Market insights help you stay in close touch with your real customers. Who are they, what their behavioural patterns are and how their preferences are changing with time. With the ever increasing speed of communication in today’s world, there are varied patterns of consumer behaviour, in terms of their preferences of purchasing channels and decision-making influencers.
Customer forums and ratings play increasingly an important role. The adoption of social media by various strata of audience has made it even more important to know what your customers are talking about your brand, how they are communicating their preferences and perceptions, whether your brand is able to create an effective communication channel with the target consumers or not. All these aspects form a key ingredient of drawing market insights. It has become even more challenging to create and retain brand loyal customers, however carefully drawn market insights can definitely help in devising product strategies aligned to your target audience’s needs and wants.
The analytics and insight reporting tools have become very strong over the past few years and marketers have become smarter in drawing up the performance metrics from email campaigns, social media campaigns, advertising campaigns and various other types of in-bound and out-bound marketing initiatives. The insights that are drawn with the help of measurement- driven marketing tools help in the gap analysis – of demand vs. supply and thereby bridges the gap between your brand/product and customer’s expectations. Thereby helping you stay abreast with the changing demands and needs of customers and re-launch or upgrade your product accordingly.