Customer insight is the understanding of your customer, based on their buying behavior, their experiences with you, their beliefs or their needs. Customer insights go beyond raw data or research, it is a multi-view of your customers derived from a strategic analysis of qualitative and quantitative data.
How can customer insight help your business?
Predict your customer’s movements
By researching your customer you can identify patterns in their buying, learn about their business operation, including product lines and find out exactly what’s important to them.
So why is this important? Firstly you can project where their company will move next and be one step ahead of your competitors by getting your marketing team to create bespoke messaging directly to their wants or needs. You’ll also be able to build stronger relationships with your customers as your conversations will always be relevant to them.
Data will help you make better business decisions
As I’ve mentioned in a previous post, Big Data – What is it and why should we care, data is becoming a valuable asset for almost every business. The data stored in your back office system and the information in your CRM tool will give you a great insights into your customer. The problem most businesses have is extracting the important chunks of information from all the ‘noise’ to give you the level of customer insight that you need.
So why is this important? Huge amounts of data are being captured every second. If you can make sense of this data you’ll be able to act upon it quickly and efficiently. For example, if you supply building products you may want to find out who has purchased bricks but no cement in the last 30 days and are based around Chicago. Armed with this customer insight you’ll easily be able to speak to the right customer, at the right time, for the right reasons.
Customer insight put to good use
Here at sales-i we help companies gather better customer insights by utilizing their back office data. The following case studies are available to read on our website.
“Before sales-i Etag couldn’t get the relevant customer data to hand when we needed it. For example, who had stopped buying certain products, who was buying more and who was buying one product but not the obvious cross-sell product to go with it?”
Jana Rejtharova, Business Development & Project Manager
“Getting sales data and customer history out of our ERP software DST, was a challenge in itself. We needed something that would bring all of our company information together.”
Joe Devany, Director of Operations
“sales-i allows us to take a detailed look at sales and how we interact with our clients. The knowledge we have garnered from using the system has allowed us to understand our customer’s needs far better than we ever could before.”
Michael Clark, President
Click here to read more case studies about how we’ve helped companies improve their customer insight.