Mastering customer intelligence comes down to one thing, customer data. Small and large businesses should be leveraging their customer data. In fact, a study from CapGemini finds that . By leveraging this data, companies can improve customer service, build customer loyalty and anticipate their customer’s needs/wants.
Unfortunately, most companies do not know how to do this. Here are 5 Tips to Master Customer Intelligence.
Don’t assume you know what your customer wants/needs
It’s simple. Embrace what your customers want. Use feedback and gather as much information from them as possible. Why do they buy from you? Is it convenience, product, price? Good customer service involves listening, and as customer wants are always changing, you need to keep your ear to the ground.
Social media is a great way to ask questions and take polls. Millennials are especially useful, as they’re likely to leave a comment with their opinion or agree with a statement. Highlight and reply to the best comments.
If this isn’t enough, take for example the latest fiasco with EA and Battlefront 2. By not listening to their customers needs, they’ve lost over $3 billion in stock value. That’s not something you wish to experience yourself.
Use customer data to provide better customer service
As we discussed in our previous article customer care and customer service is the number one thing that matters to businesses. So why not leverage your customer data? Look at your customer service issues. Why are people returning products? What went wrong? Go further and combine multiple sources of data including support and purchase history. Then, personalize your support. By taking the extra time to go over the data and improve customer support, this results in positive response, as well as brand loyalty. While you’re doing this remember, Microsoft did a study where they found 66% of US consumers are willing to spend more money with a company that provides excellent customer service. . Time to start pouring over the data.
Use customer data to improve your journey map
There is a wealth of data you can use to track how your customers become customers. Track their path from lead to customer. Otherwise known as your sales funnel, you are able to collect, analyze, understand and use customer data to make the customer experience better. Take a look at your “touch points” with your customers. How are they interacting with you? Are some interactions better than others? Go ahead and optimize your sales funnel.
As Chris Selland, VP of Business Development, big data, HP states:
Successfully analyzing and acting on customer, market and competitive data can help companies provide their customers with customized offers, appropriate marketing and ad campaigns, the right deals, or even when to back off.
Furthermore, a company called Vidyard was able to decrease acquisition costs by $3.5 million per year and at the same time increase conversions by 20%. If this doesn’t have you drooling we don’t know what will.
Use customer data to reduce risk and fraud
A new study has found that $57.8 Billion is lost in e-commerce fraud across eight major industries! Fraud can cause huge headaches for companies. By analyzing customer data, companies can minimize this risk. Even if companies reduce fraud by 1%, this can means substantial savings all by analyzing customer data, churn rates, behaviours to maximize efficiency, reduce risks, and both detect/deter fraud.
Use customer EXPERIENCE TO improve products or services
Loyal customers can provide valuable, honest feedback. Combine this with looking at shopping data and transaction history. How much do they buy, how often do they buy? You can also send out surveys to enhance or improve your products. Amazon knows your tastes based on previous products and provides recommendations you might not know even exists. It doesn’t just have to be recommendations, but you can create new products and services.
“One online travel site with more than 2 million members wanted to reward frequent travelers while making it easy and intuitive to cash in on rewards,” according to Susan Ganeshan, CMO of Clarabridge, a customer intelligence platform provider. “Using survey feedback data and online reviews, the team was able to improve both the digital experience and the rewards program, propelling them to be named the No. 1 travel site.”
The future is here
Hopefully this article has gotten you excited about customer intelligence. Remember, this is the age of the customer. By correctly leveraging the data you have, there is a wealth of opportunities that can not only give you cost savings, but boost your sales in kind.
We hope you enjoyed 5 tips to master customer intelligence. Join us for our next article where we will be talking about 10 ways to use Big Data to Get to Know your Customers