Organizations utilize Big Data and customer analytics software to learn about customer behavior. With customer behavior analytics, companies are able to make data-driven decisions because they have an individual-level view of their customers. When organizations know exactly what customers want, what they do, and how they may act in the future, they are in a better position to create personalized customer experiences and increase customer loyalty. McKinsey found that 50% of companies making use of customer behavior analytics are likely to have sales significantly above their competitors, 6.5 times more likely to retain customers, and 7.4 times more likely to outperform competitors in making sales to existing customers. Overall, organizations that correctly utilize customer behavior analytics are 19 times more likely to achieve above average profitability. NGDATA’s AI-powered CDP is the customer experience management solution that zeroes in on customer behavior to enable organizations to make the right offers to the right customers at the right time.
Learn more about NGDATA’s AI-powered CDP, the leading customer behavior analytics platform from NGDATA. Or, to speak with a representative of NGDATA for more information, contact us via email or phone.
Advantages of Customer Behavior Analytics
Customer behavior analytics form the basis of clear customer knowledge. Organizations that have insight into which customers bought what, when, and via which channels gain a competitive advantage because they are better equipped to make data-based marketing decisions. Customer behavior analytics also make it possible for companies to predict customer behavior. It is much more profitable to know what customers are likely to do in the future than to simply know what they have done in the past. Indeed, companies use insight from customer behavior analytics to improve several aspects of their operations, including sales and marketing optimization, inventory planning, and fraud prevention, among others. The true power of customer behavior analytics lies in being able to accurately anticipate buyer behavior so that you can make relevant offers at each stage of the customer lifecycle. In fact, data reveals that companies utilize customer behavior analytics to achieve a variety of objectives including:
- 69% to support core sales and marketing goals during customer acquisition
- 63% to enhance customer satisfaction
- 62% to improve product and service design
- 60% to optimize marketing and channel benefits
- 49% to design and improve customer channel strategy
- 46% to increase customer loyalty
Get more insights into customer behavior with NGDATA’s AI-powered CDP, the leading customer analytics solution from NGDATA. Or, get in touch with an NGDATA representative via email or phone to learn how Lily Enterprise can transform your customer data into actionable insights.
Challenges of Using Customer Behavior Analytics
Unfortunately, companies struggle to optimize customer behavior analytics when they use customer experience management solutions that do not use all customer data sources, that keep data in silos, that do not provide drilled-down customer insights, and that do not fully integrate disparate customer data types. Companies also struggle to benefit from business analytics solutions when they have too much data, when they lack real-time customer data to accurately map out customer journeys, when they cannot collect and store massive amounts of data, when they fail to implement the right technology, and when they fail to protect customer data. One solution to all of these customer behavior analytics challenges is NGDATA’s CDP. With NGDATA’s AI-powered CDP, companies easily aggregate and manage all customer data from every available data source and turn their data into key metrics that represent detailed information about each customer.
Learn more about how NGDATA’s AI-powered CDP, the leading customer behavior analysis solution from NGDATA can help you overcome your customer analytics challenges. Or, to speak with a representative of NGDATA for more information, contact us via email or phone.
Gain Complete, Accurate Customer Behavior Analytics with NGDATA’s AI-powered CDP
NGDATA’s AI-powered CDP empowers organizations by giving them powerful, real-time insights at the individual customer level. The NGDATA CDP becomes more intelligent as you add more data sources, so you have enhanced Customer DNA over time and an accurate picture of your customers. In fact, all of the NGDATA CDP’s Customer DNA Metrics are calculated in real time, and the historical values are maintained at all times, so you have access to the best behavioral intelligence available.
The NGDATA CDP’s metrics go beyond observations and include contributed, calculated, and predicted customer-level scores around behaviors, preferences, context, affinities, opportunities, and more. Customer DNA is continuously updated and always available, which translates to consistently optimized insights without the need to duplicate data integration, collection, or preparation efforts.
Each time your customer interacts with you, Customer DNA updates in real time. NGDATA’s AI-powered CDP automatically learns more about each and every one of your customers, so you have access to the most up-to-date trends and preferences on your individual customers without needing intervention from IT. You also have the ability to put individual metrics into perspective by comparing individual Customer DNA with a set or sets of metrics, which are dynamic groups that you can define.
Thanks to NGDATA’s AI-powered CDP and Customer DNA, organizations have access to the best customer behavior analytics and the most complete, accurate single view of customers. With NGDATA’s AI-powered CDP, your organization will have the ability to make next-best-action and next-best-offer recommendations, detect each customer’s channel preference, and build omni-channel customer profiles. You will be able to engage with customers throughout the entire customer life cycle, ensuring that you make the most relevant offers and increase customer retention.
Learn more about NGDATA’s AI-powered CDP, the leading customer analytics solution for enterprises from NGDATA. Or, to speak with a representative of NGDATA for more information, contact us via email or phone.