The Importance Of Competitive Intelligence Software & Customer Monitoring

Data is the new gold in the 21st century. Businesses are now trying to hack the code into big data and to put more context into the masses of figures and information that come through their systems. This is where competitive intelligence applications can come in handy.

The competitive intelligence tools market is expected to hit $1.25 bIllion by 2030. That’s because more and more people are seeing the value of data processing, which competitive intelligence does remarkably. With it, you can make better sense of data and act accordingly. That way, your strategy becomes more informed and can yield better results. 

What many companies don’t realize is that competitive intelligence doesn’t just apply to sales, marketing, or finance. It applies to customer experiences too. We use customer data to find better ways to serve them. By doing so, your business can enjoy more rewards. 

Here are some advantages that competitive intelligence software can bring to your customer monitoring and client experience management efforts.

Manage reputation better

Companies can manage their reputation better with competitive intelligence software to manage and measure customer success. Customer experience greatly affects a company’s brand. When your business has poor customer service, word will get out with time. 

It’s important to remember that 94% of consumers say they have avoided a business because of bad reviews. competitive intelligence software helps you screen client experiences and find ways to improve a customer’s interaction with a team. 

Reduce churn

Using competitive intelligence tools to improve customer monitoring will also result in a lower churn. Many businesses now follow a subscription model or more long-term pricing options with clients. Churn is the rate at which these long-term clients drop a relationship with a business.

The data will help you reduce that number and help you keep customers for a longer time. Moreover, you can use CI reporting tools to present progress on churn rates with the rest of your team. You can check out this Atera review and see if this might be a good option for your business.

Identify new opportunities

With competitive intelligence tools, your business can also spot new growth opportunities. These could include marketing campaigns you can run, tweaks to your unique value proposition, or even new products or features. 

We get insights from clients all the time. The problem is we don’t have a way to store it. With competitive intelligence paired with a good help desk tool, you’ll be able to capture ideas and run them through an automated system that processes data, such as the number of times a suggestion comes up or what keywords people use to describe your business. Check out this help desk software features list to see the help desk systems you can use to improve your customer listening and experience management.

Improve client relationships

At the end of the day, business is not just a numbers game. It’s a social game too. Companies should master relationship management and building to keep growing as a business. That involves listening to clients and acting on their wishes and desires. Business intelligence tools help by giving you a more tangible client satisfaction metric. You can use business intelligence to get feedback on client happiness ratings and other metrics that might help you improve client relationships.

Getting a hold of the best CI tools will also improve client relationships. When you build stronger client relationships, you don’t just keep them for a longer time. You’ll also give them a reason to talk about your business, which leads us to the last point.

Grow by word of mouth and referral rate

Using top competitive intelligence software will help you improve client relationships and result in more of them talking about your business. When you play your cards right and delight your customers, it’s natural that they’ll tell others about your business too. 

Word of mouth is the most powerful marketing tool you’ll ever have in your arsenal. People tend to trust the referral of a friend or colleague over an outbound email selling them services. To improve referral rates, you have to be able to give people a reason to do so. And nothing convinces people to talk about your business more than good customer experiences. 

Don’t think about customer monitoring as an expense. It’s an investment that can bring considerable gains if you’re able to deliver well and get more of your clients happy. In the end, you keep existing clients longer and get new clients because your existing clients can’t stop raving about you. That’s one of the most sustainable ways to grow. 

Competitive intelligence empowers businesses

Without a doubt, competitive intelligence can help empower your business. More companies will only see that and get onboard with the process. It’s estimated that over 90% of Fortune 500 companies use competitive intelligence, and the majority will increase investments in CI over the coming years. So if you haven’t applied competitive intelligence tools for customer monitoring or other business activities, this could be the best time.