Tag Archives: marketing and strategic support

Introduction

According to a definition Market Survey has been defined as, “an investigation into the state of the market for a particular product or service, including an analysis of consumers’ needs and preferences”.

A Market Survey seeks to better understand the needs and preferences of the target market by gathering data on its preferences, attitudes, and behaviors. This data is then used to guide marketing and profitable decisions. Market surveys can be used for a variety of purposes, including determining the viability of a new product or service, identifying potential customers and their needs, assessing the success of marketing campaigns, and comprehending the competitive landscape.

Types of Market Surveys

To learn more about a specific market or target audience, various forms of market surveys can be employed. Typical forms of market research include:

Types of Market Surveys

Online questionnaires:

These are questionnaires that are distributed via email or a website via the internet. They are a practical and economical technique to swiftly and easily get data from a vast number of people.

Telephone Surveys:

These are surveys carried out over the phone. They make it possible for researchers to communicate with a diversity of people and gather data instantly.

In-person surveys:

Surveys that are administered in person are those that are done face-to-face, either in a public setting or the respondent’s home. They give researchers the chance to get more information and ask follow-up questions.

Mail surveys:

These are questionnaires that are distributed to a certain number of people via the mail. They can have a low response rate even though they are a comparatively cheap method of data collection.

Focus groups:

These are intimate, interactive gatherings where people are brought together to talk about a specific subject or item. They target a group of people for a particular survey or discussion. They give researchers the chance to learn detailed information from that group of people.

Observation studies:

Studies that use observation involve watching people without influencing their behavior while they go about their daily lives. They offer a chance to collect information about behavior and attitudes in a real-life practice setting.

Purpose of Market Survey

Market surveys have multiple purposes. Some of them are –

Eliciting customer feedback

As we all know networking with customers especially when it comes to gathering customer feedback about the use of a product or service, is critical. Companies should know how the customer feels when using their products, especially vis-a-vis competition. Market surveys can help in gathering this vital information from customers.

Understanding purchase behavior

Surveys can help understand customers’ purchase behavior. This is accomplished by knowing the intent behind the purchase, usage patterns, post-purchase behavior, etc.

Making better products

Once the above customer feedback is gathered, it can enhance and improve product offers and services.

Measuring client satisfaction

This is especially true in the case of B2B customers where a survey of existing and potential clients is used to measure their satisfaction with the services of clients. This is used on a large scale by service-based industries like ITES and consulting.

Basically, a market survey is a study directed toward gathering information about a particular market. This information can be used to better understand the market and to make informed decisions about products or services that will be offered in that market. Market surveys can help businesses to determine the size and characteristics of the target market, identify budding customers, and evaluate the competition. This information can be valuable in developing effective marketing strategies and determining the potential success of a new product or service. Additionally, market surveys can help businesses to identify trends and changes in consumer preferences, which can be useful in adapting to changing market conditions. Overall, the purpose of a market survey is to provide businesses with the information they need to make informed decisions about their products and services and to better understand the market in which they operate.

Benefits of Market Survey

There are several benefits of Market Surveys. Some of them are listed below –

Benefits of Conducting Market Survey

Enhanced understanding of the target market:

A market survey can help organizations gain a deeper understanding of their target market so that they can better recognize their consumers’ tastes, attitudes, and behaviors and design products and services that will satisfy their needs.

Enhanced efficiency:

Market surveys can assist companies in making more informed decisions and cut down on the time and effort needed to obtain market intelligence by easily gathering data from a large number of people. The process is accomplished swiftly.

Cost-effectiveness:

Compared to other research techniques like focus groups or in-depth interviews, market surveys are typically a more affordable approach to collecting data.

Flexibility:

Market surveys can be readily amended or updated as needed and tailored to match a firm’s unique demands.

Objective data:

Market Surveys offer objective data that is gathered from a representative sample of the target market, which can assist firms in making decisions that are more accurate and objective.

