Most businesses today know the value of customer intelligence data and its key role to their bottom line and future success of their organizations. Who wouldn’t want to know the purchasing behavior of their customer base? This kind of data would allow businesses to improve the customer experience, pinpoint marketing strategies, predict market shifts, increase revenue performance, and strengthen customer loyalty.
Collecting of this valuable data is no longer an issue, we are in the information age after all. APIs (application programming interface) have made it possible for the collecting of vast amounts of data for organizations. The use of APIs allows web communities to share content and data. Customer intelligence data is also sourced using CRM (customer relationship management) software, speech analytics, customer satisfaction and market research surveys, and now mobile devices.
The information is out there but the challenge for companies today is twofold…
harnessing the large volumes of data
converting it into usable, relevant information
To gain any insights from customer intelligence data it must first be harnessed and then analyzed on a micro level and delivered in a useful form to the sales force, marketing department, or other relevant departments. As seen here KOMarketing Associates, LLC, many are facing these challenges.
“just 9% of marketers admit their company has customer intelligence systems that deliver real-time, account-based news, social insights, customer developments and market shifts to the sales organization.”
The vast amounts of data collected through CI is the primary reason that retail business and industry are the fastest growing in the market for predictive analytic solutions. In order for these companies to achieve real-time goals, they must address these data issues and lay the ground work for the improvement opportunities derived from the strategically critical information once extracted.
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