How to Gain a Competitive Advantage with Customer Insights
Data was seen as nerdy and dull once and it wasn’t the way for ‘marketing communications, but now, especially in the digitized world, where all decisions are concretely based on numbers and facts, data is priceless.
Companies are spending vast amounts of money to buy as much customer data as possible to appeal to and relate to larger audiences. They not only buy customer data from market research companies but also create big data and analytical insight models to interpret and understand their behaviors. Well, unfortunately, the customer data that you buy from these research companies are also available to your competitors, and thus that doesn’t really get you far against the competition. If you really want to differentiate your business, you need to implement a system or a strategy that is based on capturing unique and privileged insights about your customers. So, how do you collect unique customer data? Let’s elaborate…
Earn and build your customers’ trust and value As a business, you need to be clear about earning your customers’ trust for them to interact with your brand. Customers are in favor of working with brands that ease their lives and solve their problems, thus they will be more likely to share their unique information and insights. Moreover, collecting customer data is not only about extracting information from them, but it’s also about adding your customers as partners within the value chain of your business.
Integrate the way you collect personalized insights into your day-to-day routine of data collection Make sure to keep data insight collection as a part of your customer engagement or relationship strategy through physical and digital interactions. You can start with your already existing touchpoints, and branch out to new opportunities to improve your brand value. Deep and personalized insights that are gained from customers’ searches and what they’re buying online combined puts you at a high advantage over your competitors.
Combine your deep insights with your operations Connecting your privileged or deep insights with your operations such as changing processes and structures, adjusting metrics and information flows and more can help you enhance your decision-making. You can use these insights to create more ways to integrate your customers into your brand development process. In addition, deep insights should be linked to areas beyond innovation such as investments in technologies that improve your sales and customer relationship teams, your marketing forecasts, and strategic plans. Once you start embedding these insights into your data-collecting routine or your operations, you will see some major improvements and impacts on your business capabilities. All in all, the more your customers trust your brand, the more they will purchase your products and services along with sharing their personalized insights. Furthermore, the more detailed information they share with you, the better your business will improve in terms of customer experience, product offerings, and building additional trust through connecting with your customers on a more personalized level.
#data #customerinsights #personalizedinsights #competitiveadvantage #brandvalue #customerloyalty #brandloyalty #personalizeddata #marketresearch #competition #competitoranalysis #marketing #digitalmarketing