When used together effectively, Marketing Intelligence and Customer Intelligence provide powerful ways to strategize, ensure customer satisfaction, and continued growth.
What is Marketing Intelligence?
Marketing Intelligence (MI) is a means of collecting data from external sources about markets or industries that a business is looking to penetrate into or already competes in. Marketing Intelligence can be used to make effective business decisions, develop plans, and determine marketing strategies.
What is Customer Intelligence?
Customer Intelligence (CI) involves the process of gathering information on customer activity through customer data collection tools such as; Customer Relationship Management (CRM) software. Data collected is analyzed to make decisions, strengthen customer relationships, and ensure customer satisfaction.
How do you get Marketing Intelligence from Customer Intelligence?
From the above definition, Marketing Intelligence is the first stage that helps businesses to position themselves and reach their target audience. Customer Intelligence, on the other hand, is used to deepen relationships that have been created as a result of strategies gathered from Marketing Intelligence. CI also serves to evaluate initial strategies employed through Marketing Intelligence.
Advantages of Marketing Intelligence from Customer Intelligence:
- Not having to look at Data in a Silo: Using Customer Intelligence helps put data gathered from Marketing Intelligence into perspective. You also start to understand customer behavior patterns and identify opportunities that relate to your existing customers. Therefore, decisions and strategies have a more holistic approach.
- Discovering Data Trends: When Marketing Intelligence is gained from Customer Intelligence, it helps businesses to identify problems that customers may have and predict future trends. Recognizing customer issues can lead to the creation of innovative solutions that cater to identified problems. In essence, instead of launching a product that may not work with your existing customer base, Customer Intelligence filters data gathered from Marketing Intelligence so you know what your customers are likely to find valuable.
- Develop Effective Messaging and Positioning: Businesses sometimes find themselves in a position where they speak a language different from what their customers understand. This is especially true in Business to Business (B2B) organizations. Using industry terms might not communicate messages properly to customers. Customer Intelligence coupled with Marketing Intelligence provides businesses with the opportunity to say “how they solve a problem” in the way that the customer would describe the problem.
Gaining Marketing Intelligence from Customer Intelligence can ensure that businesses make relevant, innovative decisions that give them a competitive edge. How do you use Marketing Intelligence and Customer Intelligence?
This article was originally posted in the PARIS Technologies Business Intelligence Blog.