Starting a new business, entering new geo or market segments, innovating new products, exploiting adjacent market spaces, decreasing brand loyalties, infrequent repeat purchases and low switching costs: all this requires focus on customer acquisition processes. Business Analytics can help firms leverage the vast repositories of customer, transactional, campaign, market and channel data to model the response to campaigns, identify target segments and optimize the media spend and media mix.
Organizations have to look for ways to gain critical insights into customer interactions and relationships to enhance retention - not only because customer acquisition is more expensive than customer retention, but also because customer retention drives competitive advantage in the long-run. Analytics can help firms leverage the vast repositories of transactional, demographic, behavioral and psychographic data to model their customers’ purchase patterns and behavior. This enables them to identify potential churners and their characteristics, time of churn, triggers to churn, impact on revenue and profitability, etc., allowing firms to effectively optimize resources.
Customer Value Growth aims at increasing a company’s revenue by helping it synchronize and effectively manage the vital components of an improved customer experience — knowledge, technology, people, strategy, and tactics — in continuous alignment with its executive vision. Business Analytics can help firms leverage vast repositories of customer data to model consumer purchase patterns and behavior to generate predictive intelligence about future needs. Acting on such intelligence, organizations can devise customer value growth strategies like cross sell, up sell, next best offer, etc., and reinforce the customer’s decision to buy from you again.