Strength of Insight Analysis
Knowing exactly what a consumer thinks, says, feels, or wants is a marketer’s dream come true. Knowledge of these aspects is like having a golden key for your brand’s positioning. And this golden key is what consumer insights are. An insight is a microscopic view of how the consumer feels, what they like, what is important to them and what is not. Putting it all together and creating a brand positioning that establishes connect with the consumer is vital for a brand.
No matter how good a product is, if the brand’s positioning in the market isn’t something that is relevant to the target audience, the product just won’t succeed.
An insight is an incisive observation about consumer behaviour that can be applied to boost growth. Consumer insights are best developed from qualitative and observational researches, seeing the world the way consumers see it and then integrating it into marketing objectives. What makes a consumer insight all the more important is that, more often than not, it is a culmination of statements made by the consumer themselves telling us what they feel.
Defined as an intersection between the interests of a consumer and the features of a brand, a consumer insight has many swings to it. Simply put, consumer insights help you never lose sight of the consumer. A great consumer insight is an obvious truth, which can be interpreted and executed in as many ways as possible while keeping brand positioning in mind.
Letting the consumer know there are others who understand exactly what they think make them feel special. A consumer is more likely to associate themselves with a brand that thinks and feels the way they do.
However, the insight mining process in isolation may not always be beneficial. Post the mining process, analyzing the insights and ranking them with respect to the brand is what leads to confidence in our marketing problem and its solution. This is what we call analyzing the strength of insights.
Evaluating the strength of insights is a quantitative process that allocates scores to each “consumer insight statement” and ranks according to product relevance.
Here’s how our approach is broken down in stages.
The segregation: The data is ready and at hand. So the next step is to begin the analysis right? Maybe. At Foolish, our next step is segregating our findings into analytical buckets and various need states. This gives us a holistic approach to view and analyze every piece of information that comes our way, not leaving anything to presumptions. Analysis of all psychological insights lets us know what the consumers are thinking / feeling while their corresponding numbers additionally backs our analysis.
Evaluating findings: This is the second phase of our approach. Once the insight mining process is complete, ranking the insights is the next step. This involves a quantitative evaluation of which insights are most important to the consumer and hence, to us. This evaluation is crucial because due to its holistic nature of combining numbers with “confidence levels” behind every insight. Each insight is evaluated and then giving rankings in accordance to what is the brand’s current standing in the market.
We take a deep dive into the insights and position them with respect to the brand, looking for association of benefits within the category and cross-connections between various aspects of consumer belief and behaviour. Following a structured path on finding what we’re looking for is what sets us apart.
Prioritization: The insight ranking and analysis process is completed by prioritizing all positioning insights. Knowing what to say and how to say it to the consumer is what brand positioning is. But going a step forward is essential. We look at where the brand is at a particular point in time and which insights can be taken forward in its communication. Consumers insights help understand what the consumer wants, thereby giving us a brief roadmap to the tone of communication – should it be functional or emotional? Rational or dreamy? Closer to reality or aspirational?
When it comes to consumer research, Foolish thinks beyond insight mining and adopts a multi-stage process including the insight ranking. We take a deep dive to bring out the true benefits / strength of research and insights and incorporate them in our communication. Foolish helps find a brand’s way into actionable consumer insights through extensive research that can be translated by the creative team; because, when creatives emerge from concrete research, magic happens!