Tag: Customer Satisfaction

Customer lifetime value

Customer Lifetime Value Analysis Helps Improve Retention Rate by 13% for a Telecom Company – A Quantzig Case Study

customer lifetime value

A world leader in the IT and telecom sector based out of Denmark was facing several predicaments due to their inability to identify new international business opportunities, improve retention rates, and ensure the right amount of investments towards profitable customer segments. To tackle such challenges, they approached Quantzig to leverage its customer lifetime value analytics solutions to profile the potential customers and develop a marketing strategy that can help them maximize retention, net profit and minimize re-marketing costs.

Quantzig adopts a holistic approach to help organizations develop unique methods for evaluating the customer lifetime value for each client across different industries. Request a FREE proposal now to gain in-depth insights into our customer analytics solutions.

Telecom Service

Business Challenge

The global telecom industry consists of several big players that make communication possible on a global scale, either through  phone or the Internet. The telecom industry is primarily driven by technological innovations and developments, which help to offer a wide range of communication services at low-cost margins.

The client, a leading telecom player with business operations spread across the globe, wanted to determine the net value of their customers by source, campaign, and channel. This would help them identify potential customers and ascertain their average revenue per user. The client, with the help of customer lifetime value analytics solutions, wanted to spend their resources smartly to acquire new customers and retain the most profitable ones with customer lifetime value analytics engagement. Also, with the help of customer lifetime value analytics solutions, they wanted to seek ways to improve business decisions about product development, sales, marketing, and offer reliable customer service and experience to the customers; thus, helping them to maintain a long-term relationship with customers.

Major challenges faced by the client:

  • To ascertain the net value of their customers
  • To seek ways to improve decision-making capabilities
  • To reduce customer churn rates and retain the most profitable customers

Our customer analytics experts help can help you build a customer lifetime value model to map the customer journey across all customer touchpoints. Get in touch with them right away!

Solution Offered and Value Delivered

By leveraging Quantzig’s customer lifetime value study, the client identified the necessary marketing efforts to reduce churn rates and ensured the right amount of marketing investments toward profitable customers.

Adopting a combined approach of Quantzig’s dynamic micro-segmentation and predictive modeling techniques, the client was able to accurately forecast the lifetime value of a customer based on their purchase history, demographics and other behavioral traits. Also, the telecom company was able to accurately predict the revenue generated by each customer which, in turn, helped them devise cost-efficient strategies aimed at improving the share of wallet from that customer. The solutions offered also helped them improve retention rate by 13% and build long-term relationships with the customers.

Our advanced customer lifetime value modeling solutions can help you identify profitable customer groups and optimize your marketing spend. Request a FREE demo to know more.

Outcome

Customer lifetime value analysis solutions helped the client to optimize interactions and conversations to drive repeat purchases, customer referrals, and minimize support costs. Furthermore, this engagement offered real-time and actionable insights into their customers’ journey which helped the client efficiently distinguish customers in terms of profitability.

Our customer lifetime value analysis also empowered the client to:

  • To improve retention rate by 13%
  • Accurately predict the revenue each customer generates
  • Devise data-driven marketing strategies to improve profitability
  • Reduce customer churn rates significantly

Request for more information below to know how our customer analytics solutions can help you proactively boost engagement and improve customer service.

telecom industry
customer satisfaction

Customer Satisfaction: Five Metrics to Track User Experience and Drive Loyalty

High customer satisfaction rates can take your brand places by helping you stay ahead of the curve. We’re sure you don’t want to miss out on this opportunity to learn how. Download the complete article for in-depth insights.

Business leaders across industries have started recognizing the advantages offered by superior customer experiences and the value that resides not only in what a company delivers for its end-users but the ways in which they deliver their offerings. Gone are the days where organizations once could differentiate themselves from their competitors by efficiency, uniqueness today increasingly relies on creating a seamless customer experience to enhance customer satisfaction and drive loyalty.

Want to gain detailed insights into our customer analytics solutions portfolio? Contact us.

Why is customer satisfaction important?

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customer satisfaction

Customer Satisfaction Engagement: Analyzing Customer Survey Data to Boost Customer Retention and Loyalty in the Retail Sector

The Business Challenge:

Today retail industry players across the globe are facing very low customer satisfaction levels and high attrition rates. The enormity of these challenges has grown due to the use of different communication channels that have become a standard business practice. With the proliferation of technology, customers today take no time in switching between channels and expect a consistent level of customer service across all platforms throughout their journey. As a result, the retail environment has evolved from a product-centric foundation to customer-centric foundation and therefore, customer satisfaction survey has become a pre-requisite for the success of companies in the retail sector.

