Top Customer Analytics Tools That Every Manager Must Consider

Oct 10, 2018

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Today’s business landscape is highly customer-centric. The more an organization gets to know about their customers, the more are the chances to keep them happy. This is the main idea behind using customer analytics tools. Customer analytics refers to the systematic examination of a company’s customer information and customer behavior to identify, attract, and retain the most profitable customers. The ultimate aim of customer analytics is to create a single, accurate view of a customer to make decisions about how to acquire and retain customers, identify high-value customers, and proactively interact with them in the best manner possible. In the absence of an adequate amount of accurate data, any insight derived from analytics could prove to be inaccurate. Here are some of the top customer analytics tools that are widely used today.

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Top Customer Analytics Tools 

Customer Lifetime Value Analytics

Attributing the lifetime value to each customer helps organizations to immediately identify the most valuable and important customers to the business. In this method, customer analytics tools are used to determine how long a customer is likely to stay a customer, how often they are likely to buy during that period, and how valuable they are across that timeframe rather than merely of looking at transaction profitability. This allows businesses to focus their marketing attention on the most valuable customers. If correctly done, this analytics can be valuable in identifying ways to increase the length of the relationship and the value of the customer.

Customer Satisfaction Analytics

Repeat sales are most likely to come from customers who are happy with the company’s products or service. Here, customer analytics tools can be leveraged to understand if your customers are able to gain what they want and expect from your business. A series of quantitative and qualitative surveys can be undertaken to identify the level of satisfaction of the customers with respect to the company’s products and services.

Sales Channel Analytics

Unless the source of sales and the most profitable channels are identified, organizations might end up wasting time on sales channels that do not give the desired results. Sales channel analytics identifies various ways in which products can be distributed to the market. This shows which channels are the most effective, allowing to make the best use of your resources. For this, companies need to identify all the sales channels that are currently in use or could be used, then attribute each sale to a channel and subtract the relevant cost of sales for each channel.

Web Analytics

Web analytics involves using online customer analytics tools to analyze the online behavior of users in order to optimize website use and increase engagement and sales. Two types of web analytics are on-site and off-site. On-site is useful for measuring commercial results whereas off-site web analytics is useful for assessing the market and opportunity.

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