How to convert your customers into assets using Instant Intelligence solutions
5 mins read
Let’s begin by determining the number of satisfied customers you have in order to assess the health of your business. Humans need to consume nutrient-dense foods and supplements in excellent quantities to be healthy. Similarly, visualize your company as a human body, and delighted clients as wholesome nourishment. Only if you could please your consumers would your business be able to survive. Long-term success and sustainability of your firm will be aided by this.
Providing Quantity and Quality Data-driven insights
You must have a solid understanding of your clients if you want to successfully run a business. Every day, you could interact with a fresh or seasoned group of clients with various tastes and tendencies. By gaining their understanding, you might be able to retain your current clientele while gaining new ones. A balance of the number of brand-loyal customers is necessary for your business to ascend the success stair.
However, how you interact with each of them and turn them into revenue is the main problem here. Business intelligence is useful in this situation. You may acquire and analyse customer data with the aid of a business intelligence tool to decide how best to serve them. It might serve as a roadmap for the development of your company. It gives your business more financial stability by supplying you with high-quantity and quality conversations with them and giving you data-driven insights into how to appeal to your new and existing consumers.
How Business Intelligence can really help with improving customer satisfaction?
How can you improve your customer experience? It can be through the fastest solutions for their problems, being consistent, communicating better or being friendly. But can Business Intelligence do all these? Let’s find out.
A tailored business intelligence tool, a.k.a customer intelligence platform, can mainly help organizations with these major functions:
- Discovering new customer segments
One of the main benefits of business intelligence is that it allows organizations to gain a deeper understanding of their customers. By analyzing customer data, such as demographic information, purchase history, and feedback, organizations can identify new customer segments that they may not have been targeting before. This information can then be used to create targeted marketing campaigns and offer personalized experiences; after all, personalization is one of the key ways to attract new customers. According to a Mckinsey report, 71% of customers expect brands to have personalized interactions with them. Three-quarter of customers will switch brands if they fail to impress them.
- Improving customer experience
In another survey conducted by McKinsey, companies that used data at an enterprise level were able to move 5% of their dissatisfied customers to neutral status. Business Intelligence also provides businesses with data-driven insights into how customers interact with their products and services. By analyzing customer feedback and identifying areas for improvement, organizations can work to improve the customer experience and make their products more appealing to new customers. Additionally, by resolving customer issues quickly and efficiently, businesses can reduce customer churn and retain their existing customers.
- Reducing customer churn
Customer churn is a major concern for businesses, as it can have a significant impact on their bottom line. In a recent report prepared by Deloitte, 97% of leaders agree that customer experience management is an integral business strategy for creating loyal and long-lasting customer relationships. Hence, they recommended using data and analytics to better understand their customers.
By using customer analytics, organizations can identify why customers are leaving and take action to prevent it from happening again in the future. For example, if customer data reveals that a particular product is causing dissatisfaction, the business can work to improve the product and reduce customer churn.
- Understanding the needs of customers in advance
Customer intelligence places a strong emphasis on delivering a continual supply of data that easily transforms into useful and data-driven insights. By analyzing customer data, businesses can identify patterns and make predictions about what their customers are likely to do next. For example, if customer data reveals that a particular customer segment is likely to churn in the near future, the business can take proactive steps to prevent it from happening.
IQ of your Business Intelligence
Having discussed the benefits of a Business Intelligence Tool, how do you measure the smartness of your business intelligence platform in delivering better customer services? Here are some of the key features you must make sure of before you invest in them.
Natural language querying: Wouldn’t it be great if you could simply ask or type out a query in simple English and get data-driven insights instantly to resolve customer issues? This is what NLQ-based intelligent solution enables. Here, Lumenore’s ‘Ask Me’ allows users to ask or type questions in natural language and receive data-driven insights or visualizations based on specialized ML algorithms.
Predictive Intelligence: Predictive analytics is a powerful tool that can help organizations to anticipate future customer behaviour. Lumenore’s ‘Do You Know’ module is one like that. With automated insight discovery, users can access relevant insights on customer behaviour and market trends.
Data Connectors: Connecting with your data whenever and wherever required is essential. It would be even better if you could connect your work tool with Data and generate better outcomes. For example, Lumenore’s template-based solutions for CRM applications like Salesforce allow fast and easy visualization for analytics metrics that really matter.
Self-Service: Self-service BI platforms may provide a lot of value by fostering relationships with customers and gradually showcasing the advantages of your product or service. Data access becomes a quick, simple, next-level offering by integrating a self-service analytics solution into your customer servicing teams’ systems, enabling them to improve their interactions with your goods or services.
In conclusion, unified business intelligence tool can help businesses create personalized experiences for their customers, resulting in increased engagement and sales. BI is a powerful tool that can help companies build loyal relationships with their customers. In short, it can play a key role in building lifetime loyal customers by providing insights into customer behavior and preferences, identifying and addressing customer pain points, improving the customer experience, and targeting high-value customers. By leveraging the power of BI and advanced analytical solutions, companies can gain a competitive edge and drive long-term growth and success.