The client, a leading retail company based out of Norway, faced several predicaments due to their inability to monitor and track customer journeys. Their operations are spread globally, with more than 15 stores located in Belgium, Germany, the Netherlands, Romania and the United States. The client faced various challenges starting with anticipating changing customer expectations and needs, dipping customer retention rates, and a decrease in customer loyalty towards the brand.

Customer satisfaction survey can help you enhance customer experience and loyalty. Want to know how? Get in touch with our experts.

The client approached Quantzig to leverage its expertise in offering customer analytics solutions to find answers to the following questions:

  • What problems did the customers face?
  • How do customers respond to their brand?
  • What makes their customers happy?
  • What actions do customers take after their first interaction with the brand?

We adopted a comprehensive approach to helping the client enhance their customer service levels and boost customer satisfaction scores across multiple touchpoints. 

SNAPSHOT

Solutions Offered and Value Delivered:

Quantzig’s customer analytics experts adopted a holistic approach that revolved around conducting and analyzing the data generated from customer surveys. This helped the client to proactively understand their own strengths and weaknesses from the customers’ perspective and address customer concerns. This boosted customer retention rates by 2x by analyzing customer feedback and reasons for churn.

Our customer analytics experts also created an interactive and customized dashboard to ensure that the client’s marketing and sales team gain better insights into the data generated by customer experience surveys. By leveraging Quantzig’s customer satisfaction survey analysis, the retailer gained a better understanding of its diverse customer segments. Additionally, the customer satisfaction survey helped them improve the customer satisfaction score by offering deeper insights into customer expectations and needs. Furthermore, this helped them customize their marketing initiatives to suit customer needs. As a result, customer loyalty has improved, and the client experienced a better market presence. Also, the ROI from their marketing campaigns improved significantly.

Our customer analytics solutions help companies to identify factors leading to customer churn and develop efficient strategies to boost customer retention. Request a FREE proposal now to know more about our portfolio of services.

The insights gained from this customer satisfaction engagement also enabled the client to:

  • Improve business performance by enhancing customer service in real-time
  • Manage customer expectations, boost consumption rate, and reduce the cost of support
  • Build a customer-focused attitude across different channels of the organization

Benefits of Customer Satisfaction Survey

There are several factors that contribute to the success or failure of any business and a customer survey is one of them. It is crucial for companies across industries to track the growing importance of customer satisfaction in order to boost customer loyalty and eventually turn them into brand ambassadors.  If you neglect your customers, don’t expect them to care about your offerings. The sooner businesses realize this, the better they can perform. Better customer service is always the key to win the hearts of your clients and make your brand recognizable within your target group. Here are a few important reasons why customer satisfaction surveys are important for businesses today:

Improves customer loyalty: Customer feedbacks can help companies understand what their customers like about them and what they don’t. If you know what keeps them coming back over and over again, you are closer to winning your customer’s loyalty.

Do your clients’ feel they’ve not received the desired customer service at some point of interaction? Put an end to it with our customer analytics solutions. Request a FREE demo right away.

Enhances customer service: Customer service can improve only when you are empathetic to what they say. Online customer satisfaction survey provides a medium to your customers where they get a chance to tell their side of the story out without being interrupted. This can further help you segment your customers into different categories based on their needs and expectations.

Improves communication strategies: Customer satisfaction survey offers an opportunity for companies to establish effective communication strategies with their customers. This can be done by carefully designing your survey.  Also, this can help you remind your customers of important changes in your organization.

Helps in spotting trends: The customer satisfaction survey is a very important tool to spot market trends. It can help you gain from the wisdom of the masses by asking them their ideas and analyzing patterns in their feedback. This can help companies to stay ahead of the curve.

Why Quantzig?

At Quantzig, we help businesses to understand their customers and devise effective customer retention strategies. Our analytics solutions help businesses in the precise prediction of customers’ buying behaviors and deliver relevant offers that attract rather than alienate customers. With the help of the best combination of analysts and consultants, we help our clients discover and build capabilities to drive competitive readiness and success.

infiniti research

Enhancing Customer Experience, The Artificial Intelligence (AI) Way

Organizations with a customer-centric strategy deliver value, enhance customer experience (CX) at various touch points, and positively impact the bottom-line results. Marketers are leveraging artificial intelligence (AI) andQZ_CTA predictive analytic tools like customer analytics to gain insights about their target market and existing customers. Artificial intelligence and big data analytics help businesses to not only streamline their processes but also in improving their customer experience. By integrating artificial intelligence and customer analytics within the business processes, companies can create a positive experience for the end-user, increase the consumer spend, build customer loyalty and drive brand advocacy to gain a competitive advantage in the market.

