Customer Analytics
Customer analytics is a process by which data from customer behavior is used to help make key business decisions via market segmentation and predictive analytics.
Customer analytics is a process by which data from customer behavior is used to help make key business decisions via market segmentation and predictive analytics. 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.
Value: Improve conversions through contextualized and targeted marketing programs
Marketing Organizations have an imperative to deliver a higher ROI from their marketing spend. Cerebraix puts to use sophisticated Predictive Analytics to perform precise propensity scorings and target potential buyers by leveraging a deeper understanding of their needs and motivations. Optimizing the offer and the messaging directed at these buyers, analytics provides an effective path to better marketing ROI by orchestrating personalized and contextual interactions that your customers will find satisfying and valuable.
Value: Sell more by identifying the products that go well together.
Market Basket Analytics, broadly a type of marketing analytics and a flavor of association analysis, is aimed at uncovering the associations and connections between specific objects, based upon the theory that if you buy a certain group of items, you are more (or less) likely to buy another group of items. Leveraging Market Basket Analysis the analysts simulate product placements that frequently co-occur in transactions. For instance, people who buy baking flour also possibly tend to buy icing sugar
Value: Build relationships with your customers and leverage them to grow revenue
Customer Lifetime Value (CLV) is a prediction of the net value attributed to the future relationship with a customer. Leveraging the CLV concept, you can derive benefits in budgeting, segmentation and prioritization so as to effectively manage customer acquisition or customer retention. Customer Lifetime Value ultimately helps you in forecasting and improving the overall health of your company.
- Leverage CLV in calculating the payback from ad spends and help with effective marketing mix modeling.
- Understanding what you may spend for customer acquisition and customer retention, profitably.
- Predict the most profitable group of customers, understand those customers’ common characteristics, and focus more on them rather than on less profitable customers.
- Establish how one could offer products and services tailored for one’s best customers?
- Improve sales effectiveness by highlighting the types of customers sales reps should spend the most time with.