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Customer intelligence can be defined as the process of collecting and analyzing data gathered from customer interactions in order to gain actionable insights from customer behavior.
Most businesses today have a variety of information on their customers. This includes information on demographics, purchasing habits, preferences, interests, and more. Businesses that are able to extract valuable insights from this information to improve interactions with their customers will have a competitive edge within the market and will experience an improved brand perception.
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Customer data is vast and keeps flowing into your company in large amounts, and through multiple channels. It can be complicated to use this data to produce meaningful insights, so it is important to have a clear idea of the steps you must take to develop customer intelligence effectively.
Customer intelligence can be developed using the following steps:
The first step in developing customer intelligence is to accumulate all the information on your customers in one place, to form a single archive of data. This is known as single customer view, and it allows you to analyse and compare data more efficiently.
The next step is to begin analysing the data. As the data may be too vast or complicated to analyse, it is important to ensure you have the technology and infrastructure required to analyse it.
Once the data is analysed, it is time to outline useful and actionable insights that can benefit your organization and can help you make better business decisions. The insights from customer intelligence can help your organization bridge the gap between customer experience and customer expectations.
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Customer intelligence data can be acquired in several ways. We will be discussing the most common methods in which CI data is collected:
Analysing your website’s behavioral data can provide you with insights on what may be preventing the conversion of website visitors’. If you have an understanding on what is preventing visitors from making purchases, you can take measures to increase your conversion rate.
Website behavioral data can also deliver insights on the behavioral tendencies, interests, and motivators of your site visitors. You can acquire such data by running experiments on your website. This may involve testing how visitors respond to different messaging, pricing, and CTA colours. Such tests will provide insights on the different psychological triggers that influence visitors. It can also be used to segment customers to personalize customer experience.
This method of collecting customer intelligence helps you understand your target audience on a more personal level. If you already have customer personas, interviews and focus groups can be used to define these personas more clearly to give you a distinct view of your customers.
Market research and customer surveys can be very useful while trying to obtain large volumes of specific data. Like interviews and focus groups, surveys also allow you to dictate what kind of information you collect, however it can be used to collect a much larger volume of data than focus groups.
Surveys can be used to effectively measure interests, beliefs, motivations, and intentions of your target audience. Such information can be used to extract many meaningful insights that can be used to improve customer interactions.
Customer intelligence can be used by organizations in a number of ways. These are a few examples:
These are some of the different types of data that make up customer intelligence:
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