Almost every entrepreneurial activity is weaved and crafted around customers. If your customers are not happy and content with your services, the whole business can be at a stake of significant loss. Thus, businesses must have a good customer insight to nurture the relationship. Let us understand what exactly customer insight is and why business should take account of it.
Importance of customer insight
Customer insight is an understanding or interpretation of a customer’s behavior that usually leads to increased sales and improved business efficacy.
Nevertheless, how to get customer insight? So begin with putting forward some key questions as:
- What exactly customers expect from you?
- How do they perceive your products and services?
- Is your business adding value to customer’s lives by helping them solve their problems?
- Whether theycontent or disappointed with your services?
Once you get answers to these questions, you will develop an improved perspective about how your customers think, and why they feel a certain way. Such a perspective help you work on your products and services and make them customized according to customer needs an ensure reaching your conversion goals.
With given context ofcustomer insight importance, now let us look at the ways to develop a powerful customer insight strategy:
- Get insights with the right questions
You as a business must ask the right questions to receive answers that help you propel in the right direction.However, what are the right questions, and how would you decide if questions asked by you are right or not? For that to know, you need to identify where your business stands at the given moment and where you want to reach at the end of the next three years. Thus, you can easily frame key questions that may help you get valuable information in return.
In addition, you can ask the right questions by recognizing the issues your business is currently facing.However, you may generate different questions depending upon the issue at hand. For instance, you may have a completely different set of questions if you are about to launch a new product as compared to focusing on a new target audience. Thus, before framing any question, get clarity on why you want to ask certain questions.
- Track real-time customer experience
The success of customer retention is directly proportional to the kind of experience your customers had with your brand in the past. Thus, you should not disregard customer’s experience of previous activity with your brand.
You tend to develop a stable customer base by keeping with a real-time experience of your customers. For example, users might have decided to make a purchase from you because they must have received a reference from a friend. Or they simply want to visit your store as they found it attractive. Once they visit the store, they might or might not make a purchase depending upon various factors.
Thus, by tracking the real-time customer experience, you can pinpoint the areas where these chains have broken or might break in the coming time. Such tracking helps you connect the chain to enhance the sales and profits of your business.
- A journey map of your customers
A journey map is a way through which you can visualize and map out every activity undertaken by your customers in their association with your brand. An effective CRM tool can help in managing the relationship that can help your brand grow. Many tools, like O-Desk ( erstwhile O-Lead ) comes with AI enablement which helps in getting an intuitive insight into the relationship that you build with your customers.
You might have different journey maps for different customers, but they will help you understand your customer’s move and forecast the activity of your new customers.
It is one of the most effective ways of understanding customer behavior. Once you got the necessary understanding, you can offer improved customer support.
However, it is crucial to understand that a journey map can change over time, and so is your customer insight. Therefore, you must keep track of it on a timely basis. Moreover, if changes happen, you must embrace it to receive the sweet fruit of customer retention.
The customer insight strategy is a gateway to customer retention. It helps you develop a perspective that guides you to navigate through the changing needs and expectations of your customer base. It helps you develop a cooperative association with your customers. By developing a strategy like this, you ensure overall improvement in the ways you operate your businesses.
Thus, you must focus on developing a customer insight strategy to transform the equation you have with your customers forever. You need to also understand that customer behaviour is changing with evolving technology. That is one reason why you should consider adopting newer comprehensive CRM tools developed by leading technology companies that can give you the added edge to offer the best experience.