Magistral’s Services for Market Survey

Customer needs are changing with the interplay of tech. B2B customers are becoming even more sophisticated in their buying decisions. So, it’s imperative to be on top of your customer’s needs and trends. Our services help you with that while keeping the Marketing costs low and ensuring all activities have a return on investment.

Some of the services that are associated with Market Surveys that are offered by Magistral consulting are –

-Product training: Product training is a program that effectively tells about the company’s products and services.

-Customized survey templates: Customized survey templates are created as per the client’s requirement, adhering to the theme of the product and services.

-Pre-launch survey design review: Sharing the survey design for reviews and thoughts from the client and implementing any changes if required.

-Complementary qualification rate tests: Outlining & analyzing the potential results from the survey to match the particular outcome or meaning generated from the survey.

-Access to niche and B2B targeting: Able to access the niche segment and effective B2B targeting.

-Complex projects launch: Manual launch of the complex projects in segments for feedback and improvising through the process.

About Magistral Consulting

Magistral Consulting has helped multiple companies to reduce operations costs through its offerings in Marketing and Strategy Support.

About the Author

The article is Authored by the Marketing Department of Magistral Consulting. For any business inquiries, you could reach out to prabhash.choudhary@magistralconsulting.com

Introduction

Custom Research refers to the process of performing in-depth research and analysis on elements of a company’s supply chain to discover potential risks and vulnerabilities in the context of supplier risk intelligence or supply chain management. A team of supply chain management specialists with the expertise and experience to recognize and evaluate a variety of risks that could influence a company’s operations often conducts this kind of study.

Planning, coordinating and managing the motion of merchandise, services, and information from raw materials to the final consumer is the supply chain management process. To locate areas for improvement and maximize the overall efficiency of the supply chain, custom research may entail analyzing several supply chain components, including the sourcing of raw materials, production procedures, distribution routes, and logistics. Companies can better understand their supply chain and find methods to enhance operations, lower costs, and boost efficiency by doing specialized research.

Custom Research vs Syndicated Research

Custom research and syndicated research are both approaches or tactics that organizations can use to gather information about their suppliers and other stakeholders in the supply chain. However, they differ in terms of the scope, focus, and purpose of the research.

Custom research is research that is specifically tailored to the needs and objectives of a particular company. It is usually conducted on a one-off basis and focuses on a specific set of questions or issues that are relevant to the business enterprise. Custom research can be created to meet the unique requirements and objectives of the organization and can be used to obtain comprehensive information about a specific supplier or a group of suppliers.

Syndicated research, on the other hand, is research that is conducted on a more general, ongoing basis and is typically focused on gathering broad, industry-wide data and insights. It is usually conducted by research firms or market research organizations and is intended to be used by multiple clients. Syndicated research is often less focused and customized than custom research, but it can provide valuable insights and information about industry trends and best practices that can be useful for supply chain management.

Overall, custom research is typically more targeted and focused than syndicated research, and is better suited for gathering detailed, specific information about a particular organization’s suppliers and supply chain. Syndicated research, on the other hand, is more general and broad-based, and is better suited for gathering broader industry insights and trends.

Benefits of Custom Research

Because it enables businesses to acquire precise, targeted information on their suppliers that can help them identify and manage potential vulnerabilities, custom research can be a useful tool for managing supplier risk. Custom research has some advantages in supplier risk management, such as:

Benefits of Custom Research

-Identification of potential risks:

Using custom research, businesses can discover potential dangers posed by their suppliers, such as unstable finances, poor quality, or supply-chain interruptions.

-Better decision-making:

Organizations may choose which suppliers to deal with and how to reduce potential risks when they have access to more thorough and pertinent information on their suppliers.

-Enhanced risk assessment:

Custom research can offer more current and thorough information about the operations, financial standing, and other risk-related aspects of a supplier. This can help businesses determine the risk posed by a given supplier more precisely.

