Consumer Insights

7 Key excerpts on "Consumer Insights"

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  Principles of Integrated Marketing Communications

  An Evidence-based Approach

  • Lawrence Ang(Author)
  • 2021(Publication Date)
  • Cambridge University Press

    (Publisher)

  In the context of marcoms, this usually means finding a key consumer insight that can be turned into a winning creative idea. Unfortunately, marketing research tends to be conducted (and taught) in a narrow way, emphasising the use and analysis of individualised, verbal self-reporting (such as a question- naire). This often leads to a frustrating lack of richness in the researcher’s understanding of consumers or their relationships with brands. 1 The dominant paradigm of marketing research is a rigid, rational–cognitive view of consumer behaviour, which assumes that the mental life of consumers is always objective and fully accessible. In the normal scheme of things this may not matter if we are happy simply to maintain the status quo. However, if we are searching for competitive advantage or trying to reverse declining sales, new insights are needed. 2 For instance, more often than not, the advertising has to resonate with the target segment or segments to have any chance of changing the status quo and setting a new, improved direction for the brand (or organisation). Insights can emerge from anywhere including our experience, our understanding of human behaviour or observations, and some- times it comes from plain old logic. Therefore, research is not purely data driven but is guided by a theory we might have (no matter how vague it may initially be) about how consumers behave and how they relate to brands. In this chapter, we demonstrate how to use research productively to obtain and translate workable insights into business opportunities. We also highlight how research can be used for the creative development of advertising concepts and the role of the planner in this process. What is insight? The concept of insight actually dates to the seminal work of Wallas, 3 who in 1926 suggested that problem solving occurs in four stages: (1) preparation, (2) incubation, (3) illumination and (4) verification.

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  Spark

  The Insight to Growing Brands

  • Paddy Rangappa(Author)
  • 2017(Publication Date)
  • S&S India

    (Publisher)

  Other companies are no different. Businesses today are groaning under the weight of all this data and their leaders are often unsure about what to do. ‘Too much data!’ senior leaders say. ‘We need more insights on businesses to replace all this data.’

  And this provides an impetus to an organization to go ahead and do just that—replace data with insights, literally! So the list now reads: business insights, financial insights, customer insights, shopper insights, competitor insights, market research insights, big insights, small insights, and medium insights. For example, data showing that ‘people are spending less annually after the financial crisis’ is now called a ‘shopper insight’. While there’s no disputing the truth of the statement, it offers no insight. Several companies, to acclimatize themselves to the pursuit of ‘insights’, have started renaming their analysis and research areas—so, we have departments called business insights, Consumer Insights, and so on.

  Let’s face it: this change in nomenclature only creates an illusion of a focus on insights. It’s far more pertinent for company executives to understand what the word truly means—and how real Consumer Insights can help a brand make an emotional connection with consumers at the entry point to the category and therefore elevate the brand in their memory (or increase mental availability).

  What are Insights?

  Before delving deeper into what consumer insight is, let’s look at how dictionaries define the word ‘insight’. The Merriam-Webster dictionary states that an insight is ‘the power or act of seeing into a situation: penetration’ or ‘the act or result of apprehending the inner nature of things or of seeing intuitively.’ As for Dictionary.com

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  Added Value

  The Alchemy of Brand-Led Growth

  • M. Sherrington(Author)
  • 2003(Publication Date)
  • Palgrave Macmillan

    (Publisher)

  It’s what happens when a close friend gives you a wonderful present that you would never have bought for yourself. And occasionally you find a really great marketer who has the insights that can generate serious top-line growth for your brand. In recent years, insight has become a word much used – and misused – in marketing. By ‘insight’, we really mean a fresh, discerning, penetrating fact that, when combined with insights drawn from a wide variety of sources, inspires ideas and action. But marketing insight is rarely as sound as the instinct of the truffling pig. Indeed, of all the Five ‘I’s that go to make up great marketing, insight is the most elusive. But that doesn’t mean that there aren’t reliable methods of tracking it down. So in this chapter we’ll look at five sources of insight and five research techniques that will bring you to within touching distance of that Eureka moment: when you unearth the truffle, find the gold nugget in your crucible or produce that pearl of marketing insight. Just like hunting for truffles, one of the keys to finding marketing insight is to know what you want and to look for it in the right place. But unfortunately, a great deal of marketers’ time and energy is wasted on false trails through the wrong terrain entirely. One of the most common ways for marketers to go astray is in the search for what are known as ‘competitive insights’ – the idea that a detailed understanding of your competitors will somehow miraculously trans- form your own business. Sadly, these ‘competitive’ insights are rarely anything of the sort. In fact, if you’re ever in need of a pick-me-up at the end of a long week, just read a competitor’s analysis of your own business. Forget the in-house criticism and bitching. Woolly? Opportunistic? Reactive? Not thought through? No way! Believe me, in the minds of your competitors, the most hastily dictated strategy document will appear as a marvel of Machiavellian intent.

