Tag: Customer analytics

Customer segmentation analytics

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

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

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

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

Business Challenge

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

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

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

Solutions Offered and Value Delivered

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

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

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

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

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

Benefits of Customer Segmentation Analytics

CUSTOMER SEGMENTATION ANALYTICS CS INFOGRAPHIC

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

Customer data management

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

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

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

Tips to Manage Customer Data Effectively

Tip #1: Monitor integrity and relevance of customer data

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

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

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

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

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

Tip #3: Keep customer data secure

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

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

customer segmentation analytics

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

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

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

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

Business Challenge

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

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

Solution Offered and Value Delivered

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

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

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

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

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

Global Pharmaceutical Industry Challenges

PHARMACEUTICAL INDUSTRY

customer analytics

Customer Analytics Engagement: How a leading banking and insurance company witnessed a 2x increase in customer loyalty

The client is a leading banking and insurance company based out of Denmark with a strong presence in more than 15 countries. With the rise in its global customer base, the company was looking at deploying an innovative approach to analyze attributes, journeys and behavior of its customers. Their existing approach failed to successfully engage customers in ways that would help them boost customer loyalty. Therefore, they approached Quantzig to leverage its customer analytics solutions to gain in-depth insights into end-user behaviors.

By leveraging Quantzig’s customer analytics solutions, companies can effectively track and monitor customer journeys and reduce churn. Request a FREE proposal to gain in-depth insights into our advanced analytics solutions.

Business Challenge

A host of different factors such as speed, agility, and access to reliable information are intersecting to subtly change the way the banking and insurance sector will operate in the years to come. Companies in the banking and insurance sector have traditional business models that aim at implementing secure systems. These models are unable to track and analyze customer journeys. This is where customer analytics solutions can help.

Our analytics experts help companies in the banking and insurance sector to reap maximum benefits from a well-segmented and thoroughly analyzed customer database. Get in touch with them right away!

The client, a leading company in the banking and insurance sector in Denmark, found it challenging to identify profitable customer segments, improve customer relationships and win back former customers. The declining customer trust and increasing risks prompted the client to take proper measures to deal with these challenges by leveraging advanced customer analytics solutions and approached Quantzig to help them effectively improve customer loyalty by reducing churn.

Solution Offered and Value Delivered

To help the client tackle their core business challenges, customer analytics experts at Quantzig adopted a comprehensive approach that aimed at gaining a 360-degree view of their customers in the first step. By leveraging Quantzig’s advanced customer analytics solutions, the client was able to identify higher-value customers which, in turn, helped them spend more time building customer loyalty programs to drive bottom-line results. Also, the banking and insurance company was able to identify flight risk customers and factors affecting their decisions.

Quantzig’s customer analytics solutions use powerful predictive models to determine which actions typically precede a lost customer or sale and allow businesses to leverage data discovery to identify factors that affect churn. Request a FREE demo to know more.

Customer analytics solutions also helped the client to:

  • Increase customer loyalty by 2X
  • Identify potential customer segment
  • Better understand customer behaviors

Why choose Quantzig as your next analytics partner?

Quantzig is a leading analytics solutions provider that is well-known for assisting clients across the globe with its advanced analytics solutions. We help organizations across industries to gain data-driven insights and transform themselves into an analytics-driven organization. Our highly skilled team of data scientists, consultants, and analysts can help you analyze datasets in real-time so that you can take appropriate actions and solve critical business issues before it becomes a major crisis. Also, we work in collaboration with our clients to help them identify new opportunities, define robust solutions, and develop cutting-edge visual dashboards.

Customer lifetime value

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

customer lifetime value

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

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

Telecom Service

Business Challenge

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

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

Major challenges faced by the client:

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

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

Solution Offered and Value Delivered

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

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

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

Outcome

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

Our customer lifetime value analysis also empowered the client to:

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

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

telecom industry
Customer Experience Analytics

A Leading European Air Transport Services Provider Leverages Customer Experience Analytics to Improve Customer Experience by 2X | Customer Success Story

The client is a leading European airline company that provides air transportation services for both passengers and freight.

