Never before has market research been more crucial than it is right now. Because of rapidly changing consumer preferences, brands need a surefire way to gauge what their customers want and why. This might sound like a colossal task, but there is a way for marketers to understand their consumer preferences with real-world insights.
By using data intelligence, marketers can understand the whole consumer, versus just data gathered from survey tools. This method doesn’t require a pop-up at the end of checkout that requests answers on a “quick survey,” and it doesn’t interrupt your customer’s shopping experience at all. A data intelligence solution can provide marketers with a better understanding of what customers will respond best to.
Understanding data doesn’t have to be complicated. The part of it that is complicated is understanding your customer as a whole, especially after a year like 2020. In the past, brands used to be able to predict what their customers would want to see or what their customers would be shopping for, solely based on previous years’ data. After 2020, things started to change, especially considering the wrench that the COVID-19 pandemic threw into any prior data. It almost feels like we’re starting from scratch.
Utilizing data intelligence is a simple and effective way to get the answers you need faster. It’s tempting to send out an army of market research techniques to understand what this new normal means for your customer base, but all you really need is one. That’s what digital transformation is all about, right?
Location intelligence is a type of real-world data intelligence that provides brands insight into real-world consumer behavior. This data intelligence can help answer questions such as: :
- Does your audience prefer luxury retailers over fast fashion brands?
- What does this say about them and who they are?
- Are they consumers who prefer morning grocery trips to evening ones?
- What can you do to accommodate their preferences for better conversions?
These are some questions that location intelligence can give you the precise answers to. For example, let’s say that you are working with a leading swimwear brand based in Miami Beach. The brand’s audience is women who like sunbathing, but are not particularly interested in water sports or sand sports. The COVID-19 pandemic hit the business hard, but in 2021, you have a new strategy that you hope will engage their audience. You send out a new campaign, but the old messaging doesn’t seem to be working very well.
Enter location intelligence: The first thing you notice after analyzing the latest data intelligence is that the brand’s customer base doesn’t seem to be shopping for luxury goods at all anymore. They aren’t frequenting the luxury social clubs anymore either.
Instead, the swimwear company’s audience seems to be doing the exact opposite of what they used to. They’re taking a higher interest in outdoor activities like kayaking, paddleboarding, and volleyball on the beach, possibly because they now prefer to get tanning and exercise in at the time. They’ve been frequenting the local surf shop for their beachwear needs instead of coming to your client. What now? You have two options: Either change the messaging to appeal to consumers who live an active lifestyle, or the audience has changed and you will need to shift your whole brand strategy to fit this new market.
Because you used a digital intelligence solution to understand your audience post-2020, you saved your client the hassle and lost revenue of trial and error, and instead got answers right when you needed them.
The best part about being a modern-day marketer is the access to tools and solutions that makes your life, and in turn, your customer’s lives so much easier. Instead of going about your market analysis with data that give you only a small glimpse into your consumers’ preferences and interests, get a data intelligence solution that shows you the whole picture.
For more information on how to use location intelligence to better understand customer trends, contact us to speak with an expert.