Customer Analytics Engagement Archives | Quantzig

Tag: Customer Analytics Engagement

Churn analysis

Quantzig’s Churn Analysis Engagement Helped a Financial Services Company to Improve Churn Forecast Accuracy by 2X

The client is a leading financial services company based out of Sweden who is known for serving more than 12 billion customers across the globe.

Over the last few years, the importance of churn analysis has grown significantly in the banking and finance sector. This can be attributed to the rise in the number of customers who switch over to other financial service providers.  Also, with the help of churn analysis models, the probability of winning back lost customers looks promising. Moreover, financial service providers are well aware of their existing customers, their creditworthiness, how they use their services, and their preferences. This makes it easier for them to retain existing customers rather than acquiring new ones. Consequently, leading companies are now leveraging churn analysis to understand, analyze and capitalize on customer behaviors and interests.

Talk to our experts to learn how our customer churn analytics solutions can help you gain a 360-degree view of your customers.

Business Challenge:

The client, a leading financial services company, had made significant investments in gathering and storing customer data but they had negligible investments into using the data for practical business applications. As a result, the client faced challenges in analyzing the complexity of datasets and consequently they witnessed a rapid increase in customer churn. By leveraging churn analysis the client wanted to improve the effectiveness of their marketing campaigns and develop new programs for customer retention. This is why they approached Quantzig to leverage its expertise in offering customer churn analysis solutions to devise an extensive data-driven analytics framework and reduce churn.

Leveraging our churn analysis solutions can help you improve customer relationships and win back former customers by enhancing customer loyalty. Request a FREE proposal to gain exhaustive insights.

Solutions Offered and Value Delivered:

The customer analytics experts at Quantzig adopted a comprehensive approach to help the client understand and tackle their core business challenges. In the first phase of churn analysis engagement, the experts focused on developing predictive customer churn models with the help of the client’s existing churn reports and customer datasets. Phase two of the churn analysis engagement revolved around improving churn metrics and accuracy of analysis to deliver valuable insights to the sales and operations team. In the third phase of churn analysis engagement, the experts focused on leveraging advanced customer analytics solutions and developed a customized dashboard to deliver in-depth insights into customer behavior. Also, they aimed at developing new programs and rolling-out initiatives to reduce churn rates and improve retention.

Our advanced analytics algorithms help businesses focus their resources on drafting roadmaps for improving campaign effectiveness. Request a FREE demo below to know how.

The solution offered helped the client to reap maximum benefits from a well-segmented and thoroughly analyzed customer database. Also, the client was able to compare scenarios, anticipate risks, identify new opportunities for churn reduction, forecast resources, balance risks against expected returns and work to meet regulatory requirements.

Quantzig’s churn analysis solutions  also helped the client to:

  • Improve accuracy in churn forecasts by 2X
  • Increase customer retention by 12%
  • Witness an increase of $3.2 Million in quarterly income

To learn more about how our churn analytics solutions can help you gain actionable insights and make smarter decisions that future-proof their businesses.

customer acquisition

Four Pillars of a Robust Customer Acquisition Strategy

What is Customer Acquisition? 

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

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

Four Pillars of a Robust Customer Acquisition Strategy

Pillar #1: Sustainability

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

Pillar #2: Flexibility

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

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

Pillar #3: Targeted Marketing

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

Pillar #4: Diversification

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

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

customer analytics in retail

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 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 profiling

Customer Churn Analysis: The Key to Boost Customer Retention Rates for Businesses

customer churn analysis

Companies across industries spend most of their resources, time, and efforts on customer acquisition, despite knowing the fact that the cost of retaining an existing customer is much lower than acquiring a new one. Therefore, customer retention should be the top priority for companies. Also, for companies analyzing factors responsible for customer churn and estimating the risk associated with individual customers are both important components that help in devising a data-driven customer retention strategy. Customer churn analysis acts as a key to bring these elements together and offers insights that drive smart decision making across an organization. 

Banks, telecom companies, insurance firms, and energy services companies, are some of the businesses that often use customer churn analysis as one of their key business strategies. With the rise of businesses based on recurring revenue models, customer churn has become an important business metric for almost all companies.

Are you finding it difficult to build a predictive customer churn model? Churn analytics solutions may hold the key to success. Get in touch with our experts to know more.