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  Consumer Behavior

  • Ayalla Ruvio, Dawn Iacobucci(Authors)
  • 2023(Publication Date)
  • Wiley

    (Publisher)

  In order for the ship to reach its destination, it needs to know where it is and the best course to get there. Every action that every person on the ship takes should be designed to get the ship to its destination. The smallest error in judgment will cause the ship to miss its destination. Similarly, for a company to succeed, it needs to identify who its consumers are, the best way to reach them, and what is needed to do so successfully. Consumers’ insights are critical for these tasks and drive this process. Any insight gathered from the market should serve one purpose: to help the ship reach its destination. In this chapter, we will focus on the important role of consumer behavior and Consumer Insights as drivers of marketing strategy. Consumer-Centric Strategy Clearly, marketers should center their strategic planning on their consumers. But how exactly should they do so? Figure 2.1 outlines the marketing strategic planning process. Marketing strategy is the process by which companies create and deliver unique value to their consumers. As noted above, many companies today implement a customer-centric strategy, which centers on consumers’ needs and attempts to provide them with optimal solutions and greater value. These companies understand that there is no such thing as “a consumer.” There are different segments of consumers who have different needs. This process encompasses three main elements that lead to firm outcomes: 1. A company’s unique value proposition 2. A segmentation, targeting, and positioning (STP) process 3. Marketing mix strategies Marketing orientation defines the company’s business as a solution to their consumers’ problems, which reflects a long-term view of the business. Customer-centric companies companies with a marketing orientation view. Marketing strategy the process by which companies create and deliver unique value to their consumers.

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  Understanding Marketing

  • (Author)
  • 2010(Publication Date)
  • Harvard Business Review Press

    (Publisher)

  When Your Company Markets to Consumers 19 return the product or decide to buy it again; you may use and dispose of the product in ways that are important for mar-keters to know. When marketing to consumers, it is also important to think about what your target customers value. Review your own experi-ences as a customer: How do you determine what’s most impor-tant to you? Did you get the results you expected? Were the results delivered the way you wanted them? Was the price what you were hoping for? Strategies for conducting consumer research A key element in marketing to consumers is conducting research into your target market’s needs and preferences. How do you do this? Here are a few ideas: • Review your company’s internal sales and order information —which reveal existing customers’ buying patterns and characteristics. • Gather marketing intelligence —which you collect through reading newspapers and trade publications; talking with customers, suppliers, and distributors; checking Internet sources; and meeting with company managers. • Perform market research —which is conducted by either an internal research department or an outside firm through devices such as market surveys, product-preference tests, focus groups, and so forth. (See “Steps for Market Research” for more information.) 20 Understanding Marketing Steps for Market Research 1. Define the marketing opportunity you will focus on. Create a specific question about a marketing opportunity that you want to explore. For example, suppose you work for an automobile maker and your supervisor wants to explore the potential bene-fits of providing global positioning system (GPS) navigation devices in its cars. You might ask this specific question: “Will offering such a device create enough incremental preference and profit for our company to justify its cost against other possible investments?” 2. Establish your research objectives in exploring the opportu-nity you identified.

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  Marketing Research

  • Carl McDaniel, Jr., Roger Gates(Authors)
  • 2020(Publication Date)
  • Wiley

    (Publisher)

  1 CHAPTER 1 Dmitriy Shironosov/Alamy Stock Photo Steps in Creating Market Insights and the Growing Role of Marketing Analytics LEARNING OBJECTIVES 1. Comprehend the marketing environment within which managers must make decisions. 2. Examine the growing impact of marketing analytics. 3. Analyze the problem definition process. 4. Learn the steps involved in the marketing research process. 5. Understand the components of the research request. 6. Appreciate the importance of the marketing research proposal. 7. Comprehend the impact of marketing analytics, big data, and the growth of unsupervised learning. 8. Examine what motivates decision makers to use marketing research information. Marketing Research and Developing Market Insights Marketing research plays two key roles in the marketing system. First, as part of the market- ing intelligence feedback process, marketing research provides decision makers with data on the effectiveness of the current marketing mix and offers insights into necessary changes. Second, marketing research is a tool for exploring new opportunities in the marketplace. Segmentation research and new product research help managers to identify the most lucra- tive opportunities for a firm. New analytic tools for gleaning information from massive amounts of data are providing managers insights like never before. 2 CHAPTER 1 Steps in Creating Market Insights and the Growing Role of Marketing Analytics Marketing Research Defined The American Marketing Association defines marketing research as follows: Marketing research is the function that links the consumer, customer, and public to the marketer through information—information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process.

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  Sensory and Consumer Research in Food Product Design and Development

  • Howard R. Moskowitz, Jacqueline H. Beckley, Anna V. A. Resurreccion(Authors)
  • 2012(Publication Date)
  • Wiley-Blackwell

    (Publisher)

  3 Understanding consumers’ and customers’ needs—the growth engine

  This chapter presents the case against thinking too much, at least thinking without profoundly understanding one's topic. In an article written for the Dallas Times Herald-Washington Post, Malcolm Gladwell, best-selling author of The Tipping Point, suggested that a lot of how the consumer responds is fairly reactive, emotional, and not extensively thought out, an idea that most scientists who study people would like not to believe (Gladwell, 1991).

  In the food industry we have just begun to understand today's consumer in a profound way to guide product development and marketing. There has been no lack of perceptual maps that, through mathematical legerdemain, place products and product attributes together in a geometrical space, hoping by this process of geometry to create insights in the viewer's mind. There has been no dearth of focus groups conducted through research or marketing to “listen” to the consumer, to probe, and somehow to get nuances and more insights that will guide development and marketing. And there are many well-designed studies conducted by a research guidance group, or market research group, or today's fad, the so-called Consumer Insights. In other words, there's a “lot of knowledge” out there, somewhere. The problem is that the knowledge isn't necessarily what provides the insight, or at least a lot of the profound insight.

  Really trying to understand the consumer and their interaction with food actually constitutes a relatively new concept, different from the standard stock in trade methods of the past 30–50 years. Honest hearing of consumers, which involves hearing them somehow articulate their precise series of trade-offs, is not simple.

  The world today is a very complex place. The complexity creates a demand. It requires that we look very clearly at what it really takes to meet a person's needs or wants. The struggle for food businesspeople today is to wrap their heads

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