Predicting Customer Behavior with Analytics

PREDICTING CUSTOMER BEHAVIOR Customer analytics have become a vital tool for success, used to glean important information, anticipate customer behavior, and drive loyalty. Unfortunately, for many organizations, the access to data and the necessary analytics tools are restricted to a limited number of highly skilled and busy data scientists. Here, we take a look at a survey of businesses to review the benefits of customer analytics and identify the challenges these companies must overcome to effectively use data to make quick and effective customer decisions. WITH ANALYTICS 01 CUSTOMER INSIGHT COMES FROM MANY DATA SOURCES The data you need for true customer insight is likely in many forms and contained in many disparate systems. This data cannot be used to its full advantage when you are unable to integrate this information easily and seamlessly. This is a problem when major decisions are made based on this information. Traditional sources of customer data still dominate, but respondents are increasing their use of new data sources, such as device-generated and social media data. DATA FOR DECISION-MAKING 69% 69% 61% CUSTOMER PRIMARY RESEARCH POINT OF SALE/ DEMOGRAPHICS DATA TRANSACTION DATA 02 COMPANIES REALIZE SEVERAL TYPES OF ACTIONABLE BENEFITS Customer analytics are much more than rearview mirror tools to review past purchases. They allow companies to predict buyer behavior and use this insight to improve all aspects of their operations, including sales and marketing optimization, inventory planning, fraud prevention, and more. Customer analytics allow companies to anticipate buyer behavior so they can make relevant offers at all stages of the customer lifecycle. CUSTOMER FOCUS + ACQUISITION GROWTH RETENTION SATISFACTION LOYALTY 69% 63% 46% of respondents use customer analytics to support these core sales and marketing goals. use analytics to enhance customer satisfaction. use analytics to increase customer loyalty. Customer analytics are also used to identify critical trends that can impact the products/services you sell and the channels used to sell them. PRODUCT/CHANNEL FOCUS IMPROVE PRODUCT/ SERVICE DESIGN: 62% OPTIMIZE MARKETING/ CHANNEL BENEFITS: 60% DESIGN/IMPROVE CUSTOMER CHANNEL STRATEGY: 49% 03 CHALLENGES PREVENT OPTIMAL USE OF CUSTOMER ANALYTICS Unfortunately, while analytics have the potential to help companies make key decisions, day-to-day challenges prevent them from being used as effectively as they should be. Users are finding it difficult to work with the data, and the complexity of many analytics tools presents a steep learning curve that is hard to overcome. Massive volumes of disparate data types and sources must become easier to access, work with, and blend. DATA INTEGRATION 43% 39% 38% 37% Difficulty gaining access to data across siloed departments Difficulty integrating massive amounts of data Difficulty integrating disparate customer data types Difficulty converting data into actionable insight USER ACCESS & SKILLS The sophisticated analytics required to answer complex questions must be easier to use and more broadly available. 88% 55% 50% Limited access to specialists with industry-leading skills Limited ability to drive new analyses Limited investment by B2B organizations in advanced training A Iteryx provides a solution to blend a wide variety of data sources and analytics within a single workflow-without custom IT work. Line-of- business analysts can use powerful data mining and predictive analytics tools to lower costs, predict behavior, and make faster customer decisions. alteryx absolutdata Intelligent Analytics A.