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’re better equipped to make data-based marketing decisions. Customer behavior analytics also make it possible for companies to predict customer behavior. It’s 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.
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. But, the true power of customer behavior analytics lies in being able to accurately anticipate customer behavior so that you can make relevant offers at each stage of the customer lifecycle.
Unfortunately, companies struggle to optimize customer behavior analytics when they use customer experience management solutions that don’t use all customer data sources, that keep data in silos, that don’t provide drilled-down customer insights and that don’t fully integrate disparate customer data types. Companies also struggle to benefit from business analytics solutions when they lack real-time customer data to accurately map out customer journeys, when they cannot collect, store and protect massive amounts of data, and when they fail to implement the right technology.
You need a solution that easily aggregates and manages all customer data from every available data source and that turns the data into key metrics that represent detailed information about each customer, in real-time. Only then will you have the ability to interact with your customers with the most relevant, personalized and timely messages and offers throughout the entire customer life cycle.
How do you get the most out of your customer behavior analytics?
For further interest:
NGDATA helps data-rich companies in financial services, media/publishing and telecom to drive connected experiences. Our next generation customer data platform, Lily Enterprise™, puts people at the center of every business via Lily’s Customer DNA, which continuously learns from behavior to deliver compelling experiences.Learn More...