Published September 9, 2019
4 ways to enrich customer intelligence with integrated data
Take a look at these stats:
- Gartner reports that 89% of companies compete primarily on the basis of customer experience, up from just 36% in 2010.
- Harvard Business Review reports that new customer acquisition costs are on average 25 times that of retaining your current customers.
- A 2018 Forrester Consulting study of global enterprises found that experience-driven businesses grow revenues 1.4x faster than other companies and enjoy significantly higher customer retention rates.
Targeting impactful customer experiences is a key way for top brands to grow. It's clear that customer intelligence through integrated data, is one of the biggest emerging trends. It's is also one of the most underutilized areas for many organizations.
You're missing out on so much valuable customer data.
I've been looking into this space, and I'd like to share four ways that you can enrich your consumer intelligence with integrated data.
Consumer intelligence will identify major company issues.
1. Don't waste customer experience data
This may sound obvious. Most customer experience data goes unused. Think about your chat, email support, call centers, and survey data. Sitting on different platforms. Are you analyzing those data sources?
Research shows that most organizations don't use their first-party customer insights data because it's difficult and time-consuming to analyze. John Kelly of IBM said that 80% of data is “untouched”. This means it isn't used to make improvements or changes deemed necessary by the customer.
This means that customers are being ignored.
While there are many reasons, the primary is that it's difficult and time-consuming to analyze and generate consumer insights from this data. And, up to now, there haven't been many tools available to process and analyze this data effectively.
Our industry-leading social listening and analytics platform allows you to identify how customers are engaging with you across social media and the web.
Now, we've applied that same technology to allow you to run analysis on your first-party text data - customer service emails, chats, surveys, call center transcripts, etc.
- Smash your data silos across your organization
- Real-time analysis of customer conversation
- Combine social media and market data with customer data
- Identify customer insights for effective decision making
What will this data tell you?
Exactly what your customers are talking about. What issues they are having. What their sentiment is.
This is currently part of our platform and is an offered functionality to our enterprise-level clients. We will be adding some more features in the coming months to improve the capabilities of this feature and make it easier to run analysis on your first-party data. Stay tuned!
Integrated data identifies your consumer perceptions from email, social data, and more.
2. Analyze data using AI tools
The core of consumer research and insights is listening to customers and collecting their feedback on your product.
Historically this has involved qualitative methods such as focus groups, or identifying themes in the data to pull out insights. While these tools still have the power to spot customer preferences, it’s an expensive and time-consuming exercise.
Time's moved on...
There's now an abundance of data and data sources available to understand what your customers are saying...
- Online chat
- Survey data
- Web browsing data
- Blog comments
- Customer support tickets
- Social media
- Web analytics
- Sales data
- Loyalty programs
- And more
They're talking to you about your product and telling you what they want. But, do you have the time to sit and wade through this data?
You have to make the time. It's the voice of the customer and it's critical to successful data-driven marketing.
I'm guessing you're sitting on mountains of unanalyzed data. Missing out on what your customers are saying across all your customer experience touchpoints.
Artificial intelligence technology translates this customer data at scale. This is the only way to understand, gain insights, and respond to what every single consumer is saying. We invested early in AI and our AI Engine is the best in the industry. Our technology tells you what your customers are saying and how they are feeling.
Finally, you can make sense of all of this unused customer experience data and gain insights in real-time and at scale with the help of our AI-powered consumer analytics technology.
Identify the key messages across all your customer messaging with consumer data analysis.
3. Compare social & web data for 100% customer intelligence
Siloed data - different data tools, with different assumptions will give you an unclear view of your customers. This is a major pain point for consumer insight analysts trying to understand and gain insight into their customers.
With Talkwalker Analytics you can view your first-party customer experience data side by side with your social customer experience data. This will give you a complete and consistent view of your customers’ experience with your brand.
Because we use the same technology to analyze both, you'll have a clear and consistent view of your consumer analytics. Presenting a complete view of your customers. The best part? One tool covering all your requirements.
Customer intelligence defines all your company issues across all data sources
4. How these efforts will drive business
Lastly, you want to understand how these efforts are driving bottom-line impact. You'll need to prove that changes and improvements you've made to the customer experience (CX) are driving sales and retention growth, and increasing your ROI.
With Talkwalker Analytics you can add and overlay your business impact metrics - sales data, CRM data, retention rates, paid media spends, stock data (any number based data) - to demonstrate how your efforts are creating impact.
Watch this space...
Businesses competing on the basis of great customer experiences will stand out and win in their competitive space. We'll continue to provide the best tools to track all your efforts. Creating a powerful and robust platform to provide customer insights to empower you to stride ahead of your competition. Sign up for a free demo. You'll be blown away...
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