Here are a few important reasons that make customer churn analysis important:

  • Customer churn analysis prevents revenue loss by saving extra costs in marketing and re-acquisition
  • The probability of selling to an existing customer is a lot higher than to a new prospect
  • Measuring the customer churn rate helps in calculating the customer lifetime value
  • Customer churn analysis helps in measuring the company’s health and long-term prospects
  • Customer churn analysis examines the rate of improvement in customer retention
  • Helps to identify customers segments that are best suited for your products or services

Steps to Enhance Your Approach To Customer Churn Analysis

Step #1: Calculate basic churn rate

The first step in customer churn analysis is to calculate the customer churn rate. There are several ways to calculate the churn rate. Customer analytics tools can help in calculating churn rate directly in real-time. This calculation not only helps in getting the quantitative metric of churn rate but can actually visualize it through the customer journey, understanding precisely the factors that lead to customer churn. Churn rate can be analyzed properly by understanding churn, which is of three types short-term, mid-term, and long-term. This duration is nothing, but the time period customers have been active before they decide to discontinue and cancel the service. To keep your customers engaged for the long-term, you need to reinforce the core value of your product or service consistently.

Customer acquisition management is a daunting task for companies. But our customer analytics solutions can help. Request a FREE proposal to know more about our portfolio of services.

 Step #2: Identify at-risk customers to reduce churn

Prevention is always better than cure, don’t you agree? Some customer segments, and more importantly, some customer behaviours predict churn more clearly than others. Customer churn analysis helps to identify these behaviours efficiently in real-time. This further helps in adopting measures to make these at-risk customers stay. Companies are leveraging customer analytics solutions like customer churn analysis that helps them enhance their ability to identify at-risk customers and thereby reduce customer churn rate. Additionally, customer churn analysis offers a data-driven understanding of customer preferences and helps to find the best way to reduce friction in specific situations. Furthermore, this can help companies to easily prioritize opportunities for improvement.

 Step #3: Focus on the entire customer journey

Customer churn analysis can provide optimum results only when the complete customer journey and experience have been analyzed well. Different customers have different experiences and customer analytics solutions can help you visualize each of them, the various touchpoints encountered, and the actions that are taken from there. If you do not analyze the entire customer journey and only focus on the last interaction, it can result in deriving inaccurate and misleading conclusions which will do nothing to stem the tide of leaving customers. Customer churn analysis can pinpoint the drivers of customer satisfaction in a way that traditional analytics solutions cannot. By analyzing and quantifying what matters most to customers, companies can consistently provide better customer experience and measure their impact on customer churn rate.

Our customized analytics dashboards help companies to devise better customer acquisition strategies. Request a FREE demo below to gain better insights.

Step #4: Discover your most profitable customers and focus on retaining  them

All customers are not equal, and while you may want to retain all, resources are not unlimited. So, you need to shift your focus on the most profitable ones first. Customer analytics solution plays a big role in this endeavour by providing a quantitative and detailed picture of the entire customer journey. It helps in customer churn analysis by interpreting how customers interacted with the product and the problems they faced at every step along the journey. Using customer churn models, companies can group their customers into segments defined by a readiness to leave, profitability, and their response to offers. This can further help in reducing customer churn rate significantly.

 Step #5: Engage with your customers at optimal times

Companies have the tendency to communicate with customers when they either want to upsell or when the customer is breathing fire. But for better customer churn analysis, companies can use several other techniques as suggested below to proactively and consistently interact with their customers:

  • Satisfaction survey – Companies can conduct short, open-ended customer surveys which let customers voice their opinions in a convenient and easy manner.
  • Social media – Customers spend most of their time on social channels. So, companies can use different social media channels to analyze their opinion and response to their product and brands.
  • Feedback bar – Companies can incorporate a feedback bar into products and mobile apps, so that it becomes easy for customers to ask questions, comment on product’s features and give their feedback.
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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IR34

A Comprehensive Guide to Customer Analytics and How it can Benefit B2B Companies

What is Customer Analytics?

Customer analytics is the process that companies use to gather and analyze the data of their customers to make better and wise decisions. Customer analytics help companies with actionable insights into the behaviors of their end-users. These insights empower businesses to improve their marketing, sales, and product development efforts. Additionally, such data can be used to build solid predictive models to determine potential customers. Research shows that companies that focus on customer data analysis are more profitable than ones that do not utilize such services. Therefore, it can be safely assumed that the lack of accurate customer data skews customer profile. It, consequently, leads to lost opportunities, lost customers, poor use of analytic solutions, and unnecessary costs for business, affecting the outcome.

Precisely predicting future buying behavior of customers is not an easy task for businesses. Channel optimization and targeted marketing may hold the key to success. Get in touch to know more about the benefits of our customer analytics solutions.

Why do Companies Use Customer Analytics?

