Tag: customer acquisition

customer profile analysis

A Three-Minute Guide to Customer Profile Analysis

With the increase in mobile device usage, broad accessibility of the internet and the abundance of resources, modern consumers have become more informed and updated. Consequently, companies across industries are facing several challenges such as a rise in customer expectations, competitive marketplace and data overload. Meeting expectations of customers and enhancing their experiences at every touchpoint has become one of the most daunting tasks for businesses. This is where the role of customer profile analysis comes into play.

Want to learn more about how customer profile analysis can help you nurture a stronger relationship with your customers? Our customer analytics solutions can help. Request a free brochure of our analytics solution right away!

Customer profile analysis can help businesses to build a powerful  go-to-market strategy which in turn can help in improving the brand image. With the help of systematic analysis of customer profiles, companies can build more impactful features, find and attract more customers that are likely to buy their product, and develop a stronger relationship with customers. Furthermore, this can put them on a better trajectory for market dominance.

But the question arises on how to start with customer profile analysis? In this article, we have listed out a few important steps that can help companies in customer profile analysis and improve market penetration, enhance response rates, and boost customer acquisition.

Talk to our customer analytics experts to learn how we can help you build an ideal customer profile, to gain a better understanding of customers’ buying habits and improve customer experience.

CUSTOMER PROFILE ANALYSIS

Steps to Conduct Customer Profile Analysis 

Analyze the problem your business is facing

The first step in customer profile analysis should focus on the analysis of the business problem that is affecting the consumer. If you have an existing customer base, analyzing the challenge your business is facing is the key to take a closer look at your current users and their interests. Also, an in-depth analysis will offer insights into the behavior and response of customers towards your product or service.

Dig deeper and analyze customer demographics

To do an in-depth customer profile analysis, analyzing consumers based on their demography i.e., their interests, age, gender, job role, location is very important. Such detailed analysis can help businesses to find potential customers and enhance their loyalty, target the right prospects with the right offering at the right time. Furthermore, customer profile analysis based on demography can also help in gathering a plethora of data to map out best performing locations and best households to target with tailored marketing messages.

Quantzig’s customized customer analytics solutions help businesses to identify factors leading to churn and develop efficient strategies that will increase customer retention. Gain limited-time complimentary access to our analytics platform today.

Conduct customer surveys to gain valuable insights

The third most crucial step in customer profile analysis is conducting a customer survey. This can help businesses to stay up to date on habits, preferences, and interests of their consumers. Since customer needs and market trends change over time, customer surveys can help businesses to understand the current market demand. Customer survey also helps in gaining an understanding of customer feedback on any product or service. This insight can further help in improving customer service and increase their loyalty towards the brand.

Learn more tips on building an ideal customer profile.

Customer segmentation analytics

Customer Segmentation Analytics Opened up New Growth Avenues for a Banking and Insurance Company to Improve Customer Acquisition by 2X – Quantzig’s Latest Success Story

The client is a multinational banking and insurance services provider headquartered in Wexford, Ireland. The client is well-known for offering a wide range of services that include deposits, loans, financial planning services, investments, pension cash management, online banking, foreign exchange, interest rate risk management, and mobile and tablet banking services. The banking and insurance company was looking for customer segmentation analytics solutions to connect with multi-channel customer segments and more precisely identify potential customer segments. Hence, they approached Quantzig to leverage its expertise in offering customer segmentation analytics solutions to drive revenue generation by growing their wallet share from existing as well as new customer groups.

Companies in the banking and insurance sector face several predicaments in developing a customer segmentation strategy to target the most profitable customer segments. The challenges these companies face can be attributed to several factors such as the growing need to develop customized marketing programs, design products and services to effectively address customer needs, and reduce customer churn rates. Today customers are digitally empowered, and therefore, traditional customer segmentation strategies used by banking and insurance players will no longer help. To gain strategic advantage, banking and insurance companies need to enhance their organizational capabilities and customer acquisition strategies.

Customer segmentation in banking can help you gain a 360-degree view of customer behaviors and devise suitable strategies to categorize them into homogenous segments. Request a FREE proposal to gain in-depth insights into our customer segmentation analytics solutions.

Business Challenge

As one of the leading banking and insurance companies in Ireland, the client was successfully able to incorporate actionable insights from their customer behavioral patterns into their upstream and downstream business operations. However, with the increasing developments in the field of e-banking services, the banking and insurance company was not able to bring about improvements in their customer satisfaction and service levels. Also, owing to their huge customer base across Europe, they were facing challenges in identifying opportunities for revenue growth.

Additionally, the client found it challenging to differentiate the customer servicing experience and design product bundles to more effectively address customer preferences. The banking and insurance company was looking for customer analytics solutions to connect with multi-channel customer segments and more precisely identify potential customer segments along with ways to market and serve them. Hence, they approached Quantzig to leverage its expertise in offering customer segmentation analytics solutions to drive revenue generation by growing their wallet share from existing as well as new customer groups.

Get in touch with our experts to learn how you can allocate resources and extract maximum value from various customer segments with the help of customer segmentation analytics.

Solutions Offered and Value Delivered

To help the banking and insurance company tackle the above-mentioned challenges, our customer segmentation analytics experts adopted a comprehensive approach that comprised three phases. The first phase focused on a detailed analysis of the competitive forces and different customer groups across Europe. In the second phase, Quantzig’s experts focused on establishing meaningful customer segments by assessing demographic datasets available with the client. The third and the final phase revolved around developing a unique customer segmentation strategy that helped the client to create effective marketing strategies and unique communication strategy for each target audience.

Quantzig’s advanced customer segmentation analytics solutions can help you unveil meaningful and measurable segments based on customer needs and interests. Request a FREE demo below.

The solution offered helped the client to gain several benefits by establishing customer analytics as a true business discipline. Also, by leveraging Quantzig’s customer segmentation analytics solutions, the client was able to capture the full potential of their customer base by catering to their customers’ needs in a consistent, professional manner at every touchpoint. Additionally, they were able to gauge the profitability based on parameters such as customer lifetime value, customer churn rate, and customer loyalty.

The streamlined approach to customer segmentation analytics also helped the client to witness:

  • 2X improvement in customer acquisition rates
  • Significant decrease in customer churn rates
  • 42% increase in customer satisfaction levels

Benefits of Customer Segmentation Analytics

CUSTOMER SEGMENTATION ANALYTICS CS INFOGRAPHIC

To learn more about benefits of customer segmentation analytics, request more information right away.

customer acquisition

Four Pillars of a Robust Customer Acquisition Strategy

What is Customer Acquisition? 

Customer acquisition is a process to bring new customers down the marketing funnel from brand awareness to purchase decision. It encompasses the entire journey of a buyer, from the time they become a lead until they become a loyal customer. Businesses need to track and measure their customer acquisition efforts to stay ahead of their competitors. Businesses can do so by using metrics such as conversion rate, customer acquisition rate, rate of new customer acquisition and rate of visits to specific product pages. Keeping track of customer acquisition efforts can further help companies to understand the customer’s journey and identify how different touchpoints are impacting the customer’s purchase behavior. As a result, businesses can determine and capitalize on the right opportunities to improve profitability.

Quantzig’s data integration capabilities offers get end to end visibility into customer’s journey and devise effective acquisition strategies. Request a FREE proposal to gain in-depth insights into our portfolio of customer analytics services.

Four Pillars of a Robust Customer Acquisition Strategy

Pillar #1: Sustainability

Sustainability is very important for a acquisition strategy to be effective. Sustainable customer acquisition strategy can help establish your thought-leadership. Also, it can help businesses to succeed in the long-run and have an edge over the competitors.

Pillar #2: Flexibility

Today’s customers are digitally empowered and that is why their response to any brand changes frequently. Therefore, the acquisition strategy should be flexible to respond to market trends effectively and efficiently. Also, flexible customer acquisition strategy can help in offering better customer experience, improving brand image and driving customer loyalty.

Get in touch with our experts to know how they can guide you with advanced customer acquisition techniques to boost sales and profitability.

Pillar #3: Targeted Marketing

If your acquisition strategy doesn’t focus on targeting the right people, it can result in wastage of resources. Therefore, before investing in acquisition efforts, it is important to define who you’re targeting. A targeted customer acquisition strategy requires taking a step back and figuring out what’s best for your business and audience. This can further help in weeding out any unnecessary or wasted acquisition efforts and can channelize your investment in a way to derive a positive outcome.

Pillar #4: Diversification

Diversifying your acquisition strategy and using various acquisition methods can help you reach new audiences and generating new leads. Also, diversifying your customer acquisition strategy helps in striking the balance between risk and reward. This means if one channel begins to fail, it’s easier to reallocate funds to better-performing methods.

Our customer analytics solutions help businesses achieve far more accurate insights on customer preferences and help develop forward-looking perspectives. Request a FREE demo to know more.

Customer data management

3 Effective Tips to Improve Customer Data Management for Millennial B2B marketers

Today customer data is considered to be the most valuable resource for businesses across industries. By gaining insights from customer data, businesses can easily predict future customer behavior patterns, devise sales strategies, and estimate the success of their marketing campaigns. Therefore, customer data management can cement the success of any business that decides to dig deeper into customer behavior insights. Customer data management can further help businesses to analyze customer buying behaviors and any additional information that customers might have shared with any business across various touchpoints. With a better understanding of customers’ personalities and pain points, companies can cater to their needs on a far more personal level which is very essential in today’s highly competitive business landscape.

Wonder how to keep track of multiple facets of a single customer data? Customer data management solutions can help. Request a FREE proposal now to gain detailed insights.

Tips to Manage Customer Data Effectively

Tip #1: Monitor integrity and relevance of customer data

Data cleansing is one of the most important aspects of customer data management. For effective customer data management, it is important to keep up-to-date information about customers as customer behavior is dynamic, and the customer data reflects the movement of their actions. Cleansing processes can help to weed out contacts that aren’t engaging, or whose information is no longer correct. Also, monitoring the integrity and relevance of customer data can help you to devise more effective  marketing campaigns and customer segmentation strategies. A flow of incorrect data can lead to bad customer experience that can negatively impact the reputation of your brand.

Quantzig’s analytics experts help companies to deal with customer data privacy concerns. Get in touch with them now!

Tip #2: Gather all available customer data into a unified profile

Using multiple tools to collect data can result in the collection of disconnected data leading to fragmented customer experience. Also, creating a unified customer profile is difficult by using multiple channel-specific tools for data collection. For effective customer data management, businesses need to have a unified customer view that comprises all of the customer interactions with the business including email clicks, website browsing history, mobile interactions and so on. A 360-degree view of the customer is critical to offer seamless omnichannel and connected customer experience.

Our customer analytics dashboards can help you monitor  customer journeys and analyze the data at every touchpoint in real-time. Request a FREE demo below to know more.

Tip #3: Keep customer data secure

Data security is a crucial component of any customer data management system. So, businesses need to have data backed protocols in place to encrypt and protect their most valuable business asset- “customer data”. Therefore, businesses need to be very careful when it comes to safeguarding the confidential and private information such as credit card information, social security numbers and other financial information.

To gain  more tips for effective customer data management, request for more information below.

customer segmentation analytics

Boosting Sales and Profitability for a German Pharmaceutical Company with the help of Customer Segmentation Analytics – A Quantzig Success Story

The client is a German pharmaceutical company that majorly focuses its efforts on oncology, metabolism, immunology, respiratory disease and central nervous system diseases. The company has a strong market presence in 12 countries across the globe.

With the pharmaceutical environment becoming extremely competitive and dynamic, companies in the pharmaceutical industry have also shifted their approach towards consumerism. To stay ahead of the curve in today’s business landscape, pharma companies need to effectively target promotional activities toward consumers who are most likely to respond to their marketing efforts. Pharma companies need to get away with traditional marketing approaches to reach consumers in a rapidly changing healthcare environment.

Quantzig’s customer segmentation models employ sophisticated data clustering techniques to classify customers into diverse groups. Request a FREE proposal now to gain in-depth insights into our portfolio of customer analytics solutions.

Business Challenge

The client was facing serious challenges while expanding their business overseas.  This was mainly due to their inability to classify customers in the new market based on their needs and specific behavioral and demographic patterns. The pharma company was not able to achieve the desired results through their existing promotional campaigns. So, they approached Quantzig to leverage its expertise in offering customer segmentation analytics to better understand and segment their customers based on their value. Also, by leveraging customer segmentation analytics, the client wanted to tap hidden business opportunities within untapped customer segments in the new market.

Our customer segmentation analytics experts help companies achieve far more accurate insights regarding customer preferences and help develop forward-looking perspectives. Get in touch with them right away.

Solution Offered and Value Delivered

To help the client tackle their challenges Quantzig developed a holistic customer segmentation analytics framework to improve their customer segmentation strategies and target new consumers through personalized marketing campaigns. The analytics experts at Quantzig also leveraged robust statistical tools and response modeling techniques to glean actionable insights into various customer segments. Consequently, the client witnessed a significant improvement in the response for their personalized campaigns and achieved an increase of 23% in sales and profitability.

By using Quantzig’s multi-dimensional approach to customer segmentation analytics you can better target your customers by understanding their behaviors, needs, and value. Request a FREE demo to know more.

Quantzig’s customer segmentation analytics solutions also helped the client to:

  • Identify high-performing, profitable product categories, and understand the degree of alignment between the needs of the customers and their offerings
  • Better target their customers by understanding their behavior, needs, and value
  • Achieve an unparalleled degree of customer-centricity and unique value propositions

To learn how our customer analytics solutions can help you get end to end visibility into your customer’s journey, request for more information below.

Global Pharmaceutical Industry Challenges

PHARMACEUTICAL INDUSTRY

Customer lifetime value

Customer Lifetime Value Analysis Helps Improve Retention Rate by 13% for a Telecom Company – A Quantzig Case Study

customer lifetime value

A world leader in the IT and telecom sector based out of Denmark was facing several predicaments due to their inability to identify new international business opportunities, improve retention rates, and ensure the right amount of investments towards profitable customer segments. To tackle such challenges, they approached Quantzig to leverage its customer lifetime value analytics solutions to profile the potential customers and develop a marketing strategy that can help them maximize retention, net profit and minimize re-marketing costs.

Quantzig adopts a holistic approach to help organizations develop unique methods for evaluating the customer lifetime value for each client across different industries. Request a FREE proposal now to gain in-depth insights into our customer analytics solutions.

Telecom Service

Business Challenge

The global telecom industry consists of several big players that make communication possible on a global scale, either through  phone or the Internet. The telecom industry is primarily driven by technological innovations and developments, which help to offer a wide range of communication services at low-cost margins.

The client, a leading telecom player with business operations spread across the globe, wanted to determine the net value of their customers by source, campaign, and channel. This would help them identify potential customers and ascertain their average revenue per user. The client, with the help of customer lifetime value analytics solutions, wanted to spend their resources smartly to acquire new customers and retain the most profitable ones with customer lifetime value analytics engagement. Also, with the help of customer lifetime value analytics solutions, they wanted to seek ways to improve business decisions about product development, sales, marketing, and offer reliable customer service and experience to the customers; thus, helping them to maintain a long-term relationship with customers.

Major challenges faced by the client:

  • To ascertain the net value of their customers
  • To seek ways to improve decision-making capabilities
  • To reduce customer churn rates and retain the most profitable customers

Our customer analytics experts help can help you build a customer lifetime value model to map the customer journey across all customer touchpoints. Get in touch with them right away!

Solution Offered and Value Delivered

By leveraging Quantzig’s customer lifetime value study, the client identified the necessary marketing efforts to reduce churn rates and ensured the right amount of marketing investments toward profitable customers.

Adopting a combined approach of Quantzig’s dynamic micro-segmentation and predictive modeling techniques, the client was able to accurately forecast the lifetime value of a customer based on their purchase history, demographics and other behavioral traits. Also, the telecom company was able to accurately predict the revenue generated by each customer which, in turn, helped them devise cost-efficient strategies aimed at improving the share of wallet from that customer. The solutions offered also helped them improve retention rate by 13% and build long-term relationships with the customers.

