What Is Customer Analytics & How It Can Benefit Your Business
Customer analytics is the way in which important data and information from customer behavior is obtained and used for intelligent business decisions through predictive analytics and market segmentation. Businesses use this information for site selection, direct marketing and customer relationship management. Marketing gives customers services to keep them satisfied.
The use of analytics has grown significantly over the last couple decades to increase customer profitability. The advantages of making customer segments that are based around profitability while aligning specifically targeted marketing offers is popular and practiced today.
Benefits of Using Customer Analytic Management Systems
Customer feedback is collected and distributed through Enterprise Feedback management systems or (EFM) so it can be used appropriately. These EFM systems are highly sophisticated and are also used to assign responsibility as well as track the progress on customer feedback. EFM systems offer many benefits that make them very popular among businesses.
- 1. You can gather information to understand the needs of business partners and customers
- 2. You can optimize business procedures through this understanding
- 3. You can launch products and services that are efficient which your customers will embrace
- 4. You can enhance the quality of your business products and services through this continuous feedback
- 5. You can respond to any negative feedback in real time to lessen damage
Many of the top organizations in the world fall into this level because they are able to utilize customer feedback masterfully to increase their company ROI, profitability and drive business decisions. They also use EFM systems to help centralize and distribute results.
They are able to harness intelligent technology so they can respond to each customer’s opportunities and complaints individually and in real time.
Organizations that partner up with EFM firms that offer this real-time type of customer alerting software which notifies employees when actions need to take place in order to address certain customer feedback, really know the significance of customer retention and improving ROI. Companies like this gain a real competitive edge when they work with customer research firms.
EFM solutions, like used at Mindshare Technologies, captures, analyzes and reports information and offers it to companies in a format that is simple to understand and act upon.
With tools like the Mindshare Voice of Customer services, your customer feedback will never go to waste. Each theme, word and phrase that is found in every customer comment is studied for business implication, it goes through a crosscheck with already existing systems and is then applied to tailored business goals and initiatives.
This process gives businesses insights that are real time when compared to other VoC or Voice of Customer management since it operates on commentary that is open-ended and allows you to explore every customer experience with the use of short, surveys that are customer friendly.
You can then strategically leverage this information to improve your brand, increase your customer base and increase profits.
Author Bio: The author of this post, Michelle is a professional writer. She specializes in Business related information. Here is one such site she recommends Mindshare Technologies. To know about how customer services can change a business, Mindshare Voice of Customer services is a must read.