Vital Customer Analytics that Every Manager Should Know

A business needs to be able to acquire, retain, satisfy and engage their customers effectively To succeed and grow. Let’s look at some of the key customer analytics in use today.

Customer satisfaction analysis

 

. The most common way to assess customer satisfaction is with a combination of quantitative and qualitative surveys. Customers who are happy with your product or service are much more likely to buy from you again. Customer satisfaction analysis is the process of assessing whether your customers are getting what they want and expect from your business, product or service .

Customer segmentation analytics

 

Customer segmentation analytics is the process of finding sub-groups or segments within the overall market. Being able to assess your customers and split them up into various segments that might buy more of one product than another or buy more often allows you to tailor your marketing and communication efforts. The internet is a vast source of useful customer data, helping companies identify clear segments – data mining and text analysis are useful tools for this.

Customer lifetime value analytics

 

Customer lifetime value analytics is the process of analysing how valuable the customer is to the business over the entire lifetime of the relationship. This allows you to focus marketing attention on the most valuable customers. Done well, this analysis can also potentially identify ways to increase the length of the relationship and the value of the customer.

Web analytics

 

Online sales in just about every industry are increasing. Web analytics is the process of analyzing online behavior so as to optimize website use and increase engagement and sales. There are two types of web analytics: off-site and on-site. Off-site web analytics is useful for assessing the market and opportunity whereas on-site is useful for measuring commercial results. There are many web analytics tools and service providers available.

Sales channel analytics

 

Sales channel analytics looks at all the various ways that you distribute your products to your market to see which channels are the most effective, allowing you to make the best use of your resources. For this analysis, you need to identify all the sales channels that you currently use or could use, then attribute each sale to a channel and subtract the relevant cost of sales for each channel.

Social media analytics

 

Social media analytics is the process of gathering and analyzing data from social media to see what people are saying about your product, service, brand or company. In social media analytics, text data from social media posts and blogs is gathered and mined for commercially relevant insights using text analytics and sentiment analysis.

Customer engagement analytics

 

Businesses are notoriously bad at customer engagement, yet it has a direct impact on a company’s bottom line. Customer engagement analytics is a rapidly evolving field where businesses are trying to map the entire customer interactive journey on- and off-line. Ways of measuring customer engagement include surveys and social media analytics.