Customer Insights - Lean Summits Solution

CUSTOMER INSIGHTS

Leaders can seize growth opportunities and address urgent business issues with deep consumer insights and an action plan, capitalizing on those insights. To deliver value to our customers, LSS’s  Customer Insight combines consumer behavior research,  broad relationships with market-leading digital innovators, and our unique approach for converting insights into actionable constructs.

Three out of every four CEOs, presidents, and COOs believe that customer insight is critical to driving success, yet few companies utilize – or even access — all relevant consumer information before making important choices. More importantly, most companies fail to turn insights into practical, business-relevant imperatives.

Furthermore, contrary to common perception, customer insight efforts are not restricted to consumer-oriented companies. Through this data, B2B and B2C companies in industries ranging from health care to energy may achieve substantial growth and achieve larger commercial goals.

Key Drivers of Change

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Customer insights are most useful when they integrate data from both qualitative and quantitative research. And there are distinct data collection techniques for each of these kinds of study. Traditional quantitative research techniques, such as surveys, and traditional qualitative research methods, such as interviews and focus groups, may both be useful, but they all have one major problem. They are all based on your consumers’ memories or forecasts of their behavior. 

The disadvantage of depending on memory is that it deteriorates with time. Assume you work for an airline and want to learn how to enhance the boarding process. If you send a survey or request an interview later, there are a variety of factors that may affect the respondent’s responses, ranging from forgetting information to a bad encounter with baggage claim that could distort the respondent’s overall attitude about the trip experience. 

Ethnographic study, in which a researcher observes and records an individual’s behavior, is an effective kind of qualitative research. The apparent difficulty here is that the presence of a researcher is not natural in any setting. This may result in behavioral changes such as attempting to impress the researcher or experiencing “stage fright.” In order to avoid this you need to implement virtual usability testing which requires four main components.

Clean and Accurate Data

Clean and Accurate Data

You may be certain that your findings are realistic if you use clean and reliable data. Ensuring that the data is precise also guarantees that you are not missing any information that may alter your perspective. The development of a Single User Perspective, in which data from all sources is consolidated, deduplicated, and cleaned, is therefore critical for any marketing organization serious about utilizing customer insights to improve the profitability of their marketing campaigns and choices.

Tools for Data Gathering

Tools for Data Gathering

It is possible that having the appropriate tools in place to evaluate the data is more subjective. Every technology vendor will tell you that they have the appropriate tools for you, and in the world of MarTech, where there are over 8,000 possible solutions for “the right tools,” it is critical to write out a set of criteria and then match options back to those requirements. Any specifications for a customer insight system acquisition should be unambiguous, have quantifiable objectives, and have taken into account all major elements of a technology procurement.: People, Data, Technology, and Processes.

Analytical Skills

Analytical Skills

One in every five marketers feel that they possess the required skills to perform data analysis and improve the customer journey. However, in the last five years, the field of data visualization has advanced by leaps and bounds, making customer insights and analysis a job of leveraging charts, graphs, and maps rather than just manipulating and interpreting numbers.

Technology

Technology

Customer Data Platforms (CDPs) have sprung onto the scene in the past years, offering unified data and the opportunity for marketers to control the technology (rather than IT). A CDP guarantees that the data is unified, clean, and comprehensive, allowing for reliable consumer insights. Some CDPs additionally provide analytics, segmentation, and marketing automation features. As a result, marketers may be able to use a single platform to fulfill all four components of consumer intelligence.

SOLUTIONS THAT WORKED

Running behavior – based reports provides you with unique insights into what users do when they visit your website. Heatmaps, for example, show you where the greatest clicking activity occurs, allowing you to place your most essential components on the page.

“Rather of concentrating on the competitors, concentrate on the client and their journey.

Use Case

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HEATMAP

The word “user experience” simply refers to how users navigate your website and find what they are searching for. Customers are pleased when they have a positive user experience. Pay attention to the tiniest things to increase conversions. Examine your site, for example, and identify every aspect, from your logo and top navigation bar to the widgets in your sidebar. 

 

This is important to remember during any web development, as all great UI developers don’t leave the website development to their judgement but instead rely on numbers and facts. That’s why the LSS UI team performs extensive virtual usability testing using a variety of technologies. 

 

Following the introduction of our client’s website, their business saw an anticipated increase in the proportion of orders coming in through the web compared to a traditional dial in. Within two months after its debut, 20% of orders were submitted through the web. This amount, however, has plateaued around that level on the checkout page. This meant that the UI needed to be improved for a smoother UX; provided that a sufficient number of people were walking through the checkout page, we could conduct a heatmap analysis to identify where users spend the most time. The goal was simple: improve the conversion rate through the web.

LSS collected enough data and utilized different technologies to ease data processing and interpretation shortly after implementing heat map monitoring. This assisted us in determining where consumers spent the most time and what elements on the page drew the most interest. Conversion rose by 50% after the website was revamped to better match the consumer experience.