Top Reasons to Know and Use Consumer Insights Analysis Services

Understanding your customers’ needs is extremely important to make a company future-proof. Listening equips you with the power to learn from and talk to your customers to create ever-improving experiences.

Quality data will help your business collect customer insights and grow your bottoms line in the future.

What Are Consumer Insights?

Over the years, the use of consumer insights analysis services has reached new heights. However, many small businesses and startups are still unaware of this concept. Let us find out what consumer insight is exactly?

A consumer insight refers to an interpretation used by companies to get a deeper understanding of their potential customer thinks and feels. Analyzing human behaviors enables businesses to know what their consumer need, and most importantly, why they feel so.

When consumer insight research is done properly, it improves the effectiveness of how an organization communicates to its customers, which often changes consumer behavior, and hence increases sales.

But gathering good consumer insights can be difficult, so here is what you need to do and use consumer insights well:

Good quality data

Data quality is essential to the collection of consumer insights. Without high-quality data, your results or conclusions may suffer. Some people think of using sell-side and Buy-Side Research services to maintain the quality of the data collected.

An experienced analytics team

The role of the data analytics team is crucial to understand how the customers think and behave. If you do not have the right analytics team, it would be challenging to understand what the data is providing you.

Consumer research

It’s vital to know and acknowledge consumer behavior and consumer insight will help you engage with customers emotionally. To do that, you need not ignore the results of your consumer research, if you agree with them or not.

Database and segment marketing

Database marketing is a type of marketing using a database of consumers to make personalized communications. These databases may lead to personas, different segments, and sets of audiences. As consumer insights stay theoretical, database marketing proves to be an essential element to your research when it comes to learning and testing.

Difference between consumer insight and market research

Market research, both buy-side and Sell-Side Research services, can be defined as an action taken to collect information about markets and customers. It delivers information about market sizes, market needs, competitors, and customers. It is the “what” of markets and customers.

Consumer insights, on the other hand, provide the same but tend to come with recommended efforts that will help you amplify your company’s growth. In short, research shows us what’s happening, whereas consumer insights tell us why it’s happening, and allow us to make changes to our brand to improve customer satisfaction and customer retention.

To know more about market research and consumer insights, contact Penterra Analytics, a leader in the field of market research and analytics.

Top 7 Benefits of Developing A Business Plan

Many people believe that business plans are developed only for startups, getting investors, or to backup loan applications. The truth, however, is that Business Plan Development Services offer significant benefits to everybody in the business.

Here are top 7 benefits of preparing a business plan:

See the Whole Business

Business planning, when done right, works to connect dots in your business and presents a better picture of the whole. A strategy is expected to relate to tactics with strategic alignment. Does that reflect in your plan? Do your sales connect well to your sales and marketing costs? Are your services or products right for the target market? Are you covering expenses such as product development, long-term fixed costs, and working capital needs? Wait for a moment and look at the larger picture.

Strategic Focus

Small business and startups are required to focus on their particular identities, the target market, and the services and products tailored to match.

Set Priorities

You cannot be involved with everything. Business planning complemented with top class Company Profiling Research services help you keep a record of the relevant things, and the vital elements. Allocate your efforts, time, and resources strategically.

Manage Change

With an excellent planning process, you often review assumptions, track progress, and catch the latest developments. Plan vs. actual analysis refers to the dashboard, and adjusting the plan means steering.

Develop Accountability

Well-designed planning process sets expectations and track results. It’s a tool used for regular review of what has happened and what expected. Decent work shows up. Disappointment also shows up. A well-run plan review with plan vs. actual combined turns into an impromptu review of tasks and accomplishments.

Manage Cash

Proper business planning connects the dots in class flow as well. Sometimes just watching benefits is enough. But when sales on account, purchasing assets, physical products, or repaying debts are included, cash flow takes management and planning. Profitable brands suffer when slow-paying clients and too much inventory blocks cash flow. Here is where when a plan helps you see the problems and adjust to it.

Strategic Alignment

Does your routine work fit with your core business tactics? Do these tactics match or complement your strategy? If so, you have strategic alignment. If not, the business planning will lead to hidden mismatches. For instance, if you are involved with a gourmet restaurant that has a drive-through window, you are out of the alignment.

So, these are the top 7 things a business plan can do for you. 

Contact Penterra Analytics to use business development, company profiling, Competitive Industry Analysis Services, and many other services related to market research and analytics. The agency has been in the business for years and has earned prestige in the market.

Primary Research Vs. Secondary Research: Which is better for your business?

