How to Gain a Competitive Advantage on Customer Insights

Privileged insights are information about customers that competitors don't have access to.

Creating a more robust and engaging customer service experience, integrating customers into product and service development, and observing and interacting with customers are some of the ways companies can gain their own privileged insights.

Various best practices are detailed. Trust is the first thing to be built. Customers that see their lives linked and improved because of what a company offers are more likely to engage and more willing to exchange unique information and insight into their core needs and challenges Privileged insights should be put into existing customer touch points. Every business unit should be given the power to make decisions based on their unique insights.

Billions of dollars are spent every year to gain information about their customers, buy data from market research firms, run study after study, and use big data and sophisticated analytical models to make sense of it all. Most of the data is available to your competitors, so you won't be able to gain meaningful behavioral understanding of your customers.