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Customer Analytics

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

Advantages of Big Data in The Finance Sector (2)

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.

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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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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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Customer Analytics

Customer Analytics: A Step-by-Step Guide to Drive Customer Satisfaction and Revenue

With the rapid growth of companies in today’s technologically inclined world, it becomes very difficult and tricky to understand customer needs. Companies struggle to engage effectively with their customers due to the dramatic change in customer behaviors. As much as they would like to reach out to their customers, there’s no pragmatic way to it, as that is how the cookie crumbles. In fact, this is the biggest challenge that companies face today due to which delivering the best quality products and services along with the best customer experience have become a tedious task.

Failing to provide the best customer experience and analyzing customer data are prime factors behind the unsuccessful stories of businesses in this customer-centric era. So, companies need to recognize the patterns and trends of their customers’ behaviors while utilizing the massive amount of data they have. This is where customer analytics solutions help. Customer analytics results in better all-around decision making and paints a more precise picture of the different touch points in the customer journey. Companies need to unearth both opportunities and shortcomings to leverage into better strategies. Customer analytics solutions can dive into complex use cases with the use of machine learning and big data. Consequently, actionable roadmap to achieve desired outcomes and sharper predictions about the future falls into place.

At Quantzig, we understand the impact that customer analytics solutions can have on your business. And to help companies stay ahead of the curve, our team of experts has provided a detailed guide and useful tips on customer analytics that can assist businesses at any age.

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customer centric marketing

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.

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Interactive Media

Case Study: Audience Analytics for a Leading Interactive Media Firm

What the Client Wanted

Leverage audience analytics to better understand the end-users and provide superior online experiences to give their target audience what they’re looking for at every phase of their journey.

The Outcome

Intense research and audience analytics helped the interactive media client to enhance their analytical strategies and drive customer engagement. This engagement helped the client implement audience analytics-based solutions to uncover demographic and psychographic information based on the characteristics of the existing customer base. It also enabled the interactive media client to understand how their customers engaged with their brand.

Overview of the Interactive Media Sector

Interactive media is one of the rapidly evolving industries. It entails the use of a digital media platforms, which plays a major role in affecting their experience. Interactive media firms include the development of multimedia catalogs, web pages, and computer games. The biggest challenge for players in this sector is the Request Proposaldifficulty in proving the efficacy of their solutions.

However, the implementation of the right metrics and methodologies offer detailed insights that help players develop robust strategies to target the right customer segment. Also, it is essential to invest in the future and leverage audience analytics to be a part of an evolving media and entertainment landscape by seeking an experienced company such as Quantzig to assist you.

Media and Entertainment Industry Challenges:

  • Engaging consumers in new experiences: It’s indeed a huge task to deliver engaging user experiences, but enhancing customer experience is also the key to improving profit margins. To engage customers in new experiences, interactive media and entertainment firms should focus on enhancing their creativity levels through the implementation of technology.
  • The accelerating marketplace: Rapid technological advances have accelerated how supply and demand intersect in all sectors. As digital dynamics are infused into all media segments, the opportunities to accelerate the market will continue to grow.

About the Client

A leading interactive media firm.

Client’s Challenge

To identify new and untapped media opportunities, the client – a leading interactive media company – approached Quantzig. The client wanted to leverage Quantzig’s vast experience in audience analytics to their benefit and devise effective models to understand the behavior of the converting audience. The interactive media firm wanted to better understand the end-users and provide superior online experiences.

Benefits of our audience analytics solution

Interactive Media

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Business Impact

With the help of Quantzig’s audience analytics solution, the interactive media client gained detailed insights into customer behavior across multiple channels, the frequency of reach on various platforms, and the target segments. The solutions offered by our analytics experts also assisted the interactive media company to improve customer experience by devising audience archetypes and establishing greater control over the audience base.

Audience Analytics Solution Insights

Integrating audience analytics and analytics based insights can help drive brand growth. It is necessary for players in the media and entertainment industry to implement actionable audience insights against media reach and frequency across multiple platforms to gain a comprehensive view of their digital audience. Moreover, audience analytics plays a key role in leveraging audience intelligence to hone the marketing strategies of organizations and also helps them understand their global brand perception.

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Customer Churn

Telco Case Study: Customer Analytics to Study and Capitalize on Customer Behavior

What the Client Wanted

Deploy customer churn analytics-based solutions to study and capitalize on customer behavior.

The Outcome

Leveraging customer churn analytics helped the client to identify the drivers that contributed to customer churn. This engagement entailed the implementation of analytics-based solutions to scrutinize, understand, and capitalize on customer behavior. It even enabled them to develop a customer churn model that precisely tracks deviations in customer behavior.

