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.

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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.

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.

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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.

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Emerging Digital Media Industry Trends 2020

Companies in the digital media industry are constantly struggling when it comes to keeping up with the perpetual onslaught of new channels, technology, applications and strategies to reach targeted audiences. However, for digital media companies, the most challenging task is reaching out to the targeted audience. Effective engagement with targeted consumers is the key to success as it communicates consumers’ preferences to content producers. Also, this can help media companies in gaining valuable insights to improve their offerings and user experience. Companies in the digital media industry can improve customer engagement by keeping abreast with the latest trends and technologies in the industry which, in turn, can help in transforming their business operations. In this article, we have curated a list of emerging digital media industry trends that will dominate in 2020.

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DIGITAL MEDIA INDUSTRY TRENDS

Digital Media Industry Trends 2020

Changing demographics

With the growth in globalization, demand for new media services focusing on convenience, education, premium content, and video-on-demand will also grow, particularly in emerging economies. Meanwhile, the emergence of millennials is creating demand for analytics services that offer better consumer experiences and provide instant access to content. At the same time, with growing urbanization, demand for media offerings that are designed keeping in mind the busy life schedule of people will increase in 2020. To offer the best service in such a scenario, it is high time that companies in the digital media industry leverage analytics services that can offer insights into consumer activities and business performances in real-time.

Talk to our analytics experts to know more about the key trends, challenges, and opportunities that may impact your business and build new strategies in the digital media industry.

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Paradigm shift in consumer expectations and behavior

The digital media industry is going to experience a paradigm shift in the behavior and expectations of consumers. With the growing numbers of users turning to ad-blocking software, marketers need to change their strategies and engage consumers through storytelling and providing useful information through graphics. This, in turn, can also help in improving brand image and loyalty. Today digitally empowered consumers are increasingly aware that their interaction with brands on different platforms is being turned into data that can be analyzed and monetized by third parties. Therefore, companies in the digital media industry should get away with opaque and complicated privacy policies. Customized algorithms may prompt consumers to switch to brands that offer them more transparency and better data privacy.

Our customized analytics dashboards help executives in the digital media industry to thrive as business models are being transformed and new opportunities arise in real-time. Gain limited-time complimentary access to our analytics platform right away.

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Technology trends

With the increase in mobile and internet penetration, the life of consumers has become connected. This has presented companies in the digital media industry with opportunities to improve their engagement with consumers. Consumers across the globe have now access to content anywhere, anytime. Businesses should utilize this technological advancement to build innovative and relevant products. Internet of Things, a network of connected machines delivering smart services, offer the media industry a whole range of opportunities to create seamless, personalized services. With the help of analytics solutions, companies in the digital media industry can gain insights to deliver relevant and meaningful experiences to consumers. This real-time use of data analytics is particularly important as media organizations no longer just provide content, but experiential services built around that content.

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Entertainment Industry Trends: What’s in Store for 2020?

The entertainment industry is evolving at an unprecedented rate globally. However, this industry is facing several challenges due to factors such as increased pressure to improve the consumer experience. Moreover, the shift in the consumer demand for personalization is putting constant pressure on entertainment companies to drive innovation and embrace new technologies. This is the reason why companies need to keep a closer watch on the latest entertainment industry trends to withstand contingencies and capitalize on new opportunities at the right time. In this article, we have curated a list of entertainment industry trends that are going to impact the business operations of entertainment companies in 2020. Also, keeping track of these trends will help entertainment companies to drive profitability and improve the consumer experience.

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Entertainment Industry Trends 2020

Growing popularity of artificial intelligence

Like many other industries, the entertainment industry is poised to witness a major transformation due to the advent of new technologies such as artificial intelligence and virtual reality.. With the help of artificial intelligence, companies in the entertainment industry will be able to make personalized recommendations based on consumer habits. Also, it will make the process of content creation more efficient for entertainment companies. Furthermore, by using artificial intelligence, companies in the media and entertainment industry will be able to quickly create new ads and movie trailers. Additionally, this will help in streamlining pre- and post-production processes, making all steps more cohesive and less resource consuming.

Analyzing large data sets is one of the biggest problems affecting the business outcomes of entertainment companies today. Talk to our analytics experts to know how to stay ahead of the curve with the help of analytics solutions.

