How can Business benefit from Analytics-driven Customer Relationships?
Customer analytics have become a critical tool in acquisition and retention of today’s technically-savvy consumers. By combining data from multiple sources related to customer interaction and sales, marketing teams can focus on current and future customers with the most potential for anticipated revenues. Predictive analysis can detect evolving trends that allow executives and marketing to formulate business plans to take advantage of these indicators. There are some basic initial steps that need to be taken to gain this competitive advantage through analytics-driven customer information:
- Collect customer information related to profile (address, demographics), purchase history, and other interaction with the company.
- Build a 360 degree view of the customer through transformation of data into real information.
- Through analytics generate customer insight and ranking based on purchases, payments, etc.
Throughout these processes your business will gain critical knowledge of customer preferences and interaction with the business. This provides the customer insight which becomes a focal point for marketing strategy and business directives.
What do Analytics-driven Customer Relationships Provide to Business?
Real-time information provides all levels of business with reliable facts on which to base decisions. By gaining insight on your customer information you can identify:
- How often has the customer purchased, and what did they purchase?
- What method did the customer use for purchasing – catalog, online, phone, POS?
- What payment method did they utilize, and what is their payment history?
- Have they visited your social media site(s) and if so, did that lead to a purchase?
- Did they contact customer service or support? Were their issues addressed and resolved?
Each of these answers brings insight into the customer’s future activity and how you will want to maintain relationship with them. Those customers identified through analytics as having the most value can be further engaged with special promotions or loyalty programs. This ensures retention and potential referrals that result in acquisition of additional customers. Putting this information to use empowers CEOs and marketing to gain a competitive edge through the access to real-time information including:
- Prediction of future buying habits
- Acquisition of new customers through more effective marketing and service
- Evaluation of customer preference in products and payment options
- Methods of connecting with the company – web site, POS
- Effectiveness of social media sites and loyalty programs
Analytics-driven customer information can become a corporate asset regardless of company size. Even small to medium-size businesses can benefit from the knowledge available from the data they already have once analytics have been put to effective use.
In10s Technologies empowers business with the analytical tools and functionality businesses need to gain a competitive edge in working with customers. Big data from multiple applications and sources are easily and efficiently transformed, merged, and sorted into useful information that customer-focused teams can utilize for real-time decision making. These analyses enable business to react quickly to changing customer expectations and demands. Our UniServe platform enables our customer companies to gain competitive advantage through such inherent features as workflow processing, UI application integration and our intelligent data manager.
Contact In10s Technologies today to discover how we can help your business benefit from analytics-driven customer acquisition, insight, and engagement.0