-Enhanced transparency:

Custom research can give businesses more insight into the methods and policies of their suppliers, enabling them to spot possible problems and respond to them.

-Improved supplier relationships:

Organizations can develop stronger, more cooperative relationships with their suppliers, which can contribute to an increase in the overall stability and resilience of the supply chain, by closely collaborating with them to gather information and identify potential risks.

Management of supplier risk through custom research

The process of managing supplier risk includes identifying and assessing potential risks that could result from a corporation’s usage of suppliers in its supply chain as well as creating strategies and plans to reduce or cast off the dangers. Custom research can be a crucial component of this process since it enables businesses to acquire in-depth information and analysis on elements of their supply chain, spot feasible risks, and create efficient risk management plans. Launching new products is usually a big ask for companies. It requires not only keeping a pulse of the market but also involves getting precise information about likely competitors’ moves. Hence, the requirement for custom research services to address this issue.

There are several ways that custom research can be used to manage supplier risk:

-Determine and assess potential risks:

Custom research can assist in determining and assessing the dangers that might result from the use of suppliers. Risks associated with the supplier’s financial stability, environmental or ethical standards, or other issues, as well as the caliber and dependability of the supplier’s goods or services, may be included. Companies can better understand the possible effects of these risks and create plans to reduce or eliminate them by collecting and evaluating data.

-Construct risk management plans:

Custom Research can also be used to create risk management plans that include precise steps that can be taken to reduce or eliminate hazards that have been discovered. The implementation of risk management rules, modifications to processes or procedures, or sourcing from other suppliers are a few examples of these programs.

-Monitor and review risks:

To make sure that identified risks are being effectively handled and that any alterations or updates to the supply chain are being properly addressed, custom research can also be utilized to routinely review and monitor hazards. Data about the performance of suppliers and the efficacy of risk management techniques may need to be gathered and analyzed to do this.

Magistral’s Services on Custom Research

Magistral Consulting is an established player in the financial services sector and now plans to foray into the logistics and Supply Chain Management space. The off-shored extended team ensures no knowledge is lost for similar projects across companies and multiple projects in multiple companies can run at the same time, prioritized as per the schedule of board meetings.

Magistral’s Services on Custom Research

Some of the services that are associated with Custom Research that are offered by Magistral consulting are –

-Bespoke Market and Custom Research Services:

Our services are made to assist businesses in finding actionable insights that might provide them with a competitive advantage and help them make better decisions regarding their operations and plans. We offer insightful analysis and suggestions that can assist our clients in better managing the present industries’ conditions and positioning themselves for success by utilizing our extensive understanding of competitors.

-In-Depth Assessment Research Services:

We can assist clients in comprehending the complexities and prospects by utilizing our comprehensive research capabilities, enabling them to make wise decisions about where to allocate their resources.

-Ecosystem Monitoring and Information Provision:

We provide timely and accurate information on the supplier risk through reports of our analysis.

-Opportunity Identification and Performance Metrics Frameworks:

We help clients harness new opportunities faster.

-Customized Solutions in Niche Domains:

We provide customized solutions for improved output.

-Flexible Working Models:

At our company, we understand that everyone’s needs, and circumstances are different. That’s why we offer a flexible working model that allows our employees to tailor their work schedules to meet their unique needs and preferences. This can include options such as working remotely, flexible start and end times, and the ability to take breaks as needed.

Overall, through custom research we help organizations gain a competitive advantage and better manage their supply chains by providing them with detailed, relevant information about their suppliers and the markets they operate in.

About Magistral Consulting

Magistral Consulting has helped multiple companies to reduce operations costs through its offerings in Procurement and Supply Chain.

About the Author

The article is Authored by the Marketing Department of Magistral Consulting. For any business inquiries, you could reach out to prabhash.choudhary@magistralconsulting.com

Introduction

Market Research is the practice of evaluating the viability of a new service or product by interviewing prospective customers first-hand. Market research enables a business to identify the target market and obtain consumer comments and other inputs regarding their interest in the good or service. This kind of research can be carried out internally, by the business itself, or by an outside market research firm.

