting research on a brand's customers and consumers, and it's feasible in various ways. Surveys, focus groups and paid product testing are the most well-known ways of gathering consumer insights during product development.
A survey consists of various research methods, such as a questionnaire followed by a face-to-face interview. It typically takes longer and greater care to organise and gather data from various sources. Also, surveys are used to resolve deeper issues, particularly within business and medicine.
It is worth mentioning that the terms survey and questionnaire are often used interchangeably because there's a common assumption that these two terms have a similar meaning.
It is worth mentioning that the terms survey and questionnaire are often used interchangeably because there's a common assumption that these two terms have a similar meaning.
A questionnaire consists of a set of questions that intend to gather insights on a particular research question. A questionnaire could be part of a wider survey. Also, questionnaires are typically used to find answers to relatively easy questions, such as employee satisfaction.
A focus group is a type of research that takes place in an interactive group setting. A group of participants gather and discuss their opinions on a particular product or service, sharing verbal feedback and discussing out loud.
During a focus group, the data and insights gathered are detailed and straightforward as it is easier to share and explain one's opinion verbally rather than through a questionnaire, as well as ask questions for clarification.
In a focus group setting, it is possible to discuss shopping behaviour and generally how participants consume products and interact with a brand. Businesses then utilise this data to improve their services and develop better products.
It is an effective way of gathering customer insights through paid product testing since it involves getting feedback on a product by testing it in real-life. It's the main reason this type of research should take place before product launch and during product development. Companies have the opportunity to improve their product based on this feedback and user testing and avoid unnecessary costs.-
Panel Opinion is a service that allows researchers and professionals to find answers to their questions, through multiple methods, such as surveys and focus groups.
We help businesses get an insight into the thoughts and needs of their target audience, through effective market research.
Understand your ideal customer with the help of Panel Opinion.
