This is worrying because insight from your customers has much to do with your company’s success in the online and can be the main difference between a powerful campaign and one that’s just average. Today we’ll talk about how insight can be useful and we’ll show you how to understand and integrate the data you receive.
But first, let’s talk a bit about where this data comes from. The most basic form of getting valuable insight is the online survey or quiz using tools such as Typeform and Typeform alternatives. But you can also get data by reading the analytics report for your site or by implementing software that observes visitors’ behavior on certain pages. If you have the chance, direct observation is a fantastic way to get in touch and personal with your customers (have a look at how P&G did it).
Another good source of insight is represented by social media channels, forms where your target public hangs out, and other online watering holes. The idea is to learn about the people you want buying your product/service and understand what makes them open their wallet.
Get in your customers’ heads
When you run a survey, you get a bunch of data that, when looked at as a whole, doesn’t look quite so appealing. The secret here is to make sure you truly understand the data you’re getting. Once you do this, you have the unique possibility of getting into your customer’s head and learn what they need from your product, what drives them to buy.
Let’s take as an example, the case of an online security company that managed to get their site and blog high in search engines, had a lot of traffic, but didn’t see it translate into software sales.
Somehow, their content was popular, but people were not driven to actually buy the product.
This situation often happens and data collected from customer insights is the best way to start looking for a viable solution.
In the case of our security company, they hired an expert third party to help them pinpoint the problem. The experts dug through existent customer data, analyzed visitors’ behavior on the most popular blog pages, and even surveyed and observed users navigating the site. The collected data helped them understand why some visitors did download the app while others left the site without making the final step.
The experts also managed to find the exact moments that were decisive in the purchasing process, which allowed the security company to create better-targeted content that created value for the visitors and kept them on page enough to convince them that this is the best solution for their needs.
The security company was also able to develop better email campaigns, targeting specific types of possible customers and this lead to an increase of 240 per cent in conversions via email campaigns and 55 per cent increase in leads from email signups.
The conclusion here is simple. As long as you know how to get valuable customer insight and understand how to apply it to your needs, results won’t be late to show up.
Customization for different audiences
If you still think it’s enough to have a site up and send monthly/weekly emails to improve conversion, you have another thing coming. There is actually a stat showing 73 per cent of consumers are fed up with getting content that doesn’t apply to their needs or even current situation, and for a good reason.
It’s important to understand your customers are not the same, and the only way to improve conversion is through personalized marketing. Here is where customer insight will prove extremely valuable as it will help with audience segmentation and with creating a customized message for each category’s needs.
For instance, if a customer buys a set of golf clubs from your online store, your next communication towards that client should not contain another offer for golf clubs. They already have that product and the chances they are interested in getting another set are very slim. Your next newsletter should contain information accessories; maybe a stylish bag for the clubs or a maintenance kit.
The basic idea here is that you don’t have to implement a one-size-fits-all approach. It may work for a while, but when you’re looking to make a difference in conversion rates, a fine-tuned, personalized message will get you there.
Swiftly adapt to market changes
You don’t have to be a business analyst to know the market will change, but these changes are started by customers’ preferences. The impressive thing is many companies (even big names) are taken by surprise and may have to implement emergency measures to survive.
If you take a closer look at how things usually unfolded, you’ll notice a negative scenario can easily be avoided by simply staying in touch with your current customers and focusing on retention. According to specialists, up to 80 per cent of a company’s revenue is provided by 20 per cent of its existing customers. Still citing this source, a five per cent increase in customer retention can lead to an increase in profitability of up to 75 per cent.
Yes, it’s true retention techniques are not the same as surveys, but they still give you fantastic insight data. For instance, you can tell by the click rate on your newsletter email links if one of your products has fallen in your customers’ preferences. Or you can follow visitors’ behavior on your social media channels.
In conclusion, in order to improve conversion rates, it’s enough to maintain an open dialogue with current customers. It’s also around 50 per cent cheaper than going for new ones!
Regardless of the way you gather the data (through surveys or by studying the analytics reports) customer insight is of high importance for your business. This data will give you a sense of reality on your product/service’s performance in the market but will also give you new information to use in future marketing campaigns. So don’t ignore it!