There are countless ways loyal customers are lured away by competitors. That’s why savvy marketers leverage retention analytics to anticipate behaviors, engage customers, reward loyalty and retain loyal customers longer.
Customer journey mapping is the process of understanding the purchase journey from the customer’s perspective, representing customer interactions as the customer experiences them. — Marketingmag.com.au, May 2016
Retention Analytics — Benefits
With retention analytics marketers track customer visits and purchase frequencies. They identify patterns, anticipate behaviors and engage customers with tailored offers before a visit. If a loyal customer hasn’t visited when expected, then marketers tempt the individual with an offer she can’t refuse.
Today, the customer purchase journey is complex, and bridges both physical and digital, with limitless channels for online search, research and purchasing, coupled with multiple points of brand interaction. — Marketingmag.com.au, May 2016
Marketers engage customers with offers they care about. Retention analytics empowers marketers to tempt customers to make that next purchase, adding the feeling of special treatment customers expect. Marketers also engage customers with offers on items that complement items purchased. And by rewarding loyalty, encourage purchases.
Retention Analytics — Challenges
Retention analytics shouldn’t be rocket science. The details are available in the transaction data, and the analytics can be tailored to customer segments and even individuals. But the data management and data mining are complex and require deep dives into transactions and complex joins with customer, product and survey data.
Even if CMOs recognize that they need to build stronger relationships with consumers through data analytics, many of them still struggle when it comes to sifting through the vast amounts of data, coming up with actionable insights and then implementing them. — IBM Big Data Hub, Nov 2015
Many business analysts don’t engage in retention analytics simply because they lack data management skills. They can’t manage complex data, or disparate data sources. And they aren’t trained in data mining. So analysts create inappropriate and error-filled analytics. Marketers don’t get the customer picture they need and lose confidence in both the statistics and the supporting data.
Retention Analytics — IDP
At IDP, we believe effective use of customer data is a competitive weapon. We know that the foundation to retention analytics is accurate, reliable data. We also understand that your data is challenging, and that you have limited resources.
A problem marketers run into is that they don’t have the skillset to understand and manage data, along with tools to analyze and gather data… — Forbes, Oct 2015
We remove the requirement that business analysts manage complex data volumes — bridging the gap between data management and analytics — so analysts focus, not on data, but on the analytics.
We manage large data volumes with complex structures and we integrate disparate data sources to build rock-solid analytical data sets. And we always collaborate with marketers to generate actionable results.
When the supporting data is rock solid, then Retention Analytics become much, much easier!