What is the Difference Between Market Insight and Consumer Insight?
Market insight, otherwise known as market research provides the data about your target audience. It’s the type of information that you need as a business to determine if there’s a need for your product or services, how your consumers would respond, and what your competitors are doing to meet that challenge.
Consumer insight takes that same information and gives you information on how to act on that data. It’s one thing to have insight about your ideal customers, but another to know what to do with that information.
How to Act on Market Insight and Consumer Insight
With help from market insight technology like Scorpion’s, you have the what and the why on what to do next. You’ll want to consider the five stages of building brand awareness and growing your business.
The five steps consists of awareness, consideration, purchase, retention, and advocacy. Now that you have your game plan you can act on your gathered data and your marketing strategies. As you get started, make sure you personalize your marketing plan so that it’s encompassing the data you collected. Anaylyze your approach so that it’s different from your competitors.
How to Continue Using Market Insight
Continously looking at market insight will help your business evolve so that you always keep up with what your consumers want next. But what your customers want isn’t the only thing you can gain from continuous market research and consumer insight.
You also can gather data about why a particular product isn’t doing well, how your target audience feels about you on an ongoing basis, how your marketing campaigns are being perceived, how to increase brand awareness, or how customers may react to a new product or service.
Market insight should never be perceived as something you only do at the launch of your business. Consumer preferences are always evolving and so should your business. From reshaping your strategy, to rethinking your business plan, your company should always be ready to change with the times.