The only thing you know about your customers for sure is that they have an interest in your product or service. Beyond that, customers are as diverse as any other group of people, and need to be spoken to, sold to, and served in very different ways. Yet while the mass personalization and an individualized, personal touch can be an excellent sales tool, it’s not always easy to deliver in terms of time, staffing or resources.
What Can Customer Analytics Help With?
This is where customer analytics come in. By analyzing your customer base and segmenting in different ways, you can offer what feels like a highly personalized service without the same expenditure of time or effort. Analytics can also help you to understand what your customers want, spot sticking points in the buyer journey, and even predict future behavior.
To begin with, analytics can help you identify who your customers are, allowing you to address their pain points and needs better, and to target specific groups with campaigns. Segmenting by demographics, customer behaviors, customer needs, geography, value to the company, industry or engagement can help you to offer personalized, targeted, effective products, services and campaigns that will boost sales, retention and satisfaction.
What are the Business Benefits?
The use of customer analytics can have a big impact on performance; companies that use analytics report 115% higher ROI and 93% higher profits than those that don’t.
Different types of analytics can be used to: increase sales and revenue, reduce customer acquisition costs, boost brand awareness, increase customer engagement, and improve customer satisfaction, retention and loyalty.
Let’s look at three different types of customer analytics and how they can be used.
Real-Time Customer Analytics
Real-time customer analytics analyzes customer actions in real-time rather than uncovering insights from historical data. This presents a view of customer actions as they are undertaken, allowing you to make up-to-the-minute decisions. This is a powerful upgrade over batch analytics, as you can see live insights rather than using historical data that can be outdated.
Voice of the Customer Analytics
Voice of the customer (VoC) analytics is a way of examining customer feedback to unlock business value. VoC analytics helps you analyze the customer experience through defined metrics, improve your decision-making and customer interactions and drive revenue growth. When starting a VoC analytics program, you can gather results through a variety of techniques like web surveys, blogs, social media monitoring, recorded customer service interactions, and more.
Customer Interaction Analytics
Customer interaction analytics covers all the ways customers interact with your company. This includes conversations with customer service agents or support services, opened emails or newsletters, and comments left on social media channels, as well as oversight of abandoned shopping carts, returned products, purchase history, and product page information. This insight can be used to retarget specific people, improve user experience, resolve issues, and streamline the sales journey.
Customer analytics can have a huge impact on your business, from customer service to overall pricing. By analyzing and segmenting your customer base, you can ensure that you have effective and efficient strategies for acquisition, sales, retention and marketing. With such a range of analytics available, a unified analytics solution can offer the biggest benefits to your business.
Want to learn more? Let’s talk. We would love to hear from you.