Basics about Marketing Intelligence & Relationship Intelligence

 

Basics about Marketing Intelligence & Relationship Intelligence

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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