The consumer shopping experience has a strong emotional component. Today, more than ever, brands that are able to accompany and be close to their customers in this process – and that can even anticipate their needs – will generate the best customer experience (CX).
This aspect has become absolutely key in our day. For what reason? It happens that today, customers choose companies according, precisely, to the quality of the customer journey that they offer them and the way in which they personalize the proposals.
Offering the Best Products or Services is no Longer Enough
In these times the customer has the helm. And we know that the empowered customer is more demanding and less loyal. You have all the information to make your purchases and take advantage of it. And it only offers its loyalty to brands, insofar as they respond to its needs and motivations.
The Customer at the Center
“The age of the customer,” as Forrester refers to buyer empowerment, requires companies to focus their customer service, energy, and budget strategy on processes that improve 360-degree awareness and engagement.
Faced with the change in power relations, organizations have no alternative: they must put the customer at the center of their business strategies. Even up to the new KPIs must be focused on the consumer, giving rise to metrics that measure their connection to the brand, their “health” or commitment through different channels.
For these purposes, traditional market research is no longer enough. Today, organizations must take advantage of customer intelligence more quickly (ideally online) and comprehensively. Digital transformation, IoT, mobile technologies, and the world of social networks offer a world of invaluable data when it comes to approaching customers or prospects. And then tools like Big Data platforms, artificial intelligence, and machine learning help drive deep customer insights and organize the best channel experiences. Today as we never know what consumers like, how they want what they want and even how they feel.
People are willing to share that information with brands. But in exchange of what? Of customized experiences.
Working based on the concept of customer intelligence involves using the data we have from our customers in order to learn more about their actions in relation to our business and then make their experience unforgettable. To do this, it is necessary first to collect data (initially from internal sources, then from external sources), and then analyze, contextualize and interpret them.
Modern methods allow you to “paint the whole picture” of the customer base. They offer a holistic picture of buying behavior, personal preferences, finances, context, feelings, etc., which indicates what they require – and also what they care about. In addition, by offering this information in real-time, they enable them to address the issue as soon as possible.
This 360-degree view of the customer not only informs but also helps make personalized business proposals and guides and advises leaders as they make real-world business decisions.
9 Indicators that Good Data Management can Provide us
The key point is the way in which the data is analyzed and used in such a way as to turn it into useful information to better serve the target market and make good decisions.
Properly treated, this information allows you to “see and feel” what the customer expects. And then the company can use that perspective to its advantage to:
- Understand consumers’ preferences and needs, find the best way to serve them, and create a custom strategy that best resonates with them.
- Monitor changes at the macro-level (in the market or industry) as they occur.
- Optimize sales efficiency, reducing superfluous efforts, and boosting the number of customers who return for repeat business.
- Predict the profitability that the customer will generate during their relationship with your company ( Customer Lifetime Value or Customer Lifetime Value ).
- Get innovative ideas that help focus on customers who create true value.
- Review strategies and check their impact in real-time.
- Forecast and project possible future scenarios to improve marketing actions, inventory management, hiring, use of resources, etc.
- Connect more deeply with customers, foster their loyalty, and build longer-lasting relationships.
- Create a corporate image that generates greater affinity with customers.