Tag: customer intelligence solutions

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.

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

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

CONTACT US

IR26

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!