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A customer insight, or consumer insight (CI), is an interpretation of trends in human behaviors which aims to increase the effectiveness of a product or service for the consumer, as well as increase sales for the financial benefit of those provisioning the product or service. [1] There is an overlap between market research and
Customer intelligence is a key component of effective customer relationship management (CRM), and when effectively implemented it is a rich source of insight into the behaviour and experience of a company's customer base. As an example, some customers walk into a store and walk out without buying anything.
In contrast to customer foresight, it uses large scale, quantitative tools to examine future consumer behavior in a representative way. The following figure classifies the concept with regard to customer insight and foresight. Classification of mass customer foresight (workshop of Goethe University and the Foresight Academy)
Many customer satisfaction studies are intentionally or unintentionally only descriptive in nature because they give a snapshot in time of customer attitudes. If the study instrument is administered to groups of customers periodically, then a descriptive picture of customer satisfaction through time can be developed ("tracking" or cohort study).
Customer knowledge (CK) is the combination of experience, value and insight information which is needed, created and absorbed during the transaction and exchange between the customers and enterprise. [1] Campbell (2003) defines customer knowledge as: "organized and structured information about the customer as a result of systematic processing". [2]
Customer relationship management (CRM) is a process in which a business or another organization administers its interactions with customers, typically using data analysis to study large amounts of information.
Customer data or consumer data refers to all personal, behavioural, and demographic data that is collected by marketing companies and departments from their customer base. [1] To some extent, data collection from customers intrudes into customer privacy , the exact limits to the type and amount of data collected need to be regulated.
Customer analytics is a process by which data from customer behavior is used to help make key business decisions via market segmentation and predictive analytics. This information is used by businesses for direct marketing, site selection, and customer relationship management. Marketing provides services to satisfy customers.