Basics about Marketing Intelligence & Relationship Intelligence
Basics
about Marketing Intelligence & Relationship Intelligence
What
do you mean by marketing intelligence?
One
of the most crucial aspects affecting an organization’s ability to stay ahead
of the competitors is to have a global understanding of all its competitors.
Along with this, there is a need to understand the state of its industry and
the transforming consumer. This information is enough for the marketers to
assess their tactics and hence optimize future campaigns based on their
business insights.
Why
is MI Important?
Marketing
intelligence can be used as the guiding light for taking important teams’ decisions.
By gathering and analyzing relative data about customer behaviours and industry
trends, marketers can attain a holistic understanding of what is working and
what is not working. It can be advantageous for businesses to stand ahead over
competitors and educate them about their current target audience to sell their
various products.
It
can also be utilized for future goal setting. Setting clear goals ahead of time
can be a time-consuming way toward boosting your team efficiency. Let’s
consider determining two different KPIs of your MI to illustrate whether your
efforts are moving ahead toward your defined goals or not:
● Quantitative
KPIs
● Qualitative
KPIs
What
is RI Data?
We
have learnt that business intelligence data aims at elements that are
company-centric. Relationship intelligence data (RID) is a subset of customer
intelligence that targets the importance of the company-customer relationship.
Rather
than tracking performance metrics like average call managing time, lead
response time, RID involves certain statistics which are very unique for those
to whom the number of calls made or emails have been sent. Plus to those
customers as well who talked to customer support team last time and so on.
Relationship
Data Benefits
The
very first benefit of having RI data for sales agents is that they can easily
access unique customer data to use for interacting with them.
For
instance, a customer who actively registered for discounted one-time services
can get a wonderful opportunity for a long-term subscription at a heavy
discount. It helps the business to retain more number of customers even when
discounts are not available. But simultaneously it may allow the customer to
buy their services at a rate as per his average buying power.
Bottom
Line
Thus,
it has been clear to you that what differences exist between marketing
intelligence and relationship intelligence. Also what data they use and how
they are beneficial for a company on an individual basis.
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