Our advanced customer lifetime value modeling solutions can help you identify profitable customer groups and optimize your marketing spend. Request a FREE demo to know more.

Outcome

Customer lifetime value analysis solutions helped the client to optimize interactions and conversations to drive repeat purchases, customer referrals, and minimize support costs. Furthermore, this engagement offered real-time and actionable insights into their customers’ journey which helped the client efficiently distinguish customers in terms of profitability.

Our customer lifetime value analysis also empowered the client to:

  • To improve retention rate by 13%
  • Accurately predict the revenue each customer generates
  • Devise data-driven marketing strategies to improve profitability
  • Reduce customer churn rates significantly

Request for more information below to know how our customer analytics solutions can help you proactively boost engagement and improve customer service.

telecom industry
customer profile analysis

5 Key Steps to Create an Ideal Customer Profile to Boost Marketing Strategies

To succeed in the extremely competitive business landscape, companies need to know exactly who their customers are and how to target them. Companies cannot afford to waste time and resources on irrelevant leads. This is where an ideal customer profile can help. Customer profile analysis can help businesses to know who their customers are, what they do and what do they expect. Consequently, businesses can improve customer engagement and offer them a better experience. Creating the target customers’ profile also enables a business to offer tailored messages and improve marketing efforts. Today companies across industries are competing for market share, customer acquisition, and customer retention.  Therefore, for businesses to find potential customers and enhance their loyalty, targeting the right prospects with the right offering at the right time has become very crucial. Building an effective customer profile can help businesses to make their customers feel valued, cared and engaged. In this article, our customer analytics experts have highlighted a few crucial steps to create an effective customer profile that can help companies in improving market penetration, enhance response rates, and boost customer acquisition.

By creating customer profiles our customer analytics experts help leading businesses to gain a better understanding of customers’ buying habits and improve customer experience. Request a FREE proposal now to gain better insights into our portfolio of analytics solutions.

How to create an Ideal Customer ProfileHow to create an Ideal Customer Profile?

Step #1: Define your customers

To develop a target customer profile, it is important that companies define their customers first. They must gain an understanding of the target markets and customer personas based on demographics, personality, and behavior. Also, players across industries need to assess their current target market and potential markets to improve business expansion.

Step #2: Locate your customers online

Today most businesses have started exploiting online channels to drive business growth. This makes it important for companies to analyze which websites and pages their customers have visited in search of information about their business, product, or services. Also, companies need to focus on keywords and keyword phrases customers use during their search process. This can help them to improve their content marketing strategy. Furthermore, by analyzing the type of articles customers read businesses can gain in-depth insights into the kind of purchases customers make.

Get in touch with our customer analytics experts for more tips on creating an ideal customer profile.

Step #3: Define your customers’ purchasing process

The purchasing process for every customer is different. This includes expensive and complicated purchases that require more research, quotes and time before the contract is made. Companies to make an ideal customer profile, need to put themselves in the shoes of a typical customer and record the steps they would take to make an informed decision.

Step #4: Prioritize your target markets

Next step into developing a target customer profile is selecting target markets to develop customer personas. Customer personas are the foundation for all tactical marketing and sales strategies and plans. Buyer’s personas can help companies to understand their customers and their pain points. Also, this can aid in analyzing the factors that motivate customers to make purchase decisions. Such assessments can help businesses to develop core messages for each target market and can improve their marketing strategies to enhance the target customer experience.

Quantzig’s customized analytics solutions help businesses to identify factors for customer churn and develop efficient strategies that will increase customer retention. Request a FREE demo now!

Step #5: Identify risks your customers can face

Identifying risks that customers might encounter while investing in your services is as important as identifying the benefits. These risks can be both positive and negative. Positive risks have a positive outcome and aid in inventory and warehouse optimization that can help in improving service. On the other hand, negative risks have negative outcomes because of which you might miss out an opportunity in the new market. By identifying and categorizing positive and negative risks, companies can improve their call-to-action strategies and segment their audiences to offer better customer experience.

Want to learn more about how customer profile analysis can help you nurture a stronger relationship with your customers? Request for more information right away.