The Business Challenge

We live in a fast-changing world where the evolution of industries continues to accelerate owing to innumerable factors, the airline industry is no exception. With growing competitive pressures, airline industry players have now started facing the brunt in the form of declining profits and shrinking customer base. Though businesses in this sector have adopted several new strategies to bolster their bottom line, we believe its high-time they adopt a data-driven, strategic approach.

Focusing on improving customer experience through customer experience analytics can not only help airline companies build customer loyalty but will eventually witness a direct impact on profit margins. Also, with advanced technologies paving their way into the business world, businesses must consider leveraging advanced customer experience analytics to deliver personalized services and experiences to their customers.

Our client, an airline service provider faced similar challenges that curtailed their efforts to drive customer experiences and boost profitability. Though the client had deployed an in-house customer data warehouse which served as the foundation of their CRM program, they lacked the required analytics capabilities to sift through the datasets to extract meaningful insights. This is when they turned to Quantzig to leverage its customer experience analytics expertise to power their digital transformation efforts.

Customer experience analytics is crucial for businesses to succeed in today’s competitive business scenario.

Request a FREE proposal to learn how analytics is shaping customer experiences across industries. 

To tackle their challenges the client needed to-

  • Identify siloed customer data sets
  • Conduct a deep customer analytics maturity assessment
  • Formulate an analytics-powered strategy to improve customer experience & loyalty
  • Deploy and scale new customer analytics capabilities

Solution Offered and Value Delivered

Quantzig’s customer experience analytics experts adopted a comprehensive approach to helping the client resolve challenges surrounding customer experience management. The three-pronged approach revolved around conducting a process maturity assessment, building a new analytics platform, and scaling up delivery of new analytics capabilities across the CRM system. By helping them connect the customer data warehouse to personalized solutions, we also helped them interact with their customers at every digital touchpoint. Also, turning data to insights helped them optimize customer data and take customer support to the next level with advanced customer experience analytics.

Our portfolio of customer analytics solutions can help you tackle challenges surrounding customer experience management. Get in touch with our customer experience analytics experts today!

Quantzig’s customer experience analytics solutions helped the client to:

  • Develop a blueprint for deploying a customer experience analytics platform
  • Offer better customer experiences and improve operational efficiency
  • Improve customer experience by 2X

What is Customer Experience Analytics?

(more…)

customer analytics

A Canadian Telecom Services Provider Leverages Customer Analytics to Gain In-depth Insights into Factors Affecting Churn

The client is a leading telecom services provider based out of the U.S. To sustain a competitive edge in the global market, the telecom client wanted to gain an accurate read on consumer reviews, assess their consumers’ sentiments, and base their business strategies on reliable and relevant insights. They were also looking at leveraging customer analytics to better understand customer perceptions and improve engagement rates. 

The Business Challenge

Understanding the customer base is crucial for any organization looking to succeed in the long-run and the telecom sector is no exception. Advanced customer analytics solutions play a significant role in offering a holistic view of the global customer base. Analytics can also be successfully leveraged in this space to gain insights on segmentation, churn prediction, geospatial analysis, transaction, and engagement analysis.

Request a FREE proposal to unearth unique ideas for developing highly targeted, engaging campaigns that’ll help you drive revenue and customer satisfaction. 

The rapidly growing customer base and the huge volumes of transaction data entering the system precluded any analysis that adopted traditional methods. To alleviate the problem, the client invested a significant sum in proprietary analysis software when they realized they lacked the right strategies and tools to assess the huge troves of customer data at their disposal. However, despite the investment, they were unable to derive accurate insights that were essential for monitoring and decision making.
Subsequently, the client approached Quantzig with specific issues related to their customers, which was to be unraveled based on their customer data. The key issues included:
• What metrics need to be tracked and monitored to measure customer engagement rates?
• Which of my customers are likely to churn?
• What are the specific indicators for customer churn?
• Which customer segment should my sales team target to build a healthy customer base?
• How to provide better value to my customers to boost engagement rates?

Get in touch with our analytics experts for more insights on customer data analytics and its benefits.

