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How Customer Intelligence Helps Create a Personalized Customer Experience

Market research 04 12
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Today’s customers have extremely high expectations with brands. They need them to understand their deepest needs and wants. To become a successful brand among such evolved customers today, It’s important that the customer experience is not just satisfactory but on point.

Acquia’s second annual global report on customer experience claims that over 80% of consumers say they are more likely to stay loyal to brands that understand them and their needs on a personal level.

01

Introduction

Being customer-centric is all about knowing your customers’ challenges, interests, and purchase psychology and patterns. Only then can you analyze them for your business offerings.

This is where customer intelligence comes into the picture.

When you truly understand your customer on a more personal and deeper level, you can talk to them in a language that they understand the best.

In today’s digitally-driven world, most customers share their interests, preferences, needs, and purchase patterns with the brands they buy from or interact with. They even share their demographics, like age, gender, race, ethnicity, income, etc, with them.

Such information is no short of a treasure chest full of gold. A good marketer will find ways to use this treasured information to personalize communication with each customer.

Mastering the art of customer intelligence is necessary for any brand to survive in the cut-throat competition today.

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02

What is customer intelligence

Customer intelligence is a type of market research strategy used to gather and analyze customer data with the aim to understand customer behavior on a deeper level so that businesses can personalize their interaction with individual customers.

The intent of customer intelligence is to understand your customers on a personal level with the purpose of making them feel more valued and understood.

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There’s a lot of data a customer leaves during various interactions with your business and its offerings. Through customer intelligence, you can collect the valuable data they leave at various points in time and draw useful insights to understand customer behavior.

In the end, it will help you create customer personas, hold truly personalized communication with them, and take informed decisions for the growth of your business.

The result? Stronger bond with customers and in turn, customer loyalty. 

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03

Why customer intelligence is important

Your customers interact with your business via multiple channels, some of which include the website, mobile app, telephonic calls, emails, social media, etc.

Potential data that you can gather from all these different channels include web-activity, in-app activity, ratings, survey feedback, social media posts and comments, and support calls, among others.

Customer intelligence enables you to deliver greater customer satisfaction and encourage improved customer retention by gathering valuable customer data and creating meaningful insights out of it.

Here are some of the top reasons to adopt customer intelligence in your organization:

  • Helps gain customer insights– Structured data can be collected and analyzed using analytic tools like Google Analytics. However, for gathering unstructured customer data, such as insights on what they want, how they perceive your brand, and how likely they are going to purchase your products, customer intelligence proves to be the most effective. 
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  • Better customer satisfaction and increased NPS– With a successful customer intelligence strategy you can make all your customer interaction highly personalized. With such a high level of personalization, you can provide better customer satisfaction, thereby increasing your Net Promoter Score (NPS).
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  • Better customer targeting– With customer intelligence, you can analyze the past profiles and purchase patterns of customers based on which you can get an actual sense of the profitability of different customers. By understanding their interests and behavior well, you can attract, target, and engage customers better
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  • Better and longer customer retention– when deployed the right way, customer intelligence will enable you to keep a track of crucial data that includes customers’ behavior, purchase patterns, and purchase history. This data will help you understand your customers’ demands and in turn, fulfill them, thereby retaining them longer.

Tons of research studies suggest that customer intelligence and big data analytics help increase productivity and profitability by a good percentage.

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04

Mastering customer intelligence data

Do you have customer personas?

If you do, chances are that you created them initially based on a combination of guesswork and some kind of a customer interview or focus groups.

These customer interviews and focus groups are popularly used as the starting point for defining customers. However, they’re not always the best tool to understand them on a deeper level. This is because people tend to give socially desirable answers instead of what’s truly in their minds.

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A far more effective approach is customer or market research surveys.

There can be a pretty large gap between what people think they will do and what they actually do.

As opposed to interviews and focus groups, surveys prove to be greatly effective in obtaining explicit intentions and motivations of your target customers. 

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05

Steps to build a successful customer intelligence strategy

Here are the steps to build a successful customer intelligence strategy:

  • Decide the data points to look out for

For a well-executed customer intelligence strategy, begin with listing out all the possible channels through which you can access customer data, including social media platforms, customer service departments, sales presentations, business review meetings, and web-activity, and in-app activity, among others. Prioritize first and third-party data.

  • Assemble a data science team to handle the raw data

Once you’ve listed out all possible channels, create the right data structures using automation rules to convert all the raw data into meaningful information segments that you can actually decipher and analyze.

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  • Organize your team’s tech stack

Centralize technologies used by your teams. The customer data that you’ll collect will be from many different sources. You will need to decide on the technologies and tools your team will use for data collection, analysis, and action.

  • Define the goals you want to achieve

Is your goal to retain customers? Is it to prevent churn or reduce the churn rate? Or is it to maintain customer loyalty? Goals are an important part of a customer intelligence strategy.

  • Invest in customer intelligence software

06

Conclusion

Although customer intelligence will not necessarily bring large quantities of leads for your brand, it will help you target better quality leads. In the end, it means more conversions.

Gone are the days when you could rely solely on basic CRM tools to gather useful information from customers. A highly sophisticated business intelligence platform can give you a 360-degree view of your customers. When deployed well, it will set you apart from your competitors.

Voxco’s Customer Intelligence Platform interacts with and monitors the customer base. The software solution uses AI and ML to gather customer intelligence and analyze them thoroughly.

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