How can consumer insight help companies to retain customers?

Consumer insight data is an important part of market research carried out by different companies. This data contains the information regarding your customers and their opinions and experience with a certain product. It forms an important picture of the customer in the view of the business and allows the business to take decisions which improve the product quality and reduce the dissatisfaction level of the customer. For any company, marketing the product and the brand name is of utmost importance. Proper marketing will ensure a good customer base for the product and thereby increase the sales and profits of the company.
Good marketing is not only essential for procuring new customers, it is also important for retaining the existing customers. That is where consumer insight comes in to the picture. To retain the existing customers, a company needs to understand them. Most of the companies start to care less about their customers as their business grows big. This is a very bad attitude and will lead the company in to a false belief that all their customers are happy. Any company with a better product can easily blow them away and take their position.consumer insights
To understand a customer, the company must make efforts to interact with them. This interaction can be of various types. It can be through email, phone or social media. The last one is the most preferred way of keeping in touch with the customers. Asking the customers to fill an online survey after they have completed certain period of usage of a product can also be recommended. All these methods, give the customer a belief that the company indeed remembers them and gives value to their opinion. Most of the companies ask for feedback saying “Help us to get better”. This is also a good way of approaching the public for their opinion on the products. This is a technique Octopus recommend.
Aftersales support is another major factor which heavily influences the consumer insight data. Making a good product is not enough, a company has to have a section which deals with the customer grievances and provides support and help to repair the product. Fast and efficient aftersales support will increase the customer’s trust in the company and will lead to repeat business. Even if the product quality is average, a user can live with excellent support service as it provides a security for the purchased product. On the other side, even if you make an excellent product, but do not provide good aftersales support, then your product will soon be doomed. Providing support can also bring money along with good feedback which leads to customer retention.
So, customer retention is an important part of any business. To maintain and not to lose the existing customers, giving value to their opinion is recommended. If you are carrying out a change recommended by a certain customer, you can name and thank the customer back for helping to improve your product. This will improve the good will of the company in the general public and will lead to a successful business.