Tag: customer analytics tools

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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.
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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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IR20

A Step-by-Step Guide to Building a User Journey Map

While building a product it is easy to develop a tunnel vision. Companies spend a lot of time thinking about every single process and every little feature running under the hood. But the interface of the user is different for your product. They have no reason to care for your product or service until you show them what it can do for them. Turning first-time users into long-term customers require a very good understanding of what your users want and where are they coming from. This is where user journey maps come into the picture. 

Creating user journey map can help a company to keep its user motivation at the front of the mind, create the best customer experience and get users where they want to go. By using a user journey map, it is convenient for companies to make granular but pivotal tweaks that can help users accomplish their goals faster and easier, come back to do it again, and build habits around your product or service, all from your onboarding user experience. But in order to understand how people actually use your product or service, it is important that you first understand the essence of the whole experience from the perspective of the user and a user journey map can shed light on that.

At Quantzig, we understand the difference that a user journey map can create for any business. And to help companies excel in the competitive landscape, our team of experts has designed a step-by-step guide to building user journey maps that can assist companies to get into the minds of their customer and analyze their pain and needs to provide better customer experience and improve ROI.

Precisely predicting future buying behavior of customers is not an easy task for businesses. Customer journey mapping tools may hold the key to success. Get in touch to know more about the benefits of our customer journey analytics solutions.

What is a User Journey Map?

A user journey map is a timeline of user actions that explains the relationship between your brand and its customers. It is a visualization of the interactions of a user with your product or service from their point of view. Customer journey mapping tools help in creating a timeline of all touchpoints between a customer and your organization. The user journey map helps your company to gain insight into how customers experience your product, based on their unique goals and motivations. Mapping out the experiences of your users enables you to understand several important factors that shape the overall impression they will walk away with.

Steps to Build a User Journey Map

Before creating a user journey map, it is very important that you review the goals of your business or service. This insight can help you align user and business goals.

Step #1: Define the behavioral stage

Your customers might go through different stages while navigating your site and this depends on your business type. These different stages provide a detailed insight into the changing behaviors of the customers. Companies through qualitative and quantitative research will have a fair idea of the process that the customers go through right from the first touchpoint to the eventual process of purchasing and subsequent interactions. This will result in the creation of a useful user journey map.

We understand the challenges companies face in identifying and curating high-value customers to develop marketing strategies to maximize profitability. Our user journey map solution provides best-in-class frameworks to identify factors for customer churn and develop effective strategies that will improve customer retention. Request a free demo below for more insights.

Step #2: Create a user persona

A user journey map is always focused on a user persona who experiences the journey. Therefore, to build a rigid user journey map, it is important that you create a user persona based on the information you have about your target audience. User persona should always be created based on information you have about your target audience. That’s why you should always start with user research. Having solid information about your users will prevent you from making wrong assumptions.

Collect and analyze the available information about your target audience:

  • Interview your potential users
  • Administer contextual inquiry
  • Analyze the user surveys results

Step #3: Define different scenario and user expectations

The scenario explains the situation that the user journey map addresses. It can be both real or anticipated. For a better user journey map, it is also important to define what expectations a user persona has about the interaction.

Step #4: Create a list of touchpoints

Touchpoints are user interactions and actions with the product or business. It is important to examine all major touchpoints and all channels associated with each touchpoint to create an effective user journey map.

Are you facing difficulties in quantifying and forecasting the value of individual users across dimensions such as time, product lines, and segments? Request a free proposal to understand how user journey mapping can help.

Step #5: Consider user intentions

For any business to create an effective user journey map, it is important to understand the factors that motivate the user to interact with their product or service. Additionally, it is also crucial to analyze what solutions are users looking for in a specific product or service. Different user segments will have different reasons and different goals to accomplish.

Step #6: Sketch the journey

Now in this step, you need to put together all the accumulated information and sketch out a user journey map in a step-by-step format. You can start by making a unique and general user journey map. The information you gather allows you to create a timeline of user interactions with your product and brand. This timeline can include things like:

  • Touchpoints of user
  • Benchmark actions and accomplishments
  • Scheduled notifications

Step #7: Validate and refine user journey

User journey map should result in truthful narratives and not fairy tales. Even when a customer journey is based on user research, it’s important to validate it. You need to use the information from usability testing sessions. Customer journey analytics can tell you that your journey resembles a real use case. The last but not the least is to gather and analyze the information about your users regularly to make your user journey map give you optimum results.

