Tag: customer intelligence

future of retail

Role of Customer Intelligence in the Future of Retail

“Winning brands in the future of retail will be those that have the best customer intelligence.”

The future of retail is closely intertwined with an evolving customer journey that is being largely transformed by technology. Today’s consumers are more connected and empowered than ever before, ergo they demand retail experiences that are relevant, real-time, and seamless from screen to store. To be successful amidst such changing retail scenarios, retail companies must have an in-depth and unified understanding of their customers at a personal level. This is where the role of customer intelligence comes into play.

What is customer intelligence?

Customer Intelligence refers to the information derived from customer data that is collected through both internal (generated through interactions with the customer) and external sources (demographic data like age, income, and occupation). The key purpose of customer intelligence is to better understand customers by analyzing their buying patterns and their key motivators of purchase to drive future growth of the business.

The future of retail lies in providing exceptional customer experience regardless of whether your store is online or offline. Request a free proposal to know how Infiniti’s solutions can help your business gain a deeper understanding of your customer base and choose the right strategies to cater to them.

Customer intelligence in the future of retail

future of retail

We have reached a point where the future of retail will largely revolve around customer experiences. Customer intelligence solutions play a vital role in helping retailers identify what their customers want and the best strategies to cater to customer needs. Retail industry experts at Infiniti believe that customer intelligence will be vital for the future of retail due to the following reasons:

Growing rate of informed customers

Modern customers have unlimited access to information. They also have adequate knowledge about a brand, their products or services, and also about the competitor brands. Study shows that a fair majority of today’s customers are more likely to shift brands within a week of experiencing a bad customer service. The future of retail will largely be dominated by demanding customers, and businesses that choose to ignore them will be risking a PR disaster. Customer intelligence is the best chance available for retailers to understand its customers and ensure better customer service.

Get in touch with our retail industry experts for more insights on Infiniti’s solutions for retailers.

Personalized rewards and discounts

Customer intelligence is a great tool for retailers who want to reward their loyal customers with personalized rewards and discounts. IoT will play a significant role in the future of retail to help retailers achieve this. Loyal customers can be sent personalized discounts using sensors located in the store.  These sensors can detect when customers are near certain products and then alert customers of a special discount via their smartphones. Such strategies of understanding customers and giving them discounts on the products that they regularly shop will result in customer delight and such techniques will eventually go mainstream in the future of retail.

Better supply chain management

Retail customers are increasingly demanding faster delivery of high-quality products. Customer intelligence solutions can help optimize speed and accuracy through the supply chain. With the help of customer intelligence retailers can predict what products will be in demand during a particular time period. Every component of the supply chain, starting from planning to production to the return can be optimized for efficiency in advance.

Visualize real-time market changes

Understanding the market and customer needs is one of the key challenges faced by retailers. In a crowded industry like retail, it means that even a tiny break in monitoring the market can cause a huge setback in terms of acquiring new customers, revenues, and ensuring overall customer satisfaction. Customer intelligence solutions provide retailers with actionable insights from a stream of steady data. The customer data lets brands comprehend broader market trends and integrate predictive analytics and best practices into their business.

Learn more about Infiniti’s market intelligence solutions and gain an overview of how we help our clients with tailor-made solutions to suit their business needs.

customer retention strategies

Supercharging Your E-Commerce Business with Proven Customer Retention Strategies

Customers are the lifelines of business, irrespective of whether it is a brick and mortar store or an ecommerce business. According to industry experts at Infiniti Research, more than half of a company’s future revenue will come from approximately 20% of their existing customers. Furthermore, it is always wiser to lay greater emphasis on using customer retention strategies to retain existing customers, as attracting new customers could cost a company five times more. In the absence of strong customer retention strategies, companies will struggle to establish a strong customer base, eventually causing profits to tumble. By implementing customer retention techniques for online and in-store platforms, businesses can effectively encourage customers to keep coming back for more, by creating positive, personalized, and innovative experiences.

How to retain customers: 4 proven customer retention strategies

Launch win-back campaigns

Win-back campaigns involve contacting customers from whom you haven’t heard from in a while. This is an attempt made to win back these customers using highly targeted campaigns. This is one of the most popular customer retention strategies among several old-school direct response marketers. Timing is a crucial factor in the effectiveness of such customer retention strategies. E-commerce companies must try to win back customers as early as possible by offering attractive rewards and discounts. In order to get the timing right, it is essential to understand the frequency of purchase of the buyers. If on an average, customers order every 2 months, then it would be beneficial to implement a win-back campaign around the 60-day mark.

Before formulating your customer retention strategies, it’s critical to first and foremost understand who your customers are, and which of their actions matter to your site. Request a free proposal to know how our customer intelligence solution can help you identify your target customers.

