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Consumer Insights in Finance: Key Strategies for Success

By: Richard Ley


Harnessing Consumer Insights

In the modern digital age, businesses are very lucky that consumer insights come from such a large variety of different sources. Consumer insight allows businesses to gain a deeper, clearer and more actionable understanding of exactly how their audience thinks and feels. There are a variety of ways of gathering this type of data. Sales data, social listening or even digital marketing tactics such as SEO or PPC can give a clear idea of what customers in specific demographics or geographical locations are reacting to and clicking on. More traditional methods of sourcing consumer insights include reviews or surveys, although the data from these can sometimes be affected or skewed if emotion is involved, for instance a customer leaving a negative review or reacting overly positively to a survey. This may affect the data overall, painting an incomplete picture. However, it can be used alongside more accurate insights to build a stronger data set.

Strategies for Customer Retention in Financial Services

A personal touch will always be a better approach for consumer longevity than a blanket one. By tailoring your approach specifically for your product, and your potential audience, it can help grow long lasting relationships that weather the ups and downs, rather than being lost at the very first hurdle. From improving product development to smarter marketing campaigns and even adjusting the language used in certain communications, there are a variety of elements that can be tailored based on insights from your consumers.

Leveraging Consumer Insights for Financial Expansion

Consumer Insights can be used to help companies and the industry as a whole, to expand by identifying clear gaps and opportunities within certain markets that may not have been touched on previously. These lead to an improvement in products and services across the board, allowing companies to continually grow.

Best Practices for Financial Institutions

While consumer data is essential for planning for the future as well as understanding where campaigns and projects have gone right or wrong, it’s incredibly important that the data itself is both gathered and handled in a way that remains compliant with data regulations. Ensuring personal data, sales information and other sensitive information remains safe is not only essential for remaining on the right side of the law, it also helps your customers (both potential and current) build trust in your brand. Even the biggest brands have suffered data loss or leaks over the last decade, and with data being one of the biggest currencies right now, it’s more important than ever that your audience can trust you with their information,

How Consumer Insights Has Transformed Financial Institutions

Consumer Insights and the growth of audience data has allowed modern businesses to not only accurately tailor both their services and marketing to their audience and potential customers, but also get a clearer understanding of whether they’re headed in the right direction. It allows the industry to make much smarter decisions that benefit both the businesses in question, and the consumer base for a better product and service across the board. It means firms can make decisions with a clearer picture of the landscape instead of going into the decision-making process blind.

Driving Financial Success Through RiF’s Retail Consumer Insights

Bringing insight and data to the financial industry for well over ten years, our goal at Research in Finance’s is to provide dependable, actionable insight that boosts productivity and enables your business to make the best out of your customer marketing and relationships. Our aim is to provide transparent information, assistance, and clear direction via consumer insights to businesses operating within the financial sector.

Got a question for one of our team? Please don’t hesitate to get in touch via email at [email protected] or via phone on +44 (20) 7104 2235

Richard Ley

Richard has over 16 years experience within the financial services market. Having begun his career working in international media across the financial sections of some of the worlds leading newspapers.