Tag: Customer analytics

customer segmentation analysis

Designing a New Product Launch Strategy with the Help Customer Segmentation Analysis – A Case Study by Quantzig

The client is a tech giant based out of Canada. With years of expertise and specialization in the smartphone segment, the client wished to assess customer perceptions through a customer segmentation strategy, prior to the launch of their new product.

The Business Challenge

It’s no secret that for businesses today, a few customers are more valuable than the others. But to truly understand the customer and succeed in the long run, it’s essential to distinguish these differences and devise customized approaches that satisfy the needs of different customer groups. Today, as tech giants all over the world compete to drive customer loyalty and improve profitability, what differs is how well each of them comprehends their customers buying preferences and how they leverage this information to influence their behavior.

Customer segmentation analysis turns out to be the key to building that understanding. Through customer segmentation analysis businesses can not only gain detailed insights into various customer groups but can leverage such insights to improve customer loyalty and retention. Also, with the proliferation of marketing platforms available today, customer segmentation is more of a necessity for those who wish to grow sales, reduce attrition, and increase profitability.

Contact our customer analytics experts to know how we can help your business grow using targeted customer segmentation analysis solutions.

The client, a leading tech giant was planning a new product launch strategy with respect to the 5G spectrum and its related opportunities in Canada. Prior to this launch, the client methodically wanted to understand their brand’s perception and how they could leverage new technologies to understand customer sweet spots that are specific to 5G and the foldable screen technology.

Top Challenges Faced by the Client

The three-fold challenges faced by the client included:

Problem Statement 1

The client needed to adopt a sophisticated approach to understand the behaviors of their existing and potential customer base.

Problem Statement 2

Though the new product launch strategy looked promising, the client had to gain in-depth insights into customer needs and preferences. Also, they wanted to develop a customer segmentation strategy to maximize the performance of all customer segments.

Problem Statement 3

The client also needed to optimize marketing strategies and engage customers through the right channel. This was a major predicament as it required the client to devise a long-term, holistic approach encompassing enterprise-level capabilities, technology, analytics, and customer data management skills.

Solution Offered and Value Delivered

To gain the desired insights and to support the information needs of the client, our customer segmentation analysis experts at Quantzig adopted a comprehensive three-pronged approach.

Phase 1: Understanding customers

The initial phase of this customer segmentation analysis engagement focused on analyzing the different customer behaviors and their preferences, in order to divide them into different groups based on their behavior and preferences.

Phase 2: Analyzing brand perception

The second phase of this customer segmentation analysis engagement revolved around analyzing the customer’ brand perception and their

Phase 3: Aligning marketing communications with a new customer segmentation strategy

The primary objective of this customer segmentation analysis engagement was to develop a new customer segmentation strategy to analyze different customer groups and offer tailored solutions to meet their needs. The customer segmentation analysis solutions not only offered a snapshot of the current value of their customers but also helped them predict the future value of a customer.

Customer Segmentation Analysis Steps 

customer segmentation analysis

Customer Segmentation Made Easy with Quantzig's Customer Segmentation Analysis Solutions

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By acquiring deeper insights around their customers, the client was better positioned to develop tailored marketing strategies that aligned to their customer behaviors and preferences. Also, by leveraging customer segmentation analysis solutions in conjunction with behavioral models the client successfully gauged the impact of segmentation over a longer horizon, along with the time it took to influence customer behaviors and drive meaningful results.

The customer segmentation analysis solution also enabled the client to:

  • Effectively deploy marketing dollars to maximize ROI from the most profitable customer segments.
  • Leverage a more cost-effective marketing approach through tailored strategies, aimed at increasing sales, improving cross-shopping, and driving profits.
  • Gauge the effectiveness of marketing campaigns by determining which offers and channels drive the best performance for each customer segment.

What is customer segmentation analysis?

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Customer Experience Analytics

Customer Experience Analytics in the Telecom Sector: Why it Matters?

