Developing and Using Customer Insights

Added on - Sep 2019

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Running head: Developing and Using Customer Insights0Running head: Developing andUsing Customer Insights
Developing and Using Customer Insights1Table of Contents1.0 Introduction....................................................................................................................21.1 Customer Insights to Support Sales Related Decisions.............................................21.2 Customer Insights to Achieve Sales Objectives........................................................21.3 Customer Insights to Prioritize Level of Customer Service......................................21.4 Customer Insight Contribution to the Development Of Targeted Products AndServices........................................................................................................................................32.0 Information Analysis of Provision of Customer Insight................................................32.1 Different Methods for Converting Existing Data Into Customer Insight..................32.2 Methods to Generate In-depth understanding with the Customers...........................43.0 Usage of Customer Insights for Providing Support to the Sales Related Actions.........53.1 Suggested Methods for Using Customer Insight to Focus on the Resources..........53.2 Communicating the Customer Insights to the Managers of the Sales Team.............53.3 Communication of Customer Insights to the Stakeholders Delivering CustomerService.........................................................................................................................................63.4 Communication of Customer Insights To Marketers For The Support Of ProductDevelopment................................................................................................................................73.5 Evaluation of the Contribution of Customer Insight in Sales Result.........................74.0 Conclusion.....................................................................................................................8References............................................................................................................................9
Developing and Using Customer Insights21.0 IntroductionThe organization that would be discussed here would be Adventure Caravans. It basicallymanufactures different types of cars and sells them to the different local, national as well asinternational markets (Adventure Caravans, 2019). The sales manager needs to perform threejobs. They are responsible for motivating their employees to perform their best, hiring newemployees for its department and are also responsible for achieving their sales objectives viaplanning efficiently as well as analyzing the data on basis of past records.1.1 Customer Insights to Support Sales Related DecisionsCustomer insight means the collection, deployment as well as analyzing of data which isrequired by a company in order to acquire and retain the correct customers. For the transactionalor commoditized types of sales in Adventure Caravan, the consumer is fully price oriented andalso demands a simple solution to their problems and issues. The company has limited customerinsight which helps the sales manager to gather data for supporting their sales-related decisions.The only relevant data and information that the company has, is embedded on the sales invoicesuch as the name, date of sale, address and the amount.1.2 Customer Insights to Achieve Sales ObjectivesCustomer insights are a great source of information for making diverse decisions relatedto sales as well as in making strategies for attaining the sales objectives (Singh et al, 2019).Customer insights also support in prioritizing the resources as well as business effort in thedifferent customer needs. Besides this, it gives an idea about the interaction levels that thecustomer as well.The products and the service development of the company entirely depend onthe customer insights because lack of information with regard to the purchase and sales to theright type of customers may lead to a negative impact on the business. Therefore, completedetails of the customers with regard to their choices, tastes, and preferences would support inattaining the sales objectives (Terho et al, 2015).
Developing and Using Customer Insights31.3 Customer Insights to Prioritize Level of Customer ServiceMarket research, qualitative target as well as competitive analysis must all be prioritizedwhile identifying customer’s journey from their search for any particular products to their finalpurchase repeat purchases (Cuevas, 2018). The detailed knowledge about customer insights suchas the type of services preferred or not preferred, likes, dislikes, will help in gaining an insightinto their choices. The company will thus be able to prioritize the level of customer services.This will help in getting loyal customers too.1.4 Customer Insight Contribution to the Development Of Targeted Products AndServices.With appropriate market research and complete detail about the taste and preference ofthe customers, third purchase details, repeat purchase, sales returns and etc (Gentner et al, 2018).,it will become easier for the company to analyze the products and services that are in highdemand at present and also anticipate the growth of such demand in the near future. Thus,enabling the company to develop the target products and services in advance thereby reducingoversupply or shortage of the products or services2.0 Information Analysis of Provision of Customer Insight2.1 Different Methods for Converting Existing Data Into Customer InsightThere are two types of information that is used by the company i.e. explicit and tactic.Explicit knowledge is in the form of the company's databases, documents, etc. whereas tacticknowledge is based on experience. The majority type of knowledge in business is a tactic. Theknowledge management of any company depends on three factors which are emphasis,effectiveness, and efficiency. Emphasis means personal interaction with the customer for gaininginformation of the product whereas efficiency and effectiveness of the products depend onvarious factors such as resources, skills, organization, and planning (Hohenschwert & Geiger,2015).However, there is lack of any responses to the radical changes that might take place incustomer taste and preferences. Therefore, the employees need to understand signal learning as
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