On the other hand, businesses understand that profitability accrues through loyal customer retention as opposed to new customer acquisition. However, successful customer retention requires that companies turn their regular customers into satisfied customers and then into loyal advocates.
Proactively reaching out to customers before they defect to a competitor requires effective Customer Analytics capabilities.
To achieve these proactive customer interventions, businesses employ Customer Analytics to mine data for invaluable customer sentiment. Accessing this demographic, behavioral, interactional and attitudinal information, companies then identify the best offer using the right channel at the perfect moment to keep that customer from defecting. Keep up to date with our free email.
Hand picked whitepapers and posts from our blog, as well as exclusive videos and webinar invitations keep our Users one step ahead. These companies can deliver targeted, real-time offers to customers via the optimal touchpoint for that individual customer, like email, social media, or a phone call, to maximize customer value and proactively prevent defection.
Such capabilities often mean the difference between holding on to customers or inadvertently driving them away due to an ill-timed retention offer. With Customer Analytics, businesses achieve a level of granular insight into a chosen customer base. They can then uncover the specific buying patterns, and timed offers, that lead to a satisfied customer. A successful analytics solution helps these companies take steps toward proactive retention for those customers who are showing early signs of defection.
In general, organizations rely on a range of transactional and demographic data to uncover customer trends and buying patterns. To augment these capabilities, sophisticated analytics solutions have been created to help companies grapple with an increasingly complex consumer marketplace.
From improving customer insight to waging loyalty campaigns and implementing retention strategies, businesses are presented with a range of challenges—and a wealth of tools—from which to choose. However, a percentage of these companies recognize that Customer Analytics adoption can accelerate the integration of unstructured data that exists beyond the four walls of their datacenter with traditional data types.
Further, integrating this rich data will facilitate personalized, one-to-one customer experiences and real-time responses that enable these companies to make appropriate business decisions that will have a profound effect on their bottom line. In the final analysis, the importance of taking a proactive approach to customer interventions versus reactive strategies is clear.
Utilizing multiple channels and opportunities for interaction reinforces this approach. Without the types of proactive solutions enabled by Customer Analytics, business owners realize they leave themselves at the mercy of unforeseen customer defections rather than taking proactive steps toward retention from a strong analytics-based foundation.
When it comes to integrating new technology solutions such as Customer Analytics into their customer outreach and evaluation toolset, companies see the value of adoption. In fact, more than half of the UBM TechWeb respondents currently consider themselves proactive in terms of incorporating these tools into their marketing approach. Moreover, they understand the impact of staying ahead of the Big Data curve in a profoundly challenging and competitive global marketplace.
IBM Customer Analytics offers advanced, scalable tools to handle the large data sets that enterprises increasingly encounter today. These solutions are also flexible enough to grow in analytical sophistication as smaller businesses expand and develop. This marketing model illustrates the three critical actions that enable businesses to attain successful customer interactions:. The data WebFusion software delivers, however, can give you the clarity and deeper understanding you seek.
It captures the digital tracking data from your website, including person identifiers, and delivers simple and robust reports or insights at the most granular level.
WebFusion combines customer analysis, marketing measurement and customer journey software to deliver clearer and reliable customer insights. The tagging of your site can sometimes cause conflicts for the management information you seek.
Sometimes the tagging data capture over-inflates your actions per page view as you capture more actions and therefore your Year on Year comparisons become inaccurate or biased. Socialize for people living alone. Now, you have found an interesting and unexpected Customer Insight.
What should you do? As we mentioned earlier, it is difficult to find a real, useful and deep Customer Insight. Mark Twain. Go, see and Touch. Check different businesses personally. Whether people there behave as you expected or not. Check if the average customer orders what you expected to. Investigate different locations.
Make some numbers. Statistics of consumption habits. Main products consumed. Try to challenge your theory, instead. Avoid the confirmation bias. Which Business shop, supermarket, etc.. Use Income Statements to evaluate your predictions. If you can confirm that your Customer Insight is accurate, congratulations.
Now, you have a powerful tool to succeed. Properly identified they can be enough for starting a successful business. For identifying them correctly, you should: Look what customers do rather than what they say. Moreover, we all tend to lie more than we admit. Make no assumptions. Assumptions can be very expensive. Try to be open to unexpected results. Test your Conclusions. Work with us to access direct insights from the people you need to hear from in your target locations, in the UK or globally.
Consumer insight for every sector. Proven primary research methods Different techniques and tactics work well in different situations, depending on the kind of insight you need. Interactive digital or traditional focus groups One to one customer research — online or in person Online research and virtual interviews Surveys in-location Advice on the most effective approach Direct consumer research combines powerfully with customer behaviour, spending and demographic data to build out the bigger picture.
Read more View less. Capabilities Location Consultancy Delivering data-led insight in context - for investment, divestment, development and repurposing. Read more. Network Optimisation Situate and configure each outlet in the network to satisfy demand. Market Insight Understand new markets and monitor change and opportunities in locations around the world.
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