IDP delivers data-driven marketing solutions, like customer retention analytics, using ‘invasive’ data mining and deep-dive analytics. We empower marketers to anticipate behaviors, engage customers, reward loyalty and retain loyal customers longer.
The data on customer retention versus customer acquisition is clear. Not only do existing customers cost less, they’re your most profitable source of ongoing revenue. Increasing customer lifetime value is the low-hanging fruit . . . and ignoring the people who have already said “yes” is one the most detrimental money mistakes you can make. — Entrepreneur, Jan 2017
Customer Retention Analytics — Benefits
Competitors will always try to lure away your loyal customers. But smart marketers know how to retain customers. With customer retention analytics marketers track customer visits and identify purchase patterns. They anticipate shopping behaviors and engage customers with relevant and enticing offers.
Customers want relevance… They realize the value of (their) data and expect brands to do something smart with it. Without it, they will not engage; or will disengage abruptly, and often permanently. — Relevant Dialogue, Oct 2015
With customer retention analytics marketers engage customers with offers they care about. These offers not only tempt customers to make that next purchase, but add a feeling of special treatment customers expect. Marketers engage customers at unexpected times, or reward loyalty with promotions that complement items purchased, encouraging continued purchases.
Customer Retention Analytics — Challenges
Customer retention analytics are straight forward. The details are available in the sales data and can be tailored to customer segments or even individuals. The data management and data mining, however, are demanding and require a deep dive into transaction data and complex joins with customer and product data.
Marketers, moreover, are overwhelmed by both the volume and velocity of data, and many aren’t even sure of the data they have. They don’t believe they have the data they need; and much of what they have, they question the quality — or, can’t access.
if retailers are collecting everything there possibly is to know about consumers, the things that are important in driving purchases will get drowned out by noise. The more they gather, the harder it is to separate the signal from the noise. — Forbes, Oct 2015
The roadblock isn’t statistics. But efforts spent integrating data into actionable analytical data sets. Business analysts are challenged by a lack data management skills. They aren’t trained in deep-dive analytics and can’t manage complex data structures. So analysts create error-filled or incomplete reports. And marketing executives lose confidence in both the reporting and data.
Customer Retention Analytics — IDP
We remove the requirement that business analysts manage large data volumes or complex data structures — bridging the gap between data management and analytics. So analysts focus, not on data, but on making business recommendations from analytics.
At IDP, we manage those large data volumes with complex structures and we integrate disparate data sources. We build rock-solid analytical data sets targeted to specific marketing strategies. And we always collaborate with marketers to generate the right analytics that produce actionable results.