Unlocking the power of consumer insights with a consumer insight platform

Three out of four business leaders believe that personalization is the key to marketing success.

The only problem is that personalization can seem intimidating. You’ll have to collect raw data, understand this data, and build marketing campaigns around it. This is where a consumer insight platform can help.

It lets you structure, segment, and analyze customer data, so you can tailor your business around these preferences. Below, we’ll cover everything you need to know about unlocking the power of consumer insights with a consumer insight platform.

The benefits of using a consumer insight platform

These are some benefits your business can expect to experience after using a consumer insight platform:

• Understanding customers better
• Keeping up with industry trends
• Making data-driven decisions
• Improving product development
• Enhancing customer experiences 

Understanding customers better

Because you’re conducting market research and getting insight into a consumer’s preferences, pain points, and buying habits, you can understand customers better and tailor marketing around their needs. 

Keeping up with industry trends

A good consumer insight platform should use data analysis to predict how much inventory you’d need for a specific product. By keeping up with industry trends, you won’t have much excess product to mark down, resulting in increased profit.

Making data-driven decisions

Using a consumer insight platform automatically turns your business into a data-driven organization. You’ll understand what marketing messages customers respond well to, allowing you to tailor marketing around customer needs.

Improving product development

When you use a consumer insight platform, you’ll find out what features customers like and what they don’t care about. This removes the guessing game that companies go through when developing their product. A consumer insight platform provides cold hard facts regarding what features your customer wants you to introduce, fueling your product development efforts.

Enhancing customer experience

Consumer insight platforms also enhance a customer’s experience with your brand. For example, you can run personalized specials for customers based on previous buying habits. If someone bought a new camera recently, you could try selling a tripod, lenses, and other accessories.

Key features of a consumer insight platform

Are you shopping for a customer insights platform for your business? Consider these features, as they’ll allow you to get the most out of your customer data:

Data collection and analysis

A platform’s ability to collect and analyze data is the most important thing to consider when shopping for a consumer insight platform. This is because data collection and analysis is often a redundant and tedious process, with lots of manual work involved. But if your consumer insights platform can automate this process, you won’t have to do much of the heavy lifting.

Customer segmentation

Another thing to look out for is a platform’s ability to segment your customers based on factors like:

• Demographics
• Buying habits
• Financial situation
• Physical location

You’ll understand each segment’s preferences and can create marketing messages tailored toward each group.

Sentiment analysis

Sentiment analysis refers to what your audience thinks about your brand. A good consumer insights platform will automatically conduct sentiment analysis by reviewing a customer’s buying habits, survey results, and transactional records. From here, you’ll learn which customers are most invested in your product or service, allowing you to stretch your marketing budget.

Social listening

Social listening is the act of monitoring various social channels to keep track of brand mentions. This acts like customer feedback. By listening to these social mentions, you can understand what customers are looking for in your product or service and how you can improve.

Competitive analysis

Competitive analysis reviews your competitor’s sales tactics, products and services, and strengths and weaknesses. This is why all good consumer insight tools must offer competitive analysis. It keeps your brand proactive and allows you to pivot based on your competitor’s performance.

How Lytics can be the right consumer insight platform for your business

If you notice that several segments of your audience have different preferences, you can segment them inside your CDP. And since Lytics is compatible with most marketing platforms, you can export these segments and create campaigns for each.

Lytics offers all the features mentioned above, plus more, making it a good option if you’re looking to unlock the power of consumer insights. Lytics CDP (Customer Data Platform) streamlines customer data collection, cleaning, and structuring. It converts the raw data you receive from Google Analytics and Facebook Ads into actual, easy-to-understand insights that you can use to make better business decisions. It extracts insights from raw customer data, so you don’t have to spend time or money manually sifting through terabytes of data, looking for customer trends and segments.