Consumer intelligence refers to the gathering and interpretation of information about customers. The goal of consumer intelligence is to better understand customer needs and preferences in order to create more effective marketing strategies and campaigns.
To acquire "Consumer Intelligence", marketers need to monitor consumers' digital footprint across the internet, as well as monitor what they say about their products and services socially. They should then use the insights from this information to guide product development or campaigns that they release through their owned channels. For example, if a brand discovers that their consumers are using the product in an unexpected way, they can release new product features to make use of this; or if they discover that their products are not selling well because the reviews online are poor, they can re-design their marketing campaign.
There are a number of different ways to gather information about customers. Information can also be both quantitative and qualitative. The most common methods of information gathering is through surveys and focus groups. In surveys, customers are asked to provide feedback about their experiences with a product or service either through answering open-ended questions, closed-ended multiple-choice, or ratings. This information can be used to analyze how to better optimize profits based on consumer details.
Specifically, in focus groups, a number of customers are brought together to discuss their thoughts and feelings about a product or service. This information can help companies better understand how different customer demographics and segmentation groups interact with their products and services. Knowing how different target markets interact with your product is crucial to creating expansive consumer intelligence.
Another method of gathering consumer intelligence is through the use of quantitative data and metrics. By utilizing statistical data centered around the customer, such as impressions, clicks, and CPMs a business can learn more about the customers interactions and attribute more information to it's consumer intelligence.
Having expansive information about your consumer within your "consumer intelligence" can better help marketing actions take place. Utilizing the information known about the customers can help design campaigns or re-design campaigns already in effect. All and all, consumer intelligence is a critical aspect of keeping your marketing focused and consumers happy.
How is Consumer Intelligence Used?
Consumer intelligence can be used to identify target markets, create more effective marketing campaigns, improve customer service, develop new products or services, and gain a competitive edge in the marketplace.
What Data is Collected for Consumer Intelligence?
Data collected for consumer intelligence includes demographic information such as age, gender, location; purchase history; lifestyle choices; interests; media consumption habits; online activities; and feedback from surveys or focus groups.
Fun Fact:
"In 2020, 87% of companies are using consumer intelligence to improve their marketing strategies and customer experiences" according to a survey by the Harvard Business Review (HBR)