Start-up Tips

Businesses in every industry provide goods and/or services to consumers. In order to earn profits, they need to provide goods or services that the consumers want. This requires in-depth market research and consumer insights which becomes a major reason why brands spend a large portion of their budget on marketing.

Market Research vs. Consumer Insights

People often confuse market research with consumer insights but the difference is clear: market research gets you information about the market and industry i.e. competitors and market share while consumer insights focus on how consumers behave when they buy or consume goods and services.

It is for this reason why gaining consumer insights frequently is important. Consumer tastes and preferences change quite often and so brands need to ensure that they are in line with the updated preferences.

Ways of Gaining Consumer Insights

Following are some of the most efficient ways of gaining consumer insights:

Observing Consumers in a Natural Setting:

If customers know they are being observed, their behavior may not reveal accurate insights. Therefore, you must observe them in a natural environment. This observation will not only help you witness what products they buy but also evaluate the utility they get by the consumption of those goods and services.

Empathy Interviews: 

Another way of studying customer perspectives is to conduct empathy interviews. In these interviews, the consumer is not directly inquired about their buying behavior but instead, they speak of their experiences. While they talk about their experience, the interviewer observes the course of actions and decisions that the interviewee took during that experience.

This helps marketers know consumer perspectives and makes it easier for them to determine how consumers would react to their marketing strategy.

Consumer Behavior Via Social Media:

Finally, a great way of studying consumer behavior and gaining insights is via social media campaigns. Use popular platforms including Facebook, Instagram, and YouTube and target the appropriate audience. A video, for example, with an unusually high number of views would mean a successful campaign and it can tell you a lot about consumer preferences.

While these are the most efficient ways of gaining consumer insights, marketers need to use a range of other methods too in order to obtain accurate results.