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Overview
Customer analytics is the systematic examination of a company’s customer information and behavior to identify, attract and retain the most profitable customers. It is a process by which data about the customers is used to help make key business decisions via channel optimization, market segmentation and predictive analytics. This information is used by businesses for direct marketing, site selection, and customer relationship management. With customer analytics, businesses can increase response rates, customer loyalty and ultimately ROI by contacting the right customers with highly relevant offers.
What makes Customer Analytics relevant and a key component of any business?
Gartner Survey Finds Customer Data and Analytics as Top Priority for Achieving Customer Service and Support Goals in 2023. Customer service and support leaders cited customer data and analytics as a top priority for achieving organizational goals in 2023, according to a survey from Gartner, Inc.
In a Gartner online survey of 283 customer service and support leaders from August-October 2022, 84% of customer service and service support leaders cited customer data and analytics as “very or extremely important” for achieving their organizational goals in 2023. Eighty percent of respondents ranked digital channel effectiveness as “very or extremely important,” along with employee performance, development and quality assurance.
Who are potential stakeholders for Customer Analytics solutions within an Organization?
Customer analytics resonates with different groups in an organization depending on their roles and responsibilities. Generally, customer analytics can benefit from the involvement of various stakeholders, such as:
Marketing: Customer analytics can help marketing teams understand customer preferences, behavior, and feedback, and design more effective campaigns and strategies to reach and retain customers. Marketing can also use customer analytics to measure the impact of their efforts and optimize their return on investment (ROI).
Sales: Customer analytics can help sales teams identify the most profitable customers, segments, and opportunities, and tailor their pitches and proposals accordingly. Sales can also use customer analytics to monitor customer satisfaction, loyalty, and churn, and improve their retention and upselling rates.
Service: Customer analytics can help service teams diagnose customer issues, provide timely and personalized solutions, and enhance customer experience. Service can also use customer analytics to identify areas for improvement, reduce costs, and increase efficiency.
Product: Customer analytics can help product teams understand customer needs, expectations, and pain points, and develop more innovative products that solve their problems. Product can also use customer analytics to test new features, validate assumptions, and measure product performance. .
What differentiates Xen.AI Customer Analytics solution?
- Holistic Customer View
While it is true that the customer analytics ecosystem is crowded with many players in the market, there aren’t many which provide the actual 360 view of the customer. Most of them provide insights using the internal company data. Not many of them combine the internal information with external data to provide a holistic view of the customer.
An example could be, New features added to a product might be exciting for the company while launching this. However, early trends from social media can say whether the feature is attracting attention or not.
- Insights as a Service (IaaS)
IaaS is an emerging model that can help organizations unlock the real power of data by delivering actionable insights that address their specific business needs. It mainly encompasses Data storytelling which is the ability to combine interactive data visualization with narrative techniques to package and deliver insights in a compelling, easily understood form for presentation to decision makers.
Our Solution
The Xen.AI Customer Analytics solution helps you in deriving numerous data-driven insights that can be generated during phases of the customer lifecycle namely, customer acquisition, expansion, and retention by leveraging customer data.
- Predicting the performance of GTM campaigns to enable efficient use of scarce marketing budget and aligning it with the organizational priorities.
- Understanding how customers interact with organization through various market channels.
- Recommendations generated by AI to cross-sell to customers to improve customer's footprint over company's products and services.
- AI model to understand the propensity of customer's to churn and devise strategies proactively for customer retention.
The Xen.AI Customer Analytics further enables combining internal data with external data sources to strengthen the company's understanding of the environment and ecosystem it operates in numerous benefits are achieved by combining internal and external data source such as:
- A holistic understanding of customer and market sentiment on relevant products and services.
- Identification of evolving market trends.
- Finding new addressable markets, and revenue opportunities.
Organizations need to build and structure a strong data foundation which is fundamental to analytics. Removing data silos within an organization enables proactive analysis of data. Developing a data-driven understanding of the market environment and ecosystem coupled with a strong analytical understanding of the existing customer base drives operational efficiencies and contributes to the strategic planning for long term success of the company.
Xen.AI Customer Analytics benefits your business in higher customer satisfaction and retention, lower lead generation and acquisition costs, increased sales and revenue, better brand awareness, and increased customer engagement, assisting you in developing strategies to retain loyal customers and decrease churn. Our technologies also allow you to segment your offers, develop client interactions, cross-sell opportunities, and build consumer loyalty.
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