THOUGHTS

Mastering Customer Intelligence – Because Customer is the King

Sep 8, 2017

The days of companies holding a monopoly over product and pricing decisions have long gone. Companies are no longer at the helm of deciding what’s best for the customers. Customers have become increasingly demanding and are very fast in dishing out their dissatisfaction on social media. Brands have never been so fragile this way, so it is important that they take their customers seriously and work towards creating a positive customer experience. Brands have also resorted to using customer intelligence to understand the customer and create a positive experience to drive profitability.

Here are some of the tips to master customer intelligence:

Collect Feedback over Multiple Channels

Mastering customer intelligence requires a genuine knowledge of important issues and trends coming from the customers. It requires a scientific approach to surveys, questionnaires, measurements, and progress reports. It is important to collect both qualitative and quantitative data including channels such as open-ended surveys, phone calls, social media, and emails to gain valuable insights to improve customer satisfaction.

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Simplify Data Collection

Customer intelligence tools can collect a broad range of qualitative and quantitative data. If the data sets are not simplified, then it could hamper the process of deriving insights. Also, the collected data should be given appropriate weightage as per the Recency, Frequency, and Monetary (RFM) model. This will help define what customers are doing now and what they will do in the future.

Real-Time Monitoring of Customer Experience

In recent times, it has been observed that any bad experience relating to a brand can quickly spread like wildfire. The customer intelligence tool should be able to monitor customer experience in real-time so that it can send out an alert in case of negative customer experiences. This way companies can act by identifying the root cause, assigning teams, and monitoring results to enhance customer experience.

Incorporate Customer Feedback

Customers are more likely than ever to give feedback. Such feedbacks are valuable to the company as it can help in making the product better. However, not all customer feedback can be incorporated as customers want the best in all aspects. So, it is important that the brand filters out these feedbacks and implements the ones likely to improve both customer satisfaction and profitability.

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