Influence of virtual and augmented reality

Virtual and augmented reality is one of the entertainment industry trends that is already captivating the attention of consumers. Virtual and augmented reality has made it possible for consumers to interact with brands. For example, on registering with many applications, users get points that can be redeemed in the next subscription cycle. This also helps in improving consumer engagement and boosts the commercial success of companies in the entertainment industry.

At Quantzig, we understand various challenges that media and entertainment companies face in analyzing the feasibility of analytics solutions for their business. Our analytics solutions are tailor-made to suit the requirements of each business. Gain limited time complimentary access to our analytics platform now to explore new opportunities.

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Booming blockchain technology

This is one of the trends that can radically change the entertainment industry. Blockchain is one of the emerging entertainment industry trends because it can help companies that are financially robbed by distributors and labels. With the help of blockchain technology middlemen can be removed from the distribution channel and can offer a more equitable system for creators, producers as well as consumers. Furthermore, it can help in bringing in decentralization and efficiency to the entertainment landscape.

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Behavioral Segmentation: A Five-Minute Guide to go from Novice to An Expert

What is behavioral segmentation?

Behavioral segmentation is defined as the process of dividing the total market into smaller homogeneous groups based on customer buying behavior. This approach of market segmentation focuses more on the distinct actions of customers with regard to the product or service and less on the identity of customers. Behavioral segmentation allows you to categorize your existing and potential customers into smaller segments based on their purchase behavior. The main objective of behavioral segmentation is to identify niches and address their needs that are believed to be similar. This helps marketers to develop marketing strategies for every individual segment and create products to cater to their needs.

Market segmentation can help you analyze various customer groups and gain a competitive edge. Get in touch with our experts to know more.

Why is behavioral segmentation important?

With the competition getting fierce every day, companies are striving to win dynamic markets by designing and producing personalized products to serve the needs of their customers. Every consumer is unique, and this uniqueness is somehow based on their backgrounds and needs. This is the reason why they develop different habits in terms of buying specific products. Therefore, it becomes important for companies to aim at serving their customers based on their buying behaviors. This is where behavioral segmentation comes into the picture. One of the most important reasons why behavioral segmentation is important is because different individuals have different preferences and with this approach, businesses can yield higher profits than approaching different groups with the same marketing strategy.

BEHAVIORAL SEGMENTATION

Behavioral segmentation methods

Purchasing Behavior

This is one of the best behavioral segmentation methods that help to identify trends in customers behavior during the process of purchase decision-making. Analyzing the purchasing behavior of the customers can help in understanding how different individual approach the purchase decision, the barriers they face in the purchasing process. Also, by analyzing these entities and the relation between them, businesses can determine the moments in which customers are most likely to make a purchase.

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Occasion or Timing

Based on timings and occasions, the propensity of consumers to make purchases fluctuates. There are many customers who buy on specific occasions while there are others who buy on regular personal occasions and then there are a few who buy on rare personal occasions. Understanding when a group of similar customers is highly likely to make a purchase can help companies tailor their offers and maximize their profits. Also, it is considered to be one of the most beneficial behavioral segmentation strategies for businesses in terms of gaining customer loyalty.

Usage Rate

It is very important for businesses to know how often a customer uses your product or service. This can help companies in tailoring marketing initiatives and offer every individual a personalized customer experience. With the help of this behavioral segmentation method, businesses can easily identify their most reliable customers who provide them with a bulk of consumer-generated revenue. Also, it can help in targeting such customers who make purchases regularly but not at frequent intervals. This component of behavioral segmentation also helps in identifying customers who don’t make purchases unless some discounts are offered by the company.

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Customer Profiling: Frequently Asked Questions (FAQs)

What is Customer Profiling?

Customer profiling is the method of analyzing the characteristics of the ideal customer based on different attributes. Businesses use the tool of customer profiling to understand their potential customers and make better decisions. Customer profiling methods Revolve around grouping similar customer profiles based on their geography, demography, behavior and psychological characteristics. Customer profiling helps businesses to design customized campaigns for potential customers to improve their experience and boost loyalty. This also helps in enhancing marketing effectiveness and efficiency of a business. Psychological profiling of customers can help companies to identify the right prospects and offer them the required services to make them feel cared, engaged, and valued.

