Business intelligence, software tools and applications designed to collect and analyze data, has revolutionized the way companies are able to understand their business and their customers. In fact, there is something known as customer intelligence, which is essentially the use of business intelligence to capture customer information. This innovative technology allows you to understand your customers in ways that were never possible in the past.
There are a number of ways companies can utilize business intelligence to better understand their customers. We are now able to track customer behavior based on their purchasing habits, spending limits, frequency of purchases, and much more. This gives companies the ability to predict customer demand, making it easier for them to plan for seasonal spikes, new product popularity, inventory replenishment, as well as avoid past sales mistakes or overstocking.
Another part of tracking customer behavior benefits businesses by providing them with priceless information about what best draws in sales. Are your e-mail blasts working? What is the best time of month or year to offer large discounts or coupons to upsell or increase overall sales? What is the value of purchases from new customers? All of this data can be used to modify advertising plans, product ordering, offers and incentives, etc. to increase your bottom line.
Liberty Fox can create personalized software tools for your business that will allow you to gain valuable insight into customer behavior, and how you can utilize this data to increase productivity and sales.
Read more here: http://www.silvon.com/blog/understanding-customers/
