customer intelligence Archives - Business Intelligence

Tag: customer intelligence

customer intelligence

Winning Customer Mindshare in the Banking Sector with AI-Driven Customer Intelligence

Up to a few years back, retail banking customers had modest expectations in terms of banking experience and loyalty. In the last few years, however, the balance in which retail banking companies could succeed on their own terms has begun to shift under the pressure from changing customer expectations and preferences. Furthermore, new entrants in the banking sector such as fintech companies are also further pushing the boundaries for customer experience. Today customers increasingly expect interactions with their banks to be as sophisticated and personalized as the ones provided by industries like retail. As such, it is becoming extremely critical for banking sector companies to step-up their customer intelligence capabilities to better gauge customer needs and think beyond customer experience to a broader measure – customer mindshare.

Customers leave a lot of interesting footprints on the internet. Artificial intelligence (AI) driven customer intelligence solutions is a useful source for providing more insights and better automation for banking companies. Here some of the key reasons why experts at Infiniti think that AI driven customer intelligence could radically transform and simplify processes in the banking industry.

Customer intelligence is a powerful tool to boost sales and gain greater customer mindshare. Request a free proposal to know how Infiniti’s customer intelligence solutions.

Benefits of AI-driven customer intelligence in banking

customer intelligenceEnhanced personalization

Banks sell products in the form of loans, accounts, and investment service. The customer data collected in the process needs to be turned into useful insights in order to personalize and enhance offerings. AI -driven customer intelligence solutions will help banking sector companies to not just understand what the smartest recommendation is to enhance customer journey but also how to develop the most personalized products or services that can be delivered at the right time.

Customer interactions create abundant data for companies to act upon. Not sure how to turn it into actionable insights. Get in touch with our experts to learn how we can help your business turn data into dollars.

Improved trust and customer loyalty

Aggressive sales techniques no longer work well with customers, given the fact that they have ample options available at their disposal. AI-driven customer intelligence helps businesses to better transform their customer outreach based on customer behavior and preferences. Leveraging AI in customer intelligence solutions can also help businesses create meaningful conversations with the customers by identifying when they require banking related advice.

Capture opportunities

Whether it is a review or of a product/ service or customer feedback, any data of customer interaction is highly valuable for banking companies. This data goes wasted if customer intelligence based on AI is not used to curate and analyze data to identify missed opportunities. This allows for creating more personalized products and engaging interactions for the customers.

Learn how our solutions can help you stay updated with the latest retail industry trends

customer intelligence

Building Customer Intimacy for a Global Fashion Retailer with Customer Intelligence Solution

Customer experience and satisfaction have come to the forefront across industries. As such, it is now imperative for companies to create a 360-degree view of their customers to know and respond to them in real-time with a highly personalized approach. When it comes to the fashion industry, which is one of the most volatile and rapidly changing sectors, staying relevant and exciting could prove to be challenging. Brands must keep constant tabs on how consumer shopping trends are evolving and identify the gaps before it’s too late. Those brands that fall behind from doing so often fail to thrive in the long run. Furthermore, with the world going digital, consumers are rapidly integrating tablets and smartphones into shopping. This makes integrating digital into business a key to optimizing the brand experience. Top fashion retailers turn to customer intelligence solutions to gain a better idea of how their customer shopping patterns are changing and identify what they need to do in order to adapt.

By bringing together customer, sales and inventory information from siloed applications, brands can benefit from access to powerful consumer insights for better decision-making across sales, merchandising, marketing, logistics and improve customer experience. Know how we can help you achieve this.

The client

The client is one of the most iconic fashion retailers having stores set up in 50+ locations around the globe. The company has been in business for over 40 years.

Business challenges

The client recently moved to an omnichannel model of business in order to keep up with the changing trends in the fashion industry. Despite this, they noticed a constant decline in their profits from online channels and also a dip in footfalls in their brick and mortar stores. They approach our industry experts to leverage our customer intelligence solution and identify where they lacked in keeping their customers hooked on to their brand and understand ways to enhance their profit margins. Using customer intelligence services, they wanted to:

  • Gain a single view of customers (including purchase history, feedback, and preferences) across different touchpoints
  • Identify issues faced by customers both instore and on online platforms and analyze ways to resolve these issues
  • Enhance their merchandising to suit the tastes and preferences of target customers
  • Formulate strategies to avoid strategies of stock-outs of excess stocks that can have a significant impact on the profit margins

Get in touch with an expert to know how we can help you solve key business challenges.

Solution offered

As a part of the customer intelligence engagement, our experts undertook a customer segmentation analysis to group different target consumers of the brand based on the touchpoints through which they interacted or purchased from the brand. Infiniti’s experts then followed a customer need analysis to better understand the needs of the target customers and gauge their satisfaction levels. This helped identify the gaps in service and products and gave the company a fair idea of their areas of improvement.

Apart from the customer intelligence solution, the experts also used demand planning and forecasting analysis to identify the optimal stock levels that the business must maintain in order avoid situations of overstocking or understocking or avoid supply-demand mismatch.  The client also gained comprehensive insights and strategies on how they can optimize their supply chain processes to better meet the demands of target customers.  

Business impact

The customer intelligence engagement helped the client in:

customer intelligence

Learn how our solutions can help you stay updated with the latest retail industry trends

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.

CONTACT US

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.

Request a Brochure

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

Close
Infiti Logo

Hello there!

Contact us to know more about our cost-effective custom market research offerings to support efficient market penetration, new product launch, and devise strategies to monitor and outperform your competitors.

Cookie Policy

The Site uses cookies to record users' preferences in relation to the functionality of accessibility. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice