Importance of Customer Analytics
Customer analytics is considered as the backbone for all marketing activities and typically comprises techniques such as data visualization, predictive modeling, and information management and segmentation. Today, customers have access to information anywhere and anytime. This makes it increasingly important to predict how customers will behave when interacting with an organization, so they can respond accordingly.
With customer analytics, organizations can:
- Decrease attrition by precisely forecasting customers most likely to churn and develop the right proactive campaigns to retain them
- Reduce campaign costs by aiming at customers most likely to respond
- Increase customer loyalty, response rates, and ultimately, ROI by communicating with right customers with relevant offers
To know more about customer analytics for heavy equipment manufacturers, speak with our analytics experts today!
Types of Heavy Equipment
Depending on the construction application, heavy equipment can be classified into different types to help businesses achieve their milestones as scheduled. Typically, heavy equipment can be divided into four major components:
- Construction vehicles
- Earth-moving equipment
- Construction Equipment
- Material handling
Additionally, there are several variations of heavy equipment. Here are the most common ones used by heavy equipment market players: crawler loaders, trenchers, excavators, skid-steer loaders, motor graders, backhoe loaders, bulldozers, scrapers, and common dump trucks.
Qunatzig has worked with over 120 clients, including 55+ Fortune 500 companies and assisted them with end-to-end data and customer analytics and management services to leverage their data points for practical decision making. Moreover, we bind maximum insights from the influx of massive information around us to help organizations drive competitive success and eagerness.
The client- is an American corporation that manufactures heavy equipment and lawn care equipment. The company is based out of the US.
The heavy equipment manufacturer found it challenging to identify key manageable and overwhelming factors that drive customer churn at the dealer level. This, in turn, made it impossible to develop effective strategies to reduce churn. As a result, the heavy equipment manufacturer wanted to design effective retention strategies to reduce its customer churn rate.
Request a FREE proposal to learn how customer analytics solutions can transform your business, and help you reduce churn rates substantially.
With the help of Quantzig’s customer analytics solutions, the heavy equipment manufacturer segmented customers based on spend patterns and identified drivers to generate a final forecast model. Additionally, the client developed an interactive dashboard that enables continuous monitoring of customer churn rates and the success of retention campaigns. This helped them increase customer engagement levels and reduce churn rates. Furthermore, the client saved over US$ 20 million in sales opportunities via prevention of customer churn.