People are more empowered and connected than ever. The customer behavior tends to change with the rapid change in technology. To keep up the pace, market analysts today have to tackle three key challenges to retain customers: Manage customer relationships across variety of channels, respond and react to dynamic customer interactions, extract value from big data to make better decisions faster. It is widely accepted today that, customer retention and customer relationship management is critical to successful business management. Research says that spending on market research in the United States has reached $6.7 billion in 2011, while the global spending was close to $18.9 billion.
Predictive analytics plays a huge role in the field of customer analytics. With the internet, customers have access to information anywhere, anytime – about their buying and billing preferences, etc. That makes it vital to predicting how customers will behave when interacting with your organization, so you can respond accordingly. When you understand your customers’ motivations, expectations, and capabilities, you have a more exact picture that helps to design better products for them and how to make them choose your product over your competitors’ offerings.
80% of CEO’s trust they deliver a greater customer experience but only 8% of their customers approve. On an average, 56.6% of retailers have proposed their plans to update customer analytic capabilities in the next 18 months. 23.3% already have their latest customer analytics tool in place, which means only 20% of the retailers are laggards with no plans in place. In addition to this, widespread and best-practice users of customer analytics can boost their profit by 124% when compared to their competitors.
Think about it. It is not just a pass by thought. With a set of customer analytics tool using big data, GeakMinds have helped one of the giant in telecom to produce live social media log adoption, feedback and interaction to enhance advertisement and customer online experience. GeakMinds predicted which customers are at risk of churning and why, and take actions to retain them using predictive customer analytics. GeakMinds performs market research with related industries and technologies to increase response rates, customer loyalty and, ultimately, Return On Investment.