"Customer Insights" are achieved through market research, touchpoint analysis, primary and secondary collection and competitive intelligence? Define how each are conducted and the value of each method.
Market Research: The systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organization.
- Market research gives marketers insights into customer motivations, purchase behavior, and satisfaction. It can help them to assess market potential and market share or measure the effectiveness of pricing, product, distribution, and promotion activities.
Touchpoint Analysis: Due to the big data era, companies use this information to analyze "touch points" which include customer purchases, sales force contacts, serve and support calls, web and social media site visits, satisfaction surveys, credit and payment interactions, market research studies — every contact between a customer and a company.
-unfortunately this data is usually scattered widely across the organization or buried deep in separate company databases.
Primary Data: information collected for a specific purpose at hand
-research approaches for gathering primary data include observations, surveys, and experiments
Secondary Data: Information that already exists somewhere, having been collected for another purpose
-company's internal database provides a good starting point, however companies can also buy secondary data from outside suppliers. In addition, using commercial online databases, marketing researchers can conduct their own searches of secondary data sources. Finally, internet search engines can able be a big help in locating relevant secondary information sources.
Competitive Marketing Intelligence: The systematic monitoring, collection, and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.
-Marketing intelligence techniques range from observing consumers first hand to quizzing the company's own employees, benchmarking competitors products, online research, and monitoring social media buzz. Good marketing intelligence can help marketers gain insights into how consumers talk about and engage with their brands.
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