Customers are more connected and evolved than ever, with data being available on their fingertips. They know where to shop, what to buy, and how much to pay.
In such a business landscape, it is essential to predict customer behavior.
But how exactly would you do that?
Quick Answer: Through Customer Intelligence.
What is Customer Intelligence?
Customer Intelligence is the knowledge of why customers behave as they do, which allows companies to adapt and meet customer demands.
Simply put, Customer Intelligence is gathering and analyzing customer data.
It is all about, first, the way you analyze the data of your target audience gathered from different sources. Second, how you can use it to serve them better before your competitors do.
While working on customer intelligence, you will gather plenty of data. It would be in vain if you don’t know how to analyze the data to your advantage.
Why Customer Intelligence is Important?
Customer Intelligence puts you in your customer’s shoes. It enables you to see through how they interact with your marketing channels and what they expect.
Obtaining this perspective and using it to your advantage will get your business head and shoulders above the competition.
To help you understand this correctly, here’s an example of how learning these insights can improve Customer retention.
Our 30-year-old customer has recently moved and has a small family.
- Here, a well-educated customer is applying for a home loan. They are looking for an option that offer lower interest rates.
- We learned that they are also comparing the competitor’s offers with ours. Probably, looking for more flexibility.
- Perhaps, to build loyalty between this customer and our brand, we can offer lower interest rate on loans and zero down-payment options. It will help the family through a financially difficult time.
- It is all about the way you analyze the data gathered from different sources and how you use it.
However, this requires relevant data. For that, you need a CRM software that extracts data based on the prospect’s interactions with your website/ads and provides actionable insights.
“80 percent of the customers say that they are more likely to do business with a company that offers a personalized experience.” (Forbes)
Here’s a handful of reasons why you should really consider adopting customer intelligence in your organization:
4 Reasons Why You Should Adopt Customer Intelligence
#1 Develop Customer Loyalty
Customers will stay loyal to your brand when you cater to their needs and provide them what they want.
It is, therefore, vital that you always know what their requirements are.
This will allow you to fill this need before your competitor.
Gone are the days when painting a comprehensive picture of your customer journey was a process that took ages. Newer methods of gathering customer intelligence are available now. At present, you can easily know what your customers require in real-time and address it as soon as possible.
You can do this by using a CRM platform like LeadSquared.
#2 Give a Quick Response
CRM enables you to make a connection right from the beginning, with personalized emails and SMSs on the go.
It not only reduces your response time but also generates a complete analysis of the autoresponder’s performance.
Now find the messages and timing working well with your audience to enhance your selling.
#3 Get a Deeper Understanding of Customers
Many of the customer intelligence platforms can capture customer data from various points along their journey.
LeadSquared’s CRM for customer intelligence goes a step further and analyzes this data to give you a complete picture.
The software monitors their activities by tracking and studying their browsing pattern, buying intent, etc.
To that effect, CRM leverages Smart Profiling of your customers and segments them based on their interest. This allows your salespeople to target the interest and provide them a better consultation.
Your salespeople can add notes in the software for every sales conversation, enabling you to study and make changes in your follow up calls, accordingly.
#4 Build Strong Relations
Knowing your customers well is the key to building healthy relationships with them. Detailed customer insights can help you in this pursuit.
After gaining insights, CUSTOMER RELATIONSHIP MANAGEMENT or CRM will help you to facilitate constant interaction with your customers, thus fostering a better relationship. Consequently, it will help you to build their loyalty for your brand.
Now to optimize your process of customer interaction, a CRM tool is needed to help you power through.
Keeping this need in mind, LeadSquared’s CRM tool is developed with amazing Email Analytics, Customer Behavior Analytics, and more.
Where to Next?
In the past, companies have relied on the lengthy market research process to get customer intelligence. The logic was simple. If you are the first to please the market, you can capture their loyalty to your brand.
However, a more cost-effective customer intelligence technology like LeadSqaured’s CRM will help you to maintain this loyalty – without the need for extensive investment in customer research.
So, if you are looking to gain an edge over your competition, you should never ignore the importance of customer intelligence.
The insights you gain from analyzing the customer intelligence data will increase brand loyalty and your relationship with customers, which in turn will increase your sales.
So, assemble all your customer data at one place, draw actionable insights, and get started with intelligent selling with LeadSquared Sales Execution platform!
Customer intelligence gives you data-driven insights into your customer persona. With this, you can identify their preferences and define strategies to deliver better customer experiences. It also eventually leads to improved customer retention.
One of the best tools for customer intelligence is CRM (customer relationship management) software. It captures all customer interactions – from the time of first interaction to conversion and beyond to give you detailed insights on customer behavior across their lifecycle.