Customer data management

3 Ways to Boost Business Expansion Strategies Using Customer Behavior Data

By using customer behavior data, companies across industries can analyze how their customers respond to their products and services, followed by their marketing and selling. Businesses that truly understand their customers, can come up with Can improve their products and services to cater to the unique needs of their customers to promote them more effectively. Analyzing consumer behavior is crucial for all companies, especially before the launch of a product or service. Analyzing customer behavior helps in marketing products and services successfully. Marketing strategies are driven by customer behavior that serves as a tool for marketers to meet their sales objectives. If any company does not understand its customer’s demand, it might end up experiencing a significant loss in terms of customer loyalty and retention. However, understanding customer behavior is a daunting task because each customer has a different purchasing behavior and interest.  This is where customer behavior data can help. In this article, our customer analytics experts have highlighted a few ways in which customer behavior data can help in improving business expansion strategies and driving significant growth.

Our customer analytics solutions help businesses to gain a better understanding of customers’ buying habits and lifestyle preferences. Request a FREE proposal to gain better insights into our portfolio of services.

How to boost business expansion using customer behavior data?

#1: By increasing customer retention

By leveraging customer behavior analytics, companies can successfully segment their customers based on their buying behavior and interests. This can, further, help them identify at-risk customers and devise marketing strategies to tackle the challenge. Using such insights, companies can find more ways to improve customer engagement and launch new initiatives to offer personalized products and services based on customer behavior.

Learn how our customized customer analytics solutions can help you achieve the desired business outcomes. Request for more information below.

#2: By improving customer acquisition

The journey of modern customers is very complex. The path to purchase typically involves different touchpoints across multiple channels. Most companies tend to struggle when it comes to effectively aligning their marketing strategy with the customer journey. Organizations face issues due to budgetary constraints and fragmented data sources. This is the reason many marketers are leveraging data-driven approaches such as customer behavior analytics to gain better insights into customer behavior. Customer analytics solutions help companies to optimize the path to purchase through personalization, helping them acquire more customers that exhibit similar behavior and manage their acquisition budget.

Quantzig offers advanced analytics solutions that help companies to identify factors impacting churn and develop efficient strategies that will increase customer retention. Request a FREE demo to gain better insights.

#3: By driving customer growth and expansion

Individual customers may have a higher likelihood of converting on particular cross-sell, up-sell or repeat purchase offers at certain times. By leveraging customer behavior data and analytics, companies can identify a customer who has encountered negative experiences which prompted them to discontinue the services. Consequently, such customers can be targeted with other retention-focused initiatives to win back their loyalty and increase their satisfaction. 

Finding it difficult to quantify and forecast the value of individual customers across dimensions? Our customer analytics experts can help. Get in touch with them right away.

churn model

3 Major Challenges Enterprises Face in Building an Effective Churn Model

To succeed in today’s complex business scenario, companies need to build and deploy an effective customer churn analysis model in order to monitor churn rate and maximize customer retention. Acquiring new customers always costs heavily and this makes predictive churn model appealing for businesses that aim at retaining customers and maximizing profits. Although predicting customer churn seems to be easy initially it involves several challenges. We have listed some of these challenges in order to help companies adopt preventive measures before moving ahead in the process.

Our customer churn analysis helps companies to measure churn risk and enhance the effectiveness of retention campaigns. Want to know how? Get in touch with our experts right away.

Challenges of Building a Predictive Churn Model

Challenge #1: Lack of “silver bullet” methodology

One of the major challenges that companies face in building a predictive churn model revolves around the selection of a suitable churn modeling approach. But there is no single methodology to build a predictive churn model that can work in most situations. Machine learning techniques are mostly used by businesses due to their efficiency and ability to categorize and manipulate complex data sets. The approach of survival analysis, on the other hand, uses survival and hazard functions to predict which customer will churn during a particular period. So, the best solution to deal with this challenge is to compare the performance of several models and identify the most effective method for your business.

Quantzig helps its clients by offering accurate churn prediction models to design a data-driven customer retention strategy. Request a FREE proposal to gain better insights.

