Retail Strategy

Product Intelligence and Customer Intelligence: Why Your Marketing Strategy Needs Both

There was a time when a great product would simply market itself. While still true in some capacity, the marketplace is too competitive to rely on that alone. In a crowded digital marketplace where both products and customers are segmented in thousands of ways, and just getting eyeballs on your item can be a struggle, your marketing strategy is everything. But it’s useful data that drives good marketing, and both product intelligence and customer intelligence are two pillars of a successful marketing strategy.

Retail Strategy

Product Intelligence and Customer Intelligence: Why Your Marketing Strategy Needs Both

There was a time when a great product would simply market itself. While still true in some capacity, the marketplace is too competitive to rely on that alone. In a crowded digital marketplace where both products and customers are segmented in thousands of ways, and just getting eyeballs on your item can be a struggle, your marketing strategy is everything. But it’s useful data that drives good marketing, and both product intelligence and customer intelligence are two pillars of a successful marketing strategy.

No One Knows Your Catalog Better Than You, or Do They? 

With an extensive product catalog of apparel for all occasions, you may be working with limited to no attributes based on what you’ve been able to assign manually. And it may be holding your brand back. Your search functionality and your filters and facets may not be working in your favor, failing to connect customers with what they’re searching for. Additionally, limited product data means you’re also working with minimal insights into who your customers are on a more personal level. 

Advanced computer vision and artificial intelligence are stepping up to fill this gap. At Lily AI, our algorithm identifies detailed product attributes based on your product images, using more than 1 billion trained data points and over 15,000 attributes. Our tech recognizes everything from macro details like fabric and fit to microdata like stitching and ruching. Then, we put that data to work to deliver more relevant search results and ensure customers are connected with not only more products, but products more attune to their personal style

User interactions and clickstream data capture surface-level behavior. Still, with the right technology, more detailed product intelligence adds vital context to each product. It helps you later understand the customer mindset and decision process that leads to those behaviors and leads to a greater understanding of the emotional context behind customer actions. Sure, product intelligence and customer intelligence are great on their own, but they're even better when they work together. 

Turning Up the Dial on Customer Intelligence

If product intelligence is all about understanding your product’s most essential attributes, customer intelligence is all about understanding your customer’s most important attributes (or at least as they see it). But as is, each time a user visits your site, the surface-level data paints an incomplete picture of who that customer is and how they perceive themselves. Basic demographic data doesn’t tell you much about what drives them to make a purchase. That’s where psychographics and emotional context become crucial. When you can get to know your customers on a deeper level, you can create a shopping experience that feels genuinely personalized for each individual customer. 

Lily AI is bringing a whole new meaning to customer intelligence thanks to our commitment to helping brands discover each shopper’s emotional context. Our algorithm learns your customers’ style preferences, making connections between the attributes they engage with and what those indicate about their aesthetic and body type. We create detailed, psychographic consumer profiles to help you get to know your customers on a deeper level and create digital experiences that are more robust and personalized across multiple touchpoints.

The Smarter Strategy

Consumer research shows us that users prefer brands that “get” them and grant greater control over their shopping experience. More comprehensive customer intelligence paired with really intelligent product data empowers you to come out on top in a competitive marketplace where customer demand for personalized experiences is high. 

Imagine for a moment your customers becoming frustrated, overwhelmed and exhausted when they feel like they have to “battle” your website to find what they want. They are much more likely to give up the search altogether. Lily AI helps you build a digital experience that works with each customer, guiding them forward and anticipating their needs without oversaturating their search with irrelevant suggestions. 

On average, brands we work with see a 5–10% increase in sales. Contact Lily AI now to see how a smarter strategy can maximize your marketing, enhance your brand and boost customer loyalty.

References

https://www.mckinsey.com/industries/retail/our-insights/personalizing-the-customer-experience-driving-differentiation-in-retail