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.
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.