How can consumer insights support sales?

What does the “new normal” look like after Corona? The likelihood is quite high that the uncertainty for manufacturers and consumers caused by the effects of Covid-19 will continue for some time longer. For industry and retail in particular, the question is how to attract and retain customers and partners in the long term.

Consumer insights are the key to driving more sales. That’s why our customers are asking ua how they can use data-driven insights to support the sales.

Many companies already have a lot of data and insights about their customers. This includes, for example, the CRM, e-mails, ticket systems or market research. However, the central problem is the unification of the various data silos: how is it possible to aggregate the customer feedback from all silos?

Sales teams need a summary of all data sources to better understand and predict customer needs and preferences. This is the only way consumer insights can really support the sales process. But it’s not so easy to aggregate and organize the data, because it’s mostly colloquial texts from a wide variety of sources. Who can read and summarize hundreds of thousands of texts?

In addition, customer feedback is growing by about 20% a year, making the problem bigger and bigger.

To gain valuable insights for sales, the process for data processing must be automated. To solve the problem of data silos, the text data must be unified and made readable for machines. The next step is to remove all information that does not add value such as spam and advertising. Artificial intelligence (AI) can then be used to reduce the texts to the essential topics and extract a summary.

This gives sales experts an overview of what customers want in terms of product and service.

For more interesting insights on this topic, listen to the following podcast with our CEO DR. Korbinian Spann.

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