Customer Intelligence : – In a world where customers are becoming highly sophisticated and know exactly what they want, customer intelligence has never been more essential to a company’s decision-making process. In fact, two facts about customer intelligence are interesting to note.
- A study from Dimensional Research revealed that 90% of people who read online reviews said that their purchasing decisions were influenced by positive reviews, while 86% said negative reviews swayed them.
- An IBM study also stated that 78% of businesses would increase their investment in customer intelligence solutions as more and more came to recognize that the customer is a business’s most important asset.
In this blog, you will learn the importance of customer intelligence and why you should integrate it into your business processes.
What Is Customer Intelligence?
Customer intelligence is the process of gathering and analyzing customer data. It includes the use of technologies such as feedback management, Natural Language Processing (NLP), social media monitoring, as well as other analytics and data management technologies. The purpose of customer intelligence is to develop better customer interactions by personalization and customer experience improvements.
A customer intelligence platform helps businesses get to know more about their customers’ actions regarding their business. It also empowers businesses to make smart, strategic decisions based on what they know about their customers and their experiences when interacting with their companies.
Three Ways to Drive Growth via Customer Intelligence
Since companies of all sizes rely on various data to look for new opportunities and strategies to grow their business, a customer intelligence system can help businesses organize the data and convert them into actionable insights for business growth. Here are three ways that customer intelligence can drive business growth:
- CI provides insights to acquire new customers and existing ones
A research study from Ipsos indicates that it cost five times more to acquire a new customer than retain an old one. By gathering information about customers’ needs and wants, likes and dislikes, and how they like to interact, businesses can drastically enhance the way they manage customer relationships. Doing so can also lead to happier customers, which means that business won’t lose customers to similar brands and businesses.
- CI provides insights into customer lifetime value
Customer Intelligence helps businesses predict not only the lifetime value of customers but also the churn rate and customer referral value. In this era of consumer advocacy, businesses must gather customer data intelligence to determine which customers are more likely to be brand advocates. An essential goal of any business should be to determine and retain loyal customers who are willing to testify on their behalf and recommend their products and services to peers. According to a study from Research Tell Us, 92% of people trust recommendations from friends and family more than all other forms of marketing.
- CI provides insights to better understand customer drivers and predict future behaviors
Customer intelligence and analytics can also help businesses understand what motivates customers to act the way they do, and what drives them to purchase a product or service. It also helps them determine which customers are likely to churn and become brand advocates in the future. Predicting future buying patterns and preferences enable businesses to more effectively pitch products, offers, and messages that are more likely to resonate with specific consumers.
Furthermore, customer intelligence plays an important role in business growth and really helps companies better understand their customers. So, if you’re still struggling to know your customers and what they really want, it’s never too late to invest in customer intelligence solutions especially in this highly competitive business world.
Looking for various customer intelligence companies to help you with your CI initiatives? Maybe we can help. Markable Solutions provides the best customer intelligence services perfect for SMEs, startups, and especially hi-tech companies. Talk to us now!