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IR33

A Holistic Guide to Customer Relationship Management

What is customer relationship management?

Customer relationship management comprises strategies, practices, and technologies that companies use to manage and analyze customer interactions and data throughout the lifecycle of a customer, with the goal of improving customer retention,  enhancing customer service relationships, and driving sales growth. A CRM system aids companies stay connected to their customers, streamline processes, and increase profitability. Also, CRM systems help organizations in sales management, productivity, and contact management. Furthermore, a customer relationship management strategy focuses on the relationship of an organization with service users, suppliers, colleagues and customers throughout its lifecycle with them. CRM system assembles customer data across different channels, or points of contact between the customer and the company through telephone, company’s website, direct mail, live chat, social media, and marketing materials.

Are you facing challenges in choosing customer relationship management tools or migrating from your existing software? Get in touch with our experts to know how our analytics solutions can help.

Benefits of customer relationship management

Benefit #1: Enhances customer service

Customer relationship management process provides businesses with several strategic benefits. One of such is the capability to add personalization to existing relationships with the customers. For businesses, it is possible to serve each client individually rather than as a group, by maintaining a repository on each customer’s profiles. Customer relationship management tools allow each employee to analyze the specific needs of their customers as well as their transaction file. The organization can occasionally adjust the level of service offered to reflect the importance or status of the customer. This can result in better customer service and can decrease customer agitation and builds on their loyalty to the business.

Benefit #2: Encourages discovery of new customers

Customer relationship management tools help in identifying potential customers. They enable companies to keep a track of the existing clientele profiles and can use them to identify potential customers for maximum clientage returns. Addition of new customers to any business indicates the growth of that business. However, retaining customers is more than adding new prospects and a robust customer relationship management process helps here.

Benefit #3: Boosts customer revenues

Customer relationship management strategy ensures the effective coordination of marketing campaigns. It facilitates the filtering of the data and ensures the promotions target the right customers at the right time. Businesses can also use the data derived from customer relationship management tools to introduce loyalty programs that promote a higher customer retention ratio.

Benefit #4: Enhances effective cross-selling and up-selling of products

With customer relationship management, both cross and up-selling can be made easier. Apart from serving customers with the best offers quickly, these two forms of selling help employees in gaining a better understanding of their customer’s needs. With time, they can always anticipate related purchases from their customer.

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Are you wondering how to build an effective customer relationship management strategy? We’d love to help. Request a free proposal now to know more about our portfolio of services.

Benefit #5: Simplifies the sales and marketing processes

A CRM system facilitates the development of better and effective communication channels. Technological integrations like websites and interactive voice response systems can make work easier for the sales representatives as well as the organization. Consequently, businesses with a CRM have a chance to provide their customers with various ways of communication. Such strategies ensure appropriate delivery of communication and quick response to inquiries and feedback from customers.

Five Simple Steps to Get Better Results with CRM System

Step 1: Collect and store data

The first step in creating an effective customer relationship management system is to collect and store all the information you can get about every customer in your CRM system. So, you need to find out what industry they are in, their geographic data, why they chose your company, products, and services, demographic data. Eventually, you will have enough data to build better profiles of your customer. This will further help in creating targeted advertising to bring in more customers that meet your existing profile.

Step 2: Build a communication timeline

The second step is to determine the best frequency and order of communications with new prospects. Now you need to move on to hints on how to get the best from your product and service to begin building customer loyalty and relationships. Furthermore, you need to introduce your customers to complementary or add-on products they may have a need for. This cycle can be repeated so that most communications can add value to the customer and customer relationship.

Step 3: Analyze sales data

The next step in creating an effective customer relationship management strategy is to look at your most profitable and top spending customers. This way you can create more focused campaigns to reach out to them. Also, you need to speak to your existing customers and ask them to provide brief testimonials to draft a customer case study. This way you can show prospects how you have helped your customers facing similar predicaments.

Step 4: Make the data easily accessible in the field

Your salespeople need to know the status of issues, orders, and payments due so that they can act accordingly. Your engineering staff can use the data to create a history of issues and activities on customer sites that may aid them to fix current problems faster. If you provide links to field data, it makes you improve your customer responsiveness and help in building effective customer relationship management system.

Step 5: Personalize your communications

Personalization is the key to establish an effective customer relationship management. You can do this by using recent history collected in your customer relationship management database and showing your customers that you know what is happening to an individual customer. This can help you stay on the top of any issues proactively.

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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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IR35

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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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.