Solution Offered and Value Delivered

Quantzig’s customer analytics experts built a customized solution to meet the client’s requirements by adopting a comprehensive three-pronged approach.

Phase 1:
The initial phase of this customer analytics engagement focused on building a data repository to access the raw customer data in a secure manner and analyze the same, on a periodic basis. The helped the client to draw meaningful insights from their customer datasets by leveraging customer sentiment analysis.

Phase 2:
The second phase of this customer analytics engagement revolved around processing customer data to create multiple features that were specifically engineered for customer analysis. The new features provided a holistic view of the customer throughout the lifecycle of engagement and empowered the client to make smarter customer-centric decisions.

Phase 3:
The third phase of this customer analytics engagement revolved around the creation of customized dashboards. These dashboards enabled the client to analyze customer data and segment customers into homogenous groups based on customer sentiments and their behaviors.

Request a FREE demo to learn how customer analytics can help you drive value by improving engagement rates.

To achieve the desired results our customer analytics experts leveraged data clustering algorithms to segment the customer base into smaller cohorts in order to gain a better understanding of the segment-wise behavior of their customers. Identifying these segments provided a clear picture of the entire customer base and the similarities between individuals. This, in turn, helped our customer to build robust strategies for improving customer engagement through personalized offers and campaigns.
In addition, our customer analytics solutions helped bring about measurable results that included:
• A 15% reduction in customer churn rate
• 35% improvement in customer engagement rate

What is Customer Analytics?

(more…)

Customer data management

3 Ways to Boost Business Expansion Strategies Using Customer Behavior Data

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

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

How to boost business expansion using customer behavior data?

#1: By increasing customer retention

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

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

#2: By improving customer acquisition

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

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

#3: By driving customer growth and expansion

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

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

customer segmentation analytics

Customer Segmentation Analytics Helped a Major Telco to Tap into Distinctive Customer Segments to Boost Loyalty and Sales

A European telecom giant which offers a full range of telecom services wanted to boost ROI and drive sales across regions by improving its visibility among loyal customers. To do so, the telecom giant decided to target the most profitable customer segments through promotional campaigns. Having failed to achieve the desired results through promotional campaigns, they approached Quantzig to leverage its expertise in customer segmentation analytics to better understand and prioritize customers based on their value.

The Business Challenge

With rapid advancements in technology changing the telecom landscape, players in this sector are poised to witness increasingly tough times. In fact, the telecom industry is set to face major digital disruptions over the next few years, making it crucial for businesses to reimagine their business models, rebuild a market position, and offer innovative solutions to its customers. Though several opportunities can be unearthed using customer segmentation analytics businesses are not well equipped to identify and capitalize on such opportunities.

Learn to segment your customers like a pro with our advanced customer segmentation analytics solutions.

With the growing competition, the telecom major was seeking to improve its churn rate and customer loyalty. To achieve this they decided to examine the customer segments in order to identify and target the high-potential customer groups. By challenging the existing customer segmentation structure, the telecom major wanted to sharpen its customer segmentation analytics capabilities by raising the following questions regarding the benefits of leveraging customer segmentation analytics:

• Do the existing customer segmentation strategies need to be revamped?
• Do the existing customer segments need restructuring?
• Are there hidden business opportunities within untapped customer segments?

Would you like to learn more about our advanced customer segmentation analytics solutions?

Solutions Offered and Value Delivered

To help the client address their challenges Quantzig developed a comprehensive customer segmentation analytics framework to help them improvise their customer segmentation strategies and target new users through personalized marketing campaigns. We also leveraged propensity modeling techniques and robust statistical tools to glean comprehensive insights into various customer segments. As a result, there was a major improvement in the response for the personalized campaigns and the client achieved a 60% increase in customer loyalty when compared to the previous year.

The customer segmentation analytics solutions also helped the client to:

  • Redesign their customer segmentation approach from demographic segmentation to customer needs-based segmentation
  • Tighten characteristics of the existing customer segments
  • Recognize new, distinctive customer groups

What is customer segmentation analytics?

(more…)