As our world, both online and offline, get busier and demands more of our attention, this is quite beneficial. By comprehending your customer’s problems, needs, and desired solutions, you can build your product or service to appeal to them naturally. Market research enables you to collect data from a larger sample size of your target population and get to the heart of customer opinions by removing prejudice and presumptions. As a result, by having a complete understanding, you can make better business decisions. Let’s examine market research further.

Research – Primary VS Secondary

Finding out first-hand facts about your market and its consumers is the goal of primary research. It helps create your buyer profiles and market segmentation. Primary market research often belongs to one of two categories: exploratory research or focused study.

The data and public records you have available to conclude are all part of secondary research. Secondary research is especially beneficial for examining your rivals.

Types of Market Research

Types Of Market Research

Interviews

Face-to-face interactions are possible during interviews, so you may let the conversation flow naturally and keep an eye on your interviewee’s body language. Your interviewees can respond to self-reflection questions to aid in the creation of your buyer personas. These buyer personas outline the age, the number of children in the family, income level, profession, difficulties encountered at work, and other characteristics of your ideal customer’s lifestyle.

Focus Groups

Focus groups give you access to a select few people whom you may ask to test your product, see a demo, provide feedback, and/or answer specific questions. This type of market research can assist you in developing ideas for product differentiation, or the characteristics that distinguish your product from competing ones on the market.

Product Use Research

The use of the product or service can provide information on its features, as well as research on how and why your audience uses it. This type of market research also reveals how helpful the product or service is to your target market.

Observation-Based Research

With observation-based research, you can see how members of your target audience use your product or service to learn what functions well, what difficulties they encounter, and which features might be easier for them to use and understand.

Buyer Persona Research

Buyer persona research gives you a realistic view of your target market’s makeup, issues, reasons for wanting your product or service, needs for your brand and company, and more.

Market Segmentation Research

By using market segmentation research, you can divide your target market into various categories according to distinct traits. This will enable you to ascertain the most efficient strategies to suit their demands, comprehend their problems and expectations, discover their objectives, and more.

Pricing Research

Pricing analysis offers you an idea of what comparable goods and services in your market go for, what your target market is willing to pay and expects to pay, and what a reasonable price is for you to list your good or service at. You can define your price plan with the use of all of this information.

Competitive Analysis Research

Because they provide a thorough insight into the competition in your market and sector, competitive studies are quite useful. You may discover what’s working well in your sector, what your target market is already looking for in products similar to yours, which of your rivals you should strive to keep up with and outperform, and how you can differentiate yourself from the pack.

Research on Customer Satisfaction and Loyalty

Understanding what would persuade current customers to do business with you again may be aided by research on customer satisfaction and loyalty. This study will teach you the best methods for fostering customer satisfaction.

Brand Awareness Research

Brand awareness research reveals what your target market is aware of and can associate with your brand. It reveals the associations that your target audience forms when thinking about your company and what they take you to stand for.

Campaign Research

Reviewing prior campaigns and gauging how well they were received by your target audience and current clients is campaign research. It takes experimentation followed by a careful examination of what connected and resonated with your audience to keep these factors in mind for your future campaigns and concentrate on the components of what you do that matter most to those people.

Steps for Market Research

Steps For Market Research

Define your buyer persona

Your buyer personas will be useful in this situation. Buyer personas are fictional, generalized depictions of your ideal clients, also known as marketing personas. They aid in audience visualization, communication efficiency, and strategy development.

Identify a persona group to engage

You should include folks who recently made a purchase or actively chose not to make one in the group you want to engage. Start by concentrating on people who fit the bill for your customer persona when deciding who to hire for your market research. You want to hire customers who have bought your product, bought a product from a rival, or decided not to buy anything at all.

