Tag: Customer Retention

customer experience analytics

Tips to Improve Customer Retention Using Real-Time Customer Experience Analytics

What is customer experience analytics?

The analytical approach to understanding and examining customer feedbacks by leveraging the use of structured datasets related to the buying patterns and demographics of customers is known as customer experience analytics. Customer experience analytics takes into account factors that drive customer sentiments and satisfaction and combine it with performance metrics to measure the success of customer experience management programs. Smart routing, filtering, and front-line response capabilities form a part of customer experience analytics that empowers companies to engage with customers effectively and connect with them personally. Customer experience analytics acts as a silver bullet in today’s competitive marketplace where companies are competing for market share, customer acquisition, and customer retention. 

Our customized customer experience analytics solutions help companies to predict future buying behaviours of customers to deliver relevant offers that attract them. Request a FREE demo right away to gain better insights.

Benefits of customer experience analytics

#1: Helps in offering personalized services

Today’s digitally empowered customers don’t just want any service that caters to their need. They look for websites and services that are personalized and can recognize their preferences and interests and save their time, without them even realizing it. This is not just true about specific customer segments but for individual customer experience too. Businesses can devise a powerful customer experience strategy by measuring customer experience metrics through customer experience analytics dashboards in real-time. Such analytics dashboards offer tangible benefits to businesses and boost customer retention dramatically.

#2: Helps improve market expansion efforts

Customer experience analytics helps in identifying the factors that are working for the business and factors that are not helping the business in any aspect. If a business fails to identify and analyze such factors, it is highly likely that customers will move to their competitors’ services or website. Analysis of such factors helps you uncover a lot of opportunities and understand the penetration level of your business. Also, it helps to analyze the percentage of your target market that can further help in offering personalized services to improve customer experience.

Quantzig offers strategic analytics services that enable businesses to identify factors responsible for customer churn and develop effective strategies to boost customer retention. Request a FREE proposal to know more about our portfolio of customer analytics services.

#3: Improves response time

Today’s customers are using their voices faster than ever. They hop onto various social media platforms to share their experience good or bad and therefore, having a good customer experience management system has become crucial for businesses. The only way to arm yourself in such a competitive landscape is to use customer experience analytics to improve your response time and proactively fix customer experience issues even before they arise. Customer experience analytics offers actionable insights into customer data that can enhance engagement, experience, and improve sales.

#4: Aids in enhancing the customer journey

Availability of immense data can help companies to improve customer journeys, but only when they have proper customer experience analytics solution in place. Companies who still focus on legacy structures or traditional approaches to serve their customers will not succeed because of their resistance to change. Embracing customer experience analytics is the key to improve your customer’s journey and make them feel valued, cared, and engaged.

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.


4 Quick Fixes to Boost Your Customer Engagement

Research shows that, on an average, businesses lose about 20 percent of their customers annually by merely failing to build customer relationships. Acquiring new customers often prove to be a costly affair when compared to retaining the old customers. So, businesses have to figure out a way to retain their customers and one of the most effective ways to this is by using the right customer engagement strategies. Customer engagement can be defined as the experience and touchpoints a customer has with your company and its products and services and ensuring that they return to have those experiences again. With various customer engagement strategies available today, it can be hard to know which are the most effective. 

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Humanize your band

It is essential to ensure that the marketing, advertising, and service efforts of the company are consistent with the core values. Today, consumers tend to mistrust traditional advertising methods. In this case, the best bet for companies is to emotionally connect with customers in order to engage them is to humanize the brand. Such customer engagement strategies make customers feel that the company understands their needs and also gives them an opportunity to relate to the brand. Companies can also follow various tactics including using video content, presenting webinars, and publishing whitepapers and e-books. All these customer engagement strategies help to establish the brand’s voice with a trusted face.

Be active on social media

Keeping an active social media presence is one of the best customer engagement strategies for brands to enhance their customer interaction. Providing qualified, targeted content for the customers is more effective if it is propagated on social media. This method is less formal than traditional advertising and is also a great way to get closer to your customers. Social media can also be used as a tool to listen to and understand the customers better.

