Customer and marketing analytics is necessary for companies to retain their market share and leading edge. Advanced customer and marketing analytics enables your business to harness data to enhance your customers’ experiences – within a brand and across your organization’s portfolio – retain and grow your customer base, increase sales, and obtain insight into new product innovations. We implement analytic solutions that help you achieve your customer and marketing goals in essential areas such as estimating customer lifetime value, increasing customer retention, identifying unproductive campaigns, and expanding market share.
Our customer and marketing analytics consulting services can help you extract the most value from your data, whether you are just getting started with analytics or are growing in-house capabilities. Our proven track record has helped companies in many industries attract and retain customers and increase wallet share. We combine sound marketing principles with marketing analytics and customer relationship management (CRM) processes to give you a competitive advantage with solutions in the following areas:
Customer Lifetime Value
Lifetime value (LTV) is a forecast of the future dollar value that can be attributed to the ongoing relationship with a customer. Employing analytics, we identify characteristics of customers with a higher lifetime value and use these insights to inform digital spending decisions for paid search and targeted marketing campaigns.
Traditional LTV calculations rely on metrics based on subscription models and do not apply to the fluid purchasing behavior seen in consumer product goods. Rather than relying on churn-based methods, we designed a solution tailored specifically for products. One example used a collection of three models to predict the probability of a consumer to purchase, the dollar amount a consumer is likely to spend on the next purchase, and the likely number of days until the next purchase.
Cross-Selling and Up-Selling
Cross-selling increases sales by predicting which new products should be marketed to existing customers based on products they have purchased or are in the process of purchasing. Up-selling offers improvements, upgrades, complimentary, or natural progression products, but they are discovered from vast amounts of purchase and browsing data; the patterns don’t have to be curated by domain experts. We can determine the origin of your most profitable customers and explore patterns in your transactional data to discover which products or services are frequently purchased together, then optimize return on investment with targeted marketing campaigns.
Customer segmentation improves the effectiveness of marketing campaigns and decreases costs by grouping customers into segments based on meaningful attributes. Identifying customer clusters provides immediate insight into existing customers — how they are alike or different, and where to focus or how to pitch marketing efforts. Segments can also be informative inputs to models that predict who is most likely to purchase a particular product or service and identify the mix of customers that will maximize profitability.
Retaining existing customers is crucial for every business. We use advanced data science techniques to determine root causes for customer churn and identify customers most at risk to prioritize marketing and customer service team workload, focus outreach to high-risk customers with appropriate incentives to reduce churn, and thereby increase market share and profitability.
Our customer acquisition analytics uses demographic and behavioral characteristics to discover which customers will be most receptive to specific marketing offers.
Customer Experience Analytics
Our customer experience analytics zeros in on the most effective approaches to loyalty programs and customer retention. We develop insights into short-and long-term product reviews and ratings trends and find life-stage triggers that indicate your consumers are ready for the next assortment of products. Knowing which customers are likely to abandon your brand or organization (churn) provides an opportunity to reduce or avoid this loss.
We use attribution modeling to connect marketing campaigns to your company’s ROI, to determine how sales can be attributed to the multiple touchpoints in the consumer journey. This provides valuable insight into which marketing efforts are paying off.
We use your data to understand which channels are delivering the most return on investment and optimize the allocation of your marketing dollars across the multiple channel options (on demand entertainment, digital, direct mail, etc.).
Marketing Campaign Analysis
We systematically monitor and analyze the effectiveness of your marketing campaigns and make adjustments to optimize the return on your investment. Justify your marketing budget for specific campaigns by demonstrating their success and determine when to discontinue or adjust unproductive campaigns.
Using an Agile development process and innovative analytic techniques, our consulting services help discover valuable insight from customer satisfaction surveys, analyze call center data, and build recommendation engines that enable more effective marketing campaign development, execution, and analysis.