Customer intelligence entails gathering and analyzing information about customers. Through customer intelligence, you gain information about their details and activities, enabling you to build customer relationships and ultimately improve your decision-making process. A critical piece of effective customer relationship management, customer intelligence provides a source of insight into your customers’ behaviors and experiences.
Today, cloud computing and data solutions have given enterprises access to more customer data and information than ever before. Gathering and utilizing customer intelligence analytics enables organizations to create better customer relationships and increase customer loyalty. Big Data helps organizations determine how to engage customers at just the right time in just the right way to learn who they are so you can make better business decisions. If you want to grow your company, you need to have a complete understanding of customers’ needs, wants, and behaviors, and you need to be able to turn your customer intelligence analytics into enhanced customer engagement: the answer is customer intelligence software.
The Value of Customer Intelligence Software
According to research from Aberdeen, companies that are customer-facing and use customer analytics have a three times greater customer retention and a 20 times greater account value growth year after year. The exclusive report also shows that organizations that use customer analytics enjoy 17 times better revenue preservation from existing customers than organizations that do not use customer analytics. Finally, the report shows that customer analytics users experience a customer lifetime value that is five times greater and overall revenues that are more than two times greater than non-users.
You cannot rely on your IT people to gather, organize, and analyze all of your customer data because there is just too much. In order to truly make sense of all of that customer data and transform it into customer retention, organizations turn to customer intelligence software. The customer business intelligence your company can glean from customer intelligence software includes getting insights into what customers purchase or choose not to purchase, which gives the company “the ability to turn this knowledge into additional profit” and retain customers, according to Mike Meikle, CEO of the Hawkthorne Group. Customer intelligence software also gives organizations the ability to “leverage customer data to build, refine, and modify predictive models [that help] sales representatives to up-sell and cross-sell products at appropriate customer touch points, according to Mohit Joshi, VP and global head of the Sales, Banking, and Capital Markets Practice at Infosys Technologies.
Customer Intelligence Is Evolving
As technology becomes more advanced and customer data and interactions become more complex, organizations need to be ready to adapt. Business2Community.com (B2C) reports that customer intelligence is changing in three major ways:
- Big Data is now essential for customer intelligence – Organizations need to be prepared to analyze and interpret data, as well as utilize the data to drive marketing. Customer intelligence solutions allow for the “deep integration of behavioral and survey data” that analysts promote. Traditional analytics tools aren’t up to the job, which is why you need more advanced customer intelligence software like NGDATA’s AI-powered CDP.
- Customer intelligence tools are improving – Customer intelligence tools are evolving to keep pace with the changing nature of customer intelligence itself. According to B2C, analysts are working to persuade marketers to incorporate gamification into the data gathering process as a means for engaging survey subjects and maintain efficiency levels in the data gathering process.
- Customer intelligence is being disrupted – Too many customer intelligence solutions cannot keep up with the amount of data being produced as customers are using more devices and content sources than ever before. The good news is, the NGDATA CDP leverages Big Data in real time and connects all of your data sources to better engage customers to make your marketing programs more effective, resulting in greater customer lifetime value.
Gain Real Time Customer Intelligence with NGDATA’s AI-powered CDP
With NGDATA’s CDP, you easily can organize your Big Data with a customer-centric focus, allowing you to more intelligently market to customers at an individual level. The result? Increased customer satisfaction and customer lifetime value and reduced customer churn.
NGDATA helps your organization identify trends and customer behavior changes quickly, so that you can proactively connect with your customer. This means you will know your customers at the individual level while you build and grow a one-of-a-kind real time Customer DNA for each.
The NGDATA CDP is the customer intelligence software solution that will help your organization drive revenues as you utilize one-to-one targeting and personalized offers in real time. You’ll also build customer relationships at the individual level that are so critical to better customer engagement and customer retention.
With NGDATA’s CDP, you’ll finally be able to harness your Big Data without having the hassles of dealing with all of its complexities. When you choose NGDATA’s CDP, you’ll finally have the customer intelligence you need to produce effective marketing programs every time.
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