What Can You Do with Customer Analytics?

Mar 2, 2017

Customer insights

Customer analytics is the process of collecting and analyzing data related to a business’s current and potential customers. Customer analytics allows businesses to understand customer behavior and patterns better to increase customer satisfaction and retention, improve their chances for long-term success and growth, and attract new customers. Here are some of the top features and benefits of customer analytics tools:

  • You can see where your customers are coming from: Knowing what source customers are coming to your website from is essential information. This knowledge will help you to identify which channels are the most profitable, which are the most popular, and where you should focus your advertising efforts to continue to bring customers to your page. Customer relationship management (CRM) software is helpful in tracking this.
  • You can see where your customers are going to: CRM software and similar customer analytics tools also allow you to see how visitors and customers interact with your website once they have arrived there. You can track how long people remain on a particular page, what links they click, and whether or not they choose to buy your product. This can help you to identify potential engagement and accessibility issues on your website and work to improve them.
  • You can track what customers are talking, tweeting, and posting about: By utilizing social data tracking and sentiment analysis tools, you can see what established and potential customers are saying about your business and your products on social media. This allows you to better understand customer preferences and habits on a broad scale, as well as within individual customer segments. Tracking and analyzing customer social data allows you to better market to and cater to customers and identify main issues and highlights about your business and products.
  • You can predict future sales and future customer behavior: Customer analytics allows you to identify patterns and trends, and to use those patterns to predict what could happen in the future. Knowledge of typical customer spending habits is essential to be able to predict when you are likely to make the most profits, as well as when to put on special promotions and sales. Identifying patterns will also allow you to know when customers are most likely to buy specific or seasonal products, allowing you to form merchandising, marketing, and sales strategies that best take advantage of these patterns.
  • Customer analytics tools are customizable: With most customer analytics solutions, you can pick and choose what you track. While some businesses may find it beneficial to track so-called ‘vanity analytics’ like Facebook likes and favorites on Twitter, other businesses may find it more cost- and time-efficient to forego tracking that data in favor of data directly related to sales and customer retention. You can generate reports and insights based on the data that you choose to track, and can choose what best fits your business’s recipe for success.

Get in touch with our experts to know more about advanced analytics.

Customer analytics is a valuable asset for any business. It is a must-have for thriving in today’s data-centric world and can improve the performance, profits, and overall success and value of a business when utilized properly and efficiently. Businesses need to act quickly on the insights that they generate from customer analytics tools to reap the full benefits that they have to offer.

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