Customer Conversation: Business Intelligence by 2015
“By 2015 we can expect it to be commonplace in most companies, that customer conversation is the largest chunk of business intelligence”
– Niclas Hermansso, Digital Marketing Strategist at Volvo Trucks
The day draws nearer when unparalleled understanding of the consumer will be in the hands of most companies – those that adapt to the social media trend. Using this ability, organizations can be revamped in real time.
To create a true idea of the customer’s inner thoughts and deep seated needs, companies will need to adopt a bold approach by merging numerous channels of customer information for these real times, constructive insights.
With every decision of the sort – requiring a step out of the comfort zone that we confine ourselves to – the final decision maker always needs or wants to know the benefit to his or her company for being the 1st of 1st of many to make the change.
Here they are:
Instead of responding months after a mass viral defamation campaign has reached half your target audience as was the case with Pepsi’s “Lays: Haram/Halal Debate”, your company can respond rapidly and address the issue to the same media outlet it came from. Now while you may remember Pepsi dealing with said controversy by broadcasting the products quality on television – and who are we to question mega corporations like Pepsi right – many of us in this field think that was a bad move. But that is another discussion altogether.
When integrated customer intelligence is embedded into a company’s mainframe of business intelligence, it has the opportunity to continuously improve its performance by utilizing real time insights coming from both internal and external sources. No matter what new forms of digital communications emerge in the coming future, digital marketing executives at your firm will hear the applause and screams of loyal vocal customers they minute the make some noise.
If you want to succeed in this cut throat environment, its time to reposition the company as customer centric, and that means allowing technology to play a key role for enabling the operations. With integrated customer intelligence, your employees can break the barriers to communication between departments and help each other improve elements of products, sales service and untapped uses.
The so called recession promptly edges executives to outsource any new experimental work, but I’d advise centrally supporting core data gathering and management. It’s because, who better to know the true functions and motivations to buy the product than your employees – who have more experience in dealing with customer feedback. Outsourcing traditional marketing analysis works in some cases but when it doesn’t, it really bombs. It’s more rapid and economical to keep conversation mining within the company.
Resources are limited and you don’t want to be experimenting too much given the customers own unwillingness to do so. By having accurate customer alignment, your company can sharpen its business focus towards worthwhile endeavors for rewarding allocation of personal and resources.
To achieve higher customer satisfaction and improved customer service, all departments linked directly and indirectly to customers will need to recognize the importance of external input from the customer. Compensation plans, product development pitches and employee performance reviews will all be heavily influenced and reliant on customer centric metrics.
I believe that customer conversation adds foresight to a list of benefits such as the ability to identify and analyze customer whispers & exchanges – which in turn backs up the potential to foresee future demands. Research over the years confirms the benefits to the amalgamation of VAL’s, behavioral and attitudinal data to give us a complete picture of the customer. It all comes down to money and that is the end result from accepting customer conversation as a necessary tool of primary research & measuring ROI. Listen to the customer and give them what they want for prolonged retention. By anticipating upcoming trends and issues ahead of competitors, your company can stay relevant.
By staying ahead of the media of these issues, you can reach and converse with the customer with the right messages and products during each phase of the product lifecycle to acquiesce a more meaningful relationship. Enjoy growth in new markets with driven products led by more timely, targeted and relevant advertising communications based on detailed, granular segmentations.