What CPG Leaders Should Look for When Picking a Customer Intelligence Platform to Fuel Their Growth
Making effective business decisions for your company requires a deep understanding of your customers. What are they looking for? What do they like and dislike? What motivates them to make a purchase? Customer intelligence is essential for CPG leaders in making informed decisions about marketing, product development, mergers and acquisitions, and sales strategies.
A comprehensive and forward-looking customer intelligence platform is one of the most effective ways to collect customer intelligence.
However, with so much customer information available from various data sources, it can be challenging to know where to start.
This article will walk you through what a customer intelligence platform can do to grow your business. Find out how to select the best platform to improve your profitability and deliver a superior customer experience.
What Makes an Effective Customer Intelligence Platform?
A comprehensive and forward-looking customer intelligence platform will unlock key purchase criteria and pull data beyond sales — helping you understand what customers want when purchasing. It can also provide competitive intelligence to see how your products stack up against competitors.
Ability to surface key purchase criteria
The ability to surface critical purchase criteria — what customers are looking for when making a particular purchase — empowers CPG companies in gaining a deeper understanding of their customers.
A customer intelligence platform should allow you to see what your customers are buying and understand what they typically look for when making their purchases.
Customer intelligence platforms should be able to collect data from various sources to generate customer insights and give you a comprehensive view of the market — enabling you to make informed decisions on improving customer satisfaction.
Ability to pull data beyond sales
Unlocking data and insights beyond sales gives CPG brands a more holistic understanding of their customers.
Beyond sales and transactional data, CPG customer intelligence platforms should be able to capture and collect data from customer interactions across multiple touchpoints, including social media and e-commerce data.
A solid customer intelligence platform should show CPG companies how popular a product is among different demographics, how often it is used, how satisfied people are with it, and more. It should provide teams with data on where to put products in the market to succeed, helping them identify the right retail mix and channel strategy.
CPG customer intelligence platforms should present customer analytics that will help companies keep their finger on the pulse of consumer sentiment and opinions — feeding teams with what consumers care about, what’s working, and where there is an opportunity for improvement within the category or brands themselves.
Behavioral data gathered from sources that provide insight into purchase history and interactions with customer support can be used to:
Get a complete picture of customer relationships with certain CPG brands.
Beef up a CPG company’s customer relationship management (CRM), resulting in stronger brand affinity and loyalty with individual customers.
Feed into CPG businesses’ decisions on pricing and whether the product is worth its price.
Determine which products and features to develop and bring to market. Identify new growth opportunities.
Ability to provide competitive intelligence
A customer intelligence platform should also help CPG companies keep tabs on the competition.
CPG companies with a customer intelligence platform can access real-time competitive insights that allow them to make data-driven decisions on pricing, promotions, products, and channel strategies.
As a result, they reap the benefits of lower churn rates, increased customer loyalty, improved repeat purchase rates, and higher customer lifetime value.
In addition, CPG companies can create targeted omnichannel marketing campaigns based on customer behavior data — gaining a distinct competitive advantage in the marketplace.
How Helio Can Move the Dial For Your Business
In today’s business climate, growth hinges on how well a brand knows its customer.
How can you better understand your customer? How can you provide them with what they need when they need it? How can you keep them coming back for more?
That’s where Helio comes in.
Helio is a customer-centric data platform that helps businesses track emerging trends, access competitive intelligence, and unlock the insights required for more efficient sourcing and diligence in real-time. By pulling metrics from 1.4 million+ brands and 200+ data sources and identifying what’s hot before it goes mainstream, Helio solves the intelligence problem that has plagued the ecosystem for years. It provides actionable insights into customers’ behavior so that CPG leaders can optimize their customer retention and acquisition strategies and so much more.
If you’re in the CPG space looking for a way to better understand and serve your customers, Helio’s got you covered.
Request a demo to unlock how Helio can help your business grow.