Customer Intelligence: Do You Really Know What Your Customer Wants?
As customers become savvier, they hold greater leverage over the companies they buy from. Customers have access to more information than ever, and hence are in a better position to make informed decisions. Customer loyalty is outdated and the consumer culture has shifted to the ‘on demand’ model. Your patent isn't going to be worth a dime if you don't know who your customer is and what he or she really wants.
Why does the World Patent Marketing Invention Store put such an emphasis on customer intelligence? It is easier than ever to lose customers and harder than ever to acquire new ones. Businesses have to switch to innovative methods to gather data and develop a customer intelligence infrastructure. You can only make effective decisions if you know your customers and understand what they expect from you.
Virtually every brand today gathers data about customers. Customer intelligence means analyzing the data you have gathered and then using it to come with actionable insights about your customers. As a result, you can understand what it takes to cater to your customers’ needs and the decisions you should take to get them to buy from you. However, if the information doesn’t enable you to make good decisions, it is worthless.
This is why it is important that you can tell insight apart from intelligence and raw data. Your patent is going to be worthless and your product will most certainly fail if you don't take a serious approach to product development.
ITS ALL ABOUT BIG DATA ANALYTICS
Data is any information that you capture about your customers. This can include demographic information, buying decisions, and behavior. However, data alone is useless. You have to understand big data analytics to be able to use it effectively, and this is where customer intelligence comes in. Customer intelligence involves taking the data and analyzing it contextually. You can learn more about your customers, their age, background, and even location, by analyzing the data you have gathered about them contextually. This has to be done in real-time so you can make quick and insightful decisions.
For example, we recently released the Janus Case on the World Patent Marketing Invention Store. Prior to the release, we had no idea how many consumers were interested in edgy and exotic phone cases depicting Vampires, Sacred Geometry or Weed (this one we knew). It's something we discovered by taking the time, spending the money and accumulating the customer intelligence.
While customer intelligence will help you develop a consumer persona, i.e. a portrait of the ideal customer, insight enables you to understand why your customers behave in the way that they do. Using this insight, you can guide them towards taking the actions that you want them to take. For instance, you may discover that a customer is on a tight budget but buys your product regularly. Offering discounts or vouchers so he/she can buy your product at an affordable price will foster customer loyalty.
It's is safe to say that this is the golden age for consumers. They have the information they need to choose between brands and make informed decisions. This gives them the power they previously didn’t have and now the onus is on companies to use customer intelligence to attract customers and boost revenue and profits.