customer behavior Archives - Business Intelligence

Tag: customer behavior

competitive pricing

The Quintessential Guide to Measuring Customer Satisfaction

Measuring customer satisfaction is all about gauging the degree to which the product or service offerings of a company meets or exceeds customer expectations. A customer satisfaction survey highlights the aspects of the products, services, or operational processes that are leaving their customers less than satisfied. Customer satisfaction survey is a great tool for measuring customer satisfaction and loyalty. Moreover, customer satisfaction is integral to business as satisfied customers stay loyal to the brand, buy more, and promotes their experience through word-of-mouth. Several studies show that the cost of retaining an existing customer is only one-tenth of acquiring a new one. So, once you win a customer, it is vital to keep them hooked on to your brand.

How to measure customer satisfaction 

One of the key objectives of business is to create happy and loyal customers. However, measuring customer satisfaction often proves to be more difficult than measuring revenue streams or website visitors. In this blog, Infiniti Research explores some excellent metrics and methods of measuring customer satisfaction.


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Why Marketers Cannot Afford to Ignore Customer Engagement

Customer engagement refers to the activities involved in building an emotional connection between customers and the brand. Deploying customer engagement strategies will help companieRequest Proposals to build a customer base that promotes the brand and demonstrates more brand loyalty. High-quality customer experience is an essential ingredient of every customer engagement strategies.

Benefits of customer engagement model 

Here are some of the key benefits that companies can gain by devising a customer engagement model for their business:

Improved customer retention

Engaged customers will continue to build long-term relationships with the brand. In fact, research shows that businesses that focus on customer engagement strategies are more likely to make customers spend more on their products and services and convert them into loyalists of the brand.

Shorter sales cycle

One of the key benefits of a customer engagement model is that it helps businesses attain a shorter sales cycle. In this system, customers and other prospects can utilize a customer engagement portal to instantly access the information they need irrespective of the stage of the buying process that they are on.cta ir

Boosts marketing efficiency

Modern marketing is all about engaging the customers. In several cases, marketing efforts go down the drain as they fail to capture customers’ interest. With effective customer engagement strategies in place, marketing efforts are expected to garner better results as they are more likely to capture the customers’ attention.

Brand differentiation

With the increasing number of competition in the market, companies are constantly expected to bring something new to the table. Utilizing opportunities that other players in the market would have missed, such as formulating customer engagement strategies ensure that brands effectively differentiate themselves and gain a greater chunk of the market share.

Best customer engagement strategies for businesses

If you are a marketer on the lookout for some of the best-in-class customer engagement strategies for your business, here’s what you need to do:

‘Humanize’ your brand

 Customers tend to favor brands that understand their needs and they can relate to. This is easier for fun consumer brands when compared to more conservative brands or B2B companies. One of the ways for companies to bring the ‘human element’ into their brand is identifying a personality within the organization who is passionate about the brand and is a natural communicator. This person can be encouraged to become a thought leader and give them a voicAsk An Analyst_IRe to humanize the brand and engage the audience. 

Video tutorials

It often happens that many retailers do not pay much attention to after-sale services. It does not only involve repairs and maintenance but educating the customers about the brand and the product is also an integral element of after sale services. And one of the best customer engagement strategies for businesses to use at this stage is the use of video tutorials. It is a way to compete for your customer’s attention. Videos are visually stimulating and convey the messages faster.

Use social media as a tool

Today, social media is one of the most effective tools for businesses to engage with their customers. Brands can promote customer engagement on social media by encouraging customers to share their feedback, reply to their queries, and cater to their grievances on social media in a quick fashion. This promotes the overall goodwill of the brand.

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Retail industry

Is CRM the Missing Jigsaw Piece for Struggling Companies in the Retail Industry?

CRM, or Customer Relationship Management, has been an unsung hero in the retail industry for a long time. However, recent years have seen a positive change in the attitude of retailers in this aspect, because customers have gradually established their position as ‘the king’ in the market. Due to this change, leading players in the retail industry have realized that the deciding factors for their survival in the market are customer satisfaction and retention. This is where the role of CRM comes into the picture. With the help of this technique, retailers can keep track of their customers’ purchasing behavior, requirements, feedback and gaps in service, etc. and alter their services in such a way that the customers’ delight and goodwill can be increased. Let us discuss a few other key benefits that you can reap by adopting CRM strategies for your business.