Business Challenge

Today, telecommunications service providers across the globe are facing very low customer satisfaction levels and high attrition rates. The magnitude of these challenges have increased as the use of multiple communication channels has become a standard business practice. Owing to the proliferation of technology, customers today are accustomed to switching between channels and expect a personal and consistent level of service throughout their journey. Customers can use human touchpoints, such as kiosks, online customer support services, or use self-service touchpoints such as interactive voice response (IVR), and applications. This expectation requires your organization to adopt a more holistic, customer-centric approach to meet their demands and streamline business processes.

The client, a well-established telecom service provider based out of the United States, faced several such predicaments due to their inability to track and monitor customer journeys. The company owns several brands and supports its customers with more than 30 contact centers and 30,000 agents worldwide. The client faced many challenges, starting with very low first call resolution (FCR), very high transfer rates, low digital channel containment, and very low IVR containment, which caused high dissatisfaction and attrition rate. These low key performance indicators were a direct result of the lack of visibility to the complete customer journey, encompassing all touchpoints.

Customer experience analytics can help you enhance customer experience and improve brand affinity. Request a FREE demo for detailed insights.

The client was looking at leveraging customer experience analytics to understand the comprehensive multichannel journey of its customers. Through this engagement they also wanted to find answers to the following questions related to customer experience journey:

  • How many channels are your customers using?
  • How many customers contacted you through a single channel?
  • How many customer journeys are there in a month?

The client chose to leverage Quantzig’s customer experience analytics solutions to address these challenges and bring about considerable changes by effectively tracking customer experience metrics. We adopted a comprehensive approach to helping the client improve the customer engagement process across multiple touchpoints.

Unravel the benefits of offering the ultimate customer experience with customer experience analytics

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Solutions Offered and Value Delivered

Quantzig’s customer experience analytics experts adopted a holistic approach that revolved around the application of progressive customer experience analytics to the client’s considerable database of transactional, behavioral, product, and demographic data. This helped the client to proactively address customer concerns and reduce customer churn by analyzing customer journeys and identifying reasons for customer churn.

Our customer experience analytics experts also created an interactive dashboard to ensure that the client’s sales and marketing teams have easy access to the insights generated from customer journeys. The client now has a better understanding of its diverse customer segments. In addition, the devised customer experience management framework helped them improve customer targeting by offering deeper insights into the impact of their offerings. This has enabled the creation of a new customer experience strategy that aims at customizing their marketing initiatives to suit the needs of their customers. As a result, market penetration and presence have expanded and the client predicts a better return on investment from their marketing campaigns.

Do your client’s feel they’ve been let down at some point of interaction with your brand? Put an end to this with our customer experience analytics solutions.

Get in touch with our customer experience analytics experts now!

The insights obtained from this customer experience analytics engagement also enabled the client to:

  • Understand customers through real-time analytics
  • Increase average revenue per user (ARPU)
  • Enhance customer service and manage customer expectations to keep consumption high and cost of support low

How do you improve customer experience?

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customer experience analytics

Tips to Improve Customer Retention Using Real-Time Customer Experience Analytics

What is customer experience analytics?

The analytical approach to understanding and examining customer feedbacks by leveraging the use of structured datasets related to the buying patterns and demographics of customers is known as customer experience analytics. Customer experience analytics takes into account factors that drive customer sentiments and satisfaction and combine it with performance metrics to measure the success of customer experience management programs. Smart routing, filtering, and front-line response capabilities form a part of customer experience analytics that empowers companies to engage with customers effectively and connect with them personally. Customer experience analytics acts as a silver bullet in today’s competitive marketplace where companies are competing for market share, customer acquisition, and customer retention. 

Our customized customer experience analytics solutions help companies to predict future buying behaviours of customers to deliver relevant offers that attract them. Request a FREE demo right away to gain better insights.

