Do you find it difficult to comprehend what your consumers want? If you answered yes to any of the above questions, it is time to investigate and capitalise on the value of Big Data in your organisation.
In a world of enhanced mobility and always-connected abilities, merchants are contending with sophisticated customers who are researching competitor products even when they are standing in the aisle of a store. As a result, it is becoming more necessary for merchants to place an emphasis on developing client loyalty while also growing consumer traffic. First-time customers should be encouraged to become repeat customers, and repeat customers should be encouraged to become brand advocates.
Managing a significant volume of data in a centralized location is difficult if there is no Big Data infrastructure in place. Whether it is a desktop computer or a sensor, Big Data may be used to make the move extremely efficiently. Therefore, if you believe that your organization wants Big Data consulting services, you must choose a firm that has incredible processing capacity as well as legitimate talents and experience.
Big Data analytics entice with the promise of virtually automated customer experience initiatives, but the reality is more complicated. The idea goes that you just need to customize the newest analytics software to your customer interactions and social networking sites, and you’ll be able to monitor and evaluate how consumers behave, as well as what they think about their experience with your company’s product or service. Because of the extraordinary increase in the amount, diversity, and velocity of data, it has become vital for a number of businesses to seek Big Data consulting services. They make it possible for people to make better decisions quicker by using our extensive knowledge in data management, warehousing, and high-volume data processing.
In the field of customer experience and advocacy, there is little doubt that Huge Data analytics will be the next big wave of creativity to emerge. These collaborative technologies provide businesses with significant new tools to expand the human discourse and make it more successful in gaining and maintaining consumer satisfaction and retention. Businesses used to study tiny samples of consumers at a particular moment in time, but today they can maintain a finger on the pulse of practically all client impressions at any time by continuously monitoring their online activity. The gap between loyalty leaders and non-adopters is projected to expand in many markets over the coming several years, as early adopters of analytics gain proficiency with the tools used to measure customer loyalty.
What is the significance of client retention?
If you implement a data-driven client retention plan correctly, it may provide significant financial benefits. In fact, it has been shown to increase profits.
Despite the fact that businesses speak a good game about big data, they do not seem to be using it, or customer retention analytics, to its full potential. Machine learning is one of the least often used approaches in customer programs, according to research. Customer service representatives seem to lack competency in, or access to, three critical data science skills: programming, maths, and statistics, according to the evidence. The inability to translate consumer insights into corporate operations was seen as the most significant hurdle by customer service personnel.
1. Lowers the cost of acquiring new clients
It is far less expensive to retain an existing client than it is to acquire a new one. In fact, it might be five times more costly to acquire a new client than it is to retain a current one, according to research.
Keep in touch with your long-term consumers, since they are highly vital to your business. Once you understand why some of your satisfied customers continue to use your business while others do not, you can take the necessary steps to retain the appropriate clients.
2. More straightforward upsell
It should go without saying that current clients are considerably simpler to promote and sell to than new consumers. Consider the fact that, in most cases, there are no significant customer acquisition expenses involved with selling a new product or service to an existing client database. When using big data consulting they can determine which strategies are most effective in moving consumers from one stage of the customer lifecycle to another. Convert casual users into lifelong customers by automating your best-performing ads.
3. Facilitates long-term economic development
It is possible to achieve more sustainable growth by keeping current consumers. Raising client retention rates by 5 percent may raise earnings by ranging from 25 percent to 95 percent, depending on the industry. It is undeniable that keeping current consumers is the most profitable course of action, yet doing so is not always straightforward. An increasingly popular method for many businesses to get a competitive edge is via client retention analytics.
4. Fast decision-making
With the help of big data consulting and in-memory analytics, paired with the capacity to evaluate new sources of data, organizations can analyze data instantaneously – and make choices on the basis of what they’ve learned about their customers and competitors.