“Consumer data will be the biggest differentiator in the next two to three years. Whoever unlocks the reams of data and uses it strategically will win,” said Angela Ahrendts, an American businesswoman, who also worked as a Sr. VP of retail at Apple Inc.
Customers are the lifeblood of any business. As a result, businesses constantly seek different ways to attract more customers such as lowering prices, offering promotions, advertising, creating innovative products, and more. However, getting access to crucial customer insights can completely change the game and help businesses deliver exceptional customer experiences. Such data helps businesses to understand what their customers want and take action accordingly. For this process, businesses need Customer Intelligence.
What is Customer Intelligence
Customer Intelligence (CI) is a process of gathering and analyzing comprehensive customer data from various sources, internal and external. This process is conducted using a Customer Intelligence Tool that collects data about customer requirements, behaviors, motivations, etc.
CI is a powerful way of learning more about customers through data-driven insights. These insights are then used to make informed business decisions and enhance business performance. It enables organizations to enhance interactions with customers and deliver tailored experiences to them. It helps in expanding cross-selling and upselling efforts. Besides, it has the potential to mitigate customer attrition and improve brand loyalty. Thus, by improving customer journeys, CI aids in the future growth of the organizations.
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Major Types of Customer Intelligence Data
Demographic data refers to details about a customer’s age, gender, location, income, company size, etc., which can often be obtained through a welcome survey for new users.
Behavioral data is feedback inferred from a customer’s interactions with your organization. This includes their feature usage, login frequency, and navigation paths. You can collect this data using methods like product usage tracking, heatmap analysis, session recordings, etc.
Psychographic data is related to a customer’s interests, values, thoughts, and challenges. Surveys and interviews can be used to gather these insights.
Transactional data provides comprehensive information about a purchase, such as the date and time of purchase, purchased plan, location, payment method, etc.
Step-by-step Process to Get Started with Customer Intelligence
Step 1: Developing A Customer Intelligence Strategy
Determine the information needed to enhance customer support, and brainstorm on how to gather it. This will be your plan of action for successfully implementing the process.
Step 2: Collecting Different Types Of Data
Obtain customer interaction data such as feedback from surveys/questionnaires, recorded phone calls, data from social media platforms, product usage data, third-party reviews from different sites, etc. to capture the entire customer journey.
Step 3: Analyzing Data And Interactions CI Using Tools
Thoroughly review recorded calls and surveys to identify recurring problems that can be addressed by the team going forward. Consider using different business intelligence tools (having features like customer behavior modeling, micro-segmentation, machine learning, predictive insights, customer lifetime value forecasting, natural language processing, etc.) for gaining new insights.
Step 4: Training Your Team Accordingly
It is now the time to act on the collected data. Use these insights and analysis to improve your teams’ abilities and performance in future customer interactions. Utilize customer intelligence software to build better products, deliver improved services, and provide enhanced customer support.
Bottom Line
Customer Intelligence can play a crucial role in the success of any business. By analyzing data gathered from customers and potential customer interactions using a tool like ITLytics, companies can enhance their offerings and provide a tailored experience for their clientele. So, it is imperative for business leaders and lead management teams to understand the impact of Customer Intelligence Solutions on business performance.
