Tag: customer analytics services

visibility in supply chain

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 profile analysis

5 Key Steps to Create an Ideal Customer Profile to Boost Marketing Strategies

To succeed in the extremely competitive business landscape, companies need to know exactly who their customers are and how to target them. Companies cannot afford to waste time and resources on irrelevant leads. This is where an ideal customer profile can help. Customer profile analysis can help businesses to know who their customers are, what they do and what do they expect. Consequently, businesses can improve customer engagement and offer them a better experience. Creating the target customers’ profile also enables a business to offer tailored messages and improve marketing efforts. Today companies across industries are competing for market share, customer acquisition, and customer retention.  Therefore, for businesses to find potential customers and enhance their loyalty, targeting the right prospects with the right offering at the right time has become very crucial. Building an effective customer profile can help businesses to make their customers feel valued, cared and engaged. In this article, our customer analytics experts have highlighted a few crucial steps to create an effective customer profile that can help companies in improving market penetration, enhance response rates, and boost customer acquisition.

By creating customer profiles our customer analytics experts help leading businesses to gain a better understanding of customers’ buying habits and improve customer experience. Request a FREE proposal now to gain better insights into our portfolio of analytics solutions.

How to create an Ideal Customer ProfileHow to create an Ideal Customer Profile?

Step #1: Define your customers

To develop a target customer profile, it is important that companies define their customers first. They must gain an understanding of the target markets and customer personas based on demographics, personality, and behavior. Also, players across industries need to assess their current target market and potential markets to improve business expansion.

Step #2: Locate your customers online

Today most businesses have started exploiting online channels to drive business growth. This makes it important for companies to analyze which websites and pages their customers have visited in search of information about their business, product, or services. Also, companies need to focus on keywords and keyword phrases customers use during their search process. This can help them to improve their content marketing strategy. Furthermore, by analyzing the type of articles customers read businesses can gain in-depth insights into the kind of purchases customers make.

Get in touch with our customer analytics experts for more tips on creating an ideal customer profile.

Step #3: Define your customers’ purchasing process

The purchasing process for every customer is different. This includes expensive and complicated purchases that require more research, quotes and time before the contract is made. Companies to make an ideal customer profile, need to put themselves in the shoes of a typical customer and record the steps they would take to make an informed decision.

Step #4: Prioritize your target markets

Next step into developing a target customer profile is selecting target markets to develop customer personas. Customer personas are the foundation for all tactical marketing and sales strategies and plans. Buyer’s personas can help companies to understand their customers and their pain points. Also, this can aid in analyzing the factors that motivate customers to make purchase decisions. Such assessments can help businesses to develop core messages for each target market and can improve their marketing strategies to enhance the target customer experience.

Quantzig’s customized analytics solutions help businesses to identify factors for customer churn and develop efficient strategies that will increase customer retention. Request a FREE demo now!

Step #5: Identify risks your customers can face

Identifying risks that customers might encounter while investing in your services is as important as identifying the benefits. These risks can be both positive and negative. Positive risks have a positive outcome and aid in inventory and warehouse optimization that can help in improving service. On the other hand, negative risks have negative outcomes because of which you might miss out an opportunity in the new market. By identifying and categorizing positive and negative risks, companies can improve their call-to-action strategies and segment their audiences to offer better customer experience.

Want to learn more about how customer profile analysis can help you nurture a stronger relationship with your customers? Request for more information 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.
Customer Experience Analytics

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

Business Challenge

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

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

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

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

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

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

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

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Solutions Offered and Value Delivered

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

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

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

Get in touch with our customer experience analytics experts now!

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

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

How do you improve customer experience?

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Customer Experience Management: Revamping Customer Engagement Effectively

What is Customer Experience Management?

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

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

Why is Customer Experience Management Important?

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

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

Challenges Businesses Face in Customer Experience Management

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

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

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

Challenge #2: Integrating brand and channel experiences

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

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

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

Key Steps to Getting Customer Experience Management Right

Step #1: Create and maintain proper customer profile

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

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

Step #2: Personalize customer service

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

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

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

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

How Can Quantzig Help Your Customer Experience Management?

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

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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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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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Quantzig’s Customer Analytics Solution Helps a Renowned Food Service Client Gain Insights into Customers’ Spend Pattern

The client: Food service company

Area of engagement: Customer analytics

The food service sector is greatly affected by altering consumer preferences, economic volatility, and market dynamism. Consequently, leading food service companies are exploring ways to meet the relentless demands of their customers and improve the bottom line. The food service industry comprises of restaurants and leading food chains that aim at expanding their consumer base by offering low-cost options to the customers to replace home-cooked meals. Although the rising number of food chains contributes to the overall growth of the food and beverage industry, several factors may hinder its growth market in the coming years.

  1. Economic instability: Owing to the recent fluctuations in the economy, the prices of the commodities have been increasing. This is mainly due to the inflated tax rates being imposed bQZ- Request free proposaly the government. This fluctuation in the prices of commodities has greatly reduced the consumer’s spending.
  2. Shortage in the supply of raw materials: Lately, the food industry is witnessing a drastic shortage in the supply of raw materials, and this can be the result of adverse weather conditions or natural calamities. Also, with the changing climatic conditions across the globe, the supply of raw materials has been hindered.

To combat such factors and bridge the demand-supply gap, leading food service companies are utilizing customer analytics solutions. Customer analytics is all about understanding the buying habits and lifestyle preferences of the customers and making accurate predictions on future buying decisions

The Business Challenge

According to a recent study, food preparation and serving is the third-largest source of employment for US millennials.

