Fashion, social causes like prevention of cruelty to animals, ecological concerns, and minimalism are currently core elements. But they may change as you read this page. That’s how quickly consumers’ minds are changing and businesses are trying hard to keep up with it.
Some businesses are no longer predicting consumer preferences but influencing them to choose their future products. Thereby a market is created and catered to while competing brands are still assessing what the consumer wants in the future.
Using data for insights
The only way companies can create a niche space in the constantly changing comer dynamics is by grasping the perspective of the present and future consumers. Businesses can make intelligent use of the insight community platform to take proactive decisions that will improve the process and eliminate the wastage of resources.
For instance, if a company is manufacturing an everyday necessity product like budget sofas, then it pays to understand if consumers are willing to pay more for durability or aesthetics. Matching the requirements, running it against the product line available from competitors, and drawing up its strengths, will allow the company to manufacture a product line that can please the crowd. A well-made product is sold out with very little effort in this age of information, where consumption is not far away even though the consumer is at a distance.
The insight community is a valuable tool
To understand how insight communities can be used advantageously, a business needs to know what comprises one. Think of an insight community as an online forum or town hall, where all the stakeholders who are connected to the business and may hold even a passing interest meet, share ideas, and news, collaborate on tasks, resolve issues that concern, and voice their opinions.
Few debates are healthy, and few can lead to a social-media brawl, but every event will give the moderators and insights community in charge team members important takeaways. These pointers act as those neon stickers on a dark road that guide the first wanderers. Without the points that the content and insight-community management team picks, from what seems like social-media banter, feeling the real pulse of the consumer who is connected more to the smartphone than to the real world is difficult.
Need to optimize data from the insight community
Often it is seen that though companies initiate and maintain an insight community platform, they are not using it effectively. Data collected and unused will become worthless as it comes with a shelf life, and old data should be archived but often does not hold much value.
Companies should not just come up with an in-house insight community platform that acts as a bridge between the enablers and the end-users of their products but also come up with strategies to make it a happening hub of information and ideas.
Here are a few pointers to maximize the data output and its uses from an insight community platform:
- Targeted content
An insight community should aim at including all kinds of consumers who may have used the product and services in the past. It should also include people who are interested in availing the brand services in the future. Even developers who are interested in the technology and like to brainstorm about open-source codes for the technology should be attracted to the platform. So the entry should be free and fair with the only barrier being the interest in the product to target the right category of audience. In this manner, the related content will also be targeted, and efforts taken to avoid derailing from the core topic through group moderation.
- Product development
The idea of unleashing the power of an insights community platform is to help in ideation, which is inclusive of consumer insights to develop future-ready products. And in line with the perception of customers. Using effective analytics and consistent filtering from the platform teams can predict and discover new concepts. Understanding the current process, improvising or maintaining the standard, and forecasting future outcomes become easier when the insight community is vibrant and active.
- Operational efficiency
An insights community acts like a mind reader. The team that is managing an insights community needs to scan the content regularly so that important data projecting consumer preferences do not go unnoticed.
Regular exercises to collect relevant and related data points should be conducted to assess the pulse of the consumer.
Organizations can channel and streamline their resources to come up with saleable products that have been designed keeping consumer preferences in mind. Identifying new opportunities and working towards maximizing products is possible when one listens to consumers.
- Improve customer engagement
When participants of an insight community are engaged proactively and the discussions prove to be productive more people join the discussion. There will be long trails of messages along the same lines and the brand with help of engaged consumers and stakeholders becomes a trending topic.
In this manner, the brand gains popularity without any hardcore advertising and invokes the interest of more people who will be interested to join the insight community. Being a member of a few insight communities is regarded as a cool and woke thing for most Gen-Z people.
Community platforms offer crucial insights that can act as game changers if the team can understand how to utilize the information. Deciphering between the lines is as important as collecting data and insights when it comes to data sourcing and business intelligence.
The platform can be used to mitigate future risks like needing to increase the price to keep a decent range of profit margins. Businesses instead of introducing higher prices can first let consumers understand the need to increase the same like raw material cost and the entity’s perseverance not to cut back on the quality as primary reasons for a small increase in the price. If used intelligently, insight communities are a powerhouse of information and decision-enabler tools.