How Big Data and Advanced Analytics Help Companies Retain Customers

How Big Data and Advanced Analytics Help Companies Retain Customers

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Slicing and dicing customer behaviors is a science that produces predictable results if certain actions are taken. Big data and advanced analytics help businesses reach their target audiences with more relevant information, which helps land new buyers and retain current ones. By being able to see how individual customers, and customers as a whole, interact with digital properties, businesses can respond succinctly to what customer behaviors are telling them.

Here are just a few ways that advanced data and analytics options help both marketers and their audiences:

Prediting Intention

By having a wealth of data that describes “if this then that” details for customers, companies can better determine what they will need next. When implemented the right way, this data and analytics is helpful to both the customer and the company. The technology of behavior analytics is developing so quickly that customers are starting to expect it. Don’t get left behind when it comes to excellent customer service delivered via predicted intention. It’s quickly becoming the norm.

Churn Management

Businesses have more channels than ever to listen to what their customers want. From social media to call centers, customers are constantly voicing their opinions about the products and services they use. It’s up to the business to have “listening” tools in place to capture and analyze that feedback to respond in a way that reduces the churn rate of customers.

It is anywhere from 5-25 times more expensive to acquire a new customer than keep an existing one. The need to retain customers is crucial to businesses, which, in turn, makes churn management software crucial to businesses. Enterprise application and analytics company Pega describes the importance of churn management like this:

“By embedding powerful analytics into your customer-facing processes, [churn management] enables you to align customer investment with customer value.”

Businesses now have the ability to intake customer communications across channels and analyze that data to provide teams with the next best action to respond to customers. By resolving any issues that would have previous resulted in losing their business, companies using churn management technology can react in real time and strengthen customer relationships.

Targeted Messaging

The art of developing target audiences used to rely on pretty basic demographics, like age, gender, location and socio-economic status. While these were good starting points, this blanket data fell short of truly finding the right group of buyers. With evolved big data and analytics, marketers can find out more information on purchases to develop marketing messages that are more customized and relevant.

Faster Response to Feedback

Companies can see exactly what customers are doing on their sites and even on social media with the data now available. This gives a better picture of what is happening to lose customers – and gives companies the information they need to better reach those customers. Advanced analytics also tell companies where they may be losing customers along the buying journey. When are they clicking away? When are they abandoning carts? What is happening that is causing them to hesitate? This indirect feedback actually tells businesses a lot about how effective their marketing and digital properties are. From that data, tweaks can be made to boost the chances of customers completing sales. It also helps retain those customers who are already purchasers. Big data empowers businesses to better respond to feedback – both direct and indirect – and give customers what they truly want.

Are you gleaning everything you can from your big data and analytics? Tap this technology and make it work for your company – improving your output, customer service, and overall revenue in the process.

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