Sixty per cent of enterprise business leaders claim that customer analytics is the most important 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 to achieve customer personalization at scale. They are using customer analytics to do exactly 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 all over the world 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, which continue. However, it is a fact that in order to succeed in this competitive marketplace and grow, your business should be able to effectively acquire, retain, engage and satisfy customers. Customer analytics is, thus, crucial for assessing your business performance.
Customer analytics statistics
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Before drawing a conclusion, 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 together with Intel, SAS and Accenture Applied Intelligence finds 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 touch points
- 44% of enterprises are acquiring more new customers and increasing ROI by adopting and integrating customer analytics operations
- 39% of enterprise executives opine that IoT is an important technology to improve 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 are more likely to repeat you. Customer satisfaction analysis is a simple process to assess whether your customers are receiving 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 with a combination of 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. Open your business page on these leading social networks for better communication with your customers.
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 customers and the most important ones. Customer lifetime value analytics is a process of analyzing how valuable a customer is to your business over an entire lifetime of the 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 the most valuable customers and retain them. If done properly, this analysis can potentially identify different ways of increasing the length of a relationship as well as the value of a customer. However, the greatest challenge with this module is to find 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 segments that might purchase more of a particular product or buy more frequently actually helps to create tailored marketing efforts and communication strategies. Useful customer data to help companies identify clear segments is widely available on the internet. Tools like text analysis and data mining are very effective for this purpose.
How important is real-time customer analytics?
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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 would behave when they interact with your business so that you can respond accordingly. Having 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?
If you want your business to succeed in marketing, you have to track and analyze critical data. Your business may be attracting a huge volume of traffic, but if you do not have enough conversions, it is useless.
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 track how users act when they visit your website. Today, it is very important to obtain meaningful data in order 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 chances of conversion multiple times. In addition, Axis Advanced Analytics also helps businesses obtain meaningful data so that you can make correct business decisions.
So, how does it work?
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 requires 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 better and enhance 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 roadmap, which 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. They create better opportunities to improve overall customer centricity using their insights and influence.
- Overcome any analysis challenge that slows down the roadmaps from becoming a business reality in larger enterprises. Stay focused on capturing retention, revenue, loyalty and customer outcomes.
- The study mentions impressive results achieved by Telefonica Chile showing how they remained true 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 heavily ignored until recently.
- 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 definitely not the reason you chose marketing. However, it is the basis of understanding your target customers and/or developing incredible customer intelligence, which is vital for genuine creativity and personalization. Only by using customer data wisely for generating customer intelligence can businesses monetize an offer to the market.
Customer intelligence is the source of determining the magical moment of success. As you start getting to know your customers and value them, 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 offer and when. If either goes wrong, you could lose your customer to some other service provider who got it just right.
In addition, note that the first impression remains the last impression. What your potential customers see at first sight is your digital interface. So, make it attractive and engaging.