Companies can break big problems into manageable answers by leveraging customer experience analytics solutions. Furthermore, customer analytics has the potential to help businesses gain insights into customer behavior. Customer analytics also unveils their actions and make them easier to understand for business leaders. This helps companies to make wiser and better decisions on pricing, promotion, and management.

Companies that use customer analytics systematically outpace their rivals in terms of profits almost twice as often as companies that do not.

A good consumer analytics platform can help companies improve:

  • Customer retention
  • User engagement
  • In-app purchases

Today, companies have realized the potential of analytics and have started relying on it more than ever before. It helps them keep pace with customers who are increasingly sophisticated. 85% of the customers today expect a seamless experience and faster responses. Analytics is the key for the companies to provide desired customer satisfaction and enhance customer experience.

With customer analytics, companies can:

  • Improve customer loyalty, response rates, and, ultimately, ROI by targeting the right customers with highly relevant messages and offers at the right time.
  • Minimize the costs of campaigns by targeting those customers most likely to respond.
  • Reduce attrition by accurately predicting customers most likely to leave
  • Deliver the right message by segmenting customers more effectively and the better understanding of target populations.

How to Implement Customer Analytics?

In the competitive landscape, companies are benefiting from customer journey analytics significantly across all channels. This is because results are immediate, real, and have a lasting effect. Customer analytics encompasses a completely new approach to analytics, which requires business leaders to become more customer-obsessed. Following are a few steps to implement customer analytics that you must follow in order to obtain the maximum result:

Steps to Implement Customer Analytics

Step #1: Define the scope of the project

Start a customer analytics project by specifying its scale and scope. While defining the scope of the project to implement customer analytics, you need to consider basic parameters like size, complexity, function, and goals. Additionally, it is important to note the quantitative goals like customer retention, churn, acquisition, upsell, cross-sell, the rate of renewable and purchase.

Step #2: Determine Goals

Since customer analytics involves multiple stakeholders, it is crucial to set goals and define what success will look like. One of the most important benefits of using customer analytics is that it connects individual customer behavior to important KPIs and quantitative metrics that you and your business are measured by. Therefore, the key lies in selecting the appropriate KPIs and metrics to monitor and improve, based on the insights generated by your customer analytics platform. You need to choose a mix of customer, financial, and operational metrics.

Customer Metrics:

  • Net Promoter Score (NPS)
  • Customer Satisfaction Score (CSAT)
  • Customer Effort Score (CES)

Financial Metrics:

  • Growth of revenue
  • Upsell and Cross-sell Revenue Growth
  • Churn Rate

Operational Metrics:

  • First Call Resolution (FCR)

Step #3: Create a plan for data integration

Data integration is the spine on which a successful customer analytics initiative rests. Before preparing the plan for a successful data integration, it is important to understand the basics behind it. Whether you are working with a consulting agency, firm, agency or the customer success team of the vendor for implementation, it is important to understand and identify the customer data sources that you want to integrate into the customer analytics platform in order to obtain the required insights.

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Are you facing difficulties in quantifying and forecasting the value of individual customers across dimensions such as time, product lines, and segments.? Request a free proposal here to check out our portfolio of customer analytics.

Step #4: Identify key use cases

It is important to identify a use case that addresses the most important pain points being faced by your business. At the same time, you should also be careful that you are addressing the issues being faced by all the stakeholders involved in the customer analytics project.

How to pick your use cases?

Here is a framework that can help you pick the best use cases for your initial implementation of customer analytics. This framework describes six types of customer analytics use cases in the order of growing complexity. Most business problems would fit in one of these six types.

  • A-B Testing
  • Optimization of conversion rate
  • Impact analysis
  • Behavioral segmentation
  • Goal optimization
  • Journey discovery

Step #5: Make your organization ready for customer analytics

Customer analytics deserves the time, effort and resources you invest in it. But to derive the best outcome and truly reap its benefits, you need to integrate it seamlessly in your organization. This integration goes far beyond technology and data. You can do this by:

Change Management

Multiple teams and departments might get affected by the results of customer analytics, so it is important that they understand the whole initiative. This is where the support and influence of the stakeholders prove beneficial.

Employee training

Training of employees is an important part to ensure that your organization is ready to successfully implement customer analytics. To ensure usage and adoption of your new customer analytics platform, you need to make sure that the users are properly trained.

Governance

Large organizations have a central governance team in place. This team is responsible for fostering communications, setting project quality standards, and sharing best practices. The governance board is responsible for improving the success rate of customer analytics projects undertaken by the company, while at the same time takes into account the risks involved.

We understand the challenges companies face in identifying and curating high-value customers to develop marketing strategies and initiatives to maximize profitability. Our analytics solutions provide best-in-class frameworks to identify factors for customer churn and develop effective strategies that will increase customer retention. Request a free demo below for more insights.

