How does competitive intelligence make customer experience better?

With the transformations brought about by the digital era, companies started to adopt new strategies to stand out in the market. In this sense, some practices, such as competitive intelligence, omnichannel communication and automation, began to be implemented. After all, in today’s scenario, companies need to adapt to changing consumer demands. This way you can provide a better customer experience, increasing the chances of retention and loyalty. This requires developing analytical skills and solutions that are compatible with the situation.

Here’s one of these solutions: competitive intelligence. And learn how strategy can make the customer experience even more positive.

What is competitive intelligence?

Before, the main challenge was to have information available to better understand the factors that impacted the business. Today, however, the challenge is the ability to analyze the vast amount of data created and generate intelligence from it.

Thus, competitive intelligence can be understood as a solution for collecting and analyzing relevant data about competitors, customers and the market. This enables you to identify and create trends and make more strategic decision making.

The competitive intelligence cycle includes five steps:

Planning: involves studying the most damaging business problems and developing an action plan;

Information Collection: Refers to the process of gathering data and identifying the most relevant data to solve the initial problem.

Analysis: Evaluates data using technological resources such as specific tools and algorithms;

Dissemination: is the ability to diffuse the intelligence generated in the analysis stage clearly and objectively;

Decision making: This is the impact of intelligence on business decisions, making them more assertive.

With these steps, the company increases the problem solving capacity and strategic development of new business possibilities.

How to improve customer experience with competitive intelligence?

By using competitive intelligence in business, managers have better knowledge to improve the customer experience. Here are three possible applications for the strategy.

1. Data Intelligence

Consumer data intelligence refers to a company’s ability to analyze available customer information. Its goal is to identify preferences and make communication and customer relationships more relevant.

2. Purchase Journey

Consumer data allows you to map the shopping journey to better understand customer preferences. This allows approaches to take place at the right time of the customer’s decision, making contacts more effective.

3. Customization

One of the greatest assets of companies that use competitive intelligence is to know their competitors and their customers deeply. This enables you to customize the shopping experience, adding value to the consumer and increasing brand satisfaction.

How to structure the strategy in the company?

In order to be able to adopt competitive intelligence in the business and use it for the sake of the customer experience, making the right investments is essential. For this, it is important to have appropriate technologies.

Olos Web Interactive (OWI), Olos’ exclusive solution, is a visual, sound and interactive fulfillment platform capable of performing billing, sales and SAC functions such as product demonstration and negotiations from start to finish.

In addition, it uses data intelligence and machine learning to improve over time, making communication with the audience increasingly assertive.

Learn about the solution and learn how the tool can help you develop competitive intelligence in your business. Contact us right now!

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