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Retail customer intelligence

How Retail Customer Intelligence Can Help Retailers Adapt to the New Normal

Owing to the fast-spreading COVID-19 pandemic, every sector has been severely impacted and the retail industry is hardly an exception. The COVID-19 crisis has led to dramatic shifts in customer buying behaviors and spending patterns. Besides, the uncertain nature of the pandemic has compelled customers to tighten their wallets and eliminate discretionary spending. These shifts have left many retailers scrambling to effectively serve customers through other channels. To navigate through these challenging times and drive future growth, retail brands will need to adopt new ways to maintain and build relationships with customers.

This is where Infiniti steps in with its best-in-class retail customer intelligence solution. With Infiniti’s retail customer intelligence solution, businesses can navigate the COVID-19 crisis, plan for recovery, and shape the future. Here’s our guide for retail businesses to adapt to the ‘next normal in retail’ and meet the new customer expectations.

Retail brands must focus on creating exceptional customer experiences to set themselves apart from their competitors and build agile capabilities for fluid times. Our retail customer intelligence solution can help you achieve these strategic objectives. Request a FREE proposal here.

How Retailers Can Meet New Customer Expectations

#1: Extend digital channel presence and engagement

COVID-19 pandemic has suddenly shifted more customer traffic to digital channels. Owing to this sudden shift, online sales grew by nearly 25% in two weeks in March 2020. To ensure business continuity and maintain profitability, retail brands are compelled to expand their digital presence quickly. By extending digital presence and engagement, retail companies can partially offset diminished foot traffic in physical stores by boosting investments in online acquisition. Also, recent studies show that App downloads increased by nearly 20% compared to the previous year. As such, retail companies can prioritize a mobile app or point-of-sale experience this year. With more customers now engaging through mobile apps, retailers must also ensure that digital channels are integrated and offer consistent services and experiences to customers.

Our retail customer intelligence solutions can help you gain valuable customer insights to drive your business on the path to success. For retailers looking to extend digital channel presence and engagement, retail customer intelligence solution can help gather user acquisition and behavior data. Besides, retail customer intelligence solutions can help business leaders to deliver a seamless omnichannel strategy that boosts customer engagement and builds lasting customer relationships.

#2: Bring an in-store feel to the digital experience

To adapt to the needs and demands of customers, retail brands will need to revamp their current omnichannel strategy and bring an in-store feel to the digital experience. In response to COVID-19, a retail firm in China substituted in-store personalized interaction by offerings virtual appointments and live streaming experiences to customers. Also, some luxury retail brands have launched a new platform, Virtual Try-On, which allows buyers to enjoy the experience of a retail setting in the comfort of their home.  During these challenging times, retail brands that adapt to the needs of customers and personalize customer interactions across every touchpoint are expected to gain a leading edge.

By leveraging Infiniti’s retail customer intelligence solution, businesses can understand how customers are interacting with their brand, analyze their journey across different channels, and identify gaps in offerings. Also, retail customer intelligence solutions can help businesses to track real-time changes and rethink the way they engage with customers.

Maintaining a strong customer experience during such a crisis requires an understanding of changing dynamics and pain points of customers. Our customer intelligence engagement can help you achieve this strategic objective. Get in touch with us.

#3: Embrace an agile operating model

As the coronavirus pandemic is expected to last longer, retail businesses must embrace an agile operating model to continually reassess their strategies. Besides, retailers can adopt agile practices to quickly recalibrate their business model and offerings to meet rising consumer expectations. In addition to this, retailers need to map the customer journey across different touchpoints and respond with agility.

Infiniti’s retail customer intelligence services can help businesses to categorize customers with similar attributes and devise customized audience segments. This will subsequently help retailers to provide customers with personalized options that best suit their needs and preferences.

Request more info to know how our COVID-19 business continuity support solutions can help your organization to emerge stronger in the post-COVID-19 era.

An Introduction to Customer Need Analysis

customer need analysis

What is customer need analysis?

Customer need analysis is concerned with identifying the product/service requirements of the target customers. Customer analysis in marketing is used in an array of brand and product management context including product development, concept development, customer value analysis, and means-end analysis. The ultimate goal of this engagement is to understand customer needs and their position in the overall market. Apart from being a business development tool, customer needs analysis is a valuable analytical technique to gauge better marketability of a product or service.

