Know Your Consumer
Consumer knowledge is critical to strategic planning and ensuring your brand is on the right path toward growth. However, how do you know what consumer information is essential and what information is just background noise?
Consumer Information Typical for Planning
Insights in Marketing decided to help our clients filter through the chaos by creating a Consumer Insights Audit Checklist. The list below highlights information typically critical to obtain prior to strategic planning to ensure your brand is on the best path toward success.
Critical Items Missing From the List
Now, some of you may have seen similar lists like the above before. While everything on the list is critical, IIM believes there are a few things missing from this list that really can set your brand apart from the rest. These items uncover the motivations behind consumer behavior and capture a more complete understanding of your consumer:
Without the items above you are only capturing what consumers can tell you and not the essence of their being (which drives their behavior). This information takes your consumer understanding to a new level and leverages psychology to help you create a more meaningful relationship with your consumer.
How Do I Know What Info Is REALLY Necessary for Strategic Planning?
So, is all the information above unequivocally necessary for your brand’s planning process? Well, that depends on your brand. Ask yourself the following questions to identify in the types of information necessary to impact your brand’s trajectory:
- Competitive Edge: Does any of the information give you a competitive advantage and represent a deeper understanding of the consumer that your competitors may not already have?
- Key Benefit: Does the information highlight or uncover my brand’s key benefit or unique selling proposition? Key pain point for my consumers?
- Trends: Will this information bring to life shifts in consumer behavior or makeup?
- Demand: Will this information help me predict the demand and reaction to my product or service?
- Target Identification: Will this information help me identify and describe my target market?
- Communicate Effectively: Will this information help me authentically connect to my target consumer?
If you have answered yes to any of the above questions (especially the first one!), then that type of information is critical to have on hand, and have it be current.
I have a Gap in My Information, Now What?
Ok, ok, so you have a gap. Well, it’s time to address it!
For more information on how to use the information identified in the checklist or on evaluating the shelf life of various types of data, please access Insights in Marketing’s strategic planning eBook here. For help completing your consumer insights audit and filing in the research gaps needed for strategic planning success, contact us today.