Want to Acquire More Customers? Raise your Customer IQ.
My local telephone company has tried to win my business for television and internet services for years. Over 15 years actually. I estimate they’ve sent me 180 mailings or more – about 1 per month. They’ve offered 3 free months of service. 25% off the price for the first year. But they’ve never won my business. Why not?
Well, they’ve marketed to me on their schedule. Not on mine. Of course, there have been moments in the last 15 years when I have been unhappy with my cable company’s service (numerous times, actually). But 15 years of clockwork marketing made me think the telephone company wouldn’t be any better. They didn’t know me.
That telephone company had a low customer IQ. Sure, they had data – they had my name and address correct. And the products I already owned with them. But they lacked real intelligence, such as understanding when and why I was unhappy with the cable company and might be willing to leave. It wasn’t a mystery how I felt – check my twitter feed! They didn’t anticipate my personality and my needs – I’m a little averse to the hassle of changing things like email addresses. But if they did, they could have marketed directly to my needs, exactly when I wanted, and they would have won my business.
Organizations need to take the customer’s point of view. Does a customer think they are getting ‘acquired’? Or are they trying to acquire a product? Of course it’s the latter. So if an organization wants to improve ‘customer acquisition’, they need to become more intelligent about when, how, and who wants to acquire their services.
There are five levels of customer IQ. First, the basic level is data quality – making sure all the data you have is integrated, matched and correct. The next level is relationship intelligence – understanding networks of relationships, and degrees of influence on among customers and other parties. The third level is event intelligence – the ability to understand events occurring with each customer and future events. Fourth is location intelligence, which provides an understanding of customer locations, travel patterns, and impending travel events. And fifth is engagement intelligence. This is the critical step, as it provides deep intelligence on how to engage with each customer personally based on their sentiment, personality, customer journey, and preferences. The ability to calculate this intelligence is critical to raising your organizational IQ.
Fortunately, new technology can help. It is now possible to ingest all data and synthesize it into a realistic and complete customer likeness. And use machine learning and analytics to create all of the levels of intelligence above, automatically. Customer Intelligence Management Systems can create actionable insights and ensure that all customer-facing employees have access to intelligent customer data. Read this eBook to learn why you should raise your Customer IQ immediately.