Recent studies show that 66% of consumers don’t just prefer personalized experiences—they expect them. In a time when consumers know exactly what they are looking for and how they want to be engaged, businesses cannot ignore the importance of leveraging competitive customer intelligence to drive better strategies, improve customer targeting, and personalize preferences.
The Business Benefits of Consumer Intelligence
That’s the idea behind customer intelligence—collecting, connecting, and acting on relevant customer signals in real time to enrich an organization’s understanding of consumers, apply that understanding at scale, and ultimately move the business forward. How exactly? Here are a few ways:
- Improving customer acquisition and retention
- Increasing customer satisfaction and value
- Growing sales revenue and profitability
- Data-driven decision making and revenue forecasting
- Promoting a customer-centric culture within the organization
Qualifying Consumer Insights for Performance
There are a lot of great solutions to add to your tech stack, but how do you pick the right one that will drive results and make your life easier? Simply having consumer intelligence data is not enough. It has to be insightful and serve your business objectives and bottom line.
It’s crucial to understand how consumer intelligence will serve your business. But there are a few qualities in high-value insights that should be non-negotiable for any organization.
Is it robust?
Do you know the motivations, buying behaviors, and preferences of your customers and prospects? What about their personal values and hobbies? Or where and when they consume media? That’s the secret to marketing that resonates. Here’s a quick list of types of data your organization might benefit from:
- Past & Future Purchase Intent: When Will They Buy? When Will They Switch? (30, 90, 365 Day View), Online, In-store, Holiday Buying
- Personal Drivers: Human Values, Psychographics, Daily Routines, Lifestyle, Hobbies, Interests, Preferred Communication Method
- Product/Service Considerations: Price, Rates, Brand, Convenience, Quality, Service, Products, Features, Environmental, Influential Sources
- Media Consumption: Online, Social, Linear, OTT, OOH, Gaming, Print, Provider, Device, Channel, Show, Engagement Time
- Demographics: Age, Gender, Income, Credit Profile, Lifestage, Children, Status, Ethnicity, Employment, Industry, Role, State
Is it relevant?
Mind-blowing data that isn’t applicable to your business and marketing objectives won’t improve efficiency or more importantly, your bottom line. Can it give you a deeper understanding of YOUR target audience? Can it offer insight into YOUR competitors? Customers want hyper-relevant experiences—in this case, you’re the customer.
Is it recent?
Customers are evolving constantly. Their attitudes, intent, and behaviors change rapidly, and demand for personalization is at an all-time high. Not to mention, in times of uncertainty shifting consumer sentiment gets even shiftier. Data from two months ago won’t reflect what matters to them today.
Is it scalable?
When used to its full potential, data becomes a strategic lever for growth. Scalable insights offer marketers the opportunity to drive performance increases both internally (I.e., streamlining processes and improving execution) and externally throughout the entire buying cycle.
Is it actionable?
Data is only useful if you put it to work for you. That’s why data-driven marketers don’t throw spaghetti at the wall in hopes it sticks. The ability to quickly and easily activate insights is critical to staying nimble and keeping up with the dynamic consumer.
Is it future proof?
Imagine a world where you could see what your customers want before they knew themselves. How would that change the trajectory of your business? Predictive analytics enhance continuous learning and allow you to make smarter, future-focused business choices.
A Growth-Focused Solution from Insights to Action
Customer intelligence allows leaders to dig deeper into their customers and prospects by gathering and analyzing data from multiple sources and touchpoints. When leveraged to its full potential, leaders can use it to further their understanding of the customer journey, continuously optimize processes to make customer experience exceptional, and ultimately make insight-backed business decisions.
But not all consumer intelligence solutions are created equal.
The Resonate Ignite Platform puts unparalleled, privacy-safe consumer understanding at your fingertips, at scale and fully integrated into your ecosystem for action for better, faster, more personalized marketing that resonates. Our AI & predictive modeling practices reveal 14,000+ insights on more than 230 million U.S. adults, creating unparalleled consumer intelligence with unmatched richness and recency. We’ve made it easy for you to build on what you know at scale.
Categorized as: Company, Consumer Insights