Loyalty programs

The primary idea behind a loyalty program is simple, reward your customers for frequent purchases. Customer retention strategies like giving out loyalty points is highly effective and is commonly used by several successful companies. E-commerce companies can also benefit from such customer retention strategies. Although implementing a loyalty program does not guarantee increased sales, but when combined with a competitive product and great customer service it can play a key role in increasing sales and improving customer retention. Furthermore, it may be difficult to attract new customers into the loyalty category. However, offering some surprise loyalty points with their first purchase can one of the effective customer retention strategies to ensure repeat purchases. Get more info on how our solutions help you build customer relationships and promote customer loyalty.

Subscription-based business model

Many e-commerce companies are known to resist the subscription-based business model. But before dismissing the idea completely, companies must consider the fact that if a person has been buying the same supplement every month for several years, giving them the opportunity to save time and money by subscribing to regular delivery would turn out to be favorable. If they are able to pull this off, it means that the business would gain the benefit of recurring monthly revenue. When coupled with great customer services, customer retention strategies like monthly subscription guarantees a boost in the overall sales performance.

Every company wants revenue growth. But it is more important to achieve profitable revenue growth! That means minimizing churn and maximizing customer retention. The challenge is that customer retention strategies are not long-term, sustainable strategies. The better long-term, sustainable strategy is finding ways to make customers want to stay loyal to the brand. The million dollar question is: How do you make them want to stay? Request a free brochure to know how our customer intelligence solutions can help you find the answer.

Paid memberships

Offering additional perks through a paid membership is another highly successful customer retention strategy that is not only an additional revenue generating source for companies but also promotes customer loyalty. Take the example of Amazon prime which has been highly successful in getting customers to sign up to their membership program by offering exclusive benefits and discounts to members all year round. However, not every ecommerce company can be successful in implementing this model. To start off, they must have a loyal customer base and also serious thought and planning to implement it. If successful, paid memberships will reward loyal customers and increase their level of commitment to the business. Moreover, paying the small fee will give them yet another reason to come back and purchase from the company.

Get in touch with our industry experts and uncover new market trends and solutions to drive business growth.

IR27

Weekly Round-up: A Storyboard on the Benefits of Customer Intelligence Solutions

 

LONDON: Infiniti Research, a leading customer intelligence solutions provider, has announced the completion of their downloadable resources series on the benefits of customer intelligence solutions. These free resources, which are available for free download, provide comprehensive insights into how organizations can better engage with customers and optimize the customer journey with the help of customer intelligence solutions.

The era of customer empowerment demands new tools to learn what customers want. In order to compete today, companies must look beyond data, using customer intelligence to arrive at actionable business insight. So, organizations are turning to customer intelligence to better understand their customers, drive sales, and optimize the customer journey. Infiniti’s customer intelligence solutions make it easy for businesses to indulge in strategic decision-making, enhance their brand strategy, and improve customer experience.

Ever wondered why you should spend time and resources enhancing customer experience? Well, most successful companies leverage customer insights to outpace the global competition. Learn more about Infiniti’s business intelligence solution.

#1: Tapping into Market Opportunities with Customer Intelligence: Understanding customers’ needs and preferences have become an important factor in determining business success. Today, many businesses offer products and services that are very similar in terms of features, quality, and price.  Have you ever wondered why some companies succeed while others fail?, This is primarily because, in this completely digitalized world, businesses are defined by what the customers say about their brand. Therefore, building a strong relationship with customers is imperative for organizations. Download our FREE resource to know why customer intelligence is inevitable for your business.

#2: Driving Business Value Through Customer Intelligence: No matter where your company currently stands, there are three fundamental steps that drive business success – knowing the customers, developing strategic insights, and acting on the developed insights. Customer intelligence can help organizations find new market trends along with new avenues and tools for customer relationship management. Download our FREE supplement to find out the key steps to master customer intelligence.

Most companies often find difficulties in understanding their customers' needs and preferences. Are you finding it challenging too?

Our solutions have helped companies enhance customer experience. Request a FREE proposal.

#3: How to Master Customer Intelligence and Drive Business Growth – A 5-Step Guide: Successful customer relationships are based on listening, appreciating, and acting upon customers’ needs and preferences. But gathering target customer data and conducting customer satisfaction surveys don’t help always. This is where customer intelligence comes into play. This is the process of segmenting customers according to their needs and preferences and taking initiatives to target individual customer groups based on their needs. This 5-step guide will help you build customer loyalty, gain a competitive advantage in the market, and improve bottom-line result.

We help organizations to identify the most profitable customer segments, measure the effectiveness of a marketing campaign, assess changes in customer expectations, and devise value maximization strategies to enhance their shares.

