The only way to stand out in today’s extremely competitive business landscape is by creating an exceptional customer experience. For this, you need a unique tool to exceed customers’ expectations through a remarkable customer journey. The best way to do this is through in-depth customer insights.
This article will explain why the strategic application of customer insights can help you stay ahead in the competitive business ecosystem.
Let’s get started!
What is customer insight?
Customer insights are all about deriving apt interpretations of different types of consumer data, including consumer behaviour and feedback, to develop products and improve customer journeys.
These customer insights help businesses to develop a 360-degree overview of customers’ expectations. Furthermore, these insights help them understand how they can position their products and services based on customers’ preferences.
You can find answers to the following questions with the sales growth insights:
- Why did sales decline for a product?
- How well can you influence your target audience with your current messaging?
- How does your target audience view your product?
- How can you persuade the customers to buy a new product?
- How can you expedite the sales of existing products in the market?
- How can you increase the conversion rate of the existing marketing campaigns?
In today’s digital landscape, there are multiple sources from which to derive customer insights, including CRM software, customer feedback, cookies, purchase reviews, sentiment analysis and more.
What are the benefits of leveraging customer insights?
Customer insights are your key route to building relationships with consumers. It can help you leverage customers’ behaviour and activities to strengthen customer relationships. Here are some of the major benefits of harnessing customer insights:
1. Greater CLV and decline in churn
There are some KPIs that every business must track. Two of those KPIs are customer churn rate and Customer Lifetime Value (CLV). Customer churn rate estimates how many customers you are losing on. Ideally, this KPI has to increase. With proper consumer insights, businesses can identify the main touchpoints responsible for causing high churn rates and adjust customer service accordingly.
CLV, on the other hand, represents how strongly a brand is associated with its existing customers. It is no secret that it takes lesser efforts to retain an existing customer than acquiring new customers. With consumer insights and market research, businesses can plan an apt strategy to maintain high CLV.
2. Create a personalised customer journey
When you have the required consumer insights, you can easily deliver an exceptional customer journey. That’s because you have all the resources to personalise customers’ journeys. It is extremely important to offer a personalised user journey in today’s landscape as 80% of customers expect it from the brands. With consumer insights, you can offer customers a much-needed customised experience.
Suppose you want to improve the performance of your sales team. You can leverage consumer insights to achieve that. Use a powerful, AI-driven speech analytics solution like SalesKen that provides actionable insights by analysing conversations in real-time. It provides strategic suggestions on improvement areas to form better sales pitches.
3. Strategic inventory planning
Harnessing consumer insights like sales data can improve your inventory workflow. It helps you make an accurate prediction of your existing inventories. That way, you’ll have a deeper idea of the current inventory level and when you need to restock. Hence, consumer insights can save you from overstocking and understocking based on consumers’ demands.
What are the different types of consumer insights?
Consumer insights can be of different types. Here are the different types of customer insights that you should know of:
1. Usage information
By “usage information,” we mean all kinds of customer behaviour data, including product and service usage data. These datasets can help you identify the frequency of using your products, the pattern of usage, and other relevant sales growth insights.
2. Customer service data
Businesses can generate customer service data from the multiple interactions between customer service teams and customers. You can access some of the most critical datasets from this source, including customers’ knowledge of your product, their feedback if there are any issues, and so on.
3. Firmographic data
Firmographic data is a critical data source for consumer insights, especially for B2B businesses. It includes information like the location of customers, industry type, etc. Businesses can use this information to create an ideal buyer persona.
4. Competitor data
Competitor data is about identifying which strategies the competitors are using and how you can leverage them to position your products better. You can access these datasets through in-depth market and competitor research.
5. Customer loyalty data
The purpose of collecting this data is to understand how satisfied the customers are with your products and services. Brands most commonly use Net Promoter Score (NPS) to estimate customer loyalty. The idea is to share a quick survey with the customers to determine if they’re happy enough to recommend your products to others.
How can you collect customer insights?
Here are some ways to collect customer insights to expedite business performance:
1. Speech analytics solution
One of the major sources of collecting customer insights is through a speech analytics solution like SalesKen. Once this tool can access conversations between customers and reps, it can do the following:
- Perform a thorough lead scoring method to understand the purchase intent of each prospect. Reps can use these sales growth insights to chase the leads with high conversion potential.
- SalesKen can arrange real-time sales coaching for the reps based on useful consumer insights. The idea is to help the reps identify improvement areas and form better sales pitches.
- Furthermore, you can create an automated sales book for your sales team, highlighting the dos and don'ts for the sales team.
2. A/B testing
Do you know that 57% of businesses feel that consumer insights can impact their business decisions?
A popular way to gain consumer insights is through A/B testing. A/B testing is an experimental approach where you can try different strategies and finalise on anyone based on customers’ responses.
For instance, suppose you’re building a new sales process. Before making any final decisions, you need to identify which sales process will suit your customers’ journey the most! With A/B testing, you can try both ways and see which one entices more customers through the sales growth insights. Accordingly, you can select any one sales approach.
3. Chatbot data
Do you use a chatbot for prompt customer communication? Well, it can do more than just customer interactions. It can be a great source of customer insights for your brand. Some of the useful insights that you can get from chatbot are as follows:
- The common issues customers are facing
- The common customer queries you need to address
- The top and least performing product pages
- The day/time with maximum customer interactions
Make sure that you use these consumer insights to attain as much information about customers as possible.
4. Customer sentiment surveys
Customer sentiment surveys help you gain actionable insights into customers’ emotions. Instead of asking questions, you need to add options to like/dislike emoji-based reactions in these surveys. It is a good way to check your brand’s NPS and understand how well the customers will recommend your products to others. Brands can make these surveys more in-depth with more feature-centric questions.
How can customer insights boost sales
Let’s discuss how data-driven customer insights can boost sales for your organisation:
1. More coordination between marketing and sales teams
Ideally, marketing and sales teams should go hand in hand to boost profit margins. But does that happen very often? Not really! Marketing and sales teams often report a huge communication gap that can affect the company’s financial performance.
By collecting customer insights, businesses can bridge that gap. With useful sales growth insights, both teams will get the necessary input on continuing their activities. Customer insights can streamline the activities of marketing and sales teams and help them make the right business decisions.
2. Real-time insights on customers’ activities
Businesses are always trying to build more and more customer-focused strategies. For that, they must gather more insights into customers’ activities. The more you know about the customers, the easier it is to build convertible customer conversion strategies.
Remember that 47% of users define “trustworthiness” as an imperative criterion for sales reps.
To win customers’ trust and to offer them a personalised customer journey, it is a must that you gain real-time customer insights. That way, closing sales deals will become a lot easier for your sales team!
3. Build informed marketing strategies
Consumer insights can find key traits from your target users. These traits can include their age, location, profession, and any other useful data to create the appropriate buyer persona. This means you can now understand what your target customers are expecting from the brand, and accordingly, you can build stellar marketing strategies to create a personalised customer journey.
Customer insights are all about understanding your customers better and providing them with what they’re looking for. We hope you have a detailed understanding of customer insights and their usefulness by now. So, what are you waiting for?
Book a SalesKen demo now to start personalising your customer journey with comprehensive and in-depth insights.