Are you finding it difficult to predict and analyze the behaviors of your customers? Customer analytics solutions can help. Get in touch with our experts right away!

Steps to Customer Profiling

Step #1. Understand your products and services

The most important step in creating an ideal customer profile is to have a proper and complete understanding of your own services, products, services, and organizational goals. It is essential for businesses to understand their customers and how they relate to the packaging and development of their products and services. The way your services and products are positioned to influence the type of consumers that use them and must be monitored accordingly. This also ensures that your services and products are of the highest value to your customers. This analysis also helps in understanding the change in the behavior of customers over a period of time.

Step #2. Ask your customers for feedbacks

For accurate customer profiling, it is important to survey your audience regularly and get their feedback on your offerings. Also, the customer survey can help you assess their perception of your brand. Although it is very difficult to get your customers to take part in such surveys, it is not impossible to do so. Businesses can offer some incentives, for participation, to their customers in the form of discounts on their next purchase. Also, you should ensure the survey is enjoyable and not boring for the customers.

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Step #3. Identify the customer based on different attributes

Customer profiling helps in finding targeted customers. For this, businesses need to identify their customers at a deeper level by digging into their behavioral interests, psychological response, demography, geography, and much more. The more is the information available about your customers, the more accurate you can be at winning your customers despite the intense competition in the marketplace. Businesses need to leverage customer analytics solutions to understand and profile their customers efficiently.

Step #4. Keep your customer profiles up to date

Consistency is the key! Only gathering required information about customers is not just enough for businesses to gain an edge over the competitors, they need to keep the information up to date as well. The customer profile template that you feed in your database should be the same for all customers so that updating information becomes easy and error free. To analyze areas like demographics, interests, behaviors and psychographics a customer profile template is considered ideal and necessary.

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Why Customer Profiling is Important?

Customer profiling helps companies to focus their marketing efforts efficiently by understanding the context of consumption patterns and similar product association. Also, it helps them to understand the expectations of customers that can further help in serving customers with better products and services.
Customer profile helps businesses to communicate with the right people at the right time. This helps them to drive the desired results from sales and campaign. Also, this insight helps in nurturing the potential prospects through the buying process. Customer profiling is considered to be very important for businesses looking to boost their response rates.
Customer profiling helps in personalizing communications with customers By creating a customer profile, companies can easily understand high-potential customers. This further helps in reaching them with customized campaigns and messages.
Customer profiling can also help businesses to improve customer acquisition. It can not only help them identify their potential customers but also offers insights into customer segments with similar characteristics. Such prospects will always have a higher propensity to show interest in your product or service offerings.

Customer Profile Template

#1. Broad Description of One of Your Ideal Buyers

Buyers’ persona
Demographic details
Web purchase behavior
Product preferences
Preference for communication

#2. Identify their end-goal wants & needs

What are the offerings (services and products) that your clients really care about?

#3. Identify where your customer frequents

What sites do they prefer?
What search terms do they use?

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How to Improve Your Profitability and Supply Chain Network with Demand Analysis?

Today’s business environment is highly competitive due to which leading business players find it challenging to sustain profitability and constant growth. With the advancements in technology, life cycles of products and services have shortened, customer demands have aggravated, new competitors have emerged, and new business models have brought in major transformations. This has created constant instability in the market due to which it has become crucial for businesses to analyze the market demand. Wonder how demand analysis can help you tackle these challenges?

For a proper demand analysis, it is important for companies to understand their customers, the buying behaviors and most importantly the capabilities of the company to serve the demand. This understanding can further help in identifying customer needs and market opportunities. Additionally, demand analysis has the potential to help companies in uncovering brand value, supply chain capacity and deal with existing business regulations.

We, at Quantzig, understand the difference that demand analysis and demand management can create for any business. And to help businesses to stay ahead of the competitive curve, our team of experts has come up with a detailed guide on-demand analysis. Also, they have examined the objectives of demand analysis and how it can play a key role in improving the efficiency across the supply chain, business decisions, product pricing, product development, and planning.

To gain a competitive edge in today’s competitive marketplace, it is highly essential to adopt a data-driven approach and analyze market trends through demand forecasting and customer analysis. Wondering where to start? Get in touch with us right now.

