Answer to Question #207574 in Management for Prabhdeep

Question

SUBJECT : CONSUMER BEHAVIOUR

What is the relevance of developing marketing strategy based on customer insights , explain this in 7 points with elaboration? What are the problems in developing these strategies , give any 6 problems with elaboration ?

Answer 1

Consumer insight can be described as the evaluation and interpretation of either current or prospective customers, which brands usually tackle to be conscious of their target market. Consumer insight is relevant in several ways. Consumer insight warrants businesses to make conscious marketing strategies for the fulfillment and improvement of their objectives effectively. It also permits brands to prioritize and focus on driving for more extensive consumer engagement by switching to personalized marketing from mass marketing. These insights make brands either substantiate or refute any supposition about what you want or need because a brand may think a customer wants something when, in turn, they don't.

The insights also help in understanding the distinctive portion of the customer base. It is essential to know the audience you are targeting and how to serve them best. Consumer insight plays a vital role in that customer's brand experience. Consumers are more interested in brands that take their time to know them because this makes them feel valued; instead of being told what to buy, they are heavily involved hence building strong trust. Customer insight helps prepare for the future and protect it since it accounts for changes in customer behavior and prepares the brands to adapt and respond accordingly.

The majority of companies or businesses are likely to face challenges when dealing with marketing which includes; misinformed knowledge on how to describe the product to sell. The brand should describe the product from the customer's outlook. Determining the price of your product is also another problem since a brand will have to consider how much its competitors charge. Failure to have a marketing plan also affects developing the strategies since it becomes crucial to when and which products should be advertised. Lack of a brand name for a business and an excellent professional reputation will affect how to get your target audience and new customers.