Customer intelligence (CI) is the integrated collection and analysis of detailed customer data from multiple touchpoints to understand the best ways to engage with customers. Customer Analytics engineered on top of these integrated data assets help with a deeper understanding of customer behaviors and help the business drive meaningful engagements with the right customers, across the right channels at the right time.
Large amounts of customer data flow into your organization across various channels, including customer activity on your website and/or your app, purchase (and return) patterns, customer-initiated communications, and customer responses to previous company-initiated communications (The information collected for analysis includes behavioral data, demographic data, customer sentiment, survey data, social media actions, customer preferences, etc.). The first building block of successful client intelligence is the ability to efficiently collect all of this information into a single repository that enables you to examine it and analyze it. This is also known as a “360-degree customer view” or a “single customer view.”
The second element is the technological infrastructure necessary to analyze the data to discover actionable insights. Some of the technologies that enable this level of customer intelligence include customer behavior modeling, customer lifetime value forecasting, dynamic micro-segmentation, predictive customer analytics, machine learning, etc.
The third element focuses on artificial intelligence (AI) and machine learning (ML) applications. CI provides a steady stream of data that converts into real-time actionable insights that can be used to get a 360 view of the customer. With AI-driven customer intelligence tools, companies get up-to-date insights into each customer’s products of interest, level of engagement, and stage in the customer journey.
AI-driven Customer Intelligence enables you to:
- Understand your customer in-depth and analyze their sentiments
- Generate customer profiles and segments and respective value scores
- Map Customer Journeys
- Create Persona Based Insights
- Personalize next best action/next best offer
- Improve Targeting
- Increase Cross / Upselling through market basket analytics
- Increase spend and retention
- Enhance Customer Engagement and Customer Experience
- Build Brand Loyalty and Affinity
- Improve customer satisfaction
- Reduce customer churn
- Optimize contact center operations
- Improve the quality of the marketing campaign
- Reduce customer acquisition costs, and much more.
Customer Intelligence streamlines marketing efforts minimizing costs and maximizing resources to drive growth and profitability.