What are the Top Ways to Use Customer Insights for Growth and Customer Retention?

In today’s business environment, customer insights are no longer just a competitive advantage—they’re a necessity for growth and retention. The indoor location technology market is set to grow from $11.9 billion in 2024 to $31.4 billion by 2029. Businesses leveraging these insights are enhancing personalized services and delivering real-time information to their customers, staying ahead in the race to optimize operations, engage customers and boost satisfaction.

For malls and big-box retailers, the adoption of indoor location technology delivers tangible benefits, such as superior customer experiences, operational efficiency and increased sales.

What Are Customer Insights?

Customer insights are actionable intelligence that provides businesses with a deeper understanding of their customer’s behaviours, preferences and needs. Unlike raw data, real-time customer analytics uncover the “why” behind customer actions. This consumer insights analysis empowers businesses to craft strategies that address specific pain points, foster loyalty and drive sustained growth.

Ethical Considerations

When diving into customer insight analysis, ethics must take center stage. Transparency in data collection and adherence to privacy laws like GDPR and CCPA are non-negotiable. Businesses must ensure customers have control over their data, building trust and laying the foundation for stronger relationships.

Types of Customer Insights

Customer insights fall into three key categories:

1. Quantitative Insights: Numerical data such as foot traffic, dwell times and sales figures in malls or retail environments.
2. Qualitative Insights: Feedback from surveys, focus groups or social media monitoring to understand perceptions and opinions.
3. Behavioural Insights: Journey mapping and purchase histories reveal interaction patterns and behaviours.

Top Ways to Use Customer Insights for Growth

1. Personalization Through Marketing

Personalization has become the gold standard of modern marketing. Leveraging real-time customer insights allows businesses to deliver highly targeted campaigns that resonate deeply with their audience. Mapsted’s location analytics platform segments audiences based on demographics, interests and past behaviours, enabling tailored promotions. 

For example, Dunkin’ Donuts geofencing campaign drove foot traffic, resulting in a 15% increase in sales with timely, personalized offers showcases the personalized marketing power. 

For example, Dunkin’ Donuts geofencing campaign drove foot traffic, resulting in a 15% increase in sales with timely, personalized offers showcases the personalized marketing power. 

2. Enhancing Customer Experiences

Retailers can tap into customer data analytics platforms to optimize behaviour-driven decisions, such as refining store layouts or reducing wait times. Mapsted’s interactive maps and wayfinding technology help streamline navigation, eliminating common customer frustrations.

Innovative trends like “retailtainment” further elevate customer experiences, blending retail with entertainment to foster deeper engagement and retention.

3. Operational Efficiency

Customer insights are not just customer-facing—they also optimize operations.

• Heat Mapping: Mapsted’s Flow provides real-time insights into high-traffic zones, enabling staff to be strategically allocated.
• Inventory Management: Mapsted Tags reduce losses by streamlining inventory management, overall improving both efficiency and productivity.

4. Driving Innovation

Data-driven decision-making ensures businesses stay ahead of evolving markets. Tools like Mapsted’s AI-powered analytics platform analyze trends and identify gaps, allowing companies to innovate effectively.

For instance, understanding demand surges helps businesses adjust inventory proactively, avoiding shortages while minimizing excess.

5. Strengthening Customer Engagement

Knowing where and how to reach customers is crucial. Consumer analytics platforms identify high-impact channels, whether social media, in-app interactions or physical stores.

By tailoring content—like engaging videos or interactive experiences—businesses can create more meaningful connections with their audience.

Ways to Use Customer Insights for Retention

Real-Time Insights

Real-time data enables businesses to anticipate customer needs and act proactively. With Mapsted’s blue-dot positioning, customers receive seamless navigation and businesses receive location-based insights to improve operations.

Historical Insights

Analyzing past data refines strategies for long-term retention. Mapsted’s location marketing tools help businesses design customer experiences that are both futuristic and effective, ensuring customer loyalty over time.

Case Studies and Impactful Statistics

• Denny’s Campaign: By targeting fast-food diners with location-based advertisements, Denny’s achieved a 25,000-visit increase, with 12% of those exposed to the campaign visiting a restaurant within two weeks.
• Customer Retention: Increasing retention by just 5% can boost profits by 25–95%, emphasizing the value of loyalty initiatives.
• Cost Efficiency: Retaining customers is five times more cost-effective than acquiring new ones and existing customers spend 67% more than new ones.

Tools and Technologies for Gathering Insights

Mapsted provides a robust suite of solutions to simplify the collection and analysis of customer data:

1. Interactive Maps and Wayfinding: Enhance navigation while gathering actionable insights on movement patterns.
2. IoT Devices: Minimal hardware solutions like Mapsted Tags and Flow for real-time tracking.
3. AI-Powered Analytics: Turn complex data into strategic decisions with Mapsted’s patented location analytics technology.

Conclusion

Using customer insight analysis is now not optional; companies trying to survive in cutthroat markets must do so. Embracing real-time and historical analytics will help businesses maximize operations, personalize consumer experiences and drive significant engagement. Real-time customer analytics and location analytics platforms among Mapsted’s advanced technologies offer the tools companies need to properly use these insights. Keeping ahead of the industry calls for not only knowledge of your consumers but also creative innovation based on their requirements as it develops. Visit Mapsted today to learn more about transforming your business with cutting-edge solutions.

If you found this article helpful, don’t miss our blog on The 3 Essentials of Location-Based Analytics or explore our video on How To Gain Deeper Customer Insights With Mapsted Audience Segmentation to learn more.