Less research, more intelligence
Data
In today's ever-changing business landscape, staying competitive demands more than just traditional market research; it requires real-time intelligence that adapts to dynamic consumer behaviour. In this article our strategy director, Gill, explores how consumer insights, as a form of intelligence, extend beyond conventional inward-looking research. Working with GWI’s data set, our approach enables our clients to achieve a customer-centric approach that is genuinely led by the needs of their customers, rather than the internal interests of the business.
From research to intelligence
Traditional market research has long been a trusted tool for businesses to understand their products, their competition, and the marketplace. However, these methods often gravitate towards an inward, product-focused perspective that may not always align with the ever-shifting needs and desires of customers.
Consumer intelligence shifts the customer to the heart of decision-making processes. Unlike traditional market research, consumer intelligence flips the traditional view and encourages organisations to step into the ever-changing world of their customers, as opposed to trying to force their customers into their business world.
Positioning consumer intelligence at the heart of your business strategy
This rich source of information, including consumer behaviour, social media trends, online reviews, and purchase history, captures a pulse of consumer preferences. Here are just a few examples of how you can utilise it for your business:
1. Customer Empathy and Understanding
This data facilitates a deep understanding of customer segments, their pain points, aspirations, and evolving expectations. It provides the basis for crafting product, marketing and business strategies that genuinely resonate with customers.
2. Creating a Customer-Driven Culture
Access to consumer research data encourages organisations to embed their customer at the heart of their business. It empowers employees at all levels to prioritise customer needs, ultimately driving better decision-making and customer satisfaction.
3. Trend Identification through Customer Lens
The data helps organisations to identify emerging trends and cultural shifts from a customer perspective. By aligning strategies with these insights, businesses can develop offerings that are not only relevant and useful but importantly, customer driven.
4. Empowering the Customer
Consumer data allows organisations to personalise their interactions with customers, offering tailored recommendations, customer support, and experiences that enhance customer loyalty and brand advocacy.
5. Cost-Efficiency
Compared to traditional research methods, consumer intelligence data is a more cost-effective means of gathering essential insights as it minimises the need for custom built, resource-intensive surveys and focus groups.
Putting it into practise
Consumer intelligence heralds a new era of market research, one where customer-centricity takes centre stage. It promotes a shift from the inward, product-led approach of traditional methods to an outward, customer-centric perspective that prioritises customer needs and preferences.
The adoption of this data-driven approach isn't just a choice—it's a necessity. It's the bridge that connects businesses to the heart of the market, enabling them to not just survive but thrive in an ever-evolving world of commerce.
If you’d like more information about how LEWIS and GWI can get to the bottom of some of your biggest challenges, get in touch
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