Also broadly called as Marketing Analytics, is an exciting area of work for us. As per our experience, customer analytics is a constant source of innovation in many leading organizations. Efforts are made continuously to use the available data to help identify new pockets of growth, understand profitability levers and manage customer relationships for value.
We have experience in working across the marketing spectrum and offer solutions across the customer lifecycle – starting from customer acquisition to retention management.
New Customer Acquisition:
We have seen businesses keen to understand and explore hidden value at the time of new customer acquisition. The challenge is to balance responsiveness with profitability, manage channels and build an effective pricing mechanism. And not to forget – reduce the cost of acquisition, which typically is very high.
1) Prospects analysis: Prospects segmentation, profiling and diagnostics, profitability analysis, response prediction, targeting strategy development, campaign management.
2) Channel management: Diagnostics and trend analysis by channels, channel strategy development.
3) Pricing: Price sensitivity analysis, response rate correlation and profitability assessment.
Relationship Management:
Businesses everywhere realize that managing existing customers effectively is of paramount importance. Constant efforts are made to understand customer satisfaction, new product offerings, competition, impact of new communication programs and channels, new offer development, and so on. The underlying objective in any and all these exercises is to manage customer relationships for value. Understanding the existing population – dissecting and segmenting them in appropriate needs and value categories and manage them differentially to optimize value is the corner stone of a successful customer relationship management program.
1) Managing growth: Customer segmentation, best offer/product mix, cross-sell and up-sell strategy development, develop and manage share of wallet increase initiatives.
2) Portfolio profitability: Drivers analysis, segmentation, offer management, customer life time value.
3) Pricing analysis: Price sensitivity analysis, response rate correlation and profitability assessment.
Customer Retention:
Customer retention is as important, if not more, as relationship management. Retention is a major issue with many businesses, specially insurance and e-tailing. While a lot of effort and money is spent on customer acquisition – it is imperative to retain profitable customers and manage their expectations and needs proactively. Our offerings are designed specifically keeping in mind proactive retention techniques. We also help you design programs and offers to attract attrited customer base.
1) Profiling: Drivers analysis, key trends and patterns reporting, customer segmentation, target segments for active retention programs.
2) Proactive retention: Early indicators, predictive modelling to assess likelihood of attrition, targeting strategy, program design and campaign management.
3) Reactive programs: Profitability segmentation, targeting strategy, program design and campaign management.