What is Demand Analysis?

For any organization, demand is a crucial aspect that defines business success. Demand analysis is the process that helps companies to make better decisions regarding cost allocation, product development, product planning, and production capacity. Thus, the process of demand analysis is important for companies to understand the demand for their products or services in the market and maintain the inventory accordingly. Also, there is a possibility that sometimes production may exceed the demand and demand analysis helps to uncover such instances. Consequently, companies can adopt other ways to create new demand in the market.

What are the Objectives of Demand Analysis?

#1. Forecast market necessity

If you want to know about the kind of product or services needed in the market you are targeting, demand analysis is the approach to follow. With demand and supply analysis, companies can easily identify the products or services performing well in the market and driving maximum value beforehand. However, companies also need to analyze customer behavior and preferences before launching any new product or service.

#2. Sales forecast

Sales estimation forms an integral part of product development and planning. But to forecast sales, demand analysis and demand planning is the approach that helps. Companies can ensure their success if demand analysis of a product or service is done prior to its launch. Also, this can make it easier for companies to decide on the type and quantity of services or products to be launched.

A data-driven approach to demand management can help organizations in inventory optimizations and consolidate supplier base to reduce the cost of operations. Request a FREE proposal to know more!

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#3. Determining price

Price is one of the main factors that affect demand. So, demand analysis is crucial for determining the price of a product or service. Different customers have different requirements. Some prefer luxurious products while others prefer only the products which are necessary. Therefore, it is important for any company to leverage demand and supply analysis prior to determining the price of a product or a service.

#4. Maximize profit

Companies before defining the profit margins for their products or services, need to analyze demand. This helps in ranking them in the order of priority and prevents the interference of government regulations. The categorization of goods and services can be efficiently by following the approach of demand analysis.

#5. Firm size determination

Demand forecasting and analysis help companies to select the right size of a firm for their business. Large size firms have different requirements than small size firms. The former is suitable if there are chances of the demand for a particular product to increase in the future while the small size firms are suitable if you are targeting a niche market. The size of the firm is directly proportional to the demands of the consumers. Therefore, demand analysis is extremely crucial for businesses to make decisions in such cases.

#6. Deciding the success and failure of businesses

Demand analysis is the direct method to analyze the success and failure of any business. Companies to succeed in the competitive marketplace, need to analyze their customers and forecast the customer demand in advance. If any business delivers exactly what is needed by the customers, it is highly likely that it will succeed while the companies that fail to do a proper demand analysis tend to taste the failure.

#7. Financial arrangements

Financial arrangement is important to run any business. So, demand analysis helps in deciding the financial arrangements according to the market demands and customer requirements. Also, this helps in ensuring the liquidity within the organization and facilitates a proper demand management process.

#8. Strategic planning of supply chain

To minimize costs associated with supply chain processes, it is essential that the business strategy synchronizes with a tactical supply chain plan. This can be done by following a proper demand analysis process. Consequently, the company’s profit can be increased, and the value of the shareholder will be enhanced.

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Benefits of Demand Analysis

Sales forecasting
Demand manipulation
Demand planning
Product improvement
Improve pricing policy
Enhance market share

How can our analytics solutions help?

Global growth of organizations has resulted in complex business operations and reduced supply chain visibility. Consequently, organizations, in order to, overcome stressful global business environment and stay ahead of the curve, need to improve the efficiency of their operations across the supply chain. Our analytics solutions help organizations to deal with these challenges and offer them actionable insights into market trends through proper demand analysis, demand forecasting and demand planning model on real-time dashboards. Also, we offer our clients with the right frameworks to identify key performing metrics in the market which facilitates quicker decision making and better customer service.

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A Holistic Guide to Customer Relationship Management

What is customer relationship management?

Customer relationship management comprises strategies, practices, and technologies that companies use to manage and analyze customer interactions and data throughout the lifecycle of a customer, with the goal of improving customer retention, enhancing customer service relationships, and driving sales growth. A CRM system aids companies stay connected to their customers, streamline processes, and increase profitability. Also, CRM systems help organizations in sales management, productivity, and contact management. Furthermore, a customer relationship management strategy focuses on the relationship of an organization with service users, suppliers, colleagues and customers throughout its lifecycle with them. CRM system assembles customer data across different channels, or points of contact between the customer and the company through telephone, company’s website, direct mail, live chat, social media, and marketing materials.

