Collecting consumer insights data

Consumer Insight is one of the many important keys for success of a business. This is not an exaggeration. Many companies crawled up the ladder of competition just by understanding their customers. The whole idea of designing a product is born with the simple thought, “What does a customer need right now for solving his particular problem?” Launching a brand new product and marketing it to high sales isn’t just enough. Not just product and its hype, but also the company and the customer should stick together. A buyer of products from a company should be its customer for lifetime. The customer should always feel gusto for the products of the company. Basically this is called retaining the customers and this is where CI (consumer insight) helps and where Octopus can help businesses to use CI effectively!
Consumer Insights deals with the collection of useful information about the person who is either a new buyer or an existing customer and uses it to improve the business of some company. Many examples can be given to show how consumer insight helped the present day leaders in retaining its already huge customer base which is deteriorating day by day. Acquiring a new customer is one part and retaining them is another. One of the best and the oldest way in retaining customers is maintaining a loyal relationship with its customer. As a company, keeping up loyalty towards its customers means doing what has been promised. Communicating with the customer is the key to maintain this loyalty. And through this communication, the customers should feel the company’s care toward customers. consumer insights
Another thing to take care of is the service offered to any customer. Not just the quality of service, but the frequency and speed of service should be well-handled. Keen analysis of consumer base can help the company to track down the customer who is dissatisfied or bored with the company. Depending on the order frequency, order value and the time gap between the orders of a particular customer, there is a way to trace that particular customer who wants to stop buying. Further steps may involve contacting him on phone or through e-mail and convincing him not to withdraw. This is proprietary technique, named as Critical lag, developed by EWA private network for Marks & Spencer who are very successful in acquiring customers but not great at retaining them.
Many companies, through Consumer Insight and the help of Octopus Analytics, have acquired powerful methods to improve their sales and retain their consumers but very few of them have listened to their customers. May it be launching a new product, or improvising the existing one, or providing offers or cross-selling products to increase popularity, the Customer’s voice is what drives businesses. Even though call centers improvised in speed and employers, they never really cared about the quality of the service. The customer should be able to ask for a service whenever he wants it. The analysis based on CI data could be used to target those particular customers who demand the service.