Customer insights include any type of consumer behavior you can interpret and use to better your business. You can use insights to increase the effectiveness of a service or product for the customer, as well as increasing sales for your company. Survey analysis software can serve as a powerful tool to help you gain these insights, allowing you to create the most effective strategies moving forward.
When you track an individual’s behavior over time, you frequently get a complete picture of customer behavior throughout the entire buyer’s journey. The journey begins with the identification of a need, and spans all the way to the final purchase.
Such a snapshot allows you to look for key drivers that influence consumer decisions. If you want to determine what led a consumer to purchase your product, for instance, you can use regression analysis to identify key drivers. Drivers that prompt consumer purchasing action may include touchpoints such as:
- In-person visit to store
- Online visit to website
- Seeing product at a friend’s house
- Word of mouth
- TV ad
- Direct mailing
In order to determine how effective each touchpoint is for driving sales, survey analysis software can help you review the data using a method known as odds analysis. This process involves quantifying and comparing the relative likelihood that different touchpoints will eventually lead to a purchase.
Odds analysis looking at the likelihood of a sale of the six touchpoints noted above could look something like this:
Relative Likelihood of Purchase
The above data tell you that a consumer who sees your product in a store is 8.5 times more likely to purchase it than someone who is not exposed to any touchpoint with your brand. Likewise, those who encounter your brand through direct mailing are 1.8 times more likely to purchase your product, and those who see you product at a friend’s house are 4.9 times more likely to buy it.
Series of Touchpoints
How consumers react at each touchpoint is influenced by encounters they’ve have had with your brand in the past. What leads them to each touchpoint may also be determined by a prior action. For instance, a consumer may decide to head into a store after seeing the shop’s ad, the window display, or another factor.
Once they’re in the store, the odds of making a purchase increase. And their experience while in the store will also play a part in the likelihood that the person will purchase or recommend the brand in the future.
Survey analysis software can help pinpoint where a series of touchpoints may not be working. A good example comes from the movie company Fox. When it reviewed its touchpoints, the company found newspaper ads and posters were not generating the greatest responses.
The most effective touchpoint was movie trailers, but specifically those viewed online rather than those viewed on TV or at the theater. Consumers viewing online trailers had the benefit of immediate gratification, purchasing a ticket online right after viewing the trailers – a convenience that drove more sales.
After reviewing the data, Fox redistributed funds to increase its online spending. It also began adding content to ads and posters that encouraged consumers to view online trailers on Facebook or YouTube. Digital views of trailers increased, which meant ticket purchases were also likely to increase.
Making It Work for You
You can use consumer insights gained from survey analysis software in much the same manner. Once you’ve determined which behaviors are most likely to result in a purchase, you can dedicate resources to help lead consumers in the targeted direction. The more people you can lead toward the desired behavior, the more likely you’ll enjoy greater sales.