Preparation of Research Questions

Prepare research questions for your market research participants.

List your primary competitors

Remember that identifying the competition isn’t always as straightforward as comparing Company X to Company Y. Even though a firm’s brand may focus more on another area, a division of that company occasionally may compete with your primary product or service.

Summarize your findings

Use your preferred presentation software to create a report to simplify the process. This will make it simple to add quotes, diagrams, or call clips. Your summary should include background information, participants, an executive summary, awareness, contemplation, a decision, and an action plan. The framework should assist you in creating this summary.

Magistral’s Market Research Services

Magistral Consulting offers a range of value-added services to support market research services. Magistral Consulting provides several services including:

-Customer Needs Analysis – Understanding the needs of the customers, defining the focus group and research.

-Customer Segmentation – Segmentation of customer group with effective targeting.

-Customer Journeys – Going over the Customer experience studies to analyze the aspects of customer satisfaction, taking in feedback surveys.

-Global Expansion – Market dynamics overseas, with the development of a market entry strategy.

-New Product Launch – Dipstick Survey which means analyzing the market response in different areas of study or research, explorative research to support the launch.

-Competitive Intelligence – Competitor tracking and analysis for understanding the key steps to get an edge in the market.

-Market Analysis – End market analysis and market forecasting to support the company in setting up goals and achieving them.

-Custom Research – Customized Research for specific business situations related to Sales or Marketing.

About Magistral Consulting

Magistral Consulting has helped multiple companies to reduce operations costs through its offerings in Marketing and Strategy Support.

About the Author

The article is Authored by the Marketing Department of Magistral Consulting. For any business inquiries, you could reach out to prabhash.choudhary@magistralconsulting.com

Introduction

The activity of gathering and evaluating data on competing firms, industry trends, and consumer preferences to obtain a competitive edge in the market is known as competitive intelligence. It is a crucial component of business strategy since it aids organizations’ in comprehending the competitive environment and choosing how to position themselves inside it. Monitoring competitors’ offerings and pricing, keeping tabs on consumer trends and market dynamics, and examining media coverage and industry statistics are just a few of the activities that can be included in competitive intelligence. Companies can discover opportunities and challenges, create successful marketing and sales strategies, and make wise business decisions by acquiring and evaluating these data.

Using a range of business intelligence tools and strategies helps to acquire a complete view of the market. For instance, market research can offer insightful information about customer behavior and tastes, while financial analysis can assist companies in understanding the financial standing of their rivals. Combining these different strategies can result in a more thorough and complex understanding of the market and the competitive environment.

Types of Competitive Intelligence

There are several different types of competitive intelligence that businesses can use to inform their decision-making and stay ahead in a rapidly changing market:

-Strategic intelligence: This type of intelligence assists in strategic planning and decision-making by focusing on the long-term aims and objectives of the company.

-Tactical intelligence: It is a subset of general intelligence that focuses on urgent, short-term demands and supports daily decision-making and operations.

-Market intelligence: It is the collection of information about the market, such as consumption patterns and preferences, monetary situations, and regulatory developments.

-Financial intelligence: It entails obtaining and analyzing data regarding the financial performance and health of adversaries, including details regarding income, profitability, and debt.

-Product intelligence: It is the collection and analysis of data about the goods and services provided by opponents, including details on their costs, attributes, and performance.

-Competitive analysis: To spot opportunities and dangers, this sort of intelligence entails examining the strengths and weaknesses of competitors.

Benefits of Competitive Intelligence

For firms, competitive intelligence has a variety of benefits, including:

Benefits of Competitive Intelligence

Improved decision-making:

With competitive intelligence becoming increasingly important in today’s business landscape, companies must understand how to gather and analyze information about their competitors and the market. Companies can stay ahead of the curve and make informed decisions that drive success by leveraging the right tools and techniques.

