Question

Question (Chapter 12) Customer analytics can be used for improving retention rates. How?

Answer 1

==>> Customer analytics can be used for improving retention rates :-

• Retention rates can be improved by gathering and analyzing the customer data in order to understand the customer behavior copiously and to develop proactive retention strategies.

• By using customer analytics, it can improve retention rates and make sure your customers always come back to your company. When a company knows a lot of information about the customer, there will be a more personalized relationship between them.

• The company can create more personalized products geared for specific customers, making them more loyal and less likely to leave.

• In addition, customer analytics help a business really segment their target market through various ways such as demographics. By doing so, they will have a better understanding of their customers and how to attract potential ones through their individual needs.

• They will also find out which customers are the most loyal, therefore, making the company spend more time on preserving that relationship with them by incentives and really making them know they are appreciated. As to customers who have the highest growth potential, the company can easily find ways to improve their relationship with them and make them loyal with the help of customer analytics.