Analytics is an amazing tool for businesses that are looking to effectively convert their audience insights into added value for their customers and/or potential customers. In effect, it plays a crucial role in customer acquisition, growth, and retention through the improvement of customer interaction and realization of value from customer sentiment.
The Role of Analytics in Customer Retention
Analytics helps your business to identify the right customers for your business, as well as the customers that may be weighing your business down. One of the best ways to accelerate your business’ growth is by ensuring that you do business with the right kind of customers. Ideally, the “right” customers are those that are easy to satisfy at the least cost to your business. Using the “signal and noise” metaphor, the best customers, with regard to their value, are the ones with a strong signal with minimal noise levels.
Analytics provides you with a 360 degree view of your customers’ behavior to help in identifying the best customers for your business so that you can come up with ways to engender their loyalty. As such, you can proactively optimize your marketing decisions and enhance the customer experience.
Analytics provides your business with a powerful mechanism for exploring big data (integrating and consolidating disparate data sources), even as the data increases in volume, variety, and velocity. Therefore, you can obtain unparalleled insights to assist you in near real time identification of your customers’ needs, and at the same time give a chance to come up with a favorable response. The improved customer service is particularly important in eliminating customer churn for Communication industry clients.
Analytics provides vital data to help you gauge the likelihood of potential and/or returning customers to buy into specific products. In addition, it helps you to determine the various factors that could be driving customers to prefer certain products over others. As such, you will be able to improve your customer response rate and loyalty to your brand.
With Analytics, you can effectively convert large volumes of data from your business transactions into actionable insights to enable you develop better target offers for your customers. In the process, you will be better placed to attract, grow and retain meaningful customer relationships.
Analytics can be used in the analysis of sales data to enable you accurately forecast the flow of sales. As such, you can effectively reduce any risks to your business that may lead to late deliveries. In addition, you can easily align your production schedules and human resources to ensure they match with customer demand.
Analytics is an essential tool for analyzing and managing call-based data to enable you identify customer-churn risks. Being able to identify high-risk customers gives you the opportunity to reach out to them before they decide to give their business to your competition.
The Benefits of Call Analytics
Businesses that rely on call recording and call tracking can benefit from call analytics in an effort to move beyond the traditional commoditized contact centers. These businesses stand to gain by implementing analytics as below:
- Call analytics enables businesses to analyze consumer behavior/trends to support their marketing objectives, as well as product development/enhancement.
- Call analytics combines the analysis of customer phone calls with unstructured data obtained from social media data to help the business gain more actionable insights from consumers.
- With call analytics, your business can easily predict hot topics that may be of interest to your customers and use these topics to estimate the call volumes. In effect, you will be able to establish appropriate staffing levels for your customer contact center to ensure that customers are served fast and efficiently.
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