Every day people are creating millions of data points through their online interactions. Ranging from spending habits to consumer preferences, the availability of increased storage options and technological advancements in processing has made virtually almost all parts of the customer journey to be tracked from start to finish. However, the utilising this data for the benefit of organisations is where customer intelligence really excels.
Customer intelligence (CI) works on two levels. The first is in driving better insights into existing customers through their interactions. The second is as the basis for cultivating better strategies on reaching and nurturing target audiences. In a highly competitive marketplace, a combination of two distinct factors can help businesses get the added advantage.
AI + BI = CI
The first step to CI is gathering the right data. This is assisted by the use of advanced software and technology to simplify the collection process. The introduction of an AI layer allows for the greatest ease of collection across multiple sources such as organisation’s CRM data, Analytics and other external data sources. Lighthouse8 takes this one step further with the addition of robot process automation (RPA) which allows for speedy decision making, without the need for human input.
This is followed by Business Intelligence (BI), the information and insights provided to make decision-making a data-driven task. This term can also be applied to the range of reporting tools detailing customer information once the data has been processed and centrally consolidated. The greatest benefit of BI is the potential uses of insights derived can be used by multiple business units/departments – sales, marketing, customer service, management etc.
Customer intelligence can only be actualised through investment in both AI and BI. Here’s how your business can benefit by keying into what your customers want.
- Identify the best-performing products and pages by tracking interactions across the website.
- Nurture brand personality and build rapport between customer segments through direct remarketing.
- Minimise wastage on media spend through data-optimised audience targeting.
- React to market changes in real-time.
- Use tracking to detect where opportunities are being missed and highlight areas of digital improvement.
- Identify trends in the market ahead of time and use the insights provided to pivot or diversify your product offering. Develop strategies that capitalise on available opportunities for the most measurable return.
The balance of power has shifted from companies to the hands of the customers. Armed with a constant stream of information your business is empowered to meet them their point of need.
If you’re looking to get ahead of the next curve in your industry, contact us for a demo of our Customer Intelligence Platform.