Overview of the Telecom Industry

Data and analytics are key factors that have transformed many industries globally. It not only acts as a tool to cut down costs and enhance customer experience but also helps drive future growth. Also, digitization has played a major role in improvising business functions across industries and the telecom industry is no exception. In fact, it enables organizations to reimagine their business functions and systems, and future-proof their businesses to withstand the growing competitive pressure.

Moreover, the growing need to deliver a superior customer experience has proven to be a critical driver for telecom analytics in the telecom industry. Telecom analytics enable telecom firms to understand the modern customer’s needs and help personalize services in real-time.Request Proposal

However, to gain a stronger foothold in the industry, telcos have to focus on providing holistic services. Implementing innovative market trends helps leverage the efficiency of services. Quantzig’s customer churn analytics is one such solution that aims to change the way the telecom industry functions.

Telecom Industry Challenges

  • Ongoing regulations in the telecom industry: Telecom industry players have been facing many regulatory challenges owing to the complexity of the surrounding environment. Leading telecom firms have also started embracing such regulatory pushes to turn them into customer-focused benefits.
  • Offering personalized customer experiences: Enhancing customer experience is the key to improve brand loyalty and profit margins. To do so, telecom companies need to gain detailed insights into the customer’s journey and understand the various aspects affecting their behavior.

About the Client

A leading player in the telecom industry.

Client’s Challenge

To identify customer behavioral patterns and develop a reusable customer churn model, the client – a leading telecom client – approached Quantzig. The client wanted to leverage Quantzig’s vast experience in customer churn analytics to their benefit and gain actionable insights to capitalize on customer behavior.

Benefits our customer churn analytics engagement

Customer Churn

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Business Impact

Quantzig’s customer churn analytics solution helped the client to develop a reusable churn model based on the customer’s behavioral pattern. The customer churn model benefitted the client in numerous ways and enabled them to take proactive measures to reduce customer churn. It also assisted the telecom industry client to devise and test the churn score and key drivers based on each customer’s propensity to churn.

Customer Analytics Solution Insights

Customer analytics is gaining extensive applicability in a number of industry domains and are poised to witness wide-spread adoption in the coming years. Also, with the innumerable challenges that have unfolded in today’s rapidly changing telecom landscape, it becomes crucial for telcos to predict customer churn and devise appropriate telecom analytics based business models that offer real-time insights into customer behavior.

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insurance industry

Customer Analytics to Build Better Customer Relationships for an Insurance Service Provider

What the Client Wanted

To gain actionable insights into ways to better serve existing client base and attract new ones.

The Outcome

Enhanced customer-data driven insights and spurred new growth and revenue opportunities along with policy retention, which ultimately led to more profitable client relationships.

Summary of the Insurance Industry

The insurance industry plays a key role in the economic and financial development in several ways. Firms operating in this sector help pool risks and minimize the impact of financial losses with a focus on influencing – investment, innovation, and output. The development of new technological innovations with every passing year is poised to change the global landscape of the insurance industry. Factors such as modest investment returns and low revenue growth have proved to be a bane for insurance companies – compelling insurance industry firms to make the most of the business value that they’ve built up over many years.

Customer analytics-based strategies have the potential to drive customer engagement, speed up time-to-market, and also opens up new revenue channels, but the insurance sector has been slower than most of the industries to acclimatize to this change. However, leading players in theRequest Proposal insurance industry are now increasingly employing customer analytics as a part of their business processes.

Industry Challenges

Challenges faced by the insurance industry can be divided into:

  • External challenges: External factors that pose major challenges include implementation of technical innovations, enhancing digital channel capabilities, and changing customer preferences. The three external factors undoubtedly form a clear constellation – changing behavioral patterns, notably the preference for digital platforms, which underlie insurers’ preoccupation with technological progression to a large extent.
  • Internal challenges: The lack of innovative capabilities, siloed operations, and lack of dedication to core priorities are a few internal challenges faced by insurance companies. Such factors explain the fundamental conundrum of the global insurance industry – technical advancements along with the accelerating consumer power are driving analytic behavior.

About the Client

A global insurance service provider with an annual revenue of over USD 3.5 billion.

Client’s Challenge

To analyze customer data and gain new insights, the client- a leading player in the insurance industry – approached Quantzig to leverage customer analytics and devise strategies to better serve the clients. The client wanted to access and evaluate the data from disparate sources into a consolidated customer view. Furthermore, with the help of customer analytics, the client wanted to enhance acquisition strategies to improve customer relationships and attract a larger audience.

Summary of our customer analytics engagement

insurance industry

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Business Impact

With the help of Quantzig’s customer analytics solutions, the insurance service provider developed targeted strategies to better serve their clients. The client was also able to streamline their business processes and gain detailed insights into customer behavior. This helped the client to develop an acute understanding of the – the insurance industry trends, brand perception, and new market opportunities that could be harnessed in their business milieu.