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Top Customer Analytics Tools That Every Manager Must Consider

Today’s business landscape is highly customer-centric. The more an organization gets to know about their customers, the more are the chances to keep them happy. This is the main idea behind using customer analytics tools. Customer analytics refers to the systematic examination of a company’s customer information and customer behavior to identify, attract, and retain the most profitable customers. The ultimate aim of customer analytics is to create a single, accurate view of a customer to make decisions about how to acquire and retain customers, identify high-value customers, and proactively interact with them in the best manner possible. In the absence of aRequest Proposaln adequate amount of accurate data, any insight derived from analytics could prove to be inaccurate. Here are some of the top customer analytics tools that are widely used today:

Top Customer Analytics Tools 

Customer lifetime value analytics

Attributing the lifetime value to each customer helps organizations to immediately identify the most valuable and important customers to the business. In this method, customer analytics tools are used to determine how long a customer is likely to stay a customer, how often they are likely to buy during that period, and how valuable they are across that timeframe rather than merely of looking at transaction profitability. This allows businesses to focus their marketing attention on the most valuable customers. If correctly done, this analytics can be valuable in identifying ways to increase the length of the relationship and the value of the customer.

customer analytics

Customer Analytics Engagement: Empowering a Leading Internet Banking Services Provider to Enhance Service Efficiency

What the Client Wanted

Identify drivers of customer churn and build a churn propensity model to retain potential customers and enhance service efficiency.

The Outcome

With the help of Quantzig’s customer analytics engagement, the internet banking services provider was able to analyze and predict complex customer behavior. Also, the banking analytics solution helped them improve every aspect of their business by developing new and proactive business models.

Summary of the Internet Banking Services Industry

In today’s fast-paced business milieu, on-demand internet banking solutions have become a necessity for a better lifestyle. That is what an internet banking services firm helps ensure. It offers complete control over the funds in your bank account. In fact, many organizations and individuals are now bidding-adieu to long queues and are opting for internet banking solutions. Internet banking has made it possible for the customers to access banking services at their fingertips.

Though the scope of internet banking is growing on a daily basis, customers tend to get apprehensive when it comes to data security- mainly because security breaches pose a major challenge for internet banking services providers. It is essential for banking service providers to employRequest Proposal robust security measures and encryption mechanisms to prevent the loss of customer data. Also, there are other major challenges that banks will have to reconcile in order to succeed, including transaction difficulties, technical issues, and traditional banking preferences.  

Industry Challenges

  • The issues arising due to technical glitches: Since internet banking service providers rely heavily on online platforms, a minor bug or a system crash could lead to substantial losses. This makes it necessary for internet banking service providers to ensure the smooth operation of their online platforms as the loss of data and funds due to a technical glitch may at times be irreplaceable.
  • Difficulties in online transactions: Depositing or withdrawing money from internet banking platforms can be more time consuming and difficult when compared with the traditional banking system. This is mainly because internet banking service providers often have significantly fewer ATM’s than their traditional counterparts, making it a difficult and time-consuming process.

About the Client

A leading banking services firm.

Client’s Challenge

To identify the key performance metrics, the client – a leading internet banking services firm  – approached Quantzig to leverage customer analytics and gain insights into customers’ behavior. The client wanted to reduce churn and focus on developing a churn propensity model with the help of our banking analytics solution. Furthermore, the client wanted to leverage banking analytics to devise effective churn reduction strategies as a part of their business plan.


Summary of our customer analytics engagement

Internet Banking

Want to learn more about our analytics solutions for banking industry players?

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Business Impact

With the help of Quantzig’s customer analytics solution, the internet banking services client was able to span the entire journey of their customers and identify multiple opportunities to drive the top line. The internet banking analytics solution helped the firm to decrease churn rate by 25-30% by using key intervention at the appropriate time. Additionally, our team seamlessly integrated data across several marketing channels that helped drive business value.

Banking Analytics Solution Insights

Quantzig’s banking analytics solution helps banking firms to accurately predict customer behavior and build churn reduction models to drive growth. Moreover, by establishing banking analytics as a factual business discipline, banking service companies can grasp the massive potential, which would otherwise be an uphill task.


To know more about how our banking analytics solution helped the banking services provider

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IR14

Why Should Your Business Calculate Customer Lifetime Value?

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

Generate ROI on customer acquisition

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

Create effective messages and targeting

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

Define business objectives and metrics

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

Enhance retention marketing strategy

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

Cross-selling and up-selling opportunities

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

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