Why Customer Insights Are Invaluable for Your Business

Imagine having a crystal ball that takes you directly into the hearts and minds of your customers. You would be able to know exactly how to meet their needs, tweak your offerings, and plan your marketing strategy to grow your business.

Although I can’t produce a crystal ball for you, I can guide you towards the next best thing—customer insights. 

With the tools you already have available, you can use insights to smooth the customer journey, increase sales, and even create new business opportunities.

The only catch is that you need to know where to look and what questions to ask.

This blog will introduce you to the concept of customer insights, giving you the foundations you need to use all the valuable data at your fingertips to scale your business.

Let’s dig in!

What Are Customer Insights?

Most businesses have done the basics and compiled data on their ideal customer. They know their age bracket, socioeconomic data, location, and can probably explain their audience’s pain points. They may even have assigned an Avatar name and put an image against it.

This work is valuable, of course. But customer insights dive much deeper. They provide information on what really motivates customers and help you understand the way they make decisions and why.   

The Value Of Insights

Knowing where to find your audience is a relatively simple task. But piquing their interest, gaining their trust, and converting them to customers requires a deeper level of – well – insight!

When you use customer analytics to drive business growth, the results are undeniable, as reflected by the results of a survey by McKinsey.

The data showed that businesses using extensive customer analytics are 93% more likely to have higher profits than their competition and 82% more likely to have higher sales. 

They are 112% more likely to experience higher sales growth and 115% more likely to report higher ROI figures.

How Customer Insights Can Grow Your Business

Insights can come from things like surveys, reviews, focus groups, and one-on-one conversations with your customers. 

But these methods can be time consuming and costly. 

If you want to start working with insights immediately, start using the free tools already on offer, such as Google Analytics, YouTube Analytics, or Facebook Insights. 

Here a few examples of how insights can be used to grow your business.

Product improvements  

Find out what people really think about your products and services, then use that information to fix issues, add new features, and provide them with precisely what they are looking for. You may even get inspired to add entirely new offerings.

Customer satisfaction 

Smooth the customer journey by tweaking each step along the way. Use your Google Analytics data to see how long people stay on each page of your site and what pages are most valuable to them. Once you understand what kind of content they respond to, you can add more of the same to keep them on the site longer, eventually improving your conversion rates.

Improving support resources 

Track what frequently asked questions are the most searched for on your site, and analyse the most common problems brought up when people reach out for customer support. Use that data to create targeted resources to offer extra value to your audience.

Improving customer communication 

Insights can assist you in identifying which messages are reaching your customers and which are not getting through, empowering you to strengthen your communication channels. Replicate more of the messaging that performs well and tweak the ones that don’t seem to resonate.

Guiding marketing strategy

The better you know your audience, the easier it is to create content that resonates with them. The data from your advertising and content marketing efforts will show you what’s working and what’s not, so you can get a better ROI. It helps you to invest in the things that really work and ditch the rest.

Today, we have the benefit of more customer data at our fingertips than at any time in history. While this is excellent news on the one hand, it can also be completely overwhelming! With all that information, how do we know where to begin and what insights will be most valuable for our business?

I can help you cut through the confusion and find the right insights for your business. Book a call with us, and we will get to work on mining for your very own customer insights.