Challenge #2: Features and exploratory analysis

Businesses face several roadblocks and churn risk at this stage of building predictive churn models such as lack of information, target leakage and the need for optimal feature transformations. Along with the domain knowledge, businesses must also have the required skills and creativity to build robust predictive churn models. .  Therefore, it is important that companies execute careful exploratory analysis and build auxiliary models before embarking on building an overall churn prediction model. Exploratory analysis can also help in revealing reciprocity, irregularities, outliers, and, relationships between different functions, which wouldn’t be possible with domain knowledge alone. 

Our customer analytics solutions help businesses precisely predict future buying behaviors of customers and deliver relevant offers. Request a FREE demo to know more.

Challenge #3: Validating churn model performance

For accurate customer churn analysis, it’s essential to choose the correct metric to optimize and validate datasets. The precision of a churn model not only impacts performance but also affects decision-making. As such, businesses need to employ different strategies to validate the performance of a churn model prior to its implementation. Also, businesses need to monitor several versions of churn model to identify problems.

Still, want to know more about the critical roadblocks in building a precise customer churn model? Request for more information below.

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Customer lifecycle analytics

Unveiling the Growing Importance of Customer Lifecycle Analytics

Today the expectations of customers keep growing at every stage of their journey. So, for businesses to stay competitive, meeting customer expectations has become very important. Companies must pay more attention to customer feedbacks and use such data for better customer lifecycle management. With customer analytics solutions, companies can turn data into actionable insights and forecast customer needs. Customer lifecycle analytics is one such solution that can help businesses to understand the needs, lifestyle choices, behaviors and buying nature of their customers. This information can further empower businesses to create a unique customer experience that propels prospects from awareness to fanatical advocacy and helps improving customer lifetime value. Here in this article, our team of experts has highlighted the growing importance of customer lifestyle analytics and how it can help in reducing the conflict in a customer’s mind about brand choices.

Our Customer lifecycle analytics solutions can help businesses forecast the value of individual customers across multiple dimensions. Get in touch with our experts to know how.

What is Customer Lifecycle Analytics?

In today’s competitive business environment, customer lifecycle analytics plays an important role in the success of any business. It provides not only the ability to acquire customers but also offers ways to nurture them, keep them happy and solve their issues. Customer lifecycle analytics paves the way to identify potential customers and helps in answering the following questions:

  • What do potential customers want?
  • Why do they prefer a particular product?
  • What are the reasons that drive customers’ buying decisions?

Quantzig, through its customized analytics solutions, helps its clients to identify high-value customers and maximize profitability. Request a FREE proposal now to gain better insights.

lifecycle analytics

What are the Stages of Customer Lifecycle?

Stage #1: Reach

For organizations measuring the reach of their marketing initiatives is very difficult. But Customer lifecycle analytics can help by offering valuable insights into the responsiveness of campaigns. Companies can leverage customer analytics solutions to reduce campaign spends in the long run.  Also, businesses can adopt clustering techniques to develop targeted campaigns and unlock specific segments. This approach can be more effective than the traditional segmentation methods used by marketers and can also drive more profits for the business.

Stage #2: Customer Acquisition

Businesses looking for solutions to their acquisition woes can find answers to the following fundamental questions by embracing Customer lifecycle analytics solutions:

  • How to target the potential segments?
  • How to optimize acquisition costs and improve ROI?
  • How to optimize the quality of customer service?
  • How to use the right channel for each customer segment?

The availability of huge data in the form of customers can be leveraged to understand valuable segments and nurture the approach to cater to their needs.

Our strategic analytics services can enable businesses to identify factors for customer churn while paving the way for better customer lifecycle management. Request a FREE demo below to know more.

Stage #3: Customer Retention

To gain an edge over the competitors, organizations need to have a robust customer retention strategy in place. Customer retention is an important factor that impacts different customer lifecycle stages as organizations prefer to retain their customers more than acquiring new ones. This is because the acquisition of new customers costs five to seven times more than the cost of retention. This is where customer lifecycle analytics can help businesses in optimizing the various stages in customer retention. Customer lifecycle analytics solutions can help in identifying customers who are likely to churn. Organizations can leverage historical data of customers who have churned to identify customers that can opt out from their services.

Want to know more about customer lifecycle management? Request for more information below

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