Benefits of customer experience analytics

#1: Helps in offering personalized services

Today’s digitally empowered customers don’t just want any service that caters to their need. They look for websites and services that are personalized and can recognize their preferences and interests and save their time, without them even realizing it. This is not just true about specific customer segments but for individual customer experience too. Businesses can devise a powerful customer experience strategy by measuring customer experience metrics through customer experience analytics dashboards in real-time. Such analytics dashboards offer tangible benefits to businesses and boost customer retention dramatically.

#2: Helps improve market expansion efforts

Customer experience analytics helps in identifying the factors that are working for the business and factors that are not helping the business in any aspect. If a business fails to identify and analyze such factors, it is highly likely that customers will move to their competitors’ services or website. Analysis of such factors helps you uncover a lot of opportunities and understand the penetration level of your business. Also, it helps to analyze the percentage of your target market that can further help in offering personalized services to improve customer experience.

Quantzig offers strategic analytics services that enable businesses to identify factors responsible for customer churn and develop effective strategies to boost customer retention. Request a FREE proposal to know more about our portfolio of customer analytics services.

#3: Improves response time

Today’s customers are using their voices faster than ever. They hop onto various social media platforms to share their experience good or bad and therefore, having a good customer experience management system has become crucial for businesses. The only way to arm yourself in such a competitive landscape is to use customer experience analytics to improve your response time and proactively fix customer experience issues even before they arise. Customer experience analytics offers actionable insights into customer data that can enhance engagement, experience, and improve sales.

#4: Aids in enhancing the customer journey

Availability of immense data can help companies to improve customer journeys, but only when they have proper customer experience analytics solution in place. Companies who still focus on legacy structures or traditional approaches to serve their customers will not succeed because of their resistance to change. Embracing customer experience analytics is the key to improve your customer’s journey and make them feel valued, cared, and engaged.

School and office accessories on wooden background

Customer Experience Management: Revamping Customer Engagement Effectively

What is Customer Experience Management?

Customer experience management is a concept that deals with the conscious and subconscious perceptions of the customer about a particular brand. Such perceptions are the results of all communications and interactions with that particular brand during the customer life cycle. Customer experience management helps in meeting and fulfilling customers’ demands effectively in real-time. It is an approach that helps in discerning customers’ preferences and delivering them with personalized services. Consequently, this improves customer loyalty, retention, satisfaction, and advocacy. The personalized experiences entice customers to evangelize others about your brand, thereby, acting as a perfect medium for advertising. Additionally, customer experience management helps businesses to extract actionable insights about customers’ behavior from all channels and touchpoints across the organization with precision and speed.

Customer experience management can help companies in predictive analysis and continuous tracking of customer behavior. Want to know how? Get in touch with us now!

Why is Customer Experience Management Important?

Today’s business environment is highly competitive and hyper-connected. Companies to stay ahead of the curve, need to understand their customers and their needs completely to enhance customer service and experience. This is where customer experience management can help. An effective customer experience management can do the following:

  • Reduce costs by lowering customer churn rate
  • Enhance customer loyalty through valued customer service and interactions
  • Boost revenue through word of mouth sales as well as sales from existing customers
  • Strengthen brand image by offering a personalized customer experience
  • Turns new customers into potential and loyal customers
  • Increases customer advocacy
  • Assist in staying ahead of the competition

Challenges Businesses Face in Customer Experience Management

Challenge #1: Creating steady customer experience across all the channels

Today, customers are well informed and have high expectations from the brands. They expect to receive good service levels from different channels and at the same time they desire for a consistent brand value proposition.  But when it comes to channel proliferation, it makes it tough for businesses to ensure such consistency across all channels and this emerges out to be one of the major challenges in customer experience management.

Quantzig helps businesses to quantify and forecast the value of individual customers across various dimensions. Our analytics solutions help companies in identifying and curating high-value customers to develop effective marketing strategies and maximize profitability. Request a FREE proposal to know more about our portfolio of services.

