The amount of data published every day on the Internet is growing at an express pace. The data published by IBM in the report “10 Key Marketing Trends For 2017” shows that 90% of all data collected in the virtual world has been published in the last two years. What is the meaning of this information for business? Huge. The data collected is a source of information about consumers and their needs. All companies that correctly use this data will gain a clear competitive advantage and, as a consequence, will also impact on the companies’ financial performance. Therefore, the study of customer behavior with the use of collected data should now be the subject of special attention.
It’s all about customers
Customer intelligence provides data on customer insight and detailed understanding of their experience in the field of interaction with the brand. This is not a one-off operation, but a process that, through the continuous collection and analysis of customer information, allows building deeper and more effective relations with the recipients of our services and streamlines the decision-making process by the sellers.
What is more, we should use the collected data and insights to drive better business decisions and measurable results.
How Customer Intelligence can improve your sales?
To answer this question, you have to start by getting to know the customer’s journey stages. The buyer’s journey is the process by which the buyers pass. It consists of three stages, and its purpose is to get to know, evaluate and purchase a new product or service. What are the components of this trip?
Awareness stage – the buyer realizes that he/she has a problem.
Consideration stage – the buyer defines his/her problem and examines the possibilities of solving it.
Decision stage – the buyer chooses a solution.
Now think about what actions you should do as a brand owner, salesman or marketer to support your potential customer on this trip and help him/her make a decision. Check out 5 important factors that will allow you to increase sales:
1. Segmentation – don’t talk to everyone
Modern customers expect that offers received from companies will be completely aligned to their individual needs, presented at the right moment and in a preferred manner. Customer intelligence system allows to easily segment your customer base and identify current trends. As a seller or marketer, you’ll know how to use the potential of every lead you get. Appropriate segmentation allows you to customize communications to the stage of the customer journey. What effects can be expected due to the segmentation of the database? Customer’s loyalty and commitment will increase. They will be converted into brand lovers which will improve long-term sales results. The customer intelligence system will become your information center every time you answer the phone or write an e-mail. As Matt Thorpe said: “Don’t forget about those people who have spent their hard-earned money with you. They could be responsible for substantial online sales later down the line. Treat them like your family and take them with you on your journey.”
You are the owner of a large online store with the interior decoration items. Every day the store is visited by nearly 10,000 people, but the sales results are still not satisfying. It’s time to find the reason. What does your communication look like? What do you know about your clients? Well, not much. Now imagine that you collect data about every user who visited your e-store. You know what items he/she was watching when he/she left the store. That’s not all! Some of them gave you their full contact details. How can you use it? You segment the group of recipients and send each one a different message. Mrs. Ann has recently bought in your online store a bedspread. She also looked at the pillows available in the collection but didn’t decide to buy. Note, the red alarm has just turned on! Do you think that a 10% discount offer will encourage her to buy? Probably yes. And this is just one of the possibilities offered by customer intelligence.
2. Time is money – use it effectively
Think how much time you can save thanks to customer intelligence. Nobody wants to spend many hours in front of a spreadsheet, trying to get insight into sales history and upcoming opportunities. Customer intelligence will change your approach to data aggregation and the possibilities of their use. Just take a few clicks to present data in several formats, which will be easy to interpret and will effectively support the sales process. The time saved in this way will certainly bring financial benefits to the company.
Not every company can employ an analyst who will analyze its business processes. Finding weaknesses and working on them often brings very good results. Adequate allocation of personal resources and their maximum use is a very important issue. Do you want to know which client should get a discount for activity in the last month? Do you need lists of people who have just joined the affiliate program? Customer intelligence comes with help. Thanks to advanced analytical solutions, every person employed in a company is able to find the information they need. Click, click and it’s ready. This is not a joke! Spreadsheets, complicated calculation formulas are no longer needed! Just a few clicks away from receiving the necessary information that you will use to maximize the revenue of your company.