Personalized communicationDemo

Personalization is one of the most successful customer engagement strategies that help businesses in customer interaction and retention. Personalization can take many forms, from the auto-generated emails to a sophisticated algorithm that recommends products based on the customer’s browsing history. It is one of the most effective ways to make customers feel connected to the brand, thereby improving the company’s sales and goodwill.

Mobile apps

Mobile is now the most common medium through which customers access the internet. So, having a mobile app for your brand is one of the best ways to stay connected with your customers. The app can be used to engage with customers, provide vouchers, and also send instant push notifications to inactive customers and bring them back to the business. The use of such customer engagement strategies help businesses turn on-off customers into repeat buyers.

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Choosing the best customer acquisition strategy for new businesses

Does your business have a solid customer acquisition strategy? If not, its high time that you do. Without a strong customer acquisition strategy, growing your business prospects will be nothing less than a long struggle. Over the past decade, the customer acquisition cost has increased by over 50%. With the rising market competition, marketing is becoming more expensive than ever before and customers are becoming more loyal to brands that attract their attention and provide them the best deals. This means that brands now need to be smarter when formulating their customer acquisition strategy. Here are four proven strategies to get it right:Request Proposal

Identify the target customers

One of the most essential steps in building a strategy to acquire customers is to know who your target customers are and where they are located. In order to improve your chances of customer acquisition, you need to be where your target customers are – that is, both the online and offline presence of your customers. Once you’ve figured out the places and locations that your customers tend to frequent, you will be able to develop marketing strategies according to this information. This also reduces your customer acquisition cost as you would not have to spend on platforms or channels that do not yield the desired results.

Incorporate video content

Content marketing is one of the most effective ways for new businesses to reach out to their target customers, and video content takes it one step further. However, it is important to note that the content should not only be interesting but should also provide value to the customers in a significant way. Various social media channels can be leveraged to fuel such efforts and garner greater attention from the user. Also, the customer acquisition cost of reaching out to the target audience through social media also goes easy on the pocket for new businesses that might be going through a cash crunch.

Referral strategyContact US

Referrals are one of the most effective customer acquisition strategies that work for new businesses. The challenge here is to figure out a way to encourage your customers to refer potential new customers. Businesses can offer their current users incentives like discounts or other exciting offers that would prompt them to refer others to their products or services. Companies incentivize new customers by giving them attractive offers to them to purchase the company’s products or avail the services.

E-mail marketing

E-mail marketing might look like an outdated customer acquisition strategy. However, email marketing is still a great platform for companies to promote quality content, product information, and discounts and events. The customer acquisition cost for e-mail marketing is also significantly lesser when compared to several other marketing channels.

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4-Step Checklist for Making Customer Lifetime Value Effective

Calculating what a customer might be worth is alluring for managers and marketers alike. This clearly answers why customer lifetime value(CLV) is so popular in many industries. For the unacquainted, customer lifetime value represents the total amount of money a customer is expected to spend in your business, or on your products, during their lifetime. But why is this important for your business, you wonder? It helps you make decisions about how much money to invest in acquiring new customers and retaining existing ones. Also, it plays a significant role in building and maintaining customer loyalty in the long run. Research reveals that deepening connections and building strong relations with customers is the key to customer retention. So, while keeping existing customers happy and engaged is seemingly overwhelming, just how should a company increase their customer lifetime value? Here are four tips that will help you get there:Free demo

Focus on building customer loyalty

Leading brands provide their customer with consistent quality, outstanding customer service, and high value. Loyal customers will result in repeat sales and become the first to try your new products. The determinants of customer loyalty include superiority of products (or services), quality of customer service and subtle “shared values.” Several recent research have suggested that shared values are the primary reason for maintaining a brand relationship. Clearly communicating your brand philosophy – one that reflects your customers’ beliefs – is a sure shot way to impress your customers.

