All to often many marketeers have falling victim to developing propositions and marketing it to customers without the required “Insight” to do so successfully. In this post I hope to share with you my learning around “The Power of Insight” and how it helps build a deeper understanding in order to help us develop better products and services that truly meet our customer needs.
So what is meant by the term “Insight”?
INSIGHT can be defined as:
Real Market and customer understanding, that people RELATE and REACT to, and inspires CHANGE if acted upon.
REAL market and customer understanding…
An insight is understanding what’s really going on in our markets and in the minds of customers – not just accepting what other people tell you is going on.
…that people RELATE to…
It reflects what people really think and feel. Your target audience should respond: “Yes…I recognise that”
…and REACT to, inspiring CHANGE
The reaction to the insight inspires change. As a result we fix a problem or address an opportunity to grow the business.
See how Fairy Liquid overtook the long term market leader through using a powerful consumer insight.
Key Insight: “I want to be at the table with my family, not in the kitchen doing the washing up”
So how do you know when you’ve got an insight?
Insight is: Real Market and customer understanding, that people RELATE and REACT to, and inspires CHANGE if acted upon.
There’s a simple way to check if you’ve got an insight.
Ask yourself: Does it meet the 3Rs Test?
1. REAL…Real customer understanding.
2. RELATE…that people can relate to
3. REACT…React to and inspire change
If the 3Rs are met…you’ve got an insight!
I hope you’ve found this post of some interest and benefit & I hope it will be the beginning of many more to come as Marketing and it’s application is something which I am extremely passionate about.