What is Customer Analytics?
Customer analytics can be defined as the use of data to comprehend the composition, requirements, and satisfaction of the customer. Besides, the use of the enabling technology, such as predictive analytics, is used to segment buyers into groupings based on behavior, to ascertain general trends, or to develop targeted marketing as well as sales activities. Businesses use this data or information for direct marketing, site selection, and customer relationship management (CRM). Other customer analytics techniques include data visualization, information management, and segmentation. With customer analytics, businesses can increase response rates, customer loyalty, and finally, ROI. They can mitigate costs by targeting responsive customers, decrease the attrition rate, and deliver the right message with proper segmentation of customers.
Business Benefits of Customer Analytics
- Increases the efficiency of marketing
- Improves customer retention
- Helps to increase sales
- Increase profit margins
- Enhance Profitability/ROI