Understand your customer

Companies might already be aware of who their existing customers are and what they purchase the most from them. The critical question here is whether the organization is tapping into the insights it may already have about these individuals to deliver the ultimate customer experience. Data analytics can prove to be an excellent tool for better understanding buyer behavior, customer shopping patterns, and product/service lifecycles. Companies operating online can also dig into the traffic of the website and identify the actions that can be taken to move the customers to better connect with the brand. Furthermore, this data can be used to work on giving customers more of what resonates with them and personalize communications to align and target customers. Doing so will enable brands to deliver an enhanced customer experience that will keep them in the corner over the long haul and improve customer lifetime value.

Identify opportunities

When a company increases the average deal size or the basket size by upselling and cross-selling to customers, it plays a vital role in improving customer lifetime value. Companies must look for and communicate ways to add more value to the product or services. However, brands must ensure that they offer honest, targeted information that will genuinely help. Unrelated or questionable recommendations could heavily damage the credibility of helpful, relevant offers.

Reward customers

To improve the customer lifetime value, brands can create an incentive scheme that grabs (and holds) customers’ attention. This can be done by avoiding discounts and instead, offering exclusive products or value-added services. Studies show that discounts lead to reduced customer lifetime value and decreased perceived value, while free gifts maintain quality perceptions and increase the value of the deal. Companies must ensure that they effectively communicate the rewards program, and make the rewards attainable and complimentary to the products or services.

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Leveraging Customer Retention and Loyalty Management for a Leading Retail Banking Firm

The client: A leading retail banking firm

Area of engagement: Customer retention and loyalty management

Retail banking is a typical mass-market banking segment that allows its customers to use local branches of the more extensive commercial banking establishments. Retail banking is also commonly known as consumer banking. Its services include mortgages, savings and checking accounts, debit/credit cards, certificates of deposit (CDs), and personal loans. The retail banking sector mainly focuses on catering to the needs of its retail clients.

Additionally, along with the provision of basic retail bank accounts, retail banking firms in the financial services industry are focusing on broadening their investment services and product offerings. This includes services such as retirement planning, brokerage accounts, and wealth management. However, a few of the auxiliary QZ- Request free proposalservices also involves outsourced third-party affiliations.

The Business Challenge

The client, a well-known retail banking services provider, approached our team of experts to help them improve their customer retention strategies. Due to massive competition from peers, the retail banking firm was facing difficulties in developing a successful customer loyalty program.

Additionally, the retail banking services provider wanted to create personalized customer retention and loyalty management programs. The client also wanted to improve profitability by revisiting customer profiles and developing strategies to maximize customer retention.

Retail Banking

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The Solution and the Business Impact

Implementing the customer retention and loyalty management strategies, as advised by the experts at Quantzig, helped the retail banking client to build a successful customer loyalty program. It also helped them take into account the various likes and dislikes of its customers. The solution offered also enabled them to provide personalized services to meet the unique needs of the customers. The customer retention solution also helped them gain a better understanding of existing customers to generate higher value.

Customer Retention and Loyalty Management Solution Predictive Insights

Understanding customers is the key to offering personalized services to retain the most profitable customers. Also, today’s uncertain economic condition coupled with the lasting effects of the credit crisis have left retail banking and other firms in the financial services industry scrambling to develop effective customer retention strategies.

The challenges facing the financial services industry seem to be insurmountable, but customers prefer banks that add value to the lives with loyalty. The solution offered by our experts helped the client in developing personalized customer retention strategies. It also enabled them to drive profitability in the long run.

Here are a few trends that are bringing about disruptions in the retail banking industry:

  • Increased use of advanced data analyticsSeveral best-in-class retail banking firms have already implemented advanced analytics and AI to automate processes, cut down costs, offer personalized services, and to enhance the overall customer experience. Since the potential of advanced analytics grows exponentially over time, it enables organizations to refine data sources as opposed to merely adding more and more data.
  • Multichannel deliveryWith the growth in technology and digitization, leading players in the financial services industry have been compelled to offer their customer contact personnel with the required digital tools to cater to the need of their customers. Also, the growth in digital interactions means that branch and contact-center interactions are more important than ever in building human relationships with customers.
  • Open API bankingAPIs will evolve to the more extensive options in response to the consumer desire for more significant digital solutions not currently provided by leading retail banking organizations. Also, the collaboration of traditional banking firms and FinTechs will enable both banking firms to offer more to their customers than previously possible.