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IR34

4 Customer Experience Management Trends to Keep an Eye On in 2019

What is customer experience management?

Customer experience management involves managing customer interaction through both physical and digital touchpoints in order to deliver personalized customer experiences. This helps drive customer loyalty and boosts revenue. Although companies can make efforts to guide customer journeys, they cannot absolutely dictate it to customers. Customer-centric organizations leverage behavioral data, marketing technologies, and customer insights to optimize customer journeys and thereby ensure better customer experience management.

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We, at Infiniti Research, use a combination of research, analytics, and data management systems to help our clients manage data, serve relevant content to target customers, and predict future interactions. Request a brochure to know more about Infiniti’s customer intelligence solutions.

Customer experience management trends

Several transformation triggers including globalization, digitization, and economic changes have the power to dramatically impact customer interactions with a brand and influence their decision-making. So, while formulation a customer experience management strategy, companies must take these factors into consideration. Here are four customer experience management predictions for 2019 from Infiniti Research:

Hyper-personalization at every touchpoint

 One of the key recent trends in customer expectations is the increasing need for personalization in product/services. Today, hyper-personalization forms a key element of customer experience and satisfaction. As a part of their customer experience management strategy, forward-thinking companies are using data and analytics for (near) real-time personalization. Today, customers are inundated with advertisements and multimedia content on different platforms. This makes it crucial for brands to not add irrelevant noise to their content, rather, define ways to stand out from the crowd.

Still have doubts on how customer experience management strategies can benefit your organization? Request a free proposal to find out!

Organization-wide customer focus

In most cases, hiring a chief customer officer is not enough to deliver impeccable customer experience. The most successful brands in customer experience management are those who establish an organization-wide customer-experience mindset. Top companies like Amazon are thinking about customer experience in everything they do including marketing, supply chain, infrastructure, logistics, and product design.

Robotic Process Automation (RPA)

Robotic Process Automation, also known as RPA involves the use of machines to automate repetitive and mundane tasks, helping businesses to increase efficiency and decrease costs. Moreover, this gives the human resources of a company to focus on tasks such as innovation, problem-solving, creativity, and customer experience management research and analysis.

Data ethics

One of the most popular customer experience management trends to watch out for this year is the rising need for data privacy and ethics. With the introduction of the General Data Protection Regulation
(GDPR) law that gives customers power over their personal data, companies have to be more cautious than ever on the compliance with such regulations. This law has changed the way companies handle customer data which has now transitioned from a business asset to the customers’ property. Facebook data ethics scandal in the recent past is proof that such instances can hurt a company’s image in the public eye and eventually lose customer trust. Customers want great customer experiences from brands they can trust. So, building customer trust by maintaining their privacy and data security is now one an essential customer experience management trend.

Know more about why customer experience management is important for your business. REQUEST MORE INFO

3d rendering of industrial workspace showing storytellingon computer screen. All screen graphics are made up.

Weekly Round-up: A Storyboard on the Benefits of Customer Intelligence Solutions

LONDON: Infiniti Research, a leading market intelligence solution provider, has announced the release of their new storyboard on customer intelligence solutions and on how it has helped companies better serve their customer base and acquire new customers more effectively. Today, organizations often look at other successful companies, latest industry trends or new products launches by competitors to stay relevant and innovative in the market. But do you think just evaluating the competitors and latest industry trends are enough to stay competitive in the market place? Well, certainly not. The customers are the ones with the ability to determine your business’ longevity and progress. Hence, customer intelligence is a critical component of any business plan in all stages of growth.

Infiniti’s customer intelligence solutions have helped several companies in creating a powerful, personalized customer experience, and thereby improved their bottom line. Below we’ve collated some of our recent success stories on customer intelligence and have also highlighted ways in which our solutions have helped companies become market leaders.

Keeping your finger on the pulse of your market will help you maintain a proactive approach and successfully outgrow your competitors.

Leverage our customer intelligence solution. Request a FREE brochure to know more about our services.

#1: How a deeper customer understanding drives revenue and sales: Today, with the increase in access to information and high awareness level, the power to dictate the market trends have shifted from the companies to consumers. Hence, in an attempt to deepen customer experience, a business outsourcing company approached Infiniti Research. Infiniti’s customer intelligence solution offered a single view of customer data, which in turn helped the company to offer better services to their clients and subsequently enhanced sales and revenue.

Building a Customer Intelligence Platform for a Leading Business Process Outsourcing Firm in India

#2: Reigniting business growth for a media services provider: In today’s customer-centric business world, a media services company realized that understanding the needs of the customers isn’t enough to drive business decision-making. Ultimately, the outcome depends on predicting customer needs and actions even before they occur. This success story from Infiniti Research explains how our customer intelligence solutions empowered the client to identify key metrics affecting the brand value and sustain brand growth by tapping into  potential customer segments.