A recent survey found that 92% of companies believe competitive intelligence is important for their business, and 77% have a dedicated competitive intelligence function. With the global competitiveness expected to increase in the coming years, this trend is expected to continue.

Greater competitiveness:

Competitive intelligence can assist companies in identifying opportunities and risks in the market, enabling them to react to shifting conditions more effectively and maintain an advantage over rivals.

The benefits of competitive intelligence are clear. In a survey of over 400 businesses, 85% of respondents reported that competitive intelligence helped them make better business decisions, while 73% said it helped them stay ahead of the competition. In addition, 66% of respondents reported that competitive intelligence helped them identify new business opportunities, and 59% said it helped them avoid potential threats.

Reduced risk:

By being aware of the advantages and disadvantages of competitors and the market, firms can lessen the likelihood that they will make costly errors or misjudge the state of the market.

Improved reputation:

Companies can improve their reputation as thought leaders in their sector by keeping abreast of market trends and competitive activities.

Efficiency gains:

Companies can improve their overall performance and streamline their operations by using competitive intelligence to find best practices and efficiencies.

The Cycle of Competitive Intelligence

To make informed business judgments, the cycle of competitive intelligence refers to the procedure of gathering, examining, and sharing data about opponents and the market. The cycle typically consists of the following steps:

-Planning: Planning entails determining the precise information requirements of the company and creating a strategy for data collection and analysis.

-Collection: Data is collected from a variety of sources, such as social media, business reports, and public records.

-Analysis: Reviewing and evaluating the data to spot trends, opportunities, and potential dangers are the process of analysis.

-Dissemination: This process entails presenting the analysis’ conclusions and suggestions to the organization’s top decision-makers.

-Implementation: This entails incorporating the conclusions and suggestions into business planning and decision-making.

Competitive Intelligence Analysis with Porter’s Five Forces

Porter’s Five Forces is a framework created by Harvard Business School professor Michael Porter for analysing an industry’s competitive forces. The five forces are as follows:

Competitive Intelligence Analysis with Porter’s Five Forces

-The threat of new competitors: This refers to how easy it is for new businesses to enter the market and compete with established ones.

-The threat of substitute goods or services: This refers to the possibility of substitute goods or services to those provided by the current businesses.

-Buyer bargaining power: This refers to a buyer’s ability to negotiate lower prices or demand better terms and conditions from sellers.

-Supplier bargaining power: This refers to a supplier’s ability to negotiate higher prices or better terms and conditions with buyers.

-Rivalry among potential competitors: This describes how fiercely existing businesses in an industry compete with one another.

Magistral’s Services on Competitive Intelligence

Magistral gets insights into the competitive moves far better than the internal sources. These insights are fact-based and free of bias. Our CI services only recommend the strategies worth going for and not every fad the competition tries to follow. Sometimes the noise from the competition can be disturbing, and we help you differentiate the signal from the noise.

Some of the services that are associated with competitive intelligence that are offered by Magistral consulting are –

-Bespoke Market and Competitive Intelligence Services: Our services are made to assist businesses in finding actionable insights that might provide them with a competitive advantage and help them make better decisions regarding their operations and plans. We offer insightful analysis and suggestions that can assist our clients in better managing the present market conditions and positioning themselves for success by utilizing our extensive understanding of markets, industries, and competitors.

-In-Depth Assessment Research Services: We can assist clients in comprehending the complexities and prospects of a particular market by utilizing our comprehensive research capabilities, enabling them to make wise decisions about where to allocate their resources.

-Ecosystem Monitoring and Information Provision: We provide timely and accurate information on the market through reports of our analysis.

-Opportunity Identification and Performance Metrics Frameworks: We help clients harness new opportunities faster.

-Customized Solutions in Niche Domains: We provide customized solutions for improved output.

-Flexible Working Models: At our company, we understand that everyone’s needs and circumstances are different. That’s why we offer a flexible working model that allows our employees to tailor their work schedules to meet their unique needs and preferences. This can include options such as working remotely, flexible start and end times, and the ability to take breaks as needed.

