Using Data to Focus Your Customer Strategy
Service-centric and customer-driven projects that are undertaken to realize benefits for the performing organization must be a continuous endeavor to effectively harness the short- and long-term gains to ensure sustainability and survival. This article seeks to propose four analytics features to help you reap long-term benefits through concentrated investments.
In addition, it shares a regression model to peruse sales as a function of advertising. To appreciate and nurture the heterogeneity among customers, a method to calculate correct customer lifetime value (CLV) is described. This article can be extended to analyze similar lines of business.
A. Feature improvements
The following four enhancements can aid not only in improving the customer experience, but also in increasing customer loyalty:
- Surveys: Promotional discounts can accompany a compulsory survey; surveys should always be associated with some incentive to lure a substantial customer. These stimuli can be in the form of cash back, coupons, add-ons, etc. Digital surveys through an app, website, portal, etc. can cater to a large audience; they are also easy to produce, compile and examine. The data must be exploited to carry out both descriptive and predictive analytics. Surveys can be utilized to collect data on net promoter score (NPS), which asks a single question to measure
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