The most successful weapon to fight customer attrition is a personalized customer experience unique to the individual. — Business2Community, Nov 2015
Retention Analytics — Benefits
With retention analytics, marketers track customer visits and their purchase frequencies. They identify purchase patterns, anticipate shopping behaviors and engage customers with relevant offers before a visit. And if a customer hasn’t visited when expected, then marketers tempt that individual with an offer she can’t refuse.
With greater amounts of data being collected about customers, we are seeing segments of one being developed. These are segments of individual customers with unique preferences that can be used to offer individually personalised marketing messages. — Econsultancy, Oct 2015
Retention analytics lets marketers engage customers with offers on items they care about. It not only tempts a customer to make that next purchase, it adds the feeling of special treatment customers expect. Marketers engage customers at unexpected times, with offers on items that complement items purchased. And even reward loyalty with a discount or promotion on specific items, encouraging subsequent purchases.
In addition to combating churn, customer experience management creates new income streams. Understanding subscriber experience drives new revenue. As you understand your customers better, you can run really effective campaigns for selling new services. Over time, you improve your business model, revenue and customer satisfaction. — RCRWireless News Aug 2016
Retention Analytics — Challenges
Retention analytics are not rocket science. The sales data holds the details. And the analytics can be tailored to customer segments or even individuals. The data management and data mining, however, are complex and require a deep dive into transactions and complex joins with customer and product data.
A problem marketers run into is that they don’t have the skillset to understand and manage data, along with properly running tools to analyze and gather data… you have to be able to take this data and make it into a story… — Forbes, Oct 2015
Many business analysts don’t engage in retention analytics because they lack data management skills. They aren’t trained in deep-dive analytics; they can’t manage complex data, or disparate data sources. So analysts create incomplete or error-filled reports. Marketers don’t get the customer picture they need and lose confidence in both reporting and data.
Retention Analytics — IDP
We remove the requirement that business analysts manage large and complex data volumes — bridging the gap between data management and analytics — so analysts focus, not on data, but on making recommendations from statistics.
We manage those large data volumes with complex structures and we integrate disparate data sources. And we always collaborate with marketers to generate analytics that produce marketable results.