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Collect Valuable Customer Data

Considering the large number of customers that companies in the retail industry deal with, it is not possible for them to keeps tabs on every customer manually. Therefore, having an effective customer relations software will help retailers to record individual customer profiles such as purchase history, contact details, the frequency of purchase, feedback, etc. This will help retailers to understand their customers better and provide a better quality of services.

Better Targeting of Promotional Activities

When you know the likes and preferences of your customers, it becomes easier to tailor-make and target marketing and promotional activities for specific customer groups. For, e.g., If a customer’s purchase pattern shows more of formal wear, the players in the retail industry can use this data to promote the new collection of formal wear to this customer or group of customers showcasing similar buying behavior.

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Increased Customer Loyalty

When customers feel that your company is giving them more individual attention, better rewards, and offers they are more likely to stay faithful to your brand. With mounting competition in the retail industry, customer retention has become the need of the hour. It is essential for players in the retail industry to successfully satisfy customers to ensure that they do not lose out customers to competitors. This could also mean that your existing happy customers would recommend your company to their peers, which would help you expand your sales as well as your customer base.

Useful Tool to Improve Your Offerings

Players in the retail industry can gather valuable customer feedback and opinions with the help of CRM. This will help them to get a better picture of what their customers expect from them and identify and rectify the gaps in their products/services accordingly. This will not only help meet the customer demands but also give the feeling to customers that their opinions matter to your brand, increasing their loyalty and chances of retention in the longer run.   

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Leveraging Customer Intelligence to Optimize Customer Value for an Online Direct Marketer

Today, large organizations across the globe are struggling to seek the answer to the three fundamental questions: who are the customers they are dealing with, their needs, and the reason why they need it. To meet the rising consumer expectations, most businesses are becoming customer-centric. The ruthless environment is also forcing the businesses to find effective ways to attract new customers, maximize the value for each customer, and retain the most profitable ones. However, to deal with such a competitive environment, businesses are devising robust customer intelligence solutions to understand their consumers better than their competitors. A customer intelligence study involves the assessment of customer behavior, which in creating informed, personalized, and insightful customer interactions. In addition, the study assists organizations to understand the customers’ profitability with special emphasis on customer expectations and preferences.

Infiniti’s customer intelligence solution helps the client understand their customers and design an effective marketing strategy. Moreover, our solution helps clients identify the best customers, lapsing customers, and how promotions impact customer purchase trends. Infiniti’s customer intelligence practice also helps business leaders uncover potential opportunities to increase customer value.IR_Brochure

The Business Challenges

Like all other marketing firms, a leading online direct marketer was facing challenges understanding the market and its customers’ behavior. The high-cost associated with acquiring new customers compelled the client to leverage customer intelligence to gain insights on marketing, credit, product, and customer data. The client also wanted to maximize the existing customers’ lifetime value and optimize their marketing spend for greater efficiency and profitability.

The Journey

To effectively convert customer intelligence into productivity, Infiniti’s customer intelligence experts devised a robust strategy with the help of advanced statistical techniques such as data mining and challenger performance testing. Moreover, the experts also worked simultaneously with valuable customers to predict their future behavior and deploy tested customer-oriented strategies.

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Customer Intelligence Solution Benefits:

  • Minimize the noise caused by cross-contamination of customer segments
  • Identify promotions to offer customers through the appropriate channel
  • Devise actionable strategies for effective customer retention and reactivation management
  • Apply customer profile techniques and insights to identify predicted response rates
  • Leverage credit bureau attributes, discovering patterns, and correlations of the data to generate holistic view of its existing customers
  • Enable challenger performance testing to measure the logic of new strategies against the prevailing ones

The Result

With the help of our customer intelligence solution, the client was able to deliver proven, effective customer oriented strategies, which enabled them to make the right offer to the right customer at the right time. In addition, with the combination of customer intelligence with advanced statistical techniques, the client demonstrated a better return on investment within a stipulated time frame.

A must-read customer intelligence case study for strategy experts and decision makers looking to develop an effective market entry strategy for the marketing landscape .

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