Including Customer intelligence (CI) in your marketing campaign can reap a lot of profits for your business. If customer intelligence is still a fancy term for you, then let's understand the details so that you can have a clear idea.
Customer intelligence helps to build an effective relationship with individual customers. Having the data of the Customer's information, their shopping activities, personal information (age, gender, etc...), demographic and behavioral data is a huge advantage for any Business/ Organization.
Customer Intelligence is gathering and analyzing the Customer’s information/ data. Analyzing the Customer's data in detail means; analyzing their needs and behavior, knowing much deeper about the Customer, finding the best ways for effective interaction with every individual Customer.
“As per Destination CRM – Customer Data Platform Market to Be Worth $10.3 Billion by 2025
Research firm MarketsandMarkets valued the worldwide customer data platforms market at $2.4 billion in 2020 and expects it to reach $10.3 billion by 2025, growing at a compound annual rate of 34 percent. [1]”
Areas That Customer Intelligence Covers:
Customer behaviour analysis - A critical part of customer intelligence is to analyze the behaviors of the customers. Through this, you can find out what kind of products your customers want to buy. You can make use of this information to curate products according to the preferences of your customers; if you know the right business strategy, then your products will sell like hotcakes.
Market segmentation - In market segmentation, you divide the heterogeneous market into small homogenized segments. This segmentation helps you to understand your customers in a better way.
Trends analysis - Customer intelligence utilizes trends like mobile data, localization, predictive analysis, audience segmentation, artificial intelligence, real-time analytics, etc.
Understanding these analytics helps you to take a step forward in the digital sphere.
Social media analytics - Social media analytics is an integral part of customer intelligence that helps you learn from the competition.
Supply-demand analysis - Understanding the supply and demand curve helps you to understand your customer requirements much better.
Customer demographics - Through customer intelligence, you can know your customer demographics. Also, having information like gender, age, marital status, etc., will help you offer personalized experiences to your clients.
What's The Hype About Customer Intelligence?
Now that you have seen what areas the customer intelligence covers, let's understand its significance:
Improves relationship with customers - Believe it or not, your customer experience is the next competitive battleground. In customer intelligence, you use affinity analysis to understand customers' buying decisions.
Helps in Targeting leads - Customer intelligence helps in targeting your potential leads. With customer intelligence, you determine the probability of a customer investing in a particular product.
Get more insights - Through customer intelligence, you analyze many data, which helps you understand customer behaviour.
This data will help you segment your customer base to make better decisions about them in the future. Data like text data and social media data provide valuable insights into customer behaviour.
Use Customer Intelligence to know more about the behaviour of every individual Customer. Having good knowledge of customer behaviour and needs will help you in better sales growth. Remember to rise above your competition. You have to provide legendary customer service.
REFERENCE:
https://www.destinationcrm.com/Articles/CRM-News/CRM-Featured-Articles/Customer-Data-Platform-Market-to-Be-Worth-%2410.3-Billion-by-2025-146345.aspx
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Published by: Book Club
Source: NewsService
Release ID: 17816