Are you facing challenges in choosing customer relationship management tools or migrating from your existing software? Get in touch with our experts to know how our analytics solutions can help.

Benefits of customer relationship management

Benefit #1: Enhances customer service

Customer relationship management process provides businesses with several strategic benefits. One of such is the capability to add personalization to existing relationships with the customers. For businesses, it is possible to serve each client individually rather than as a group, by maintaining a repository on each customer’s profiles. Customer relationship management tools allow each employee to analyze the specific needs of their customers as well as their transaction file. The organization can occasionally adjust the level of service offered to reflect the importance or status of the customer. This can result in better customer service and can decrease customer agitation and builds on their loyalty to the business.

Benefit #2: Encourages discovery of new customers

Customer relationship management tools help in identifying potential customers. They enable companies to keep a track of the existing clientele profiles and can use them to identify potential customers for maximum clientage returns. Addition of new customers to any business indicates the growth of that business. However, retaining customers is more than adding new prospects and a robust customer relationship management process helps here.

Benefit #3: Boosts customer revenues

Customer relationship management strategy ensures the effective coordination of marketing campaigns. It facilitates the filtering of the data and ensures the promotions target the right customers at the right time. Businesses can also use the data derived from customer relationship management tools to introduce loyalty programs that promote a higher customer retention ratio.

Benefit #4: Enhances effective cross-selling and up-selling of products

With customer relationship management, both cross and up-selling can be made easier. Apart from serving customers with the best offers quickly, these two forms of selling help employees in gaining a better understanding of their customer’s needs. With time, they can always anticipate related purchases from their customer.

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Benefit #5: Simplifies the sales and marketing processes

A CRM system facilitates the development of better and effective communication channels. Technological integrations like websites and interactive voice response systems can make work easier for the sales representatives as well as the organization. Consequently, businesses with a CRM have a chance to provide their customers with various ways of communication. Such strategies ensure appropriate delivery of communication and quick response to inquiries and feedback from customers.

Five Simple Steps to Get Better Results with CRM System

Step 1: Collect and store data

The first step in creating an effective customer relationship management system is to collect and store all the information you can get about every customer in your CRM system. So, you need to find out what industry they are in, their geographic data, why they chose your company, products, and services, demographic data. Eventually, you will have enough data to build better profiles of your customer. This will further help in creating targeted advertising to bring in more customers that meet your existing profile.

Step 2: Build a communication timeline

The second step is to determine the best frequency and order of communications with new prospects. Now you need to move on to hints on how to get the best from your product and service to begin building customer loyalty and relationships. Furthermore, you need to introduce your customers to complementary or add-on products they may have a need for. This cycle can be repeated so that most communications can add value to the customer and customer relationship.

Step 3: Analyze sales data

The next step in creating an effective customer relationship management strategy is to look at your most profitable and top spending customers. This way you can create more focused campaigns to reach out to them. Also, you need to speak to your existing customers and ask them to provide brief testimonials to draft a customer case study. This way you can show prospects how you have helped your customers facing similar predicaments.

Step 4: Make the data easily accessible in the field

Your salespeople need to know the status of issues, orders, and payments due so that they can act accordingly. Your engineering staff can use the data to create a history of issues and activities on customer sites that may aid them to fix current problems faster. If you provide links to field data, it makes you improve your customer responsiveness and help in building effective customer relationship management system.

Step 5: Personalize your communications

Personalization is the key to establish an effective customer relationship management. You can do this by using recent history collected in your customer relationship management database and showing your customers that you know what is happening to an individual customer. This can help you stay on the top of any issues proactively.

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Weekly Round-Up: A Storyboard on The Benefits of Customer Analytics Solutions

LONDON: Quantzig, a leading analytics services provider, has announced the release of their latest storyboard on the benefits of customer analytics solutions and how it can help businesses in making precise recommendations based on customers’ purchase propensity. In the rapidly changing market scenario, customers are more empowered and connected than ever as they have access to information anytime, anywhere. This makes it essential for businesses to predict and analyze customer behavior to stay ahead in the competition.

