Customer intelligence tools are the be-all and end-all. It’s the magic dust you wish you had on your customer base. It involves details like conversion rates and actionable insights - information you need to inspire long-term strategies.
A customer intelligence strategy is perfect if you want to revamp your business and take a more customer-oriented approach. It helps you understand your customers better and meet their needs more effectively. Think of it as a secret road map to success. The more intelligence you have on customers, the more profit you’ll see. And the best place to start is with customer intelligence tools.
In this guide, we’ll introduce you to how to use customer intelligence to completely transform your business. We will cover what intelligence is, why you should use it, and the best tools for the job. Sound good? Let’s start.
What Is Customer Intelligence?
First things first, what is customer intelligence? What is the actual definition of the term? Customer intelligence is simply information about customers that is beneficial for you to know when running your business. This could be anything from customer loyalty stats to customer satisfaction online reviews.
What information this involves changes. It may vary on a business-by-business basis and, at the very least, by industry. These are a few examples of things commonly measured for customer intelligence:
- Stats on customer loyalty, such as repeat purchases and analytics.
- Demographic details, including patterns and how demographics influence purchase patterns.
- Satisfaction of customers over time, which you typically measure through reviews.
- Purchase behaviors, including how seasons and business changes impact it.
- Customer interactions with your social media platforms and online presence.
- How customers respond to marketing campaigns— positive, negative, and neutral.
These are all things that can be tricky to measure. You must think outside the box to get anywhere without tools or software. For instance, how would you measure customer loyalty? If you ask different people, you’ll get different answers. Some people feel so stuck measuring these markers that they avoid it altogether, which is where software and tools help. Tools for customer intelligence help business owners to collect and use this valuable information efficiently.
Customer intelligence is like a Swiss army knife with different tools for different situations. It helps you prepare for any business decision. You stay informed, and your customers feel more understood. Information is one of the most valuable things you can give yourself and your business.
Why Use Customer Intelligence?
Okay, so why use customer intelligence? What benefits does it actually bring? In short, a lot.
It shifts the whole mindset behind your business. Instead of operating from a place of instinct or industry-led decision-making, you’re doing what your customers actually want.
This simple switch has a domino effect across your entire business. In fact, it’s so powerful that even your customers feel it. Investing in customer intelligence is understanding, listening to, and better targeting your customer base. And who wouldn’t want that? So, let’s look at the leading benefits of this powerful business move.
1. More Positive Reviews and Business Reputation
Firstly, reputation is everything to business. This is even where businesses hire a reputation manager (or use AI) just to keep up with things. A strong, positive business reputation means people view your business positively. And if they view your business positively, that equals more profit. Potential customers judge companies on their reputation, be it their reviews or word-of-mouth stories.
When you invest in a customer intelligence platform, you invest in understanding your customer base. This is vital because it means you are more likely to have customers respond positively. Think of it like studying for a test. When the test arrives, you’ll ace it if you’ve spent time reviewing the material.
When customers love your business, they will likely leave a positive review. And when they leave a positive review, it leaves a message about your reputation to other customers. That’s a winning cycle.
2. A Personalized Service or Product Style
Another reason that customer intelligence is so valuable is that it allows you to offer personalized experiences and products. You can adapt what you provide by understanding your customers through proper insights and analytics. And the ability to personalize is a massive benefit of intelligence.
You can read all about the psychology of personalization, but here are the main points to consider.
Firstly, it lets you connect better and build rapport— hello, customer loyalty. Secondly, it allows guests to feel in control, more fulfilled, and respected when interacting with your business. And finally, because personalization is a trend that’s here to stay. You are jumping on a great bandwagon that has already departed for success.
More Informed Business Decisions
Lastly, a great customer intelligence strategy means that you can make more informed business decisions. This is vital when advancing your business and even running your day-to-day operations.
It allows you to be more intentional when making significant decisions. For instance, consider purchase behaviors and dietary demographics when adding new menu items. Or analyze foot traffic when considering new opening times.
There’s loads of decision-making in business, and with customer intelligence, you can make them count. Keeping the customer at the forefront of your choices is important because they pay the bills.
You should take analytics and insights into consideration for every business choice. In short, decision-making should be about company culture, budget, vision, and, most of all, customer base. Those insights really act as a guiding beacon.
So, now that you know all about the benefits and have a solid definition, which tools should you use? What are the best customer intelligence tools? Well, sit tight because we’ve got you covered with the top three options. Whether you’re looking for a free tool to get your feet off the ground or something more advanced.
If you aren’t using Meta’s Business Suit, it’s time to get on board. Meta Business Suite is the brains behind Instagram and Facebook— two of the biggest social media marketing platforms. It is free to sign up and easy to use. You can sign up and sync your Instagram and Facebook accounts while getting incredible insights into your target audience and existing customer base.
It’ll also introduce you to Meta’s suit of ad options so you can move into a paid model when you’re ready to scale your business.
HubSpot is a prime example of that Swiss army knife metaphor. This all-in-one software tackles customer insights head-on by helping you monitor CRM records, communication timelines, and more. It also allows you to gather customer data through surveys. The latter is a really effective way of collecting feedback and online reviews. To work on customer intelligence and boost your growth and reputation simultaneously, HubSpot is the one.
You can try HubSpot through a demo. Package prices start at around $700 per month for businesses and enterprises. However, for a small team or individual, prices start as low as $20 monthly.
Asseco is a brilliant customer intelligence tool that primarily monitors customer behavior online. For instance, Asseco can track customer behavior on your Instagram, website, Google My Business, and TikTok. It keeps tabs on everything and turns that information into easy-to-digest graphics. That way, you don’t have to have an advanced business or stats degree to understand customer data, behavior, or your next steps
And how does Asseco do this? AI. Artificial intelligence is a great tool when dealing with customer intelligence strategies. We’d suggest giving it a go.
Final Thoughts: How Much To Budget For Customer Intelligence
Finally, how much does this all cost? It is a great question. You can complete a certain degree of customer intelligence analysis for free. For instance, Meta Business Suite is a free analytics and customer intelligence platform that syncs with your Instagram and Facebook. You can use a free collection of tools to run a customer intelligence strategy. You’ll just have to pick the best tools and research low-cost options. Similarly, you’ll have to be happy to do the work yourself as well - filling in gaps free tools don’t fill.
If you invest in paid tools instead, you’ll pay for a subscription service. Depending on the tool, this typically costs between $20 and a couple of hundred dollars a month. In this case, we’d recommend budgeting up to $2,000 annually on intelligence software. It is a little expensive but a valuable business move and investment. Just remember those benefits we discussed earlier. A bit of information on your customers goes a long way.
Are you looking to start collecting more customer data in your business? Then, partner with Beambox and make using customer intelligence tools a breeze. In case you didn’t already know, you are sitting on a gold mine in the shape of a WiFi box.
WiFi marketing is a brilliant investment and one of the most untapped marketing tools you can use. Using a captive portal, you can request customer details in exchange for a WiFi connection. From there, Beambox helps you understand that data and turn it into results like email marketing campaigns and more. Start your Beambox free trial today!
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