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Intro To Customer Analytics

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167 views12 pages

Intro To Customer Analytics

Uploaded by

Felix Andoh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Intro to Customer

Analytics
What is Customer Analytics?
• Customer analytics refers to the processes and technologies that give
organizations the customer insight necessary to deliver offers that are
anticipated, relevant and timely.
• Marketing analytics and digital marketing analytics are essential for
sustaining the growth and development of an organization.
• Marketing analytics provides a holistic view of the effectiveness of
marketing campaigns.
• A complete analysis of marketing strategies will allow companies to
compare channel performance, gather user characteristics data, and track
customer acquisition.
• In addition to assessing market performance, marketing analytics aims to
answer some questions.
Why Analytics?
• Customer analytics is becoming critical.
• Today, customers are more empowered and connected than ever. And
becoming more so.
• Customers have access to information anywhere, any time – where to
shop, what to buy, how much to pay, etc.
• That makes it increasingly important to obtain customer insight to
understand how they will behave when interacting with your organization,
so you can respond accordingly.
• The deeper your understanding of customers' buying habits and lifestyle
preferences, the more accurate your predictions of future buying
behaviors will be – and the more successful you will be at delivering
relevant offers that attract rather than alienate customers.
How Analytics Improve Business?
• There are several questions that companies should aim to answer
through customer insights:
• What are our desired business objectives?
• How can we utilize customer feedback to meet our business
objectives?
• How can we anticipate the future needs of our customers
through consumer feedback?
• How can we improve the consumer experience to lower customer
attrition rates while increasing customer acquisition rates?
• How can we enhance customer loyalty and engagement?
Market Performance Knowledge
• How are current marketing campaigns performing?
• How can current data and historic data influence
future marketing strategies?
• What are the long-term impacts of current marketing
campaigns?
• How can organizations better allocate resources to
improve marketing strategies?
• How do competitors’ marketing strategies compare?
Benefits of Customer Analytics
• Increase response rates, customer loyalty and, ultimately, ROI
by contacting the right customers with highly relevant offers
and messages.
• Reduce campaign costs by targeting those customers most
likely to respond.
• Decrease attrition by accurately predicting customers most
likely to leave and developing the right proactive campaigns to
retain them.
• Deliver the right message by segmenting customers more
effectively and better understanding target populations.
Motivation for Analytics
There are four reason why firms engage in analytics. Each of them can be
applied to customer analytics.
• Descriptive analytics. Gives you insight in past customer behavior.
(Example: 30 percent of customers returned product X within a month of
purchase)
• Diagnostic analytics. Helps you understand the “why” behind customer
behavior. (Example: 50 percent of customers think product X is not what
they expected).
• Predictive analytics. Forecasts future customer behavior. (Example: In the
fall of 2021, purchases of product X are expected to decline).
• Prescriptive analytics. Provides suggestions on how you can influence or
address customer behavior. (Example: Social media campaigns and online
ads can increase sales of product X by 25 percent).
Providing Personalize Services
• The different kinds of customer analytics always fall under
one of these four categories.
• Every type has one of two purposes: one, to discover
patterns across the entire customer or prospective customer
base’s behavior, or two, to understand who each customer
persona is (e.g. demographics, background).
• That’s how your business can provide a personalized service
to your individual customers, but at the same time form
services and products to match more general customer
needs.
Customer Experience Analytics

• A brick-and-mortar clothing boutique saw great


in-store success before the pandemic, but those
sales numbers haven't carried over to its new e-
commerce platform.
• The business decides to collect and measure
customer feedback to learn more about the online
shopper experience.
• This is called customer experience analytics.
Curing Customer Dissatisfaction
• Users share that it took too long to get a response from the
customer service contact form when they had a product question,
which discouraged them from completing their purchases.
• When the boutique owner combines this direct feedback from
customers with the metrics they're seeing on their website – high
bounce rates, low conversions and frequent cart abandonment –
they discover an opportunity to build a better, more streamlined
experience that could boost customer loyalty.
• The boutique installs a customer service chatbot and new
helpdesk software to create a more intuitive, seamless
experience, which directly leads to an increase in sales.
Customer Journey Analytics

• This type of customer analytics focuses on understanding the customer’s


interactions with your brand – from their initial research on your product or
service to the actual purchase and beyond.
• Mapping the customer journey is an important first step in collecting the right
data.
• Then, customer journey analytics may involve a mix of data points from
different interactions. For example, organic and non-organic traffic to your
product pages contains insight about the initial stages of the customer journey:
research and information gathering.
• While shopping cart abandonment rate can tell you how many customers leave
their shopping cart before completing a purchase.
• Think about what metrics would help you evaluate the particular customer
journey steps you’ve identified as important to your business.
Customer Analytics Tools and Software

• Mixpanel.
• Google Analytics.
• Kissmetrics.
• Woopra.
• Hotjar.
• Zoho Pagesense.
• Crazyegg.
• Brand24.

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