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Lecture fundamentals of marketing - Lecture 6: Managing marketing information to gain customer insights (Part 1)

In this chapter, the following content will be discussed: Marketing information and customer insights, assessing marketing information needs, developing marketing information, marketing research, analyzing and using marketing information, other marketing information considerations. | Managing Marketing Information to Gain Customer Insights Part-1 LECTURE-6 1 Marketing Information and Customer Insights Assessing Marketing Information Needs Developing Marketing Information Marketing Research Analyzing and Using Marketing Information Other Marketing Information Considerations Topic Outline 2 Marketing Information and Customer Insights Fresh and deep insights into customers needs and wants Difficult to obtain Not obvious Customer’s unsure of their behavior Better information and more effective use of existing information Customer Insights are: To create value for customers and build meaningful relationships with them, marketers must first gain fresh, deep insights into what customers need and want. Such customer insights come from good marketing information. Companies use these customer insights to develop a competitive advantage. Although customer and market insights are important for building customer value and relationships, these insights can be very difficult to obtain. Customer needs and buying motives are often anything but obvious—consumers themselves usually can’t tell you exactly what they need and why they buy. To gain good customer insights, marketers must effectively manage marketing information from a wide range of sources. With the recent explosion of information technologies, companies can now generate marketing information in great quantities. Moreover, consumers themselves are now generating tons of marketing information. Through e-mail, text messaging, blogging, Facebook, Twitter, and other grassroots digital channels, consumers are now volunteering a tidal wave of bottom-up information to companies and to each other. Companies that tap into such information can gain rich, timely customer insights at lower cost. Far from lacking information, most marketing managers are overloaded with data and often overwhelmed by it. Marketers don’t need more information; they need better information. And they need to make better use of the . | Managing Marketing Information to Gain Customer Insights Part-1 LECTURE-6 1 Marketing Information and Customer Insights Assessing Marketing Information Needs Developing Marketing Information Marketing Research Analyzing and Using Marketing Information Other Marketing Information Considerations Topic Outline 2 Marketing Information and Customer Insights Fresh and deep insights into customers needs and wants Difficult to obtain Not obvious Customer’s unsure of their behavior Better information and more effective use of existing information Customer Insights are: To create value for customers and build meaningful relationships with them, marketers must first gain fresh, deep insights into what customers need and want. Such customer insights come from good marketing information. Companies use these customer insights to develop a competitive advantage. Although customer and market insights are important for building customer value and relationships, these insights can be very difficult .