Customer Analysis & Insight: An Introductory Guide To Understanding Your Audience

By Anpar Insights

Discover the essentials of customer analysis and insight with this non-technical comprehensive introductory guide. Gain a fundamental understanding of what customer analysis and insight entail and why they are vital for any business. Real-life examples from various industries showcasing the profound impact of harnessing the knowledge of your customer base. Learn as well the main types, the customer insight tools available and the steps you need to take.

• Language: English
• Publisher: Anpar Insights
• Release date: Oct 25, 2023
• ISBN: 9798223664628

Anpar Insights

With over two decades of dedicated expertise in the dynamic world of brand and consumer insights, Anpar Insights can draw from a wealth of experience from the ever-evolving landscape of finance, FMCG, sport, entertainment, and the digital/technological sectors to share with you the core fundamentals of branding and consumer insights that enable businesses to become successful.

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Introduction

Do you ever find yourself wondering why some customers love your product while others don’t seem to care? If so, you’re not alone. Every business owner and marketer face the challenge of understanding their customers in order to create products or services that meet their needs. Many turn to customer analysis to get to the bottom of these questions.

In this book, you’ll learn what customer analysis and insight is, the importance of both, how to use it effectively to gain customer understanding, and how it provides insights that can help drive business growth. So, whether you’re a business owner, marketer, or just someone curious about customer analysis and insight, this book can help you find out how you can better understand your customers and gain a competitive edge.

PART 1: CUSTOMER ANALYSIS

Customer analysis identifies the profile of the customer via market segmentation like demographics, behaviour and attitudes along with establishing what their needs and how the brand can best meet these needs by utilising both qualitative and quantitative research methods.

Basically, customer analysis establishes the needs, wants, goals and pain points of customers and predicts what drives consumer buying behaviour, so the brand can use these insights to form strategies in how their products or services can meet these requirements and appeal to their target audience.

Purpose of customer analysis

The purpose of carrying out customer analysis is to establish in detail the ideal customer a brand would want to target to achieve the most sales from and how the business can meet their needs, which forms a key component of a business plan.

Customers are split into separate groups dependent on common traits, attitudes and behaviour and are evaluated on what motivates their purchase decisions. Therefore, businesses can develop strategies on how best their products and services can appeal to them and deliver on their expectations.

Types of customer analysis

There are 4 types of customer analysis, which are categorised as descriptive, diagnostic, predictive and prescriptive analysis. Together, these four types of customer analysis provide a comprehensive understanding of customers, from who they are and why they behave a certain way, to what they might do in the future and how businesses can respond effectively.

This customer-centric approach is vital in today's highly competitive business environment, helping companies to deliver superior customer value, foster loyalty, and drive sustained business growth. Each of these 4 types of customer analysis are explained in more detail below.

1. Descriptive analysis

Descriptive analysis looks into past trends