3. Customer first – take care of relations
Thanks to customer intelligence, you get a full picture of your client. You will learn about his preferences, habits, needs, and problems, which, combined with easy-to-interpret sales desktops and statistics, gives great opportunities to increase sales. You will not forget about next activities – one group of customers you’ll send an email with a birthday discount, the second group you’ll present a new assortment that has just appeared in your store, and you won’t forget to consider the complaint. This also applies to abandoned carts in online stores. ” If you’ve made sure your product is super-valuable to the customer, when customers get the message from you that their card is going to expire, has expired, or their payment otherwise failed to go through, they’ll drop everything and update their card so they don’t miss a beat with your product.” – said, Lincoln Murphy. In a situation where we have many customers, providing high-quality service can be difficult. The customer intelligence can help to collect all the needed information in half a minute.
Mrs. Ann has been shopping only in your online store for a year. Once a month she buys scented candles, lanterns, and table mats. Unfortunately, Ann is always treated as a new client. That is really starting to annoy her. No discounts, frequent lack of goods that she always buys. If she had been shopping in a stationery store for a year, she would have been “remembered”. Unfortunately, you don’t know her needs, because you carry out hundreds of orders every day and you don’t analyze who purchases in your e-store. By using customer intelligence, you would know that Mrs. Ann is in the group of clients for whom it’s worthwhile to prepare a discount and ensure delivery of her favorite products. It’s simple, right? Taking care of the client builds a real long-term relationship that also influences on financial results.
4. Improve your smarketing
Smarketing is the cooperation of the marketing and sales departments. Customer intelligence solutions also support the work of the marketing team. The set goals should be clear for the whole organization, and the aim to increase revenues in the interest of each employee. Thanks to customer intelligence, planning promotional campaigns focused on achieving sales goals becomes very easy.
Christmas is coming and people responsible for marketing in your company are starting to plan promotional campaigns. They do what they usually do. They review market trends, study the competition. So far, there were no complaints, so they chose the same communication channels as last year. Unfortunately, the sales department didn’t complete the sales plan a year ago. The goals of the marketing and sales department were not the same. How much money did you lose? Thanks to customer intelligence, you would know that customers of your online store are looking for reindeer bedding and warm Santa Claus socks. The marketing department would know which advertising creations to prepare and the sales department could maximize profits. Customer intelligence allows you also to create effective RTM campaigns. You can follow the current needs of the users and adapt to them the promotion and activities of the sales department.
5. Automation builds relationships
Automation of business processes improves the efficiency of sales representatives’ work but also has a positive impact on the customer experience. It allows identifying the best clients, early detection of disloyal customers, product optimization, adapting the contact channel or time of day for the best results. Intelligent real-time communication is very important for building the company’s image and establishing relationships with clients. Such possibilities are offered by customer intelligence.
Mrs. Ann is browsing the website of your store. She also subscribed to the newsletter. Unfortunately, it’s been three weeks and she still hasn’t finalized the purchase. Why? What you as an owner of an online store or a seller can do? Maybe she was looking for a product that was too expensive and was waiting for a price cut. Perhaps she was browsing the store’s offer by taking a bus to work and then she forgot about it. Think about how you can use such opportunities. Mrs. Ann took the initiative. Now it’s time for you. Thanks to the customer intelligence you would know that Mrs. Ann is in the group of new customers who are interested in your products. You could send her an email with new products, offer a discount on the products she looked at. The customer needs several contacts with the brand to decide on the purchase. Such activities must be automated in order to not miss any opportunity to maximize revenue.
Companies from around the world are increasingly approaching their interests from a customer-oriented perspective, gathering huge amounts of information. Using this data is a huge challenge. Customer analytics software is hope for companies. It helps in acquiring knowledge about clients and encouraging them to spend more money. As wrote Andrew Youderian in his book:If you are interested in the possibilities offered by customer intelligence, check our offer.
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