So, you’ve identified the need to build consumer insights. You’ve developed and administered a survey, examined various factors and analyzed its results for detailed insights.
What comes next is the most critical phase yet; Turning those insights into actionable strategies.
The days of blindly following intuition, guesswork or copying the business model of a competitor should firmly be in your rear-view mirror at this point. Building a culture of data-driven decision-making and management will potentially lead to developing successful products/brands, large cost savings and identification of additional revenue lines through implementation of generated insights affecting business, operational and marketing strategy.
A great strategy fully addresses the needs and wants of potential/current consumers.
Assuming your insight generation was robust enough to truly examine the minds of consumers, the answers should jump right out at you. For example, a supermarket searching for a new location for expansion will need to consider the following;
- Brand recognition in the considered locations
- Customer expectation of supermarkets in considered locations
- If income levels of the various locations match their current customer profile
- If income levels exceed or are less than current customer profile, how do we adjust our business model in this particular area to meet customer demand?
- What effect will adjusting business model, i.e., attracting richer or poor clients, have on customer perception in our current areas of operation?
- Customer shopping/spending patterns
- What goods do they buy? At what frequency? Complimentary goods?
- Do consumer demographics match current customer profile?
- Family size, etc.
- Do customers in the area believe there is an oversupply or undersupply of supermarkets?
- How open are customers to switching in that area?
- Where do customers currently shop?
- What are the satisfaction levels of customers of those supermarkets?
- What factors are most important in choosing a supermarket?
- Likely choices will include distance, prices, parking, security, short waiting periods, wide range of shopping options, customer service, etc.
- How do we address these concerns?
Obviously, a lot more goes into choosing a supermarket location. Hopefully, your survey accounts for most of the factors as a poorly developed or administered can lead to cascading failures in generating insights and development of strategies.
A bottom-up approach to strategy development via insight generation is a hallmark of successful companies in our world today. Growing consumer power highlights the need to consistently check-in with customers and adjust our strategies towards meeting their needs. Being able to pre-empt and predict customer needs will come through experience and building a data-driven culture in your organization.
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