Customer Experience and Artificial Intelligence

Customer experience or user experience can be defined as the consumer’s perception about a brand or a product. It is essential for the organizations to direct their efforts towards creating a positive customer experience and retaining them with the brand. The costs of acquiring a new customer is five times more than retaining an existing one; thus, making it crucial for brands to offer a seamless customer journey across all touchpoints. User experience can determine the success or failure of any brand or business and can also be enhanced by integrating artificial intelligence, chat bots, or machine learning coupled with predictive analytics to leverage the customer and market insights.

How Does Artificial Intelligence Improve Customer Experience?

Artificial intelligence and chat bots help in creating personalized experiences and enabling intelligent, accessible engagement with the customers. It assists the end user to achieve their objective or offers solutions to their problems, thus, driving satisfaction and improving the overall customer experience. Artificial intelligence also enables businesses to gain insights into consumer behavior by sorting through a large amount of data generated, and helps them to navigate, understand, and enhance the sales or customers’ journey. But in what ways will artificial intelligence impact the customer experience, you ask? Here’s how.

  • Artificial intelligence allows us to leverage the data available and comprehend consumer behavior and traits through customer analytics to streamline the customer interaction process by making information available and accessible across several touchpoints
  • It leverages the overflowing and widely available consumer data through various devices and offers insights into consumer behavior and market trends. This helps businesses to incorporate personalization in customer experience by leveraging interactive applications such as chat bots e.g. Facebook messenger. These chat bots are advanced computer programs designed to simulate an online conversation with humans
  • Artificial intelligence enables conversational commerce, by piecing together individual touchpoints and completing customer journeys to enhance and re-design customer experiences

 

To know more about customer analytics and its advantages

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IR26

Order management model helps industrial cleaning goods provider improve customer satisfaction

Business Challenge: Improving customer satisfaction by efficient order management. An Asian industrial cleaning products manufacturer wanted to improve its order management process, to reduce stock outs and improve customer satisfaction.

Situation: Lack of timely order fulfilment causing customer dissatisfaction

The client did not have a proper order management process in place. Consequently, the client was facing issues such as stock outs, large unused and out of date inventory, delayed shipments, and could not fulfil many orders on time, resulting in low customer satisfaction.

Solution/Approach: Order management analytics and predictive modeling to build an efficient order management solution

We used order management analytics on inventory data to cluster products based on sales, stock levels and lead times, at an individual distributor and retailer level, and map inventory data to sales forecasts and sales cycles.  Based on this information, we built an order management model.

Impact: Improved customer satisfaction and revenues

The cleaning products manufacturer used our insights to predict and maintain appropriate inventory levels at distributor and retailer levels, to ensure availability of its products at all times. This helped the client in eventually improving the customer satisfaction levels and improving profits.

IR33

Real-time customer feedback and big data analysis improves customer satisfaction for logistics company

Business Challenge: Real time customer feedback for measuring customer satisfaction

A leading logistics client wanted to develop real-time customer feedback and analysis framework to measure customer satisfaction levels.

Situation: Need for new analytics based customer feedback process

The client had an existing survey based process for customer feedback which was old and was not capturing valuable customer data. The client wanted to run a customer satisfaction program and was looking for real-time data stream for analysis.

Solution/Approach: Big data analytics with prioritization framework

We conducted customer analysis and setup customer satisfaction process. The big data analytics model was created to collect and aggregate the customer data on areas such as billing, complaints, repairs, contracts and contact center calls. The model provided real-time feedback with prioritization framework and risk flagging methodology.

Impact: Reduction in customer complaints and improved satisfaction

Client gained a structured process to track customer advocacy and measure organization effectiveness. This helped in real-time customer interaction mapping and flagging risk episodes. As a result, there was considerable reduction in complaints with improved proactive issue resolution mechanism, as well as greater customer satisfaction.

photography work space on top view

Order monitoring and management delivers USD 550,000 revenue and greater customer satisfaction for logistics company

Business Challenge: Improving customer satisfaction through better order management

A leading freight and logistics company wanted evaluation of its 3rd party logistics services providers and spend analysis to shortlist the most cost effective suppliers.

Situation: Providing real time information on order status

The client had recently conducted a survey in which the customers cited the need for improvements in timeliness and accuracy of the orders. To provide these services, the client wanted to utilize its customer portal, which could quickly provide the customers with accurate, personalized, and actionable information for tracking of their route, fleet and shipment schedules.

Solution/Approach: Delivery analysis, order management and monitoring

We churned all the customer and operational information from the client’s systems, and integrated them together to define key metrics such as order status, packaging time, dispatch time, vehicle route, and service personnel contacts. The finalized key metrics were then analyzed using delivery time analysis and order management analytics, to be utilized into the client’s customer portal for providing real time alerts to the customers.

Impact: USD 550,000 revenue and improved customer satisfaction

The client was able to provide real time information to its customers regarding the status and location of their orders, and also provided alerts in case of delays. This helped improve customer satisfaction and the client saw a surge in revenue by USD 550,000.