For retailers of all types and sizes, gaining insight into consumer preferences, needs and decision making processes is critical. Consumers can be fickle – being fiercely brand loyal when it comes to certain purchases, extremely value conscience when purchasing a new product and yet impulsive when it comes to another purchase.
Today’s companies need the following information:
• Understanding what drives customers buy from you. Is it pricing, quality, or accessibility?
• Target marketing efforts – make the most of your time by marketing the correct product to the correct customer.
• Identify new selling opportunities – cross promotion on products.
• Proper inventory for your customer base – reduce excess cash flow needs and improve your reputation by being on time with your orders.
These are all items that need to be addressed when you are running a business. Customer intelligence is one of the most import aspects of your business and a cornerstone to your competitive advantage.