Brand loyalty is vanishing, making customer retention a major headache for companies, big or small. Increasing customer retention rates by even 5% can increase profits by 25-95%, while gaining a new customer can be five times as costly as keeping the current one. Hence, businesses are increasingly turning to tools such as predictive analytics and machine learning to continuously optimize and update their customer retention strategies.
Research shows that customer analytics can help organizations increase customer retention and sales growth up to 25%. Our advanced analytics solutions help to improve the effectiveness of marketing initiatives through richer behavioral insights, enhance the brand and customer equity through personalized outreach and increase the ROI by generating measurable value. We enable our clients to deliver differentiated customer experiences, tailored to specific consumer values, needs and intentions.
Integrated 360 Degree Customer View
In an increasingly customer-centric world, the ability to capture customer insights is proving to be indispensable for companies. Most organizations capture these insights but often in isolated packets.
Our experts at DecisionTree will help you consolidate the demographic, psychographic and, most importantly, the behavioral and preferential data of your customers from multiple channels to create a single view of the customer. The integrated data is then used to design successful customer engagement strategies.
Customer Segmentation & Behavioral Analytics
Organizations that leverage customer behavioral insights outperform peers by 85% in sales growth and more than 25% in gross margin. Our customer segmentation analyzes leverage advanced analytics to provide a holistic understanding of the traits and behaviors that define the different types of customers within your customer base.
We can also predict customer behaviors, buying patterns, behaviors and sentiments of your customers that can help in creating a personalized experience for them. Customer behavioral analytics helps you acquire customers, constantly engage with them, and retain them as loyal customers.
Customer Lifetime Value
Many companies focus too much on acquiring the customer. Retaining your current customer is more pocket-friendly than acquiring a new one with low lifetime values. In order to be able to identify those customers who will bring future business and nurture them, it is critical to know the lifetime value of a customer.
We can build powerful predictive models that can forecast not only how much a customer is worth to your business, but also find, nurture and retain those customers, which create the most value for the company over the long-term.
Retention & Win Back
Loyal customers generate 10 times more revenue in their lifetimes. We use predictive analytics and customer data to help you identify the most profitable customers and enable you to focus your engagement and marketing efforts on these customers.
We also aid in creating key win-back marketing campaigns using predictive analytics and leverage vouchers, discounts, offers and promotions by showcasing the right incentive to your churn customers.
Customer churn is a critical metric of your business, especially if you are a subscription-based business, and its cost includes both lost revenue and marketing costs involved with replacing them with new customers. We use our predictive models to help you find out which customers are at a high risk of churning.
Traditional customer churn analysis techniques rely heavily on Customer Lifetime Value, but we adopt a more holistic approach by including data points such as social media data analytics, customer touch point feedback, call center feedback etc. This proactive strategy not only helps you to identify the churn customers but also refocus your customer retention efforts on them.
Cross-Sell and Up-Sell Modeling
Businesses have generally used cross-sell and up-sell modeling to drive personalized experiences and generate more revenue. We use machine learning to comb through billions of data points to define the products and services that have the highest probability of being purchased.
You can incentivize customers to become brand advocates by engaging them with high value offers and create microsegments to personalize the experience.
Companies need to look beyond just monetary rewards to keep customers engaged. In this digital age, brand loyalty has become a big casualty. Are your customers very much engaged in their loyalty programs?
We can help you find that out and more. We can help you boost customer satisfaction by using big data analytics to find out the drivers behind the positive customer experiences. We will also help you to assess whom to target, when and where by leveraging the loyalty programs.
Using retail analytics on loyalty card data, a leading pharmacy retail company increased transactions by 15% and clocked 30% rise in average ticket size for loyalty card holders.
Sales at a leading US-based marketplace seller soared 1.5 times, while operating margins registered a 50% increase after changes were made to its pricing algorithm.
Retail giant registered 18% revenue growth by using analytics-driven targeted marketing.