Tag: Customer analytics

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?

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churn model

3 Major Challenges Enterprises Face in Building an Effective Churn Model

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

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

Challenges of Building a Predictive Churn Model

Challenge #1: Lack of “silver bullet” methodology

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

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

Challenge #2: Features and exploratory analysis

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

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

Challenge #3: Validating churn model performance

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

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

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behavioral segmentation

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.

Our analytics solutions help companies gain accurate insights into the behavior of their customers and marketing efforts. Request a FREE proposal to know more.

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.

Request a FREE demo to know how our analytics solutions can help you continuously track your consumers’ behavior.

Customer lifecycle analytics

Unveiling the Growing Importance of Customer Lifecycle Analytics

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

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

What is Customer Lifecycle Analytics?

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

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

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

lifecycle analytics

What are the Stages of Customer Lifecycle?

Stage #1: Reach

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

Stage #2: Customer Acquisition

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

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

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

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

Stage #3: Customer Retention

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

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

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customer segmentation

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. 

Our customized analytics solutions help businesses to identify factors for customer churn and develop effective business strategies. Request a FREE proposal to know more about our portfolio of services.

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.

Request a FREE demo to know how our customer analytics solutions can help your business.

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?
customer segmentation analytics

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

Request a FREE proposal to know how you can benefit from our customer segmentation solutions.

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

Request a FREE Proposal today! 

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.

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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.