Marketing research is of paramount importance for any business willing to thrive and grow in the dynamic market of today. Companies invest a lot of money in market research to find out essential data necessary for their successful business operations.

The customized research reports can offer the following insights to businesses:

·       Find out the weakness and problem areas in operations

·       Understand more about existing customers like their needs, and reasons for choosing your products or services.

·         Make an informed business decision and develop effective marketing strategies.

Methods of Conducting Market Research

Any business can use the primary and secondary market research to collect data and get marketing insights of the industry. But, there are fine lines of differences in the ways research is conducted to gather the data.

Primary Market Research

In this method, the business does the research on its own to collect raw data and information from the targeted audience directly. The study is conducted to serve a specific purpose and objective which the business needs. There is no existence of primary research data, that means, it is unique. It is conducted in the following ways:

·         Face to face interviews

·         Telephonic interviews

·         Exit surveys

·         Focus groups

·         Asking questions from the concerned customers

·         Observational techniques, and others.

Secondary Market Research

Secondary market research is a method that involves collecting already available research data and information. Used to compile existing data from different sources free or at certain costs. The information is sourced from the internet, libraries, government department, trade associations, existing documents, competitors data, and others.

This research saves your time and money, but the data gathered may not serve the business’s interest or specific needs. Called a ‘desk research,’ as the company needn’t come out in the open for the research and it is for free.

The best way for market research

Both the market research has some pros and cons giving no clear winner. But, businesses can combine insights of both studies to their advantages. Customized Secondary and Primary Research Reports will guide brands to take their future course of action. In this way, businesses can understand not only the market but use proven methods for success.

Want to get services from experts?

Penterra Analytics offers market research to procurement research services to businesses in different industries. They have experienced and skilled professionals to provide accurate analysis and research for marketing strategies success. Contact them for services today.

How to conduct useful market research for your business?

Market research is necessary to understand the market dimensions to gain sales, growth, and strategies essential for your business. It studies the market trends, competitors and consumers behaviors including the cultural, societal, and personal factors of influence.

Market research services come in two varieties: primary and secondary research. The primary research is more customized and effective for any business studying the targeted group. Data is collected through the online survey, telephonic interviews, and other ways. The secondary research studies information gathered by other organizations about customers.

To find reliable data in the market research, you need to ask the following questions:

.Who are my customers? Find their age, occupation, income, lifestyle, and educational qualification among others.

.What products do they buy from me? Make sure to look at their buying habits.

.What prompts customers to buy your products? It involves getting into customers thought process and purchasing decisions.

.What will attract them to buy more? It seems difficult to understand, but software can predict that analyzing the sale figures and other coherent factors.

If any business conduct market research using these questions, it brings customized information based on the targeted audience behaviors. Most of the consumers share their opinions and experience on social media on specific products and brands giving useful marketing insights. Use the Facebook, Google analytics and other social media to know the likes and dislikes of customers through research.

The organization can utilize the gathered data to make significant marketing strategies. That is why market research has become an integral part of the marketing plan of entrepreneurs across the globe.

Before you kickstart the market research, remember the following steps for effective results:

.Determine what you want from the study to derive more value.

.Prioritize the results that give the quickest payback.

.Look for less-expensive alternatives.

.Estimate the cost and perform goal specific research.

Use these points to conduct reliable market research to get the highest value. Penterra Analytics is a leading company in India offering customized research and marketing analysis services to companies in varied industries. Contact them for services today.

Meaning and Key Benefits of Conversion Rate Optimization

Conversion rate optimization (CRO) is gradually becoming one of the activities for marketers around the globe. Boosting conversion rates can leave a significant impact on your bottom line, so there are several benefits of CRO.

However, before you form a CRO strategy, or use conversion rate optimization analysis, you need to know what it is, and how it works. There is much testing involved in true conversion rate optimization, so you are in for the long haul.

Don’t let that scare you. Spending some time on understanding CRO can make your business grow and collect more profits.

Meaning of CRO

The conversion rate is the percentage of time your customers convert on your offer. You can calculate the rate for many things, including sales, email signups, webinar registration, poll and survey participants.

There is no denying that sales is the key metric to track, but conversion rates on actions can help you quantify your lead-generation results.

Benefits of Conversion Rate Optimization

Know Your Customers

The more you dive into CRO, the more you will get to know about your customers. What do they need? What do they want from you? Why do they visit your site?

You can find answers to these questions through questions which form the basis for much of conversion rate optimization. When you detect different aspects of your site’s functionality, users will lend their “vote.” For the outcomes, you can deduct what makes your target audience track. In this view, Key Opinion Leaders Profiling will be useful.

