Did you know that 72% of consumers are unsatisfied with the current range of healthy snack options? Key barriers to purchase are price point, product availability and key channels for discovering new snacks. Insights like these are not entirely behavioural but rely on reaching out to the right cohorts of consumers to understand their needs and identify market gaps.
The relationship between consumers and brands has evolved significantly in the last few years, and analytics are crucial today. Making well-informed, strategic decisions that appeal to target audiences requires leveraging analytics to understand consumer behaviour, motives and preferences. Brands may develop more meaningful and successful strategies by integrating qualitative and quantitative data to go beyond simply charting consumer behaviour and understand the ‘why’ behind it.
Going beyond mapping behaviour
Consumer behaviour is shifting faster than we can capture it, and it is no surprise that marketers are trying to research, understand and predict the actions of consumers. But this needs a more holistic approach than simply studying consumer behaviour.
To truly harness the power of analytics and data, brands need to delve deeper and understand the underlying reasons behind consumer actions. This involves a combination of qualitative insights, such as focus groups and interviews, with quantitative data, such as sales figures and website analytics.
This deeper analysis helps reveal consumer motivations, preferences, and pain points, providing a comprehensive view that informs about better strategic decisions. Understanding the ‘why’ behind consumer behaviour allows brands to craft more personalised and effective marketing campaigns, develop products that meet consumer needs and enhance overall customer satisfaction.
So what are these data points beyond consumer behaviour that brands need to monitor? Purchase history, tracking user interactions, bounce rates and time spent on pages provide insights into the user experience and highlight areas for improvement.
Other observations and analyses of social media engagement, consumer feedback and consumer profiling help build impactful strategies that better meet consumer needs. For instance, female consumers expressing various reasons like comfort, ease and privacy when purchasing feminine hygiene products primarily from online media is a sign that the brands should target this segment online.
Business aspects supported by insights
Brands can drive growth and sustain a competitive edge by leveraging precisely analysed consumer insights, the cornerstone of several strategic business areas. Understanding customer preferences and needs helps brands develop offerings that closely match market demands, guaranteeing appeal and relevance.
Through data-driven insights, brands can create highly personalised and impactful marketing campaigns that resonate deeply with their target audience. Furthermore, by grasping consumer pain points and preferences, customer service can be optimised to meet customer expectations and enhance satisfaction. Insights into user interactions and behaviour also streamline sales funnels, reducing friction and boosting conversion rates.
(The author is the Co-Founder of Smytten & Smytten Pulse)