With 60% of customer analytics boosting customer experience, the significance of customer analytics goes beyond the decision-making process. Customer experience acts as the driving force behind the majority of customers’ decisions as it is the sole factor that differentiates businesses from each other. Gone are the days when every business’s sole focus revolved around product quality. Today, an outstanding customer experience leads your customers to your doorstep.
While customer experience encompasses a broad range of services, analytics pilot businesses to personalize the complete user experience. Businesses analyze customer behavior through customer data analytics that enables them to implement mass customization across all stages. Customer data analytics generates leads, analyzes business performance, and boosts ROI in real-time. It’s time businesses gain a deep insight into the ways through which customer analytics benefit their operations.
What is Customer Analytics All About?
A massive transformation has been witnessed in the business world as businesses shifted from a product-centric approach to a customer-centric one. With a saturated business industry, customers have a wide range of options to choose from. On the other hand, businesses cannot afford to lose out on a customer as they would be quick to shift to a competitor in no time. As each business is on its way to securing the maximum number of loyal customers, you can only remain at the top if you opt for the right strategies.
Do you know what factors drive your potential customers’ buying decisions? To gain a competitive edge, businesses need to keep track of the customer’s behavior and leverage the opportunities that come with the right analysis. Customer analytics is the process of analyzing customer data through various touch-points to gain an insight into their expectations and buying patterns. Once businesses gain access to factors that strike the right chord, they can change one-time visitors into a loyal customer base.
Types of Customer Analytics
1. Descriptive Analytics
What is the rate of customer satisfaction for your business? To study the past behavior of a customer, descriptive analytics come into action. Ascend Analytics offers wide insight into the customers’ behavior by analyzing their history through its descriptive analytics feature. We help you identify the rate of customer satisfaction with a product or service so that you can take your next step wisely.
2. Diagnostic Analytics
Through diagnostic analytics, Ascend Analytics traces the reason behind a particular customer behavior to get to the root cause of a particular response. In diagnostic analytics, businesses are able to detect the reason behind a customer’s satisfaction or dissatisfaction with its products or services.
3. Predictive Analytics
Just as the name suggests, predictive analytics forecast future trends, opportunities, and customer expectations. Ascend Analytics leverages machine learning, artificial intelligence, and algorithms through its predictive analytics feature. It is crucial to unlock future trends to outperform competition and we ensure no future customer behavior goes unnoticed.
4. Prescriptive Analytics
Now that you have moved beyond the first three stages and are aware of the customer expectations from your business, how can you leverage customer service analytics to boost your growth? Prescriptive analytics recommends ways through which businesses can improve their products and services to surpass customer expectations. At Ascend Analytics, we gather data from the first three types of data analytics and create a list of ways to scale profitability. It is one of the most advanced analytics that analyzes the ‘why’ of analytics to make data-based decisions.
By conducting an in-depth customer analysis through leveraging the four types of analytics explained earlier, businesses can gain an understanding of their customer requirements. This enables them to align their offerings and surpass customer expectations.
Benefits of Customer Analytics
1. Add Personalization to Customer Experience
Feeling valued by your favorite brand enhances the whole buying experience tenfold. According to Salesforce, 97% of businesses witnessed an increase in business operations by adding personalization. By leveraging customer insights, businesses can create a customer profile based on their past behavior, buying decisions, and feedback to customize their products and services. Businesses can identify shortcomings in their offerings through customer analysis and streamline their future services as per the customer requirements. To recommend the right set of products to a customer at the checkout counter, product recommendations are made based on customer analysis.
Gathering data insights from customer data on your own can be a gruesome task and may lead to inaccurate results. By signing up for Ascend Analytics’ user behavior analytics solution, you can identify bottlenecks in the user experience that hinder your business growth. With an infinite amount of data entering into an organization’s system daily, Ascend Analytics gauges customer requirements and creates personalized strategies to meet the Key Performance Indicators. Through our interactive dashboards and visualizations, businesses can tailor their services at every stage to align with the customer requirements.
2. Increase Customer Retention Rate
In today’s competitive environment where customer retention costs millions of dollars every year, retaining your existing set of customers is crucial to maintaining a steady stream of income and a reputable brand image. Another benefit of customer analytics is that businesses can keep their operations under constant surveillance and control. If you know your customer’s response to a particular service, product, or promotional strategy, you can tailor it promptly to meet their needs.
How many times have you abandoned your preferred option only because it failed to meet the image you had in mind? Businesses should maintain a loyal customer base by utilizing customer service analytics. Not only do customer service analytics benefit businesses to retain a loyal customer base but also constantly aid businesses to improve their services.
By conducting surveys to gauge customers’ responses to your products and services, you can measure their level of satisfaction and incorporate changes to any processes that put the customers off. Once you get feedback from customers, analyze the results through Ascend Analytics data analytics solution and design strategies you need to implement to lower the churn rate.
3. Create Targeted Marketing Campaigns
Are you exhausting your financial resources by channeling marketing strategies in the wrong direction? Although businesses believe that they are familiar with their target market enough to design effective campaigns, they often fail to segment customers accurately. Customer service analytics benefit businesses by creating a profile for every customer based on their behavior. When it comes to marketing campaigns, customer analysis can enable marketers to gather customer responses to a marketing campaign or promotional strategy. Businesses can gauge the increase in their bottom line through a marketing campaign if they analyze the results accurately.
Ascend Analytics’ personalized marketing solution enables businesses to categorize customers into segments based on the incoming data. If you are able to personalize the marketing campaign, one product can fit a range of customers. Effective marketing is all about the right alignment. Design the promotional strategy based on the customers’ past buying patterns and forecast their future behavior.
At Ascend Analytics, we democratize data to facilitate marketing campaigns and promotions. We begin the process by dividing customers into cohorts and discovering the promotional strategies that led to the highest number of conversions. Follow the marketing campaigns that generated the highest number of possible leads and enhance them using our customer data analysis services.
4. Predict Future Trends
Knowing where you stand in the market currently is important but gaining an insight into the future is all you need to thrive in the business world. Customer service analytics reflect the current customer behavior that builds the foundation for future trends. Will your existing customers buy from you in the future? Can any competitor rob your potential customers? Although uncertainty is inevitable, one of the benefits of customer analytics is access to future insights.
With Ascend Analytics, you can gain a holistic overview of the current business operations and determine future trends. Our predictive analytics feature leverages customer data analytics to provide short and long-term insights into the future. Once you are familiar with the upcoming trends, you can make more stable and informed decisions backed up with accurate customer data.
Revamp your Customer Service Analytics with Ascend Analytics
Enhancing business operations through analytics and business intelligence, Ascend Analytics is all-set to revolutionize data analytics for businesses. Unlike third-party data analytics services that manage categorical business aspects, we provide an all-in-one solution to fuel your business growth by creating top-notch data architectures for businesses. A data-driven organization can never miss out on any opportunity and cuts through the competition swiftly.
By partnering with Ascend Analytics, businesses can witness tangible results in their growth and performance. Businesses that signed up for our services scaled by 2-3x across the marketing campaigns. By opting for Ascend Analytics services, our clients saw a 5% increase in their retention rate which eventually led to a 25-95% increase in their overall profits. Ascend Analytics has been the benchmark for the analytics industry as it has maintained a stable lead of performance improvement and increased efficiency by 15%.
Want to sign up for our customer service analytics solution? Schedule an appointment with our team of data experts today and get a customized proposal for your requirements.