How To Boost Customer Loyalty Using Big Data Analytics
See the power of Customer Lifetime Value (CLV)
Using Data & Data Analytics To Improve Customer Experience
It is the age of informed, proactive, and savvy customers. With just one click, customers can obtain all the information they need. This has led them to have various opportunities and choices, making loyalty to one brand harder to come by. They now have options to deal with multiple brands. The arrival of social media has also encouraged customers to share their experiences on online platforms. This is not necessarily bad news for brands. Marketers can now use data to track online customer activity and develop strategies to enhance brand loyalty.
McKinsey research has found that “companies see a 126% improvement in profits…when executive teams make widespread use of customer data analytics across all business decisions.”
There is no doubt that customers are paramount to the success of a business. A solid customer base is needed. At the same time, it’s wise to pay attention to the competition. If customers are provided inferior quality goods or services, it’s almost certain to lose them to your competition. The loss of clients, however minimal, will impact the success of the business.
Analytics are currently under-utilized by companies despite the benefits. Research reports have determined that although the primary area for the use of analytics was to improve customer loyalty (58%), the least adopted areas were using customer data for insights (38%) and using social media to determine customer sentiment (35%).
There are no shortcuts to keeping your existing customers. You need to understand your customers, how they prefer to engage, and to be able to offer precisely what they want.
It’s challenging but essential for businesses to retain customers at all costs. With the introduction of big data analytics, companies have had a less difficult time understanding their customers and identifying ways to keep them coming back. To better retain your existing customers, you need to understand better who they are, how they shop, how they like to be engaged, and what they buy. Knowing this will enable you to offer exactly what they want. And, it’s a lot cheaper to keep customers you already have.
You must have the required data analytics to get the most out of the available data. Subject to the type of business you are in, accurate analytics will give your business the ability to get critical and actionable behavioral insights to drive customer loyalty and stay ahead of competition.
1. Quality Over Quantity
It’s crucial to emphasize quality over quantity by focusing on the most available and relevant data.
Technology is always changing and impacting the requirement of the customer. For a business to stay ahead, you have to be agile in your approach, and analysts must adjust as needed.
3. Blind Spot Avoidance
If your data has blind spots, you will miss critical information on what influences the customer’s experience and have a distorted view of their behavior.
Big data can provide insights into customer experience and behavior. You can leverage the insight to understand your customers better, allowing you to accommodate their needs and requirements effectively. Knowing and understanding your customers and offering exactly what they want and need will enable you to retain them and maintain brand loyalty.
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