Customer analytics is becoming critical. Customers are more empowered and connected than ever. And becoming more so. Customers have access to information anywhere, any time – where to shop, what to buy, how much to pay, etc. That makes it increasingly important to obtain customer insight to understand how they will behave when interacting with your organization, so you can respond accordingly. DhiOmics helps organizations to deepen their understanding of customers' buying habits and lifestyle preferences by three major analytical implementations Customer Acquisitions, Customer Engagement, Customer Retention.
The challenge in effective, customer acquisition is to identify the correct demographics with 360 degrees of customer need vs requirement. This identification relies on estimating the right mix of customer lifetime value and its conversion probability.
DhiOmics can help build statistical models to estimate the likelihood of lead conversion and business value from each customer, enabling prioritization of target leads resulting in customer base expansion, helps in optimal use of resources, results in higher purchase frequency, and improves the revenue.
Post customer acquisition, there comes the need to maximize customer engagement. Answers to the question below can help to engage with the customer better- What products to be sold to a customer? To whom should the product be sold? When should the product be sold? And how should the product be sold?
Effective customer engagement leads to higher customer retention with lower opt-outs and un-subscriptions. It helps in developing niche marketing capabilities and improved interaction with the customer and higher brand awareness amongst them.
In order to retain the existing customer base, it becomes important to keep the track of the following -Who is likely to attrite? Which of the customers that are likely to attrite are valuable customers? What kind of promotions are needed to retain them?
Effective customer retention helps in improved profitability by identifying and targeting the highest value customers. It also helps to identify the profitability drivers and factors that change customer behaviour and help in higher retention