Enterprises require comprehensive insight into their customers’ behavior in order to provide personalized engagement to achieve superior net promoter score. Our Customer Insights product helps deeply understand your Customer behavior to Acquire, Engage, Service and Retain them!
Customers are corner stone of a Business. Each journey of a Customer with a Business Enterprise is unique hence each customer needs a smooth and fruitful experience along the way. This is possible only if that Enterprise has a comprehensive insight of the customer behavior.
Understanding Customer behavior is about the way people buy and use products and services. This affects other business functions such as marketing, design, product development, packaging, post-sales service and pricing.
Personalize and Micro segment your customers by right targeting your insurance offerings.
- Marketing: How much should I spend to acquire a customer?
- Product: How can I offer products and services tailored for my best customers?
- Customer Support: How much should I spend to service and retain a customer?
- Sales: What types of customers should sales reps spend the most time on trying to acquire?
Understanding behavior and grouping them to customize service offerings, for extending incentives would improve net promoter scores. Our product helps to understand customers deeply by using different perspectives such as:
- Geographic and demographic features such as age, income, education, social class or location.
- Buying behavior such as recency, frequency and the monetary value of purchases; and to “score” customers.
- Psychographic factors such as Brand Affinity, Product categories, lifestyle (personality, attitude) choices etc.,
- Motivation, sentiments, appetite for risk, perception, buying preferences and changing needs
- Ability to group customers at different levels in a hierarchy: Vertical, Line of Business or Product/Service specific.
- Helps developing marketing programs (when to campaign, whom to offer, what product, which Channel?
- Greatly influence designing a product/service as well as guide pricing strategy
- Hypothesize the default behavior of a yet “unknown” customer.
- Helps identify and predict customer buying patterns.
- Improve customer segments in innovative categories defined by users
Customer life time value (CLV) refers to net predicted revenue or profit associated with a customer during his journey with an Enterprise. The company needs to understand the pay-offs of new customer acquisition versus cost of retention of a customer for devising a customized customer journey.
- Predicts the future revenues from the customers
- Analyzes the future customer value in both contractual and non-contractual business scenarios
- Classifies the customers into user defined classes according to their Lifetime Value
- Plan effective retention strategies by helping you decide spend to retain specific customer groups
- Help build detailed customer profiles so that the spend on advertising and marketing is utilized optimally focusing on the customer groups that maximizes profit
All the customer touch points are rich with signals that could give an understanding of his behavior and thus engage them pro-actively and effectively. Failing to meet customer’s growing expectations negatively impacts as customers respond with disloyalty and defection. In this ultra-competitive world, Customers have many product choices/price points at their disposal. Retaining them is critical.
Churn Analysis: Considers Shrinking Customer Base, Declining product Profitability, Customer Service Requests, Social Media Sentiment, Competitor Market Share and Wallet Share. It also includes Expected duration of customer lifetime, inter-purchase time and spending behaviors
Recommendations: Product Bundling and Recommendations: helps personalize and interact with the customer utilizing the most relevant recommendations to each individual customer
- Developing deep understanding of the churn in various Line of Businesses and Helps predict attrition and help to build the personalized strategy for the effective retention
- Develop loyalty programs and increase customer wallet share
- Devising various discounts, incentives and rewards, promotional programs and special campaigns