About Magistral Consulting

Magistral Consulting has helped multiple companies to reduce operations costs through its offerings in Marketing and Strategy Support.

About the Author

The article is Authored by the Marketing Department of Magistral Consulting. For any business inquiries, you could reach out to prabhash.choudhary@magistralconsulting.com

Introduction

The process of acquiring and analyzing personal customer data to ascertain the most efficient methods of communication with each consumer is known as customer intelligence. In today’s digitally driven economy, customers provide information about themselves every time they contact your business, including their interests, demographic data, preferences, needs, and wishes. Businesses may enhance interactions and offer more individualized customer experiences by leveraging customer data to better understand their clients. Additionally, it provides organizations with the crucial information they need to efficiently plan their campaigns and improve client communications. All of this encourages the business to grow since it improves the client experience.

Businesses must improve the consumer experience if they want to stay competitive. Businesses must gather crucial insights into customer behaviors, such as what customers need and where they are in the purchasing process, to create an upgraded customer experience. Customer relationship management depends on customer intelligence, which also increases marketing effectiveness (CRM). CRM and customer intelligence work together to help businesses manage their contacts with both present and potential customers. Additionally, they can produce more timely, relevant, and tailored ads that please clients and produce excellent outcomes for the business.

Benefits of Customer Intelligence

You will be able to transform all of your customer interactions to be data-driven and highly tailored after you have a well-implemented customer intelligence backbone in place. Your most critical customer KPIs will rise both temporarily and permanently as a result of higher customer happiness, loyalty, spending, and retention. There is no better approach to developing comprehensive and in-depth perspectives of your customers and your interactions with them. The entire visibility it provides you into how your marketing efforts are doing overall, per campaign/offer, per marketing channel, per lifecycle stage, per client persona, and so forth is another facet of customer intelligence done correctly.

Benefits of Customer Intelligence for businesses

-Forecasting and Sales Growth:

Increasing sales is one of the main motives for implementing customer intelligence by successful businesses. Understanding the preferences of present and potential customers can help businesses develop better products and services that will encourage business growth because, at the end of the day, being profitable is the ultimate goal of any firm.

-Understanding the consumers:

It is another important factor in the growth of customer intelligence because it aids companies in understanding customer analytics. In addition to helping businesses and marketers increase sales, customer intelligence also enables them to fine-tune their messaging, supply chain, market research, and social media campaigns by enabling them to understand what is connecting with their target audiences.

-A more customer-centered culture:

While sales are a crucial component of operating a business, no organization can get away from failing to give customers a positive and relaxing experience. Customers come first, according to global leaders, who are fostering the CX culture across all departments. Customer intelligence enables businesses to comprehend and enhance the whole customer journey.

-Better Data-Based Decision-Making:

Promoting Data-Driven Decision Making (DDDM) across your teams is one of the crucial but frequently ignored benefits of using customer intelligence. Hard facts are the loudest thing there is. Businesses frequently make judgments based solely on their gut, but to stand out in the present competitive environment, well-informed strategic decisions must be taken.

Process of Customer Intelligence

Customer Intelligence Process

Gather data

The first step in the customer intelligence process is to gather consumer data from a variety of sources, including emails, websites, phone calls, mobile apps, text messaging, paper forms, and recordings from contact centers. These details could be racial, ethnic, religious, philosophical, transactional, behavioral, or psychographic. Customer information can be gathered in a variety of methods, such as:

-Surveys: – Surveys are a great way for your support team, sales team, marketing team, and product team to gauge client satisfaction. Market research, Net Promoter Score (NPS), Customer Satisfaction (CSAT), and Customer Effort Score (CES) are all options that can be used to gather various types of customer data.

-Interviews: If you have a lot of questions for your clients and want to learn the answers they frequently withhold in a questionnaire, interviews are fantastic. You may learn a lot about a customer’s personality from an interview by observing their body language and emotions.

