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Consumer insight is essential for the company to survive against its competitors. The less the company can understand its consumer, the more difficult it becomes for them to survive in the market. 

In the end, consumers that generate demand, directly or indirectly, for all products and services.

For examples: 

  • Food, shelter, and clothing
  • Cars, bikes, laptops, etc
  • Electricity, internet, and social media
  • Food, shelter, and clothing
  • Cars, bikes, laptops, etc
  • Electricity, internet, and social media

And the farther you removed from the end consumer, the more important it is to understand the end-users.

What’s in it?

  1. What is Consumer Insight?
  2. Examples of Consumer Insight
  3. Walmart Example
  4. Apple Inc. Example
  5. Kodac Example
  6. Napster And Ipod Example
  7. Conclusion
  8. FAQs

What is Consumer Insight?

A foundational principle in the marketing and customer values is that the customer value.

It is based on an in-depth and better understanding of customers.

So, we can also say that better customer insight.

Now the question arrives is, what is the customer insight, right? And how do we get it better at customer insight?

So, I think our customer insight as a fresh way of understanding customer needs, behaviour, and customer frustrations.

It can become the basis for a business opportunity. So the question is, What do I mean by not yet obvious to other people?

Sometimes, the insight is a way of looking that other people have not only seen, but considered counterintuitive.

You’d run in the opposite direction and that sometimes maybe insightful 

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Examples of Consumer Insight

So let’s just understand it by the help of the examples:

If you were to locate a retail store, where do you want to put it? Stand to reason that you put it where there’s a lot of customers in the area decided first. 

Walmart | History & Facts | Britannica

Walmart Consumer Insight Example

At Walmart, Sam Walton says, what I’m going to do is put the vast stores in the middle of nowhere.

Now, what was his customer insight? He had understood that as the highway system had improved in the united states as a result of the Eisenhower highway bill,.

It is now more comfortable for the customer to travel long distances to go to a supermarket.

Also, it is cheaper now to ship your products to the store. He realized that if you build a vast store where there were fewer people, but if they were coming over from a much larger radius.

You had enough demand, and more importantly, they had no competition, so this was the foundation of Walmart.

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Apple Inc. Consumer Insight Example

The one who used to work for the Apple Inc. told that when he was the product manager for the iMac they were first coming out with the iMac. They had everything locked and loaded.

They were ready to go the market once Steve Jobs called a meeting and said we’re going to do Four Colors.

All the left brain people in the audience were like “this is nuts.”

Now we’re going to increase our inventory, and we are going to create problems with forecasting.

We are going to delay the launch so what the big deal with colors is? And  Jobs said “Well, we are going to do four colors because colors are the way people express themselves.

It makes the computer more of a personal asset. It also reflects their identical personalities.”

And of course, I also think that the colors played a vital role in the success of the first iMac.

And we also recall their advertising tagline, which was “SORRY No Baige Think Different.”

It also became the cornerstone of their campaign again, but not obvious to people because it involves questioning conventional wisdom.

So the customer insight a sort of ideas on customers are that they will never come from quantitative market research, so don’t look them in your surveys.

Because customer insight involves going deep in building empathy with customers and trying to understand their point of view.

The qualitative research is the exploratory research of the empathic design where you really seek closeness with customers, and understand their thinking.

That will lead to better insight; it’s the notion of exploration as the notion of really using the eclectic method of trying to get closer to the customers.

Also, customer insight often comes from anomalies( it is a great way to begin to think about the idea), so what is an anomaly?

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Kodak Consumer Insight Example

For instance, Kodak was entering the market for digital cameras, and they found an anomaly. The anomaly was that although the analog film then cameras in the home, 75% of the pictures were taken by the women because of one of the family’s memories keepers.

But in the digital camera, they found that there was less than a quarter what the pictures would be taken by women now why was that so?

So this was an anomaly as they dig deeper into what they discovered: women had three problems with digital cameras at first whenever I want to use it the battery is always dead,

And the second problem even if I can use it I don’t use it because it has a lot of buttons and too many features, it is too complicated.

And the third one even after I take the picture I don’t know what to do with them it’s too complicated to get them into the computer onto the internet.

So they simplified this entire process and came up with easy the natural concept of the easy share camera, the accessible share gallery, and that became the cornerstone of their success “The Ease of Use.”

Hence, the anomaly is an excellent place to start looking for customer insight.

Napster And Ipod Example

And also the customer insight sometimes comes from the intersection of clients. When I meet someone who was doing good in this sector, their idea was that if we look at the one trend which is personal music you know the walkman, of course, had been very successful and the other direction was digital music like Napster.

Now the conversion of these trends which is personal digital music should be the huge opportunity, but in fact, the market did not develop the way that it should have,

So that became the basis for apple investigation why is this the case and what they found there was that people want to take all their music with them in an unobtrusive way and they also wanted a simple way 

To actually download and use music legally, the three innovations they created were the size, and the storage which was 10 thousand songs. The third was an easy way for you to buy and make music legally, iTunes, and the rest is history.

Unlocking Consumer Insights in a Disruptive World - MRMW

Conclusion

So that’s the customer insights. They are penetrating the prominent and looking things differently.

They are really doing it by getting into the minds of the customers as well as head blenders.

Because as someone says about customer insight: “It’s about walking in the customer shoes, but first you have to take off yours.”

FAQs

1. What does consumer insight mean?

A foundational principle in the marketing and customer values is that the customer value is based on a more in-depth and better understanding of customers, or we can also say that better customer insight.

2. How do I find consumer insights?

The consumer insight is a way of looking that other people have not only not seen but considered to be counterintuitive if the herd (group) is moving in one direction 
You’d run in the opposite direction, and that sometimes maybe insightful. I think this is one way to find consumer insights. 

3. Which is an example of an insight?

A few of the most famous examples of insight are Apple Inc., Walmart, Kodak, and the Napster vs. iPod as well. So go and check that out also to help you like a lot, which this topic to understand in the deep.

4. Why is consumer insight important?

Consumer insight is essential for the company to survive against its competitors because less the company can understand its consumer, the more difficult it becomes for them to survive in the market. The farther you removed you from the end consumer, the more important it is to understand the end-users.

5. How do you explain insights?

A foundational principle in the marketing and customer values is that the customer value is based on a more in-depth and better understanding of customers, or we can also say that better customer insight.