Challenge #2: Integrating brand and channel experiences

Customers demand integrated channel experience, but it is challenging for the businesses to offer due to the hurdles like legacy processes and technology barriers. Also, organizational territorialism acts as a major obstacle for businesses to establish a proper customer experience management system.

Challenge #3: Data collection still in the phase of evolution

Most brands today are collecting data through a method of traditional exchange of giving and take which means brands give their consumers regular information for free like updates on new and existing products and collect valuable personal information. However, this exchange is not ideal, and the model needs to evolve. Companies need to understand the need and demands of every individual customer. They need to use customer data wisely to serve the customers with exactly the same information that they want to know.

Key Steps to Getting Customer Experience Management Right

Step #1: Create and maintain proper customer profile

For establishing an effective customer experience management process, you need to understand your customers completely.  This can be done by creating and maintaining a proper customer profile. Such profiles can help in analyzing and measuring the customer journey and customer lifecycle at every touch point across multiple channels. The complete knowledge about customers paves the way for better service and strengthen the relationships. Companies can use structured and unstructured data to create a customer profile. Furthermore, it can help in adding customer value, behavioral analysis, and propensity scores. Creating a customer profile can help in improving customer experience management in three ways:

  • Suggest ways to improve the customer experience at specific touch points.
  • Understand customer demands and what they expect you to do for them.
  • Facilitates better decision making.

Step #2: Personalize customer service

The next step in improving customer experience management is the personalization of customer service. If you know your customers, you can focus on the context in which the customer operates. The data derived from the customer profile can help in maintaining that focus, provided you keep on enriching the existing data with new sources and information. Consequently, this can help in serving customers with insightful offers, relevant recommendations, and services when the customer is most receptive. You need to keep this in mind that today customers are more powerful, have more choices and presence than ever before. Therefore, providing a relevant, timely and insightful message is important and it can prevent them from getting alienated. Also, this drives brand loyalty and improves brand value.

Want to know how customer analytics solutions can help you improve customer experience management in real-time? Request a FREE demo below.

Step #3: Adopt the approach to deliver the right message at the right time

The third step in customer experience management involves the use of analytics. If you want to serve your customers with the best offers at the right time at each touch point, you need to leverage analytics solutions. Mapping analytics at every specific stage of a customer life cycle can help in delivering the right message to the right place at the right time. Every stage in the customer life cycle is crucial, whether it is the initial consideration, the stage of evaluation, the stage of purchase, or post-purchase. Each stage offers an opportunity to improve customer experience management and to gain more insights into the customer’s journey. Such valuable insights can improve marketing processes and overall business outcome.

How Can Quantzig Help Your Customer Experience Management?

In a rapidly evolving market landscape, customers are more connected and empowered as they have access to information anywhere and anytime. This makes it vital to analyze and forecast customer behavior to stay ahead of the curve. Our customer analytics solutions help businesses get a better understanding of the buying behavior of customers, their lifestyle preferences through real-time dashboards. Precise predictions of customers’ buying behaviors help businesses deliver relevant offers and improve customer experience management. At Quantzig, the consultants and data scientists help companies to build customer analytics capabilities and strengthen vision to discover and drive continuous business excellence.

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IR6

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!

#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.

Want to know more how demand analysis can make a difference to your business? Request a free DEMO now!

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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IR20

A Step-by-Step Guide to Building a User Journey Map

While building a product it is easy to develop a tunnel vision. Companies spend a lot of time thinking about every single process and every little feature running under the hood. But the interface of the user is different for your product. They have no reason to care for your product or service until you show them what it can do for them. Turning first-time users into long-term customers require a very good understanding of what your users want and where are they coming from. This is where user journey maps come into the picture. 

Creating user journey map can help a company to keep its user motivation at the front of the mind, create the best customer experience and get users where they want to go. By using a user journey map, it is convenient for companies to make granular but pivotal tweaks that can help users accomplish their goals faster and easier, come back to do it again, and build habits around your product or service, all from your onboarding user experience. But in order to understand how people actually use your product or service, it is important that you first understand the essence of the whole experience from the perspective of the user and a user journey map can shed light on that.