-Customer service platform: A client service platform maintains customer information from emails, chats, phone calls, and social media dialogues. It is also known as a customer support tool, helpdesk, or ticket management system.

-Customer relationship management (CRM): Customer profiles, sales emails, sales calls, meeting notes, etc. are all stored in your customer relationship management (CRM) system. Your sales staff needs this kind of information if they want to increase sales performance.

Categorize data:

After gathering consumer data, the firm must categorize it to improve analytics and insights. Direct feedback, indirect feedback, and inferred feedback are the three main categories of data.

Analyze the data:

Numerous analytics tools and algorithms are accessible for analyzing client data gathered from numerous channels. These technologies make it easier to segment or group audiences based on similar data patterns. Customer lifetime value forecasting, customer behavior modeling, machine learning, predictive customer analytics, etc. are a few of these technologies.

Share insights:

In the following analysis, pertinent stakeholders are shown actionable insights in an easily understandable format, such as dashboards, alerts, or customer journey maps. These insights aid in streamlining customer support processes and directing the next marketing activities to enhance client journeys, satisfaction, and experiences.

Customer Intelligence Key Performance Indicators (KPIs)

Metrics like these can give you a firm grip on your internal procedures, which in turn would enable you to monitor all channels, data, and clients in real-time.

Insights into Customer Support:

Businesses may assess the performance of their goods and services by seeing and analyzing data from the Help Desk. They can better position their product offering for their customers and allocate resources to speed up their customers’ presales and post-sales processes if they have a deeper grasp of this. Making the appropriate choices about customer service initiatives, such as investing in Chatbots or better resource allocation and staffing, can be aided by tracking KPIs like Average Response Times, Support Channels, Tickets across Product Categories, and Customer Satisfaction.

Transactional Insights:

Information from a CRM like Salesforce can assist companies to identify what is and is not selling. What do customers enjoy and find objectionable? To sell more successfully, it is useful to understand leads, prospects, and even prior clients. Better customer relationship management and revenue growth might result from segmenting your clients based on their sales volume or product preferences.

Magistral’s Services for Customer Intelligence

Magistral Consulting provides various levels of services to support businesses. The steps for successful customer intelligence support are as follows:

Customer Needs Analysis:

Focus groups let researchers collect data on anything from goods and services to beliefs and perceptions to disclose actual customer attitudes and opinions. They are used to acquire qualitative data and in-depth insights. We choose focus groups, do thorough market analyses, and then launch exploratory research to uncover any overlooked possible factors.

Customer Segmentation:

Segmentation, Targeting, and Positioning enable you to position a product or service more to target various client segments. Simply said, it is a marketing strategy in which you segment your audience, target the audience groups that are most appropriate for your product, and position your product to successfully reach your target segment.

Account-Based Management:

Focused planning for each B2B account, analyzing annual spending for sales enablement for each account and a share of wallet study to identify the spending made by customers for the company and the clients.

Sales Battle Cards:

Support the sales team to improve the pitch for the respective segment of customers for a better conversion rate.

Customer Journeys:

Customer experience research identifies, gathers, and examines information regarding the touchpoints a business has during a customer’s purchasing process. Current patterns are gathered by surveys, in-person interviews, research specifically designed for the topic, or a combination of these. With the experience research in hand, we can understand the customer satisfaction graph and through the feedback survey, actionable insight can be drawn.

Channel Planning and Effectiveness:

Channel Partner Selection based on the goal, benchmarking the Channel Metrics for better decision-making, and designing distribution channels.

About Magistral Consulting

Magistral Consulting has helped multiple companies to reduce operations costs through its offerings in Marketing and Strategy Support.

About the Author

The article is Authored by the Marketing Department of Magistral Consulting. For any business inquiries, you could reach out to prabhash.choudhary@magistralconsulting.com