Customer analytics is becoming critical day by day. To understand why, consider this: Customers are being more empowered and connected than ever. 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 predict how the customers will behave when interacting with one’s organization, so one can respond accordingly. The deeper one’s understanding of customers' buying habits and lifestyle preferences, the more accurate one’s prediction of future buying behaviours will be – and the more successful one will be at delivering relevant offers that attract rather than alienate customers.
Customer analytics has now evolved as a complete to answer the needs of today’s competitive marketing environment. Today, Most of the organization targets the online users to gather the needful information about the customer’s online behavior. The customer analytics helps the business to dynamically consolidate customer interaction data which is gathered via multiple touch points into abstract groups or clusters so that evolving trends and patterns could be straightforwardly recognized. These insights are derived from the interactions stirring the diverse channels such as web, call center, mobile, mails, campaigns and many more.
According to the MarketsandMarkets, the customer analytics market to grow from $1,623.2 million in 2014 to $4,054.9 million by 2019. In terms of regions, North America and Europe are expected to be the biggest markets in terms of revenue contribution, while Asia-Pacific, Middle East and Africa, and Latin America are expected to experience increased market traction, during the forecast period.
With customer analytics, one can
- Increase response rates, customer loyalty and, ultimately, ROI by contacting the right customers with highly relevant offers and messages.
- Reduce campaign costs by targeting those customers most likely to respond.
- Decrease attrition by accurately predicting customers most likely to leave and developing the right proactive campaigns to retain them.
- Deliver the right message by segmenting customers more effectively and better understanding target populations.