If you’re looking to increase your sales, you must understand the process of analyzing consumer insights. Once you understand key stages in the analytic process, it’ll be much easier for you to make strategic decisions in marketing and business development. There are three main parts in analyzing consumer insights; auditing data, conducting an impact assessment and using that information to create a roadmap.
Key stages of the analyzing consumer insights
1) Auditing Data:
The analytics process starts with auditing your existing data. This means looking at your existing data and understanding what it all is.
You need to know where it’s coming from, what can be improved upon and whether there are any gaps in the current system.
You also need to audit both internal and external data sources. That’s because they’ll each have a different impact on your business, so you can’t just focus solely on one or the other.
2) Impact Assessment:
Then you need to conduct an impact assessment. This allows you to see how changes will affect certain business areas, such as marketing, sales or operations.
To do this, you need to identify the necessary changes and then make assumptions about how those changes will affect your business.
For example, if you were going to launch a new product line in China, it would be important that you understand how that’s likely to affect different areas of your company, such as marketing or sales.
Once you have an impact assessment for each area of your company, it’ll be easier for management teams to get everyone on board with the overall strategy.
The output from this step is usually something like a spreadsheet outlining potential problems and solutions so there can be full transparency around what might happen before any decisions are made. By doing all of this upfront, it avoids wasting time and money later down the line.
3) Create a Roadmap:
Once you’ve audited data and conducted an impact assessment, it’s time to create a roadmap for actionable insights. A roadmap outlines how you’ll manage and handle any issues or problems identified throughout the previous stages of the analytic process.
This gives your company more control over its future success. Use this information to make better decisions about where you’re going and why with respect to strategy and management within specific departments like marketing and HR.
If done well, these strategic choices should result in improvements across various metrics, including revenue growth, market share gains/losses.
Importance of auditing data from consumer insights
1) Helps you understand what your existing data
It helps make better decisions about where to go in the future with respect to strategy and management within departments like marketing, HR etc.
2) Helps you understand what doesn’t exist as well
Allows you to create a more robust system moving forward by filling in the gaps that may have been overlooked previously.
3) It helps you avoid wasting time and money down the line
By doing all of this upfront, it avoids wasting time and money later on.
Conducting an impact assessment -allows you to see how changes will affect certain business areas, such as marketing or sales.
4) Helps management teams get everyone on board with the overall strategy
The output from this step is usually something like a spreadsheet outlining potential problems and solutions so there can be full transparency around what might happen before any decisions are made.
By doing all of this upfront, it avoids wasting time and money later down the line.
5) It helps you make better decisions about where to go in the future
Use this information to make better decisions about where you’re going and why with respect to strategy and management within specific departments like marketing, HR etc.
6) Helps you understand how your company works
It’s important to get a sense of all the different aspects of what makes up your business to identify any potential holes.
