Digital Consumer Intelligence, Do you want your company to compete with an advantage in this demanding market? So you need to listen to what your customers are saying and monitor consumer trends to anticipate any changes. How? Through Digital Consumer Intelligence .
The term should not overwhelm you. This is not another anglicism that proliferates in the world of digital marketing . The importance of the DCI is such that it is bringing the opinion and expectations of the consumer to the meetings of directors and business managers. Something that allows brands like Walmart, Unilever and Dell technology to make better informed and customer-oriented decisions. Keep reading and learn more about this revolutionary concept of market research and how you can apply it and take advantage of it.
What is Digital Consumer Intelligence?
Digital Consumer Intelligence or digital consumer intelligence is a market research concept that combines digital data sources, interactions on social networks, surveys and first-hand information, with data science and Artificial Intelligence .
Although it may seem exaggerated, online consumer interactions and trends are influencing the performance and future of contemporary businesses. The development of the Internet and IT have fueled an unstoppable growth in the availability of digital data . Many of them, generated by the consumers themselves, who openly give their opinion about the products and services they use. As well as they make comments about their experience with the brands that supply them. All this, through social networks, messaging services, forums and any other online channel .
Precisely, this first-hand data and the knowledge that can be obtained through digital platforms , either voluntarily (by comments) or through surveys, make up what is called digital consumer intelligence .
Tools to manage Digital Consumer Intelligence
Indeed, the mistake of many entrepreneurs is to focus too much on the product or service and not listen and consider the opinion of customers. Today, taking into account the consumer is essential to guarantee the sustainable success of a business. According to this objective, it is essential to develop the ability to be empathic with the audience to identify and anticipate their needs and expectations; since this will be possible if we know how to handle the different tools available to manage said DCI .
There are specific online resources for social listening ( social listening ) to monitor interactions on social networks . Whether these reactions to content shared in corporate accounts or mentions of the brand in external interactions; including on blogs, forums, news pages and other public platforms. Among the best known are: Hootsuite Insights, Buzzsumo and Brandwatch.
Another interesting option is CRM ( Customer Relationship Management ) solutions to manage relationships with customers and prospects in an integral way. That is: from the beginning of the journey through the conversion funnel to the sale and loyalty, covering the attention and support service. Some of these tools – like the ones from Salesforce – have social listening integrations that help monitor social engagement and brand mentions.
In both cases, the data from Digital Consumer Intelligence and its analysis in real time will inform decisions about new products and services . As well as around the introduction of added values, the personalization of marketing and offers.
Importance of Digital Consumer Intelligence
Undoubtedly, the use of Digital Consumer Intelligence is paramount in customer-focused business strategies. Mainly, because they assert the voice of the consumer in all critical decisions for the business. According to Deloitte Research , organizations that make decisions based on customer-centric criteria obtain 60% more profitability.
However, this approach also commits managers and collaborators from all areas, in terms of the willingness to acquire skills to use the tools, manage the data and act in coherence with them.
By having a large amount of valuable data and tools to process it, your business becomes more competitive. Specific:
- Unsolicited data allows you to identify what resonates organically with your customers and prospects. You could ask yourself, for example, what can I learn from the interactions in RRSS about my sector?
- While the requested information helps the brands in the direct validation of their hypotheses or perceptions. In this sense, consulting your consumers directly can help you understand exactly what they think of your brand or the competition.
Both options can be combined to provide a broader and deeper understanding of customers. As we said, this will reinforce the most strategic decisions in all departments. In other words, it would be like giving your customers seats on your company’s board of directors. When you manage DCI data , you open the door to cutting-edge innovation.
Digital Consumer Intelligence beyond the obvious
In fact, when advanced analytics and Artificial Intelligence process the data from Digital Customer Intelligence , it is possible to define trends and consumption patterns . Furthermore, it is feasible to create new analysis parameters such as psychographic segmentation .
As we know, demographic analysis identifies consumers based on their age, gender, and socioeconomic status. By comparison, psychographic analysis is intended to clarify the reasons why a segment of people behaves in a certain way. Here, the variables to consider are: your personality, interests, motivations and lifestyle.
Obviously, social network, ecommerce portals, the most visited platforms and surveys answered on web pages are part of the ideal channels to study these behaviors. Based on the data provided, the AI establishes an objective perception of consumer behavior and its changes. This resource has been crucial for a large number of brands during the Covid -19 pandemic and what we are experiencing as a new normal. Since these organizations have been able to adapt to the expectations of their customers in these circumstances thanks to the insights generated by Customer Intelligence .
How to apply and take advantage of DCI in your business?
It is important to reiterate that data is the basic principle of analysis and the results provided by technology depend on it. Consequently, an effective management of the DCI implies assuming the following:
- Formulate the questions that matter most to the company and the sources that could answer them.
- Extensive review of currently available data.
- Analyze how this data is being used: Is its full potential being used? Are they stored in silos?
- Collect all information in its entirety, including requested and unsolicited data in sufficient quantity to identify customer perceptions and behaviors.
- Leverage consumer insight through the largest number of sources connected to a single digital consumer intelligence solution .
In this way, AI and machine learning will do their analytical work efficiently, to give structure and meaning to this complex set of data. Do not forget that social listening and its analysis must be active and continuous; since the preferences and expectations of consumers are constantly changing.
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