Why customer need analysis matter

Most successful businesses today take steps to meet customer needs at the earliest. For the modern marketer, taking strides to ensure that the customers’ needs are met will help align with other internal teams at your organization including the sales team, customer support team, and the product team. With the whole organization operating under a cyclical process of undertaking customer need analysis, companies will see results in no time.

Customer need analysis methods

Innovation and effective marketing come from using customer need analysis tools to uncover the unmet needs of target customers and acting upon them to provide better experiences to the customers. Infiniti Research reveals some of the common methods that can be used for customer need analysis:

Start with existing data

It is most likely for companies to have data that has already been collated for several other business processes. The data can include customer interviews, past surveys, and customer-support call logs. This data must be reviewed as a part of customer need analysis to track the unmet needs of customers. This is a more feasible option for companies rather than spending big bucks on an extensive research campaign.

Connect with stakeholders

Interviewing stakeholders can provide collective information that is cost-free. Sales and support teams can be considered for this. They often have a list of bug reports, feature requests, and enhancement ideas that they would have collected directly from the customers. These can be combined to generate a preliminary list of requirements.

Map the customer process

For companies who want to gain customer insights on the difficulties in undertaking a particular purchase process, it is essential to first map a particular customer process in a step-by-step fashion. This helps companies build newer and better ways to simplyfy the processes for customers.

 Map the customer journey

Mapping customer journey is a great way of undertaking the customer need analysis. It is a visualization of processes that a customer encounters with a product or service. It includes multiple phases and touchpoints from the prospect of a loyal customer. This easily helps companies identify the points of friction and opportunities of improvement.

Analyze competition

Knowing what your competitors are doing will help evaluate where you stand in the market and identify gaps in your offerings. An effective SWOT analysis will also give companies a fair idea of their strengths, weaknesses, opportunities, and threats. SWOT analysis can be carried out for a brand, product, or even an experience. Also, it is essential to define competition both narrowly and broadly, and not just companies in the same industry but also similar companies in other industries.

Looking for more resources to help you identify and meet customer needs?

You might want to know more about Infiniti’s customer need analysis solutions for business!

Analyze cause-effect relationship

Sometimes, thinking about the flip side of a situation will help solve problems with ease. Business problems can be identified through surveys, observations, and other data sources which can help pin-point other root cause problems. This ensures better customer need analysis and helps in addressing root-cause problems, thereby enhancing user experience.

 

 Request more info for more insights into our customer need analysis solutions!

Customer Intelligence – Analyze Data, Derive Actionable Insights

Today, with the increase in access to information and high awareness levels, the power has shifted from the companies to consumers who dictate the market trends. Therefore, it is imperative for organizations and brands to listen to what their customers are speaking about them on social media and online review sites. Customer intelligence helps companies to understand and identify the factors which motivate the customers, thereby driving profitability. Customer intelligence and other business intelligence solutions help derive customer data from external and internal sources. Ask an analyst

In a nutshell, customer intelligence involves the process of gathering relevant and real-time customer information from sources such as marketing surveys, social media, point of sale terminals, telematics, and customer service centers. Organizations obtain information through various customer interactions and by leveraging data mining techniques. The information obtained is then analyzed to derive actionable insights that help various departments such as marketing, sales, production, finance, etc. to drive strategic decision making. Customer intelligence tools include CRM systems, social listening platforms, and media monitoring tools among others. Insights procured from customer analytics tools help the organization to gain a competitive edge over the other players in the market.

Customer Intelligence – What Are the Benefits?

Customer intelligence helps organizations to create, track accounts, and leads from real-time conversations. The solution enables businesses to manage their marketing and promotional campaigns, track their performance, and measure the marketing return on investment (ROI). The insights derived from customer analytics solutions help sales representatives to cross-sell and up-sell by leveraging customer data and information. By leveraging customer intelligence, businesses can gain an in-depth understanding of customer behavior, market trends, and analyze customer sentiments with respect to their brand, product, or service. Organizations must identify the correct key performance indicators (KPIs) and metrics to track the effectiveness of their marketing campaigns and promotional activities. It helps them to identify the gaps in the organization’s strategy and take corrective measure to ensure success and profitability. In order to succeed or become the market disruptor, marketers must leverage customer intelligence and develop products and service after understanding customer needs and expectations.

 

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