Do you know who your best customers are?
Do you know who your worst customers are?
Do you know which customers you just lost, and which ones you’re about to lose?
Can you identify customers who buy often, but spend very little?
Can you target customers who are willing to spend the most at your store?
If you answered NO, to any of the questions above, then you need to consider HOW you get to know your customers and WHY it’s important.
In order to retain the right customers, offer an excellent customer experience, improve customer loyalty and ultimately grow your business, you have to know your customers better than ever before.
Customer behavioural analysis and segmentation, creates complete customer profiles and segments that help you understand, react to, and measure your customers’ behaviour at every touch point across multiple channels.
“Behavioural analytics is powerful; once you understand how your customers behave you can influence, react to or change their behaviour using the most appropriate action or targeted customer communication”.
You can’t change a customer’s age, sex, gender, income or product preferences, but you can certainly influence or change their behaviour. Behaviour cuts across demographics e.g. a 65 year-old grandmother can purchase as much, and as often as a 30 year-old male without any children. Targeting your customers based on demographics alone means wasted opportunities.
Customer behavioural analysis and segmentation is a potent business tool because it creates multi-dimensional and dynamic profiles for each of your customers, across the following key areas:
- Understanding the Customer Life-cycle = “the right message, to the right customer at the right time”
- Understanding Customer Engagement = “ability to drive repeat behaviour”
- Understanding Customer Value = “where to invest time, effort and money”
- Understanding how Behaviour Changes = “pro-active, surprise & delight vs. reactive, often too late, approach”
Each dimension provides hugely actionable insights. However, when the dimensions are combined the insights become even more powerful, allowing you to engage effectively with your customers in the most targeted, relevant and appropriate way. Click here for more information on each dimension
BUT THAT’S NOT ALL…
Not only will behavioural analytics drive customer experience. It will enable the following key areas:
- Increase conversion rates (prospect to customer)
- Drive customer retention
- Reduce customer churn
- Foster repeat purchase behaviour
- Boost cross-sell and up-sell
- Optimise marketing spend
- Grow customer life time value.
- Improve new customer acquisition efforts.
HOW DO I GET TO KNOW MY CUSTOMERS?
Customerlink will give your business a competitive advantage through the power of customer behavioural analytics – the quickest and most cost-effective way to understand your customers and grow your business.
We specialise in SME’s and online businesses, both B2B and B2C.
To find out more about customer behavioural analytics and boosting business growth, get in touch for an obligation-free discussion about your business needs.
Customers these days have more power and choice than ever before. Listen to your customers and react to what they are telling you, before it’s too late.
