Management is sometimes focusing on short-term or even immediate needs of the business organization as if semi-annual gross margin, to increase the number of newcomer. Therefore, they may neglect the importance of consumer insights in order to develop a sustainable growth of the company and to serve both current and new prospects better.
Consumer insights refers to the depth understanding of consumer in the sense that adding value to both company and customers. In fact, consumer insights are derived from consumer data, these help to reflect who the particular consumers are, what they do along with your organization, their geographical locations, products or services they have been adopted in previous transactions, projecting kinds of products or services they would like to buy afterwards, what media channels they are exposed to and what sort of media they choose to view, listen to or read.
Therefore, if businesses have better understanding the consumer insights, company can maintain and even enhance the customer relationship and hence their engagement towards your company.
Although management sometimes feeling frustrated in facing tremendous data, explicit benefits can be achieved if they wisely utilized the collected data. A study by MIT in the US found last year that firms were more efficient and were more likely to be successful if they used data to help making decisions. Regardless of this, “Only 17 per cent of those companies used more than 75 per cent of the data they collected”, so firms are suggested to optimize the usage of the collected data indeed.
Due to technological advancement and the usage growth of e-commerce, server side data collection is widely used to collect and stored digital consumer data in an individual log files through web server and with the “Cookies” and other electronic collection tools. This helps both profit and non-profit organization to recording and keeps tracking of customer behavior and in the sense that adding value to both organization and consumers.
From organization perspective, historical online transaction likes the timeframe as well as products or services categories they purchased in previous allows marketers to setup tailored marketing campaign and marketing strategies, define business goals and key performance indicators (KPI) to measure the effectiveness or the conversion rates of the marketing activities such as consumer response rates.
Fortunately, the effective usage of consumer data will delight customers and increases their satisfaction and in advanced their engagements towards the company through doing an analytical customer relationship management (a-CRM).