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How Customer Data Analytics Can Help Drive Business Success?

How Customer Data Analytics Can Help Drive Business Success?

The customers are the backbone of a successful organization. No longer does one-size-fits-all kind of advertising or price-based competition reap results. Today, if you want a thriving business, customer interaction is the key. Building relationships based on that interaction will get you going.

Nevertheless, this isn’t enough. To survive in this contemporary competitive world, enterprises need data-driven, powerful insights that will help them comprehend their customers’ needs. The world is rapidly developing and so is the technology domain. Tech bigwigs, including Airbnb and Uber, are utilizing the nuanced concept of data analysis to reshape their way of interaction with the customers; so let’s dive down to know how they are putting their customer’s first and leveraging data analytics in a collective manner.

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Segmentation

This step divides customer data into segments, for example, age, location, buying pattern, product usage, etc. It helps in messaging information to particular groups interested in particular activities. Tailor-made marketing strategies are in demand.

Segmentation also helps you decide which group is profitable and which isn’t. This way, you and your organization won’t end up wasting money on sections that are not likely to yield conversions.

Product Development

To stay ahead of the curve, your products need to be customized. This is done by gathering customer data from detailed reports or with the help of A/B testing.  You can also look up to customer feedback. It helps in determining chances for innovation and gauges the efficacy levels of the products.

Companies, such as Amazon and Netflix use data analytics effectively to understand the preferences of customers and craft recommendation list accordingly.

Agility

Instead of finding new customers, the companies are now focusing more on customer retention. In order to do so, the company executives are channelizing resources to keep their existing customers loyal to them. Nevertheless, this is no mean feat. A recent report has found out that two-thirds of the B2B customer base or even more are currently at risk. Hence, customer retention is a better alternative than luring newer customers. 

Innovation

For data-obsessed people, innovation is the lifeblood for their success. However, it has resulted in disrupting several established companies and industries. Use of chatbots, AI and apps has sparked a phenomenal change in the technology landscape.  Autonomous Vehicles are one of the best examples of disruptive technology, which is a brainchild of Tesla, Google and other path-breaking companies.

Insights Turned into Actions

Irrespective of the industry you work at, customer data analytics helps you tap into your customer’s choices and behaviors and predict how that pattern is going to modify in the future. It might aid you in understanding why customers leave giving you enough room to target retention programs at those who are at more risk of leaving.

No wonder, more and more companies are becoming data-centric. Nevertheless, out of all, very few have actually worked out the best way to use the data and hit notes of business success. Remember, insights are only effective when they trigger change!

Are you interested in customer analytics? Want to enroll in a good marketing analytics certification course? DexLab Analytics is here for help! Feel free to drop by their website and send enquiries. The expert team of the institute will be happy to guide you.

 

The blog first appeared in ― www.entrepreneur.com/article/310001

 

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Customer Analytics: A Basic Introduction

Customer Analytics: A Basic Introduction

Customer Analytics is today’s hottest kid on the block, especially for executives. In simple terms, customer analytics is the process of analyzing and evaluating a flood of data that is being collected every day from every possible and probable customer standpoint. This customer data is then used in building superior predictive models to ascertain who the best customers for the retailer are, where he can find this kind of customer base and the value-potential these customers possess – either in terms of visits or dollars.

Customer data provides valuable and actionable insights that help retailers in executing their future marketing and real estate strategies. Put simply, it basically uses the past to predict the future.

Inadequate Customer Data: The Problem

No wonder, Customer Analytics is indeed a wonderful tool yet it’s not as simple as it sounds. Basically, collecting and determining data is an expensive affair as well as time-consuming. However, it is an absolute necessity. If not this, the retailers won’t be able to realize the potentials of customer analytics to the fullest.

However, most of the retailers, at least 60% of the lot don’t have access to data or they possess unreliable data. Generally speaking, an average company’s data is nearly 55% accurate and 14 months old, which makes the data fundamentally useless.

Faulty data skews customer profiles – resulting in lost opportunities, escalating costs, poor use of analytic solutions, dwindling numbers of customers – effectively costing retailers $700 billion annually.

Interestingly, the companies that have mastered the art of Customer Analytics are 7.4 times more likely to outdo their rivals in terms of sales, 6.5 times more likely to retain existing customers and approximately 19 times more likely to hit above-average profitability.

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Why Use Customer Analytics?

While there are retailers who have just grazed the layers of customer insights, you will find another set of retailers who are successfully utilizing the treasure trove of customer data merging analytics into it and identifying crucial information that leads to streamlining operations, accelerating productivity, personalizing marketing initiatives in accordance to both current and potential customers. This yields better profitability and detects locations where retailers can open new shops and target new customers.

With such intense market competition, retailers need to outnumber their tailing rivals and for that, they have to leverage the power of customer analytics. Instead of being an option, it has now become a necessity. So, say thanks to Customer Analytics, because of it, retailers are in a position to greatly enhance their potentials to target the right customers at the right time in the right place and in the most effective way.

If you are interested in customer marketing analytics courses in Delhi, feel free to reach us at DexLab Analytics. We offer excellent marketing analytics certification courses to the interested candidates at amazing prices! Contact us now.

 

The blog has been sourced from ―  www.buxtonco.com/blog/what-is-customer-analytics

 

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