A Guide To Using Data Analytics For Customer Engagement
How to Implement a Data-Driven Strategy to Understand and Engage with your Customers to Reduce Churn and Increase Growth
As the pressure of intensifying competition mounts every day, companies must look to boost customer loyalty, considering that it costs five times as much to onboard a customer than it is to retain one. And with consumer influence now stronger than ever, businesses that fail to respond to their customers’ needs will feel the impact on their sales figures. A recent study by Bain & Company revealed a 10% increase in customer retention levels results in a 30% increase in the value of a company, and a 5% increase in customer retention rates increases profits by between 25 and 95%.
A Customer Engagement Manager’s task, undervalued at some companies, has become tougher than ever to accomplish and the need to switch to a data-driven approach is more urgent than ever. Data analytics offers the solution to optimise your customer engagement strategy and improve your share-of-wallet. Whether you are implementing a new strategy or needing to streamline an existing one, data-driven retention and growth tactics are essential in optimising your approach and ensuring that you get the best out of your strategy, people, processes and technology.
In this guide, we discuss how advanced data analytics can be applied to the four areas of Strategy, People, Process and Technology to improve customer engagement and how it will improve your growth rates and decrease your churn rates.
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