Journal - MARKETING INFORMATION AND CUSTOMER INSIGHTS

After a thorough study on marketing function, I have come to understand the need for managers to turn marketing information into customer insights. To gain customer insights, organizations must carry out marketing research to identify their needs and wants by collecting and analyzing data through sophisticated techniques although at times, just holding conversation with customers can give such insights (Pride & Ferrell, 2017). While most marketers have put their focus on analyzing big data, I think it is high time that firms direct their insights to drive their sales level. Even though metrics offer great insights, they do not necessarily give an explanation on why a customer would choose one product over another. To obtain such valuable information, it is important for marketers to explore the real motivation behind the consumer behavior rather than depending on the information analysis that partly tells the story.

I consider identifying a specific goal as the first step in collecting and analyzing customer information. Wanting to just get new insights without such a goal will make one not to obtain valuable information that is actionable.  In a marketing environment that is full of data, it is possible for marketers to collect incorrect information whose analysis would lead to the wrong conclusion.  Even where the right information is gathered, wrong interpretation or analysis may lead to them accepting or rejecting a hypothesis based on inappropriate reasoning and this may finally render the adopted marketing strategy useless (Tsiakis, 2015,71).  I have, overtime, been able to figure out that collecting customer insights is made difficult by related emotional nature. As such, I consider the best method of doing so to be collaborating with customers and developing a deep relationship in order to find out their emotional based motivations.  Upon finding out their thinking and the factors driving their buying choice, effective strategies can be adopted that will provide more leads to increased sales.

Furthermore, I view customer motivation as the right basis for carrying out marketing function of segmentation. Segmentation facilitates reaching small customer groups that are homogeneous in a more effective and efficient way and with the appropriate offering.  Based on the customers buying motivation, a product can be differentiated to create superior vale that meets their needs while position it in the mind of customers who are being targeted (Bailey, Baines, Wilson & Clark, 2009, 227).  Such customer insights will also go a long way in the selection of the segment to enter or target with a specific product. In my opinion, grouping customers in segments is not enough if the basis of doing so was a normal analysis of collected market information. Customer feelings and emotions are the main drivers that form opinions on what to buy, and they are not easily quantified. Digging deeper into the issue, I found the need to understand the human connection between a brand and the consumer given that emotions are involved in almost all decisions made by an individual. This makes sales and marketing to be people to people (P2P) strategy. In providing feed back or reporting on marketing information, I consider two parts of customer insight to be necessary. First is the relationship between the brand characteristics and the consumer interest. Secondly, collecting, organizing and interpreting of information enable a business in obtaining, developing and retaining customers.

Reference

PRIDE, W. M., & FERRELL, O. C. (2017). Foundations of marketing. Stamford, Conn, Cengage learning. 94- 95

Bailey, C, Baines, P, Wilson, H, & Clark, M (2009), 'Segmentation and customer insight in contemporary services marketing practice: why grouping customers is no longer enough', Journal Of Marketing Management, 25, 3-4, pp. 227-252, Business Source Complete, EBSCOhost, viewed 20 October 2016.

TSIAKIS, T. (2015). Trends and innovations in marketing information systems. 70-71 http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=1083446