In a 2017 Forrester report, it was revealed that insight-driven companies in the US are growing at 8x the pace of the global GDP, a compelling reason for any organisation to prioritise customer insights—including your competitors.
While many companies are beginning to sink or swim based on their customer-centricity, customer insights are still under-explored in many organisations, leaving leadership in the dark about their customers, the very people who determine their company’s success or failure.
But first we need to understand what customer insights are and what their value is to an organisation.
Customer insights are customer trends that have been analysed and interpreted, from customer behaviour, underlying needs, frustrations, customer journey to demographics, social media use and more, with a recommended outcome.
Different than market research which may only provide data and statistics, customer insights reveal data-driven insights and actions companies can take to better connect or sell to customers.
For example, market research may conclude:
There are 20,000 potential clients in Australia with an average household income of $107,000 who travel 2x per year.
While the more action and outcome-focused customer insights may conclude:
There are 20,000 potential clients in Australia who are 70% more likely to prefer luxury experiences over budget travel, revealing the need for partnerships with luxury travel brands to delight customers and attract new ones.
With clear evidence of customer insights’ benefits and increasing adoption, many organisations are looking for opportunities to utilise customer insights as soon as possible. Fortunately, it does not require building out an internal team or spending all your marketing budget to gain customer insight.
Leveraging independent customer insights specialists who have deep knowledge and expertise of your industry are the most cost and time-effective way to deepen your understanding.
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