Increase Website Revenue

Who doesn’t want more sales? The more revenue you collect, the stronger your business becomes.

Invest some cash back into the business. Run ads based on what you have learned about your audience.

Also, you can start optimizing for the metrics I have mentioned above. If you are looking to increase customer lifetime value, find ways to convince those people to spend more cash on your business.

Lower Your Customer Acquisition Costs

Customer lifetime value is of great importance because it’s less expensive to retail consumers who already exist than to acquire a new one. In addition to that, you can choose to spend less to bring new customers on board.

These are the top three advantages of CRO. For using services like Data Entry Outsourcing Services, CRO analysis, key opinion leader profiling, etc., you can contact Penterra Analytics. Penterra provides you with top-class market research and analytics services and has cemented a place in the market.    

How to Know Your Customers Better?

Over the years, the number of people using consumer insights analysis services has reached new heights. So, what are those things that make people analyze customer data? Do you want to know? Read on.

Consumer insight refers to the understanding of your customer, based on their experience with you, their buying behavior, and their beliefs and needs. It often goes beyond raw data or research. In fact, it’s a multi-view of your customers drawn from a strategic analysis of analysis of data, qualitative and quantitative.

Get Insights

Data is used to find trends in how your customers interact with your brand. You should leverage the information in order to optimize the overall customer experience. Even initial data can offer insight about client defection. Try to find out and evaluate when consumers make purchases. Analyze your customer’s average spend. By getting an idea about this type of information, a business receives perspectives for launching a product or service. Social Media Analytics services can also compliment the consumer analysis.

Get Feedback

Apart from examining customer interactions and engagements, surveys can be a way to learn customer preferences. Consolidate your customer base through conducting a survey and providing an incentive for each response. Focused groups may give extra insight into customer perceptions of your product and services in the market. These things can also uncover issues you don’t you were facing, enabling you to develop solutions that will enhance and improve customer perceptions.

Reshape the Experience

Based mainly on the critical insights acquired from analyzing your customer’s preferences, habits, and perspectives, you can target an area for change or opportunity. That’s how brands and organizations can begin to prototype and test ideas. Shift your attitudes to ponder upon the ways to alter a product or service line.

In case your data points low engagement with a specific part of your website, for instance, evaluate where adjustments could take place either in the flow of the site or on-page content to attract readers. See how the audience responds, and reconsider methods to change your service or product accordingly. Use Digital Analytics Services for better results.

Contact Penterra Analytics for top quality services related to market research, analytics, digital analysis, consumer insights, and so on.    

Top 4 Uses of Competitive Industry Analysis Services

Competitive intelligence refers to the act of data collection that focuses on the competitors of a business. Competitive Industry Analysis Services can help you devise a better marketing strategy, record the competitive actions, and analyze the data to reach conclusions. Competitive intelligence experts keep track of past activities of your competitors in the market, and this makes them forecast future actions. Analysis of the data collected allows experts to build business strategies and improve the financial operations.

Strategic intelligence emphasizes designing strategies for the future. A renowned intelligence agency plans the upcoming activities of a business. Their primary task is to study the current and past market conditions and predict the future trends. Therefore, foreseeing is an integral part of strategic intelligence. Here are top 4 uses of competitive intelligence:

Make Strategies

As mentioned above, Competitive Intelligence Analysis Services help in planning the future as well as the current strategies. They are qualitative when compared to other market research services.

Target Other Businesses

Recent research showed that the companies that invested more than one million dollars in competitive intelligence experienced a 10 percent total growth. Competitive intelligence works on a broader prospect. They strive to track potential competitors’ activities in the market and manufacturing techniques, helping businesses plan their movements.

Plan for Future Financial Circumstances

Competitive intelligence possesses a forward-looking perception. The strategies are planned for at least five years or more. All regions including Asia, Europe, and North America have registered a growth of more than five percent in their corporations after partnering with the firms providing competitive intelligence. The finance also remains mostly undisturbed even when there are changes in the financial cycles. This doesn’t mean that there are no damages at all, but there are significantly less.

Product Launch

Since Competitive Intelligence or Business Plan Development Services providers record the market trends, they also consider the demand and supply cycle. And, this proves useful when it comes to launching a product in the market. The research related to demand and supply rate enables businesses to have an idea about the success rate of their product in the future.

Competitive intelligence allows businesses not to lose vision of the goals. They help business owners to stay updated and keep up with their competitors and even overtake them.

So, if you are running a business and looking to use intelligence services, contact Penterra Analytics. Penterra Analytics is a top-ranked agency providing top class market research and analytics services.