Customer Intelligence Assessment: Reigniting Business Growth with the Help of Brand Health Assessment for a Leading Media Services Provider

#3: Effectively launching new products in the Latin American Market: Launching a new product or feature becomes easier when you have adequate data on the customers. A thorough analysis of customer demands will heighten your visibility and avoid costly mistakes. To gather relevant insights into the customer buying patterns in Latin America, a medical imaging devices manufacturer approached Infiniti. Infiniti’s customer intelligence solution helped the client to analyze the customers’ data and successfully launch products in the Latin American market.

Customer Intelligence Assists a Leading Medical Imaging Client to Target Potential Customers in the Latin American Market

#4: How to use customer complaints to improve your business? Instead of perceiving the negative comments as a potential threat to your business, leverage them to improve your business. Not sure how? This success story demonstrates how an energy sources supplier was able to shape real-time customer interactions, deliver highly personalized offers, and subsequently address customer concerns with Infiniti’s solutions.

Customer Intelligence Assists an Alternative Energy Sources Supplier Address Customer Concerns

#5: Simplifying IT operations with customer intelligence solutions: Through an effective customer intelligence solution, an IT company wanted to improve customer experience and eliminate operational bottlenecks. Furthermore, the IT firm wanted to offer new services and simplify their IT operations. With Infiniti’s customer intelligence solution, the client was able to identify gaps in their organizational strategy and take accurate measures to improve the overall business performance.

Customer Intelligence for a Leading IT Services Provider Helps Simplify IT Operations

Wondering how to identify potential market opportunities?

Our portfolio of solutions can help you boost revenues and market potential. Request for a FREE proposal!

 

#6: Mastering customer intelligence in 3 steps: Today, companies have shifted to a customer-centric approach and have made customers an integral part of the entire business process. This compels organizations to leverage the valuable insights gained from customer intelligence tools to develop a proactive customer service frameworkand drive revenue and sales. Find out how to master customer intelligence for revenue growth.

Mastering Customer Intelligence in Three Steps

#7: Building an effective brand strategy with customer intelligence management: According to a recent study, customer experience management is one of the top three strategic priorities of 35% of businesses for 2019. An improved customer experience aligned with your branding strategy can help your business win loyal customers. Find out more benefits of leveraging customer intelligence solutions in this blog.

Leverage Customer Intelligence to Build an Effective Brand Strategy

#8: Top 4 steps to mastering customer intelligence: Infiniti Research reveals the top four secrets to master customer intelligence. The blog further explains why it is important to work towards creating a positive customer experience and some of the strategies that businesses must implement to improve both customer satisfaction and profitability.

Mastering Customer Intelligence – Because Customer is the King

#9: How customer intelligence is becoming a game-changer in marketing technology: With businesses emphasizing on effective customer relationship management, leveraging customer intelligence has become the key to ensure a successful marketing strategy. Organizations are increasingly spending a larger portion of their budget on marketing technology and other digital tools that help them improve and enhance the customer experience. Read this blog to know how customer intelligence is becoming a game-changer in marketing technology.

Customer Intelligence Is the Game Changer in Marketing Technology

#10: Targeting the right potential customer with customer intelligence solution: Infiniti’s customer intelligence solutions helped an automotive firm create a robust customer engagement strategy based on customer insights. Read this success story to know how our solution supported the automotive client to target  potential customers at the right time.

Customer Intelligence Study Assists an Automotive Parts Supplier to Understand Customer Behavior

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Financial risk analysis

Top 4 Customer Service Skills That Can Drive the Growth of Your Retail Business

The retail industry is witnessing constant changes and players in this industry are facing immense pressure when it comes to keeping up with the ever-changing customer expectations, maintaining customer loyalty, retaining and engaging employees, and digital disruptions. With the constantly changing customer behavior, meeting customer expectations is getting really difficult for companies in the retail industry. To meet customer expectations, it is highly essential that you provide great customer service as it is a vital element of business operations that can affect your bottom line as well as how your business is viewed by the public.

If your business fails to provide a great customer service, it is likely that you will end up damaging your brand’s reputation. High-quality customer service management is important for a growing or established company’s bottom line. Therefore, businesses need to realize the importance of customer service. They must understand that it is a virtuous circle that drives profits and allows companies to compete against rivals with more resources and funding in their pocket.

At Infiniti Research, we understand the impact that excellent customer service can have on your business. And to help companies excel in a highly competitive landscape, our team of experts has highlighted four best customer service skills that can drive the growth of your business and boost your ROI.

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