Customer Analytics Software
Customer analytics is the process by which data from customer behavior is used to guide key business decisions via market segmentation and predictive analytics. Businesses use this information for direct marketing, site selection, and customer relationship management. Essentially, customer analytics tells you who your customers are, what they are doing, what they want, and how and when to reach them so that you can create customer experiences personalized at the individual level to win more business and drive loyalty. But, only NGDATA’s AI-powered CDP helps you transform your relationships with Customer DNA.
Benefits of Customer Analytics Software
Customer analytics software helps organizations, including banks, telecoms, and publishing/media companies, in several ways. Namely, customer analytics software helps organizations…
- target customers with highly relevant offers across all channels, including digital, mobile, and social
- segment customers into small groups and address individual customers on actual behaviors
- maximize customer lifetime value through personalized up-sell and cross-sell offers
- track customers and how they move among different segments over time, including customer lifecycle context and cohort analysis
- engage with customers through the right channel at the right time with the right message
- predict the future behavior of customers using predictive customer behavior modeling
- understand customers in the context of their individual relationships with your brand
- predict which customers are at risk of churning and why, and take actions to retain them
- use advanced calculations to determine the customer lifetime value of every customer and base decision on it
- measure customer sentiment and identify emerging trends in social media and survey data
Customer Data Analysis Leads to Profitability
According to Jayson DeMers, founder and CEO of Audience Bloom and Forbes contributor, “everything is moving toward data: big data, mobile data, performance data, campaign data, product data, and even data about how we track our data.” Brands and agencies need to have the ability to manage successful campaigns with strong data analysis by both workers and technology tools. Competitors are becoming more sophisticated in their big data and customer analytics usage, and you need to keep up to remain competitive.
Louis Columbus, VP of marketing at iBASEt and Forbes contributor, explains that companies are using customer analytics to improve corporate performance, and they are capturing customer data at an accelerating rate. He references a study by McKinsey & Company that looked into why certain companies are successful with analytics initiatives while others fail to get their desired or expected results. In order to get value from all of that data, companies are making use of customer data analysis and using the analytics as part of decision-making processes that lead to more effective customer lifecycle decision-making and higher financial performance.
The results of the study make a clear case for utilizing customer data analytics:
- 49% of companies who champion the use of computer analytics are likely to have profit well above their competitors.
- 50% of companies who champion customer analytics are likely to have sales significantly above their competitors.
- Companies championing the use of customer analytics are 6.5 times more likely to retain customers, 7.4 times more likely to outperform their competitors on making sales to existing customers (upsell and cross sell strategies), and nearly 19 times more likely to achieve above-average profitability.
- The four key areas where integrating customer analytics across the value chain of a business are paying off: enabling integrated multichannel marketing (29%), frontline embedding of analytics (28%), expanding customer analytics across the value chain (27%), and processing real-time data (24%).
- 40% of high performance companies have CEOs who rate the benefits of having strategic, actionable insight based on customer analytics as very to extremely important.
The Difference Between Other Customer Analytics Solutions and the NGDATA CDP
Other customer analytic software solutions require enormous data integration efforts between heterogeneous databases and data warehouse systems. Often, there is little agreement on exactly which key metrics to use to profile customers for marketing and analytical applications. These data integration projects typically result in batch-heavy ETL solutions, for both consolidation and subsequent processing, with analytical and reporting applications that often only have access to resulting data on a weekly or even coarser basis.
NGDATA’s CDP builds individual Customer DNA profiles in real time. Specifically, Customer DNA solves data integration issues by providing a standard, customer-centric approach with thousands of pre-defined metrics that are centrally managed, continuously updated, and available for applications, which provides the basis for greater a customer experience. In fact, the NGDATA CDP’s Customer DNA gives your organization access to those thousands of metrics for each customer with which you have a relationship, from the earliest prospect stage through long-term, loyal customers.
The NGDATA CDP’s customer metrics are…
- calculated using a variety of methods, including simple calculation, predictive models, and advanced machine learning for preferences and affinities
- versioned over time and may be retrieved using normalized time scales, such as average purchase amount per week, per month, per quarter, and per year
- frequently able to make use of additional break dimensions allowing users to drill down, such as average purchase amount per product category, response rate per channel, and more
Advantages of Customer Data Analytics with NGDATA’s AI-powered CDP
What sets NGDATA’s CDP apart from other customer analytics software solutions is that it delivers a single view of the customer, populated with interesting profile variables; this single view gives enterprises insight into their customers, enabling you to deliver truly personalized customer experiences.
Other advantages of Customer Data Analytics with the NGDATA CDP:
- Discerns between two important sources of data, interaction-based data and entity-based data.
- Carefully maps each source of data into the standard data ingest model, distinguishing between interaction data and entity-based information.
- Generates its own unique IDs when tracking web visitors using the optional User (Web) Tracking Service.
- Both entity and interaction data are linked to individual customer IDs while data is being ingested in NGDATA’s CDP.
- Matches individual data records based on IDs to create unique master records per customer.
- Customer DNA gets smarter over time – as all calculations are based on a standardized model, it is easy to add additional sources without impacting existing metrics or calculation configurations.
- Automatically provides a range of industry-specific DNA metrics.
- Enables you to track trend and acceleration of change on DNA metrics.
Overall, NGDATA’s AI-powered CDP delivers Customer DNA to customer-centric organizations seeking a single solution that allows them quickly understand the whole customer, benefit from existing and new customer data, and provide personal experiences for their customers.