How to use Consumer Intelligence to improve decisions, increase revenue

Web Editor | ConsumerConnect

Consumer Intelligence (CI) for gaining ultimate consumer experience insight is it!

As a business person or brand owner, in building deeper customer relationships and improving business decisions, it is unarguable that your deciphering and forecasting consumer behaviour by demographic cohort, household profile, generational characteristic, and individual incentive is critical for both strategic and tactical decision-making.

CI is also about understanding broad trends as well as nuanced shifts in consumer demand allow for optimised timing of decisions.

Consumer Intelligence includes the gathering and interpretation of information about target markets and customers.

According to competitiveanalytics.com, it is the analysis of data gathered across marketing channels in order to evaluate the success of marketing initiatives and it’s resonance with consumers.

Consumer Intelligence is conducted using quantitative methods focusing on data, statistics, and analytics as well as qualitative methods such as customer surveys and focus groups.

Techopedia.com explains that, “The process of customer analytics examines and captures consumer behavioral data and guides segment markets.

By doing so, this process can even suggest future product and service offerings to designated companies.”

In their definition of Customer Intelligence, Market Force writes, “Customer Intelligence is a new, emerging methodology for consumer experience insight.

Just like business intelligence systems summarise fiscal performance data, consumer intelligence gives companies a single, financially accountable view of all their customer-related information.

“It helps you to stay on top of your customers, your stores, your financial performance, and calculates the ways in which all three are connected,” it opined.

How does Consumer Intelligence work?

Consumers leave data points online ─ online habits, purchasing behavior, spending preferences, favourite ecommerce sites, etc.

Working across all industries, consumer analysis helps you to find insights that will help you create better marketing strategies that will reach your target audience.

Therefore, talkwalker.com states that CI will feed you information that will drive future product developments, improve your buyers’ purchasing experience, and fine-tune your content.

You’ll be making your customers’ lives better.

Gathering CI from multiple sources, in real-time, will tell you why customers are behaving in a certain way. Use audience demographics, household profiles, interests, aspirations, generation characteristics, and age for making strategic decisions.

Identify trends and shifts in consumer behavior. Monitor and analyse data gathered from your digital channels to track the success of your marketing campaigns.

Why consumer intelligence is vital for business growth

Existing and future customers are your most valuable asset. Listen to them.

Don’t guess what new products they crave. Don’t ignore their rants about dodgy features. Give consumers what they want.

A consumer intelligence strategy is essential for identifying, segmenting, and understanding your target markets. For finding the most effective marketing channels and customer-centric strategies so your business gets it right every time.

Your customers will feel valued. Heard. They’ll come back for more. They’ll advocate for your brand.

Hence, your deeper consumer understanding drives revenue, improves decisions, and sales as brands adapt to meet consumer demands.