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Essentials Of Customer Intelligence In The Era Of Massive Data

September 14, 2022 Customer Intelligence (CI), Data Mining, Data Analytics

Customer insight, based on what has come to be known as customer intelligence, is the cornerstone of customer intimacy. Wikipedia defines customer insight as "the process of gathering and analyzing information regarding customers, their details and their activities". The techniques for customer insight and intelligence range from relatively straightforward data mining to intricate anthropological approaches.

Big data is a relatively new instrument for gaining customer knowledge and, eventually, customer intimacy. To be really engaging, products and services must be created to appeal to the requirements, values and emotions of each individual customer. Big data allows businesses to respond to data-driven insights as they materialize.

Rob Thomas and Patrick Mcsharry,authors of Big Data Revolution, saycompanies may use big data tools to bring back the period of close client relationships. Two apparel shops are creating the kind of tailored experiences that customers historically had with their corner stores. Stitch Fix and Zara are creating solid client relationships and long-lasting customer loyalty by offering highly personalized service and adjusting manufacturing to demand, respectively.

Michael Treacy and Fred Wiersma defined three value disciplines in their seminal book The Discipline of Market Leaders. This level of client interaction can result in more lasting relationships, more loyalty, and ultimately sustained competitive performance. They argue that most successful businesses must choose to excel in one while performing passably in the other two.

Perhaps this is the beginning of a fresh, sincere partnership in which the client and the company both mould and are moulded by one another.

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