Customer Analytics Solution Predictive Insights

Quantzig’s customer analytics solutions help companies in the insurance industry space to gain descriptive insights into customer data to make better decisions. Organizations can also analyze and assess the customer behavior at the segment and individual customer level to identify customer needs and preferences appropriately. Our solutions enable insurance firms to examine customer data holistically to pragmatically improve their decision-making process.

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Financial Services

Customer Analytics Case Study: How Quantzig Helped a Leading CPG Firm Improve Returns Through Shopper Marketing and Trade Promotion Alignment

The client: CPG manufacturer, Size: >$500 billion in revenue, Area of engagement: Customer Analytics

Consumer packaged goods, or CPG, is a collective term for products that require frequent replacement when compared with other products that are used for extended periods. CPG represents a market that will always have a growing customer base, but it is highly competitive owing to the low consumer switching costs and high market saturation. A few examples of CPG companies include those who are involved in the manufacture and sale of clothing, household products, tobacco, and other such products.

Moreover, the growing ability of CPG companies to quickly adapt to the changing technological innovations to differentiate themselves in the market is often essential to success and driving brand growth. Leading CPG companies are increasingly developing newer and improvised strategies to execute traditionalQZ- Request free proposal levers against a backdrop of a more stable worldwide economy.

The Business Challenge

Company Description- A leading CPG company with several business units spread across the globe.

The client approached our team of customer analytics experts to help them improve client reach and drive sales across their business units. Growing competition from other CPG companies was a major concern for the client, as it resulted in a drop in sales, which, in turn, affected their profit margins.

Also, the client was looking at developing improvised strategies to better understand, target and change the behavior of specific shopper groups. As such, they were looking at leveraging Quantzig’s customer analytics solutions to improve returns through shopper marketing and trade promotion alignment.

Shopper Marketing

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The Solution and the Business Impact

Quantzig’s shopper marketing strategies enabled the CPG company to gain detailed insights into customer’s shopping patterns and factors that drive shoppers to the outlets. It also helped them to devise effective strategies to align the customers’ needs and preferences with their trade promotion campaigns. Our solution also assisted them in capturing greater returns while offering a competitive advantage by closely aligning their trade promotion activities with shopper marketing initiatives.

Moreover, the shopper marketing analytics solution offered by the customer analytics experts at Quantzig enabled them to keep track of current market trends. Also, this engagement assisted the client in enhancing offerings by focusing on the touch points encountered by a consumer along his/her path to purchase.

Shopper Marketing Solution Predictive Insights

Shopper marketing is increasingly emerging as a prevalent theme on the agendas of leading retail and CPG companies across the globe. It has now evolved from a tactical function to an enabler of growth for several CPG companies.

Quantzig’s shopper marketing analytics enable the clients to develop strategies to engage and empower customers. It is designed to enhance the overall shopping experience of a client, which, in turn, helps CPG companies to drive sales.

Latest industry trends benefitting CPG companies:

  • Product innovations – Leading CPG companies have traditionally looked at product innovation as a source of growth and will continue to do so in the coming years. Also, the positive response to product innovations has prompted CPG industry firms to adopt an agile approach to designing, developing, and testing iterative ideas.
  • Digitization – CPG companies are focusing on aligning new technological innovations in productive and creative ways to influence the consumers’ path to purchase and optimize customer engagement.
  • The rise of globalization– Leading CPG companies are striving hard to drive strategic benefits and capitalize on the growth in emerging markets. These firms are also seeking opportunities to partner with organizations to gain access to consumers, leverage market solutions, and access sources of raw material.

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media and entertainment

Media and Entertainment Client Leverages Customer Analytics Solution to Analyze their Customers’ Behavior Pattern

customer analytics

LONDON: Quantzig, a global analytics services provider, has recently completed their latest customer analytics solution for a media and entertainment client. The media and entertainment sector has undergone a major digital revolution over the past few years. Furthermore, due to several mergers and acquisitions, there has been considerable growth in the media and entertainment industry. Also, the amalgamation of companies in this industry has resulted in the globalization of media conglomerates. The media and entertainment industry typically consist of radio, film, television, and print. Companies in the media and entertainment space have started increasing their focus on improving their process efficiency owing to the ever-increasing and relentless customer expectations and pricing pressures.

“Today, in order to remain relevant in the competitive landscape, companies in the media and entertainment industry are increasing their focus on shifting to an audience-based approach. Customer analytics helps companies identify the most profitable customer segments and tailor their marketing campaigns accordingly to meet consumer demands. “says an industry expert from Quantzig.

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The customer analytics solution helped the client focus on finding the target prospects with similar attributes so that they could tailor the marketing campaigns accordingly and improve business performance. The customer analytics engagement also helped the client identify high-risk customers and minimize customer attrition.

Additional Benefits of the Customer Analytics solution

  • In-depth insights into ways to build stronger customer relationships
  • Increase customer lifetime value by delivering a positive customer experience
  • To know more, request a free proposal

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