A prominent client in the food service industry wanted to understand the past buying behavior of their customers and accurately predict their future buying patterns. The client wanted to include customer analytics as a part of their business strategy to outperform their competitors on the basis of key performance metrics, sales growth, and return on investment. With the customers becoming more informed than ever before, the client wanted to identify, attract, and retain the most profitable customers. The primary aim of the engagement was to utilize predictive analytics to analyze customers’ interaction with the brands.


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The Solution and the Business Impact

Strategies that we recommended based on our analysis to drive customer engagement.

With the help of the customer analytics solution offered by Quantzig, the food service client was able to gain an accurate view of the customers and identify potential ways to acquire and retain the most profitable customer segments. The food service company also sought ways to identify high-value customers and proactively interact with them. In this customer-centric environment, the engagement also helped the client profile and target customer across all channels and understand their perception towards the brand. The customer analytics engagement also helped the client predict the churn rate and provide personalized offerings to the customers to improve their lifetime value.


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Customer Analytics for a Leading Mobile Apps Developer Helps Assess Customer Usage Patterns

Today, with the help of mobile applications, customers are well-informed about new product launches and their specifications and are looking for solutions that are more user-friendly and less expensive. Also, with the growth of technologies, the process of interaction is confined to mobile phones. To understand the influence of mobile applications and its impact on customers, leading mobile apps providers are conducting a customer analytics solution. Customer analytics helps developers in the mobile apps space understand customers buying behavior and their habits and preferences. Furthermore, the solution allows developers to predict the customers buying actions in the future. In addition, with the help of customer analytics, mobile apps developers can assess the customer’s needs and desires and create a personalized experience to drive business loyalty.

To target the right customers and provide highly relevant offers, leading developers in the mobile apps space are approaching companies like Quantzig. With years of expertise in offering a plethora of services, Quantzig’s customer analytics solution helps businesses better engage with customers and predict which customers are at the risk of churn. Also, the solution can help businesses strategize their resources to target the right customers, at the right time in the mobile apps space.

The Business ChallengeQZ_DEMO

A renowned mobiles apps developer with a considerable number of offices spread across the globe was facing certain predicaments assessing the customer usage patterns. The client wanted to seek ways to predict customers’ loyalty and develop new mobile apps to target the right audience. Furthermore, the client also wanted to identify the emerging trends in social media and leverage innovations to improve customer experience. The primary objective of this engagement was to provide relevant, personalized up-sell and cross-sell offers to the client.

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Customer Analytics Solution Benefits

By analyzing all the data using customer analytics, the client was able to acquire, retain, satisfy, and engage customers proactively. Furthermore, the customer analytics solution helped the client identify and profile the most profitable customer segments and effectively tailor marketing and communication efforts. Also, the analysis helped the mobile apps developer seek ways to improve the strength of relationships and the value of the customer. Also, the mobile apps client was able to assess the usage patterns of the customer and improve their digital experience.

Customer Analytics Solution Predictive Insights:

  • Gain relevant insights into the competitors in the mobile applications space
  • Effectively continue to serve the existing customers, prevent attrition, and build strong relationships
  • Anticipate the customer demand and offer relevant applications to the customers with the help of customer analysis
  • Target prospects with similar attributes and offer personalized experiences
  • Improve marketing campaigns and enhance brand loyalty

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Customer Analytics Enables a Leading Insurance Provider to Segment Customers and Develop Products to Target Prospective Customers

In today’s world, technological advancements and changing trends are forcing organizations in various sectors to opt for analytic services – and the insurance industry is no exception. Recent studies show that even the financial sector is now focusing on customer analytics to get better insights on the customer’s needs and preferences. Customer analytics also helps them collect appropriate data to drive their business’ revenues.

Customized data analytics services have now become the need of the hour, and many insurance industry firms are approaching companies like Quantzig, who specialize in offering customer analytic services to boost their revenues. The solutions offered by Quantzig help firms design their products and services based on changing customer needs. The solutions offered also help them build and manage a more easily distinguishable customer database throughout the customer lifecycle .QZ_DEMO

The Business Challenge:

The insurance industry client wanted to adopt methodologies that would help them classify their customers’ needs and identify their interests and preferences. The insurance industry client had tried implementing various analytics techniques but failed in targeting the loyal customers. The client was also interested in developing products to target their customers and stay updated with the technological advancements. The insurance industry client also wanted to enhance their ability to build predictive models and improve their ability to target clients who are interested in their services.Insurance industry

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Customer Analytics Solution Benefits: 

Quantzig’s customer analytics solutions helped the insurance industry client understand individual customer’s buying patterns. It also helped them analyze and reach out to the customers with an appropriate solution to their problems. The goal of the insurance industry client, which was to ensure the experience of its customers within its claims process was a satisfactory one, was achieved using customer analytics. Also, it helped them develop strategies to improve the experience of its customers. Furthermore, it helped the insurance industry client build a roadmap to integrate analytics into the organization’s functions; thereby, increasing efficiency and productivity.

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Customer Analytics Predictive Insights:                        

  • Enhance customer experience throughout customer lifecycle
  • Implement technological improvements
  • Design and develop products to suit customer needs
  • Target customers and approach them with the most suitable services
  • Increase customer satisfaction and reduce claim cost
  • Improve the quality of customer experience
  • Personalization of services and products
  • Helps identify rightful claims from fraudulent ones
  • Better data-driven business decisions
  • Helps in maximizing customer reach

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