By leveraging customer analytics solutions, companies can gain a better understanding of customers’ lifestyle preferences and buying habits. Doing customer analysis can help companies in precise predictions of future buying behaviors. Furthermore, this can aid in delivering relevant offers that retain rather than alienate customers. This drives continuous business excellence.

Customer analytics is the key to increase customer loyalty, response rates, and ultimately, ROI by communicating with the right customers with relevant offers.

Quantzig’s analytics solutions have helped more than 55 Fortune 500 companies to glean customer insight to improve revenues and drive sales through growth, acquisition, and retention. Below, we have rounded up some of Quantzig’s recent success stories for this week and have also highlighted ways in which customer analytics solutions have helped businesses to identify and curate high-value customers to develop marketing strategies and initiatives to maximize ROI.

#1. Customer analytics solutions reduced customer churn rate by 40%: Identifying and retaining profitable customers groups is a daunting task for every business. Are you facing the same? Customer analytics solutions can help as it helped one of Quantzig’s clients. It can help companies to quantitatively identify customers with the highest potential for retention. This, in turn, can improve the decision-making process.

Data to Dollars: How Quantzig’s Customer Analytics Solution Helped Improve a Company’s Bottom Line

#2. How customer analytics can help B2B companies? Companies that use customer analytics systematically outpace their competitors in terms of profits almost twice as often as companies that do not. Customer analytics solutions have the potential to unveil the actions of the customers and make them easier to understand for B2B business leaders.

#3. Customer analytics solutions enhanced customer satisfaction by 5x: Today customers are empowered and well informed and businesses struggle a lot in offering complete customer satisfaction. Are you finding it difficult too? If yes, then you must go through our latest success story where the client was facing the same issue and approached Quantzig to leverage its customer analytics solutions. This proved to be very helpful in exploiting customer data for actionable insights and paved a way for the development of right approaches that resulted in increasing customer experience and satisfaction by 5x.

US Banking Services Provider Witnessed a 5x Increase in Customer Satisfaction – Quantzig’s Customer Analytics Engagement

#4. How is customer analytics a kingpin for businesses? Customer analytics solutions are the golden keys that can be very beneficial for companies in knowing their customers better and at a more granular level. By gaining insights from customer analysis, companies can do effective customer segmentation and can understand customer lifecycle and predict customer behavior in a much better way.

Is Customer Analytics the New Kingpin for Banking Services Companies?

#5. Customer analytics solutions paved the way for targeted customer retention strategies: Offering personalized services to customers is a real challenge in today’s competitive landscape. Don’t you agree? But leveraging customer analytics solutions can make a difference. This is clearly evident in Quantzig’s latest success story where the client managed to analyze and ascertain customer views and preferences for the lifestyle brand. Furthermore, this proved to be helpful in developing targeted customer retention strategies.

Enhancing Customer Loyalty for a Leading Lifestyle Brand – A Customer Analytics Case Study

#6. Which customer analytics tools can boost your business growth significantly? Identifying high-value customers, and proactively interacting with them in the best manner possible are the two most essential components behind the success of any business in today’s competitive environment. But how to do that. Customer analytics tools are the keys. But for optimum results it is important that you use appropriate customer analysis tool otherwise the insight drawn may lack accuracy.

Top Customer Analytics Tools That Every Manager Must Consider

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#7. Customer analytics solutions improved profit by 60% and customer retention rates by 5%: If you are looking for ways to calculate customer lifetime value then customer analytics solutions can certainly help. Customer analytics solutions can help companies to develop a precise customer lifetime value model which can help in boosting customer experience. Furthermore, it can balance out the business plan and counterpoise the unavoidable cost factors that form an inexorable part of a business.

How a Digital Advertising Agency Improved Customer Retention Rates by 5% – A Customer Analytics Case Study by Quantzig

#8. Customer analytics solutions enabled effective implementation of customer segmentation models: Personalized customer experience is a proven methodology for businesses to improve sales and customer retention, but this is difficult to achieve without the implementation of appropriate customer segmentation models. This is where leveraging customer analytics solutions can help. By identifying and analyzing customer present and future buying decisions, companies can effectively segregate their customers and implement the marketing strategies for obtaining maximum profit.

