As the business environment gets increasingly competitive – more so in 2020 than ever before – it is critical that brands and organizations look at maximizing the value of their customer data and subsequently, their marketing and data investments. That’s where a sound customer intelligence strategy comes in, which allows brands to translate their customer data to actionable insights. Customer intelligence is the foundation of new-age consumer insight mechanisms that help answer the Who, What, When, Where, and Why of customer buying journeys and behaviours.
What’s the foundation of good customer intelligence?
Naturally, customer intelligence must be built on a solid foundation of clean, privacy-safe and most importantly, holistic customer data. But what is equally critical is a customer intelligence value chain that takes into account not only entire customer journeys but also the full depth and breadth of how brands can utilize these insights. Lifesight has defined a 5-step process that addresses these needs of a sound customer intelligence strategy.
Let us now understand each of these steps in detail:
This is the first step of a sound customer intelligence strategy, where the platform partner enables onboarding first party customer data onto the platform via a secure data vault. This step is also critical in order to unify disparate data sources about the customer, i.e. store interactions, social interactions, email, phone, among several other existing data sources.
In this step, we resolve each customer’s primary digital identity, while also extending this identity to cross-device, cross-platform realms. This is a critical step in order to get a primary view of each consumer as a connected, whole individual.
By far the most critical step to maximize the value of customer data, this step enriches existing first party customer data with second- and third-party O2O attributes such as transactions, demographics, app usage, brand affinities, frequent locations among several other data points. These attributes power the building of hyper-personalized audience segments, while also scaling reach with AI-powered lookalike audiences.
This is where customer intelligence makes its way into advertising play. Using holistic customer identities and lookalike segments, brands can now start targeting customers across social and programmatic channels, via hyper-personalized marketing messages and creatives. They also begin sending raw data to data platforms or business intelligence tools to fuel a deeper and wider enterprise-wide customer intelligence strategy.
A solid customer intelligence value chain enables not only data and insights or ad serving but also a holistic, omni-channel measurement model. It provides insights into each consumer’s buying behaviour and helps brands get a single view into O2O customer journeys.
The basic essence of the customer intelligence value chain is the unification of disparate data sets in order to truly understand each customer and segment across channels and platforms. With enriched profiles in hand on a customer intelligence platform built on the foundations of accessibility, omni-channel data, and privacy-first mindset, brands can leverage customer data for advertising, marketing automation as well as measurement and analytics in the increasingly omni-channel ecosystem. A sound customer intelligence value chain puts the power in the hands of brands to develop marketing strategies built on the complete truth of their customers. What’s not to like? Are you ready to take your first step towards the new-age customer intelligence value chain? The all new Lifesight is ready to deliver it – ask for a demo today.