NetBase is a company that offers AI-powered consumer and market intelligence to help businesses make data-driven decisions quickly and accurately. Their platform analyzes data from various sources and provides social media tools for managing content and identifying trends. They are a trusted partner for branding, agency, and consulting services.
The Global Consumer Insight Analytics Report provides insights into global consumer interests and how marketers use this information. It also includes best practices and challenges from consumer and marketing intelligence professionals. Understanding and acting on consumer insights is crucial for businesses today, as consumers significantly impact markets. The most innovative companies recognize this.
We surveyed over 3,000 senior consumer insight intelligence professionals from renowned global organizations. Our goal was to gain insight into their approach to complex consumer interactions. The responses we received were illuminating, and we have highlighted some of our findings for your consideration before you download our reports.
Consumer Insights as Secret Sauce
To gain insight into global marketing leaders’ challenges, we surveyed industry leaders in Banking and Finance, Consumer Products, Food and Beverage, Healthcare and Pharmaceutical, Media and Entertainment, Retail, Technology, Transportation, and Travel and Hospitality. Across these verticals, we found that accurate, real-time consumer insight is crucial for effective planning and decision-making in various use cases.
Successful businesses rely on complex consumer insights, which require mastery of various components. The first challenge for these leaders was developing a process to capture these insights. The second challenge was sorting through the available information to determine relevant analysis. All of this was compounded by the added challenge of budget constraints.
It is widely acknowledged that consumer insight is crucial for informed strategic decision-making in most companies. However, our research shows that, regardless of location, many companies encounter similar challenges in effectively implementing this insight.
Consumer Insight Challenges Marketers Face
The pandemic caused significant damage to markets worldwide, including EMEA businesses. These businesses had to find ways to reconnect with consumers who were increasingly isolated and cost-conscious. Additionally, they had to restore confidence in their companies, products, and categories. This is a challenging task that requires a professional approach.
Marketers everywhere are feeling the pressure to meet demanding organizational goals. This includes connecting with target segments, identifying new potential customers, and guiding hesitant buyers through the purchase funnel. These challenges can feel even more daunting with vast amounts of data available. Companies need to capture and integrate various consumer and market data sources and map them out in a measurable way to justify spending. This may be a difficult task, particularly with a mid-sized budget.
The data shows an upward trend in reported budgets, particularly at the higher end of the spectrum. This indicates a growing awareness of capturing in-depth, category-defining insight. However, companies must still catch up and move slowly when allocating appropriate spending to these efforts.
Marketers utilize consumer insights to its fullest potential, regardless of their resources. Professionalism remains critical in this endeavor.
Marketers Making the Most of Consumer Insight
Marketers gather consumer insights to increase brand awareness and grow their businesses during difficult times, showcasing their worth to the C suite. However, siloed systems for collecting insights may result in missed opportunities due to a communication disconnect. CEOs recognize the value of holistic consumer insights, but adoption is slow without cutting-edge technology. There is a chicken-egg scenario in showcasing the power of the technology without access to powerful visualization tools.
The EMEA region has a sense of optimism, and businesses use consumer insight to make crucial decisions. Marketers are focusing on increasing brand loyalty and awareness even in difficult situations. The company recommends downloading its Consumer Insight Analytics Reports for strategic planning and tailored tactics.