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6 Steps to Build a Customer Intelligence Strategy

Data is the new oil! Customer Intelligence helps to understand the customers by analyzing their buying patterns and motivation to drive further growth. We are in the age of the internet and the customers are more informed than ever. They have access to all the information about the brand as well as its competitors. In fact, 85-90% of customers have an opinion that they will switch retail services in case of a bad customer experience.

1. Turn data into intelligence:

You may have access to a lot of data, but as long as it is not used in a productive manner to improve your approach, it does not make a difference. There are a zillion ways of collecting data from customers. Partner with your data science team or make use of retail analytics platforms to collect valuable insights from that data. Visualize these data sets and bring them into practice in day-to-day use. Map your data against exogenous factors to extract the hidden drivers for your brand.

2. Act upon that Intelligence:

Don’t just expect your customers to be loyal to you, be loyal to your customers as a brand. Once you have access to customer intelligence, you can engage and interact with them on their preferred platforms to build a stronger customer relationship. They have put their time and money into your business and now it is your responsibility to ensure that they don’t switch services. Thank them by giving special offers, providing better service and meaningful interactions, and simpler ways to buy from you.

3. Take Data-driven decisions:

The metrics and reports derived from retail analytics are reliable to develop effective solutions and drive better results. Many business executives are enhancing their skills to help them integrate retail analytical tools into their decision-making process. The need for timely and effective decisions is never-ending, that is why relying on the data is extremely useful. When you have data to back up your informed decisions for customer service strategy, you end up saving valuable time and money. Data-driven decisions help businesses optimize their customer intelligence to the best of their capacity.

3. Use customer feedback to achieve customer service goals:

There are multiple ways a business can take feedbacks and reviews from customers. They can take feedback from social media or other online platforms or they can ask the customers to take a customer survey. Both ways are effective and do not take away a lot of time. The online reviews are quick and easy to implement. With customer surveys, businesses can break down the issues and get as precise with questions as they want.

5. Stay updated:

For a retail business, customers change all the time. There would be new customers coming in all the time. The existing customers might change their address or contact number. It is crucial for any business to regularly update its customer database. There are various retail analytic tools available that update the database automatically when there is any change in the data.

6. Optimize and repeat:

Brands must constantly strive to provide a better customer experience or risk losing them. Today we are able to understand a customer’s needs from miles away, we are able to measure what strategies worked and what didn’t, we have got all the resources we need. As the business evolves, their customer relationship must also evolve so they can serve their customers better.

 

Businesses can now provide smooth operations, meaningful interactions, and valuable experience to the customers by making use of the retail analytic tools. Data has infinite potential for companies that can use it for their benefit.