What is the common link between customer engagement, customer loyalty, effective marketing strategy, and better predictive sales? If you are still guessing, well then, the answer is customer insights.
Going beyond raw research, customer insights provides a strategic analysis of qualitative and quantitative customer data. Not only does it help in finding a recurrent pattern in the buying behavior of your customers, but it also enables you to focus on areas which need the focused attention of your marketing and sales team.
Tesco is perhaps one of the first companies which made it a point to track customer behavior closely. Perhaps this is one crucial aspect which has given them a huge advantage over their competitors. Of late, the organization has resorted to IoT, big data, and analytics to stay in touch with the changing consumer behavior.
Clear Returns, a Scotland-based firm, is yet another company which employs customer insights to understand the product return pattern amongst its consumer base. These insights helped the company get to the root-cause of the incidences of product returns; which in turn enabled value addition to their existing products and improved focus on customer engagement.
So, here are top 3 reasons why you too should also make the most of the lucrative mine of customer insights:
- Quality gets precedence over quantity
According to our highly-experienced analysts, often, businesses are more than content with collecting huge volumes of data, with negligible attention being paid to the quality of this data. Customer insights, on the other hand, brings you quality rich data which is sure to improve the overall value of your product leading to better customer engagement.
- Better predictive sales
It has already been mentioned how customer insights provide a realistic picture of the customer’s buying behavior. This insight not only enables improvement of the product quality but also facilitates better predictive sales. Often, sales teams are trying to grapple as much customer information as possible. Through customer analytics, organizations can work on their sales spend and predict the future in a concrete manner.
- Involvement of cross-functional departments
A good number of organizations fail to fathom the importance of bringing together cross-functional departments on the same plane. Customer insights, takes into account data from the marketing, research, product design, and sales department, to derive an all-encompassing set of insights.
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