Is sustenance of the existing enterprises at a risk?
With each passing year, the consumer market is becoming more and more volatile. Be it a product or service-based industry, everywhere the competition is looming large compelling enterprises to participate in some form of positive change in order to sustain. Things are no more the same where a particular organization which has already established its market will keep leading the business of that segment. New enterprises entering the market with better understanding and delivery of the existing product is giving tough competition to the leaders in that sector.
Focus on the customer, understanding one’s customer in a better way
In order to stay in the race and excel, companies are trying to intensify their focus on end-user. Knowing one’s customer helps to improve and get better clarity on the business perspective. Enhancing customer experience would definitely mean two things; first loyalty of the customer and second a better understanding of the potential market. So, it is a matter of regular research and discussion for big business houses that what the customer is expecting, how that can be catered to, is there any other provider or competitor in the market who is already equipped to accommodate to the rising requirement and most importantly what changed due to which the perspective and prerequisite of the customer changed.
Customer data analysis for a meaningful interaction
Organizations already have a huge amount of data collected and stored which has certain information on their customers that they gathered over years of transactions. However, only a truckload of information will hardly improve the situation, a proper compilation of the data is required to understand and analyze the same for the benefit of business.
Customer intelligence and insight
So, it is essential to focus on customer intelligence and insight rather than raw data compiled without proper context. It is important to analyze the collected data and derive meaning from it. Customer intelligence is not about data from one source, it refers to contextual data from various source to derive comprehensive information on an individual. Now, insight is more about collating real-time data to understand and find out answers for which the data was collected. For example, if a baby brand is trying to sort insight in its sudden decrease in formulated baby food, should not only gather information on the consumer purchasing pattern but should holistically per see other data like a new competitor in the market, or a ban on such product of a similar company. This will give insight to the organization as to why people stopped buying and also what can possibly be done to promote the brand so that it is easy for consumers to differentiate between the banned product and the one which is safe.
So, in a nutshell, there is definitely an actionable difference between customer intelligence, data and insight. Data refers to raw data without context and connection, customer intelligence refers to data from different sources related to target customers and insight signifies understanding and analysis of data to create an actionable environment.
– Kathakali Basu,