At Quantzig, we understand the difference that a user journey map can create for any business. And to help companies excel in the competitive landscape, our team of experts has designed a step-by-step guide to building user journey maps that can assist companies to get into the minds of their customer and analyze their pain and needs to provide better customer experience and improve ROI.

Precisely predicting future buying behavior of customers is not an easy task for businesses. Customer journey mapping tools may hold the key to success. Get in touch to know more about the benefits of our customer journey analytics solutions.

What is a User Journey Map?

A user journey map is a timeline of user actions that explains the relationship between your brand and its customers. It is a visualization of the interactions of a user with your product or service from their point of view. Customer journey mapping tools help in creating a timeline of all touchpoints between a customer and your organization. The user journey map helps your company to gain insight into how customers experience your product, based on their unique goals and motivations. Mapping out the experiences of your users enables you to understand several important factors that shape the overall impression they will walk away with.

Steps to Build a User Journey Map

Before creating a user journey map, it is very important that you review the goals of your business or service. This insight can help you align user and business goals.

Step #1: Define the behavioral stage

Your customers might go through different stages while navigating your site and this depends on your business type. These different stages provide a detailed insight into the changing behaviors of the customers. Companies through qualitative and quantitative research will have a fair idea of the process that the customers go through right from the first touchpoint to the eventual process of purchasing and subsequent interactions. This will result in the creation of a useful user journey map.

We understand the challenges companies face in identifying and curating high-value customers to develop marketing strategies to maximize profitability. Our user journey map solution provides best-in-class frameworks to identify factors for customer churn and develop effective strategies that will improve customer retention. Request a free demo below for more insights.

Step #2: Create a user persona

A user journey map is always focused on a user persona who experiences the journey. Therefore, to build a rigid user journey map, it is important that you create a user persona based on the information you have about your target audience. User persona should always be created based on information you have about your target audience. That’s why you should always start with user research. Having solid information about your users will prevent you from making wrong assumptions.

Collect and analyze the available information about your target audience:

  • Interview your potential users
  • Administer contextual inquiry
  • Analyze the user surveys results

Step #3: Define different scenario and user expectations

The scenario explains the situation that the user journey map addresses. It can be both real or anticipated. For a better user journey map, it is also important to define what expectations a user persona has about the interaction.

Step #4: Create a list of touchpoints

Touchpoints are user interactions and actions with the product or business. It is important to examine all major touchpoints and all channels associated with each touchpoint to create an effective user journey map.

Are you facing difficulties in quantifying and forecasting the value of individual users across dimensions such as time, product lines, and segments? Request a free proposal to understand how user journey mapping can help.

Step #5: Consider user intentions

For any business to create an effective user journey map, it is important to understand the factors that motivate the user to interact with their product or service. Additionally, it is also crucial to analyze what solutions are users looking for in a specific product or service. Different user segments will have different reasons and different goals to accomplish.

Step #6: Sketch the journey

Now in this step, you need to put together all the accumulated information and sketch out a user journey map in a step-by-step format. You can start by making a unique and general user journey map. The information you gather allows you to create a timeline of user interactions with your product and brand. This timeline can include things like:

  • Touchpoints of user
  • Benchmark actions and accomplishments
  • Scheduled notifications

Step #7: Validate and refine user journey

User journey map should result in truthful narratives and not fairy tales. Even when a customer journey is based on user research, it’s important to validate it. You need to use the information from usability testing sessions. Customer journey analytics can tell you that your journey resembles a real use case. The last but not the least is to gather and analyze the information about your users regularly to make your user journey map give you optimum results.

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IR33

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.

Empower Your Business with Analytics

Are you wondering how to build an effective customer relationship management strategy? We’d love to help. Request a free proposal now to know more about our portfolio of services.

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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IR23

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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For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Our analytics solutions can empower your business and real-time decision making.

#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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