To create products and services that your customers adore, you must fully comprehend their wants, expectations, and behaviours. Customer insights enable businesses to understand their customers better and create great products for them. As you plan to acquire customer insights for your business, you must focus on examples of customer insights that you can track- therein lies the secrets you seek.
A thorough understanding of customers is critical to running a successful business. The better you identify customer needs and expectations and deliver value to them, the more successful your business will be.
There are numerous methods for identifying these needs and expectations, and you should take every necessary step to collect enough data on customer insights.
You must use customer insight to provide excellent customer service, create tailored solutions for your customers, and build excellent relationships with them. This article will show you how to use data to your advantage by gaining valuable customer insights.
Why are customer insights important?
This is a bit of a rhetorical question. Customer insights are important because knowing your customer base equals success. You can gain your customers’ sympathy by understanding how they feel, what they want, and why they want it.
Examples of customer insights you need
Different types of customer insights exist. However, it is critical to understand these types in order to tailor your evaluations to your business type. Therefore, we shall discuss five types of customer insights.
- Firmographic Customer Insight. If you own a B2B company, you should pay close attention to this. Firmographic customer insight will inform you of the characteristics of the businesses that benefit from your service or product. The industry type, size, and location are all included.
- Usage Customer Insight. This data will reveal to you how frequently people use your product. To put it another way, people may use your product on a weekly or daily basis.
- Customer Loyalty Insight. This indicates how satisfied customers are with your product. The Net Promoter Score (NPS) – which shows how much of your customer base promotes you – is a great KPI to see this. In addition, you can send your customers a questionnaire about how likely they are to recommend your product to others.
- Customer Service Insight. It’s a fairly straightforward one. This data is critical to your support team, precisely the quality and context of customer interactions. It will show you what your customers say, what they want to know, and how satisfied they are.
- Competitor Insights. It is critical to position yourself in relation to your competitors. That is the focus of this insight. You will understand how your competitors run their businesses and how you can differentiate yourself from them.
How to gather customer insights
Now you know examples of customer insights you can track to excel. However, gathering data is necessary to investigate your impact on customers. This is self-evident. Now we’ll talk about how you can source for these customer insights.
Sometimes asking your customers directly what they think of your company is the best thing to do. According to experts, “Customer surveys have a high ROI and provide numerous benefits for businesses.” Surveys are an excellent way to assess the quality of your brand because they provide qualitative feedback.
You can also ask questions on various topics. This means that your questions may pertain to your company’s overall performance or, for example, your customer service performance.
Customer Satisfaction Surveys
As general surveys, these are not exhaustive. However, they help you understand how your customers feel about your product – are they pleased or dissatisfied? You can use Facebook-style reactions or simply like and dislike buttons to know how they feel. You can also integrate NPS here!
This is information gathered from customers based on their actions while using your product or service. The most popular way to collect this data is to examine your website or use social media analytics. In addition, you can use this data type to learn what motivates your customers to adopt and abandon your product.
According to Amplitude’s Product Intelligence Report, 57% of businesses say customer reviews influence their purchasing decisions. If you are such a company, A/B testing will come in handy because it focuses on proposing two options and asking people which option they believe will work best.
Sentiment analysis examines how your name is used on the internet using tools, most notably artificial intelligence. You can use this technique to track industry keywords, brand names and mentions, and competitors. As a result, you can take steps to keep up with trends while also making people happy.
Another method for gathering customer insights is through support tickets. Every day, your customer service team handles the tickets. First, you must find a typical pattern or theme among these tickets. Then you can fix the problem and find out what customers think about your product.
Six practical ways to leverage customer insights
What you can do with customer insights has been left somewhat ambiguous. But, of course, it will eventually lead to increased customer satisfaction and profit for your business. But what can you do to get to that point? Let’s check them out!
I. Customer Journey
There’s a chance you don’t understand why your customers stop using your products and services. You can learn why your customers abandon your product by analysing their data and reviews. This allows you to optimise the customer journey and make it a more customer-friendly process and experience.
II. Enhance product functionality
Customer insights are one of the most effective strategies for comprehending your product’s functionality. If you want to improve the functionality of your product, determining how your customers use it will highlight the areas you can work on. This allows you to eliminate competition, attract new audiences to your brand, and improve the user experience for your current customers.
III. Improve quality
We’re shifting from what your product can do to how well it can do it. Conversing with your customers, reading reviews, and sending them surveys can help you learn how efficient and effective your product is. Customer insights should be your go-to source when it comes to improving the quality of your product.
IV. Improve Customer Service
It is a well-known fact that customers’ expectations continue to rise. This is especially true when it comes to customer service. Furthermore, they discuss their customer service experiences in everyday conversations; therefore, if your customers rate your service negatively.
In this regard, customer insights can help you improve the customer service experience. For example, they may say that the waiting time is too long to bear, and you can begin taking precautions to address this issue.
V. New products
Customer insights reveal whether you are successful in resolving your customers’ problems. This means that your products and services may solve some problems while failing to address others. Listening to your customers allows you to expand the capabilities of your products and services and create new products across industries.
VI. Marketing strategy
You will notice common patterns among your customers while evaluating customer insights. You can use this data to develop trends for your marketing campaign. From start to finish, your new and existing customers will have an excellent user experience.
So you should now be enlightened. The most critical data is customer insights if you want to excel in your industry. You will be one of the major players in your industry once you have gathered the tools and found the ideal dataset.
Would you like to start leveraging the numerous examples of customer insights to scale your business? Then, Contact Survey54 today for a bespoke model and start seeing results quickly.