Sixty percent of enterprise business leaders claim that customer analytics is the most critical need of the hour and will increase to 79% by 2020, with personalization being the key driving factor. Enterprises are adopting customer analytics successfully and are concentrating on their goal of achieving customer personalization at scale. They are using customer analytics to do precisely that in real time.
Some of the highest achievers at the enterprise level have developed machine learning algorithms to learn how and when to offer product recommendations, adjust pricing at par with demand, and deliver competitive pricing strategies.
Corporations and various industry sectors worldwide are changing their approach to business with a customer-centric perspective, gathering a massive volume of customer intelligence data. However, harnessing the data surge can be challenging.
Even sophisticated and advanced software handling big data could not meet this deluge. Countless companies have faced challenges that continue. However, it is a fact that to succeed in this competitive marketplace and grow, your business should be able to acquire, retain, engage, and satisfy customers effectively. So, customer analytics is crucial for assessing your business performance.
Customer analytics statistics
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Before concluding, it is vital to know how much customer analytics has influenced the growth of businesses. Some fascinating insights from a study conducted by the Harvard Business Review Analytic Services and Intel, SAS, and Accenture Applied Intelligence find that customer analytics is the basic need of the hour for improving customer experience across all channels.
These facts should help:
- 70% of enterprises have increased expenditures on real-time customer analytics solutions over the years
- 58% of enterprises are witnessing a significant rise in customer loyalty and retention due to customer analytics
- 60% of real-time customer analytics is in use to improve customer experience across various devices and touchpoints
- 44% of enterprises are acquiring more new customers and increasing ROI (i.e., optimizing their sales funnel) by adopting and integrating customer analytics operations
- 39% of enterprise executives opine that IoT is an essential technology for improving customer experiences
Customer satisfaction analysis – A sensible business trend
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Corporations have a target market and customer base. If your customers are happy with your services or products, they will likely repeat you. Customer satisfaction analysis is a simple process to assess whether your customers receive what they expect and want from your business, product, or service. Precisely, you are determining their level of satisfaction – good, satisfactory, unsatisfactory.
A common way of assessing customer satisfaction is using qualitative and quantitative surveys. However, the concept of surveys is also changing and evolving with time. Today, rather than spending fortunes on surveys, you can encourage your customers to interact with you on social networks like Facebook and Twitter. You can open your business page on these leading social networks for better customer communication.
Customer Lifetime Value Analytics
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A business should aim to attribute a lifetime value to customers. Once you do that, you can immediately differentiate between the most valuable and important customers. Customer lifetime value analytics is a process of analyzing how valuable a customer is to your business over an entire lifetime of a long-lasting relationship. Rather than focusing on transaction profitability, you should look at how long the customer is likely to stick with you, how often they buy during that relationship period, and, thus, how valuable they are over a specific time frame.
As a result, you can start focusing on and retaining the most valuable customers. This analysis can identify ways to increase a relationship’s length and customer value if done correctly. However, this module’s most significant challenge is finding the right formula for the business, as there is no one-size-fits-all. Analytics experts at DoneForYou.com can help.
Customer segmentation analytics
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Gone are the days of selling all things to all your customers using a cliché marketing tactic! It does not work that way anymore.
Customer segmentation analytics is a process that allows businesses to find sub-categories or segments of customers within the market. Assessing customers and splitting them into different parts that might purchase a particular product or buy more frequently helps to create tailored marketing efforts and communication strategies. Valuable customer data to help companies identify clear segments is widely available online. Tools like text analysis and data mining are very effective for this purpose.
How important is real-time customer analytics?
Image source: eweek.com
Customer analytics is gradually becoming critical to businesses.
Customers today are more empowered and connected to the source than ever before. As such, they have complete access to information anytime, anywhere – where to buy, what to buy, what is the cost and the best discount, etc. This makes it significantly important to predict how customers will behave when interacting with your business so that you can respond accordingly. A deeper understanding of your customers’ lifestyle preferences and buying habits allows you to predict future buying behaviors accurately. The more successful you are at delivering relevant offers to attract customers, the better it is for your business.
With customer analytics, you can:
- Increase response rates and customer loyalty, which ultimately increases ROI
- Contact the right customers with relevant offers and messages
- Reduce the cost of campaigns by targeting those customers who are most likely to respond
- Reduce attrition by predicting customers’ behavior accurately and develop proactive campaigns to retain them
- Deliver a target message by proper segmentation more effectively and have a better understanding of target populations
How does Axis Advanced Analytics help?
Axis Advanced Analytics is a complete tool that helps you to identify your potentially valuable customers, track their buying behavior, and keep them coming back. You can follow how users act when they visit your website. Today, it is essential to obtain meaningful data to succeed in your marketing plans, and Axis Advanced Analytics helps you to track your users in real-time. As a result, you can monitor customers leveraging your sales funnel strategy, which increases the chances of conversion multiple times. In addition, Axis Advanced Analytics also helps businesses obtain meaningful data to make correct business decisions.
So, do you know how it works?
Axis Advanced Analytics gives businesses a comprehensive idea of the sales funnel and its conversion rate. It also allows you to spot opportunities and parts of the funnel that require improvement. The tool also allows:
- Real-time website analytics
- Sales funnel conversion tracking
- Tracking conversion opportunities
- Tracking user behavior and sales on the website
Sites powered by WordPress can install the latest version of the plugin and get started with the software’s latest analytics and sales funnel tracking. Adding Axis Advanced Analytics ensures you can optimize the online sales process and enhance the buyer’s journey. As a result, you can expect an increase in the number of web visitors converting into customers.
Tips to improve real-time customer experience analytics
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Harvard Business Review Analytic Services, in collaboration with Accenture Applied Intelligence, SAS, and Intel, produced a clear-cut ROA that can help any company start improving customer experience with real-time analytics. Here’s how:
- Having a C-level executive increases the chances of success by 70% or more. Using their insights and influence, they create better opportunities to improve overall customer centricity.
- Overcome any analysis challenge that slows the roadmaps from becoming a business reality in larger enterprises. Stay focused on capturing retention, revenue, loyalty, and customer outcomes.
- The study mentions the impressive results of Telefonica Chile, showing how they remained faithful to the original vision of enriching every customer touchpoint using valuable data. Strong enterprises with customer-centric systems reflect on real-time customers.
- Usability testing is a feasible technique to analyze customer behavior and buying habits, which were recently ignored.
- Personalization at scale should be the focus of enterprises for an exceptionally successful customer analytics strategy.
- Shift focus from technological leadership to customers and their needs. Innovating around customers using data from your products and services is the key.
Data management is different from the reason you chose marketing. However, it is the basis of understanding your target customers and developing incredible customer intelligence, which is vital for genuine creativity and personalization. Businesses can monetize an offer to the market by using customer data wisely.
Customer intelligence is the source of determining the magical moment of success. As you get to know your customers, your business will reach the ideal point at which you can offer them something new and attractive that they shall accept immediately. You must know what to provide and when. If either goes wrong, you could lose your customer to another service provider who got it right.
Also, I’d like to point out that the first impression remains the last impression. What your potential customers see at first sight is your digital interface. So, could you make it attractive and engaging?
If you’d like a hand in optimizing your website and sales funnel, click the button below and watch the video…