It is an intelligent analysis of your customers’ behavior, thoughts, actions, purchases, subscriptions or unsubscriptions, and the likelihood that they will become or remain your customers in the long term.
This provides a deeper understanding of your customers in order to forecast next steps for marketing campaigns in particular.
For companies today, it is enormously important to use data more effectively in their own definition in order to derive conclusions for possible additional purchases, purchase cancellations or even customer churn. This gives digital companies the time they need to adapt products and services to the needs of their customers.
Customers today have the complete power, they can make thoughtful decisions and have constant access to unlimited information. Customers are able to make informed decisions because they can research facts and relevant sources about the company, read reviews and articles left by influencers and other customers. Clients therefore not only have a wealth of information about you, but also about your competitors. So, the customer himself relies on analytics and knows who to choose. Moreover, he is able to target other customers on it as a small (or even larger) influencer.
90% of customers surveyed said they read online reviews and their buying decisions are influenced by online reviews.
Customers are making smart decisions these days and are not distracted by the brand and its followers. They want to see what value the product has for them personally. Nearly every major brand has been the victim of a shitstorm, backlash from customers who discharged through a knowledge advantage or virality.
In order to have a balance of knowledge and awareness with customers, it is important to properly evaluate the crucial information about them. This includes in particular to develop interest in the customer and/or to develop it further. This is the only way we as entrepreneurs and marketers can get away from the dangerous thinking that “anyone could be our customer.”
In summary, the aim is to use customer intelligence measures to obtain information about the following (excerpt) areas:
Customer intelligence has become an important part of developing customer relationships and increasing the customer experience. Analysts in this field today use highly complex tools. In addition to internal information points, external touchpoints are identified to better understand the customer’s mind, emotional intent, values, and ethics, among other things. Artificial intelligence is also already being used to make predictions, so-called predictive analytics, on future customer relationships.
For a first basic engagement with customer intelligence, you don’t have to go that far. A very simple tool that you can apply to existing customer relationships is the Ideal Customer Profile, which you can find in the following figure. This helps you to break down the fit between your customers and you on a numerical basis, and not purely based on your gut feeling.
Use this knowledge to enrich your CRM (Customer Relationship Management) database. By doing so, your consumers will receive relevant and tailored offers they can’t resist.
Companies apply this and deeper customer insights to their business intelligence to make intelligent business decisions.
It is only through these enrichments that buying interests and behavior become clear.
There is no company that does not have data about customers. Even startup or founding companies have at least the insights from the Customer Development phase.
Now the task is to cleanse the data, filter out relevant data and make it usable to predict their purchase history, buying history and interests, and future buying behavior.
The data doesn’t necessarily have to be generated by data mining, with machine learning, or be from Big Data resources. You can create data sources from different phases of the Customer Journey:
Identify customer behavior by collecting, analyzing and deriving the right data, while always keeping data privacy in mind. This way you create more effective funnels for your marketing.
As a founder and entrepreneur, I experience every day how important customer centricity is for companies.
Integrate the essential customer perspective into your product genesis and marketing processes. That puts horse powers on the street, until it runs.
Workshop B2B Market Positioning
6 vital tools to differentiate and convert more leads with Laura Schulte (former Managing Director Windeln.de SE) together with André Wehr from tractionwise. Become the Survivor of the Digital Fittest.
100% free of charge | 25 min. individual consultation
This service is not only available because of the current corona situation.
But right now it is more important than ever, together and for each other.