Want to know more about our approach to customer retention and loyalty management and how we helped a retail banking services provider to identify and adjust to the latest financial services industry trends?

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Shining the Light on Dark Data to Generate Impactful Business Insights

Businesses rely on various data sources to gather information for making intelligent business decisions. The practice of recording structured data for further market intelligence uses is relatively new, lacking large volumes of data to derive an accurate insight. However, CIOs, business leaders, and data scientists are looking beyond the available data sources towards deep web to explore an astonishing amount of raw data to unearth valuable customer, business, and operational insights. With advanced technologies, organizations can analyze data from sources such as images, drawings, handwritten notes, satellite imaging, social media sentiments, and customer interaction, which were previously impossible.Free demo

What Types of Insights Can Dark Data Yield?
Organizations can harness the power of dark data to dive deep into the root of the problem to generate relevant insights, identify patterns, and relationships, that usually goes unnoticed by traditional BI and analytics tools. For instance, one popular fashion retailer used dark analytics to identify customer churn factors by studying how and when a customer dropped off. The brand could then predict the reasons for such customer churn, and craft more targeted and relevant re-engagement strategies as opposed to the usual “We will miss you!” e-mails.

How can Brands Make Better use of Dark Data?
To process and analyze dark data, brands need to account for all unused data, give it structure, and integrate it into existing data processes. For instance, tracking social shares is not an easy task. However, brands can give such a process structure by adding a share button with UTM embedded to track such dark shares. Organizations will have to update their legacy systems to enhance their ability to see and analyze dark data.

Pitfalls in Mining Dark Data

  • Using dark data such as patient records, credit card information, and other confidential account data can expose an organization to legal and regulatory risks
  • Businesses will have to dwell through proprietary or sensitive business information, the disclosure of such information could compromise important business activities and relationships
  • The user might lack the tool or solution to analyze unknown and unevaluated sources of intelligence

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Marketing Spend Analysis Helps a CPG Client Improve Offline Sales

For the sustenance of any organization, market spend analysis plays a prominent part in keeping track of the total expenditure. It delivers better visibility on the spend-related data to ensure that suppliers are providingCapture correct pricing, rebates, and volume discounts to make agile, informed, and confident buying decisions. Market spend analysis also helps the organization to identify its spending among suppliers, compare the spending with their peers, and identify the potential suppliers in achieving diversity and sustainability in the market. Although spend analysis becomes indispensable for the efficient functioning of every organization, it is subjected to numerous challenges. One of the major challenges is the presence of diverse data source in enterprises.

Quantzig’s market spend analysis solution delivers insightful analysis into the buying behavior among the businesses. The analytics team also recommends competitive benchmarking, focuses on improved service delivery, service standards, and customer retention strategies to ensure higher customer loyalty.

The Business Challenge

A conglomerate in CPG manufacturing was facing challenges in understanding the effect of online advertisements on offline sales using data from retail clients. The client also wanted to improve their offline sales to ensure maximum reach and enhance their brand loyalty in the market.

Our Approach

Quantzig’s team analyzed the information gained from various sources to leverage the power of online ads to enhance offline action and foot traffic to retail locations. By analyzing the information obtained from various sources such as sales data, account data, customer feedback, and revenue data, our analytics team developed a detailed targeting model to analyze the buying behavior patterns of businesses.

pricing analytics for a retailer

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Market Spend Analysis Assessment Benefits

  • Quantify returns on mobile and social initiatives
  • Track brand effectiveness in driving sales
  • Optimize budget allocation by channel impact

Market Spend Analysis Predictive Insights

  • Enter new global markets and capture larger shares of emerging and developed markets
  • Sourcing of brand equity
  • Manage global supply-chain risks associated with the proliferation of counterfeiting.
  • Producing cost efficiencies to offset expansion of CPG taxation

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