Customer Segmentation in the Gluten Free Diet Foods Segment: A Customer Analytics Case Study by Quantzig

#9. Customer analytics solutions uncovered market infill opportunities: Deriving meaningful insights from vast customer datasets is one of the most onerous tasks for the businesses to perform. We understand the challenge involved and helped one of our clients facing the same problem. Customer analytics solutions can assist companies in expanding beyond their traditional market segments and unveil market infill opportunities in segments which were considered to be saturated previously.

How a Leading Food Retail Player Uncovered Market Infill Opportunities Using Quantzig’s Customer Analytics

#10. Customer analytics solutions saved over us$ 20 million in sales opportunities: Strategic customer analytics solutions can empower businesses to decrease attrition. Wonder how? By precisely predicting customers that are most likely to churn and then developing the right proactive campaigns to retain them. One of Quantzig’s clients adopted the same approach and developed an interactive dashboard that enabled constant monitoring of customer churn rates and the success of customer retention campaigns.

Customer Analytics Engagement: How A Leading Heavy Equipment Manufacturer Saved Over US$ 20 Million In Sales Opportunities Via Prevention of Customer Churn

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Why Should Your Business Calculate Customer Lifetime Value?

Customer delight, customer satisfaction, user experience, and customer relationship have been the focus of every marketer in this new age. But why are marketers so obsessed with those terms instead of capturing new customers? For starters, it is predicted that it is many times more expensive to get a new customer than to retain the existing ones. Then, there is also the fact that these customers do not generate revenues for one purchase. They generate revenues over their lifetime as long as they are with the brand. Calculate a $20 revenue every month for 20 years, and the figure suddenly looks gigantic. However, calculating customer lifetime value is not an easy task as it all depends on factors such as expected churn rate, discounted rate, and profit margin per customer. Many organizations still go through the pain of making all such calculations to estimate customer lifetime value (CLV). So why is calculating customer lifetime value so important?

Generate ROI on customer acquisition

Calculating customer lifetime value gives you insights on your most profitable customers. It helps companies redirect their marketing budgets to channels, which boost the lifetime value of a customer rather than gross profit on the initial purchase. As a result, companies are looking to maximize customer value against the cost of acquiring them. Focusing on CLV will dynamically change the economics of an acquisition strategy. It frees up the budget from acquiring unprofitable customers, which can be used to acquire profitable long-term customers.

Create effective messages and targeting

A thorough CLV analysis paves way for effective customer segmentation. Segmenting customers based on customer lifetime value can increase the relevance of your marketing communications, which, in turn, brings about a higher degree of personalization. Also, a company can gain insights into what category of product each particular segment of customers prefers.

Define business objectives and metrics

Calculating customer lifetime value is very important to create a benchmark for future growth and expansion. It is also an excellent metric to determine the worth of your business. It can, therefore, help businesses define growth, turnover, future sales, and net profit. Additionally, the CLV computations can be tweaked to figure out lifetime gross margins and costs based on the average order value. Also, other KPIs such as acquisition cost, growth in average shopper value, churn rate and repeat purchase growth can be balanced with CLV computation.

Enhance retention marketing strategy

Evaluating the causes of a marketing campaign is a pretty dicey thing. Mostly marketers commit the mistake of factoring in the instant revenue of a marketing campaign to calculate ROI of the campaign. However, it does not value the subsequent revenues bought by the customer along the way. One good way to assess marketing campaigns is the impact it made on the average CLV of the customer segment you were targeting. Consequently, it aligns the marketing department focus to improve customer retention.

Cross-selling and up-selling opportunities

CLV calculation provides a business with deeper insights into customer behavior. Based on the individual pattern of buying, businesses can accurately cross-sell and up-sell the right product to the right customer. Such opportunities directly increase the revenue base of the company.

