Understanding Your Customer Needs Through Data

The Futur · Intermediate ·📊 Data Analytics & Business Intelligence ·3y ago

Key Takeaways

The video discusses the importance of understanding customer needs through data analytics, emphasizing the need to ask customers questions and gather feedback to inform business decisions and drive growth.

Full Transcript

how we can discover what the needs of our customers are people look at data collections what do we have available do we have this metric do we have this data removing themselves from the possibility that they can ask customers we want to ask our customers more things how did you get to our site what do you think the difficulty of companies doing that is just incredible and what happens is that Curiosity dies no ask more questions be curious rotate those questions it doesn't have to be part of a large survey if you want to know when to ask questions ask it on the thank you page turns out the height of trust with most consumers is after they give you money as we do with experiments know what you're going to do with that answer know how those answers are going to change your future Behavior so just go out what do you think of my ads what do you think of my products no you want to go skiing sometimes why are we going skiing no I was just asking that's a ridiculous question good question how much are you spending with other competitors what was a feature that really brought you here how long did you think about these products all those things enable that type of curiosity go forward and give you new opportunities that you might otherwise Miss how can I use data to make content more attractive to my audience here's kind of the way that I approach it social media is attractive because it gives us rules for conversation and it gives us feedback on it you and I have a conversation and there's no feedback mechanism I don't know how I did and social media overcomes that by raiding your conversation if you do well they promote it you get more likes people are saying do you comply with the rules of the community what's successful on Twitter will not be successful on LinkedIn and so when I look at success of social media from that lens I say really what it is is to discover to say how closely can you conform to the rules and best practices of that particular group and when people are looking at viral content that's like something that conform to all the rules of what the community expects how do I become more successful on social media it's really saying well how closely can you comply with the rules that they put out prioritizing them over your own Brands and Ambitions like the way you present yourself the way you present your products the way you write copy all have to comply with it and I don't really think that that's an interesting problem to solve say you have you know 20 30 million followers and then wrote a book only about 15 000 of their followers actually bought a copy of the book despite all their promotions and you send out an email and nobody replies and nobody buys your product how do you feel do you feel great because you sent out a million emails or do you feel kind of terrible because you have a million emails and nobody cares about the message you're sending these articles come up every now and then where you have these influencers with all these followers and then nobody takes action on what you said oftentimes social media rewards people with quantity more than quality and I think that it's a rough proxy and I think we get distracted by but my challenge would be I look at the success on social media as I do with any other channel what a lot of people find and this is a discouraging part about social media is that they find out when they do put out these requests to say hey I have 50 000 followers I said buy this thing listen to this thing and they get such a low conversion rate over it and I say and I was like well that's kind of I look at all these people and nobody's interacting and nobody actually bought the thing I put out there and it says that's fine but I say what that does is that reveals that there's a different set of rules there's one set of rules for volume and activity there's another set of rules for good relationships and those rules are a little bit harder to discover but I say that's the game you actually want to play so if I'm in the influencer game I don't care how many people follow me I care how many people act and so that's why I prioritize I say what you want to do is learn about as many people who take action who click on something who go to a website ask them questions about why they did and then figure out what content relates to them I'll give you one quick example on it there's a case study of Electronic Arts a video game company where they put out 16 different display ads for promoting a mobile game and the one that brought the most downloads the most volume was the one that was least attractive to the people that would actually spend money in the game and I say the same with social medias if you look at say what's impactful for likes or retweets or anything whatever metric you're looking at it's likely going to be different from the people that are going to support your Enterprise that are going to spend buy and want to be connected and relatable to your brand if you put out a message if you put out a request do people respond to that more than just arbitrary buttons to say they're they're engaging with it and so I always look at that connection to say it's not simply the volume and how many people raise their hand it's how many people are willing to follow you in the next step and that I look at a success because you need somebody to take action buy something as opposed to clicking a little button to share but I think that they're all that more important for anybody that's pursuing that channel if you have 800 000 followers and you put out a message and say I have a new product and they buy your product and there's that exchange of value then I say you found the Best of Both Worlds that's the end of my TED Talk there social media [Laughter]

Original Description

Big corporations tend to do all this research about which marketing trends are working best or how to best attract customers, when the answer is right in front of them. Know your customer and build trust with them to get them to buy. Neil discusses the importance of asking customers questions in order to better understand their needs and preferences. He recommends rotating the questions that are asked and using social media as a way to get feedback on the effectiveness of a company's communication with customers. He also advises companies to conform to the rules and best practices of the particular social media platform they are using in order to be more successful. They discuss the importance of getting a response and taking action on customer feedback, and caution against focusing too much on the number of followers or email recipients without considering their engagement and response. Using data to make informed business decisions is a key element of data-driven marketing. By starting with a clear hypothesis about the data that matters to a company and the ability to act on that data, businesses can use data to test and prove their ideas about what leads to success. This approach to data-driven decision making allows companies to make slightly better decisions quickly, rather than waiting to gather all available data and hoping to find patterns. Data analytics and business analytics can help companies understand their customers and make more effective marketing decisions. For startups, growth marketing can be particularly important, and data-driven marketing can be a valuable tool for driving growth. By asking customers questions and gathering data on their needs and preferences, businesses can use data to make content more attractive to their audience and conform to the rules and best practices of their community. This is exactly what Neil Hoyne talks about in this video, discussing how you can get to know your customer and when to best ask specific questions
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The video teaches the importance of understanding customer needs through data analytics and provides guidance on how to ask customers questions and gather feedback to inform business decisions and drive growth. By using data analytics, businesses can make informed decisions and create more effective marketing strategies. This approach allows companies to test and prove their ideas about what leads to success, rather than waiting to gather all available data.

Key Takeaways
  1. Identify customer needs and preferences
  2. Ask customers questions to gather feedback
  3. Use social media to gather feedback and conform to platform rules
  4. Analyze customer data to inform business decisions
  5. Use data-driven marketing to drive growth
  6. Test and prove ideas about what leads to success
  7. Make informed business decisions based on data analytics
💡 Asking customers questions and gathering feedback is crucial to understanding their needs and preferences, and using data analytics can help businesses make informed decisions and drive growth.

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