What are customer insights and why are they important?

The goal of customer insight analysis is to unearth what customers deeply hope for and why, what they experience, and what drives them to act. When analyzed carefully, customer insights can tell you where you’re going wrong and why—and how to make the best possible choices for your customers and your business.

How do companies get consumer insights?

Great companies make it a priority to know their customers deeply, and to use this information in every business decision. They find customer insights in market research, yes, but also through daily interactions with buyers, and especially on social media.

Why are insights so important?

The purpose of insights is to connect head and heart knowledge—information plus inspiration. But the best insights reveal behaviors or phenomena and point to solutions or ideas. And because insights are grounded in human needs and desires, they lead to ideas that create value in people’s lives.

Why is insight important in business?

Why is customer insight important? The answer is simple: understanding what your customers need and want is intrinsic to your business’ success. Customer insights allow your business teams to gain a deeper understanding of how your customers think and feel about your products and services.

How do you analyze customer insights?

How to Gather Customer Insights

1. Customer Feedback. Perhaps the easiest way to get customer insights is by simply asking them what they think.
2. Customer Sentiment.
3. Third-Party Data.
4. Situational Analysis of Anecdotal Experiences.
5. Passively Collected Behavioral Data.
6. Real-Time User Testing.
7. Predictive Models.

What is the market size of the FMCG market?

FMCG market Overview: The global FMCG market is projected to reach $15,361.8 billion by 2025, registering a CAGR of 5.4\% from 2018 to 2025. Fast moving consumer goods (FMCG) also known as consumer packaged goods are products that can be bought at a low cost.

What can Big FMCG learn from big brands?

What Big FMCG Can Learn: Listen to consumers when they latch onto seemingly odd ideas, like butter coffee. Big FMCG produces products for the mass market, yet the world is increasingly attracted to smaller, unique brands. Big FMCG needs to build their niche products from within instead of letting startups get to these great ideas first.

Can FMCG firms buy startups?

Startup companies often create specific products for these consumers. Big FMCG firms can purchase these young startups, or they can build their own versions of the products. However, the window for acquisition and new brand creation can be limited.

What is focusfmcg Gurus?

FMCG Gurus core focus is evaluating consumer insight, attitudes, and behaviors. Consumer insights are critical for all elements of the supply chain from idea generation and product development to sales and marketing.