Have you heard the story of the blind men and the elephant? In this famous Indian legend, a group of blind men touch an elephant. However, each man feels just one part and it is a different part of the elephant for each man. They compare notes on what they felt and are in complete disagreement. In many ways, this is how the customer is seen by some companies. The digital marketing team has one view of the customer, the product marketing managers have another view and creative might have a third view. Here are five reasons why you should hire a Chief Customer Intelligence Officer who will integrate and disseminate insights for a holistic customer-centric approach:
1. Grow revenue. An integrated understanding of your customers and their journey with your company will enable you to up-sell and cross-sell effectively to them. Only with a comprehensive view of the customer will you know whether he wants more of the same or if he needs something different. Rather than the product managers focusing on promoting their products and meeting their sales goals, customer preferences and needs would take precedence.
2. Reduce acquisition costs. Consolidating insights across channels and products will enable you to segment your customers by purchase history, demographics, lifestyle, lifetime value, etc. Thus, you can provide the right message to each segment and find new customers who look like these segments. With better targeting and identification of your best customers, you can find new customers who are similiar.
3. Enhance customer retention. Customers expect a coherent and consistent customer experience across channels. If you integrate insights and provide an experience tailored to their needs, behavior, and attitudes, they are more likely to be retained and become advocates of your brand.
4. Improve campaign performance. Customer insights from the direct marketing channel can inform strategies used in the digital marketing channels and vice versa. For example, you could re-target visitors to your website or social media advocates via direct marketing.
5. Increase customer satisfaction. Customers will reward your focus on their needs and preferences with increased satisfaction and willingness to recommend your brand to others.