Customer intelligence, also known as the voice of the customer or customer analytics, is a discipline under Customer Relationship Management (CRM) encompassing technologies like feedback management, social media monitoring, Natural Language Processing (NLP), and other analytics and data management tools. Simply, it is a process of gathering and analyzing large amounts of data for businesses to determine the best, most efficient ways to interface and interact with their customers.
By improving customer experiences, companies devise a way for customer retention and loyalty. With technological advancements, multiple platforms enhance a customer’s journey. So let’s delve into the top five Customer Intelligence trends that can make your 2022 absolute success-
1. Automating Customer Service
Businesses are relying on automated customer service. Companies using technology, such as automation, to improve their customer experience can save up to 40% on service costs, according to McKinsey.
Humans are capable of working for a certain number of hours per day. Automated customer service, on the other hand, provides uninterrupted customer service 24 hours a day, seven days a week. Once customer service platforms deflect basic inquiries, your teams can focus on more complex customer interactions.
2. Shift from product-oriented to customer-centric
Retailers are making a cultural shift from product-oriented thinking to customer-centered thinking. As they initiate this trend, they must restructure their marketing departments. Firstly, they require a central content team. Bringing category managers, assortment managers, campaign managers, and analysts together will enable them to discuss the customer journey constructively. This information sharing will introduce data to be handled.
As they implement customer intelligence solutions to this newly-formed customer data, the solutions should be able to address both elements of the product as well as the customer.
3. Personalization, Personalization, Personalization
Customers’ data can be combined with big data, machine learning, and AI providing unparalleled personalization throughout the customer journey. Personalization improves customer service interactions, customer satisfaction, purchase conversion, and encourages repeat purchases. AI and automation can also provide context to your human agents, allowing them to understand who they are speaking with.
Customers are much more likely to purchase something if they believe it is custom-made for them.
Once you’ve mastered the fundamentals – such as analyzing transactional and response data – you can advance to the more advanced realm of Big Data, which allows you to predict behavior and personalize it in a wide range of ways.
4. Transition to Omni-channel customer engagement
Marketing departments have shifted to a more customer-centric approach for customer engagement. The structure has evolved from a purely brand, product, or channel focus to a pivotal role as a devoted steward of the customer relationship. Omnichannel customer engagement is a marketing strategy that focuses on blending and managing multiple channels from a single, unified platform to create a near-seamless transition between the company and the customer.
An integration platform combines a customer’s entire contact history and synchronizes it with the backend. Representatives gain access to a self-service portal and help direct the process for customers through a 360-degree customer perspective in the omnichannel desktop.
5. Need for professionals
With the advent of technologies such as big data and advanced analytics, which analyze data from multiple channels in real-time to generate customized offers in a fraction of a second. The lack of CX professionals who understand the technology and know-how to use customer data will stifle CI market growth in developing regions.
Customer experience is a rapidly evolving industry. A data-driven mindset, as well as project management skills, can help you stand out in the CX industry. Customers are a company’s lifeblood, and without them, companies would eventually perish. As a result, it is up to CX professionals to develop the skills required to continue improving themselves and providing a better experience for their customers.
To wind up…
Brands use customer intelligence to comprehend the market dynamics and take proactive measures. No organization wants to make decisions in the dark. So, customer intelligence solutions will help in understanding what people want.
Although businesses are better prepared for the digital age, they must evolve to meet rising customer expectations and maintain customer loyalty. As brands gear up into 2022, they must remain agile and adaptable.