You were taught to leave your emotions at the door when you came to work. Because all the research on Emotional Intelligence says that is NOT the best way to approach your work or your life … if you want the best possible outcome.
Most organizations can only see customer information within their stovepipe or business unit—the credit card division, for example, can only see customer interaction within that division.
Another common problem is that companies often use only lag metrics—such as past sales, or past costs generated through calls to the call center—to define the profitability of a customer. This method can only give an idea of the past profitability of a customer and does not necessarily give great insight into what the potential future profitability of that customer may be.
Future profitability is the most important metric to track, but it is hard to identify, because it is based on prediction. By combining different sources of information, not only past transactions, but current interactions and behavior, the forward profitability is a metric that can be estimated and therefore acted upon.
A company does not simply want to be able to see all aspects of the customer relationship; it wants to be able to act on that information and to act in a consistent manner regardless of the customer interaction or touchpoint. You want to be able to not only recognize Ben Jones consistently across multiple divisions, but to take consistent actions with him, regardless of the point of his interaction with your company.
For example, if you have decided that Ben is a good target for a home equity loan, then you would like to 1 mail him an offer, 2 discuss this possibility with him next time he visits a branch, 3 pop up this idea the next time he visits your Web site, and 4 discuss this idea with him the next time he calls your call center.
Conversely, customers expect the companies they do business with to be knowledgeable about them, regardless of what communication channel they choose to use. If a customer has ordered a sweater through an online store and a defective piece of merchandise arrives, she expects to be able to call an number and speak with a customer support representative who has details of the transaction at his fingertips.
A minute telephone ordeal with a support representative who has to request information that the customer supplied on the Web site does nothing to earn repeat business.
Putting the infrastructure in place necessary to do this is a requisite first step to reaching customer intelligence. The Utopian Segment of One: Segmentation The second key concept in customer intelligence is customer segmentation.
The way companies have traditionally tried to get closer to their customers is through realizing that customers are not all the same, and that each of them has potentially different needs and desires when it comes to the use of products and services.
In the early days of the industrial era, when production and distribution ruled, this was not the case. Customers are not the same, and they want different things from a product or service.
If they cannot find satisfaction from your company, they will go to your competitor. Some people will buy a Mercedes Benz as a status symbol, others for durability, and others for resale value.
Knowing which customers are buying for what reasons can help in focusing your marketing and business strategy. Because customers are different, companies have long known that they should attempt to group similar customers into buckets, or market segments, in which the customers have common characteristics or interests.
The goal of customer segmentation is, of course, not only to group the customers into common segments, but also to treat them in a way that meets the unique needs and interest of the segment. Sometimes, you might think that the segment and its needs are obvious.
But it does not always work that way, and segmentation can sometimes surprise you. A case in point is Mobil Oil. Mobil assumed that buyers of its highest grade of gasoline would predominantly be affluent people who drove expensive vehicles—a Lexus, a Mercedes, a BMW.
Guy Abramo had a surprise for Mobil. The oil company hooked up with the Center for Data Insight—a research center created in through a partnership between Northern Arizona University and the consulting firm KPMG—for which Abramo was working as managing director of marketing intelligence.
That was not what they expected.Customer intelligence is a process that leverages the capabilities of business intelligence in the context of customer relationship management. Raiser’s Edge NXT™ Smart Cloud Fundraising and Relationship Management for Nonprofits For over 25 years, Raiser’s Edge has been a leader in developing fundraising software and facilitating relationship management for nonprofits.
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