The Importance of Customer Analytics
Customer Analytics is a set of processes that gives important insights about the customers that are required to serve customers in a way that is relevant, anticipated and timely. Customer Analytics is the backbone of all marketing activities and it encompasses many different statistical techniques such as predictive modeling, data visualization, information management and segmentation.
The increase in the social footprint of the customers makes the domain of customer analytics critical for businesses as customers today are more connected and hence more empowered. This trend is likely to increase and grow stronger in future as well, given the penetration of technology in different aspects of Customer Behavior. Now customers have access to information anytime and anywhere. They are now more aware about what to buy, where to shop, what price to pay, etc. Given this, it is important for organizations to understand and anticipate their customers behavior while they interact with their products, services, or the organization itself, and respond accordingly. The better understanding you have about your customers’ current and past behavior, the more accurate you can be in predicting future behavior, and more successful you will be at delivering relevant offers that attract rather than alienate customers.
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