How do companies use the information they get from consumer interactions?

7.1 Consumer Insight

Consumer insight is perceived meanings of data collected from the study of consumer behavior. With the increased competition for space on the shelves of retailers and the sheer number of new products entering the market each year, understanding what consumers want and why they want it is an essential marketing practice. Consumer insight is not insight that consumers have, it is insight about consumers. Consumer insight includes a broad range of information that is obtained and interpreted to create detailed perspectives on customers and other market members. Insight is defined as the act or result of apprehending the inner nature of things, or of seeing intuitively. From this definition,we can see that insights are far more valuable than more information.

·What do people think about my brand?

.What do people think about the competing brands?

·What do people expect from my brand?

·What opportunities and threats exist for my brand?

·What factors influence purchase considerations for

my brand?

·What types of advertising work best for communicating the

essence of my brand?

·How consistently does price change with demand for

my brand?

·With what other brands could my brand collaborate for

mutual benefit?

·What is the personality of my brand,and how does that

influence purchase consideration?

·Who are my brand's most loyal customers?

·What market conditions exist such that I have either greater

or lesser opportunities than I did recently?

Understanding these consumer insights can lead to responsive product development processes, targeted marketing strategies, and efficiency throughout the supply and distribution channels, as well as in marketing expenditures.