To know more about the importance of calculating customer lifetime value:

Going the Miles to Strive For Customer Loyalty in the Airlines Industry

The globalization phenomena have sparked the sheer volume of international travel. People are opting for transportation modes which drastically reduce travel time. As a result, air travel is gaining preference and popularity over rail, road, and sea routes. However, after the global economic crisis in 2008, the airline industry suffered huge losses for which it had to undergo an immense transformation. The airline industry has soon realized that customer loyalty is quintessential to keep its revenues on track. Here are some of the tactics used by the airline industry to improve customer loyalty:

Personalization

The airline industry strives to provide its customers with a more personalized experience. They rely heavily on technology and data to learn more about their customers. For instance, if you visit an airline’s website and purchase a ticket to Amsterdam, but forgo a rental car and hotel to stay with your friends to take part in Tomorrowland. In the background, the airline company has acquired quite a lot of information on your travel preferences and thus knows if you like to travel alone and whether in the economy or first class and what kind of seats you prefer. Since the passenger opted out of car rental, next time it can just skip it and offer travel discounts instead.

Premium economy air cabins

Today, flying is more than just getting from point A to point B, it’s sometimes more of an experience. So depending on the experience you had, you would decide whether to continue with the same airline or choose a different carrier. Leading airlines are adding few perks to their economy class by introducing premium economy and providing comfortable seating, which includes large armrests, 19-inch wide seats, footrests, and more shoulder space. It is no wonder that premium economy is the fastest growing cabin sector. In order to boost customer loyalty, Scandinavian Airlines is investing to find out how to enhance passenger sleep and reduce jet lag. The airlines has included breathable wool in its seating, built-in features that mimic sunrise and sunset, and LED-based mood lighting.

Reward programs

Reward programs like frequent flyer are nothing new in the airline industry when it comes to boosting customer loyalty. The concept of the rewards program is relatively still the same, however, many airlines are restructuring their frequent flyer programs based on revenue instead of the number of miles they have traveled. For instance, in the year 2012, United Airlines sold $5.1 billion in frequent flier and $25.8 billion in airfare revenue. Additionally, to build customer loyalty, airlines have partnered with credit card companies to provide new offers. The credit card company then bundles airline services with complementary services including hotels, restaurants, and entertainment.

Using customer feedbacks

What’s one of the best ways to ensure customer loyalty? It’s taking customer feedbacks seriously and incorporating them. Nothing delights the customer more than the knowledge that their suggestions have been taken into consideration. Flight delays are one of the major pain points for the customers, and Aeromexico is taking a proactive approach to improving their service by obtaining customer survey result in response to a delayed flight. So if a delay were to occur, an Aeromexico staff member will approach the passenger, apologize for the delay, state the reason, and inform the revised departure time to the passenger. After that, the customer is asked to complete an online survey on the clarity of communication between the staff and the customer, which helps the company to address any areas of concern.

To know more about how to improve customer loyalty in the airline industry:

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Steps to Conduct Customer Profile Analysis

Analyze the problem your business is facing

Dig deeper and analyze customer demographics

Conduct customer surveys to gain valuable insights

Digital Media Industry Trends 2020

Changing demographics

Paradigm shift in consumer expectations and behavior

Technology trends

Entertainment Industry Trends 2020

Growing popularity of artificial intelligence

Influence of virtual and augmented reality

Booming blockchain technology

What is behavioral segmentation?

Why is behavioral segmentation important?

Behavioral segmentation methods

Purchasing Behavior

Occasion or Timing

Usage Rate

What is Customer Profiling?

Steps to Customer Profiling

Step #1. Understand your products and services

Step #2. Ask your customers for feedbacks

Step #3. Identify the customer based on different attributes

Step #4. Keep your customer profiles up to date

Why Customer Profiling is Important?

Customer Profile Template

#1. Broad Description of One of Your Ideal Buyers

#2. Identify their end-goal wants & needs

#3. Identify where your customer frequents

What is Demand Analysis?

What are the Objectives of Demand Analysis?

Benefits of Demand Analysis

What is customer relationship management?

Benefits of customer relationship management

Benefit #1: Enhances customer service

Benefit #2: Encourages discovery of new customers

Benefit #3: Boosts customer revenues

Benefit #4: Enhances effective cross-selling and up-selling of products

Benefit #5: Simplifies the sales and marketing processes

Five Simple Steps to Get Better Results with CRM System

Generate ROI on customer acquisition

Create effective messages and targeting

Define business objectives and metrics

Enhance retention marketing strategy

Cross-selling and up-selling opportunities

Personalization

Premium economy air cabins

Reward programs

Using customer feedbacks

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