Discover the Power of Analytics (part 2)

By Saran Wilson

Read Part 1 here - Discover the Power of Analytics (Part 1)

3.  Protect your customer base

Simply put, power has shifted from brand to consumers. With the accessibility created by globalization and the internet, companies are no longer judged on the service delivery standard in their country, region or industry but rather against global leaders in service delivery. This combined with the ease of switching to a new service, makes it essential for brands to protect their customer base. 

Many companies are left reeling when they lose customers. Many others aren’t even aware that they are losing. And others, such as Snapchat – who went from adding 21 million daily users in a single quarter in 2016 to shrinking by 3 million people in the similar period in 2018, from an unattractive update - never recover. Examples, such as this, prove that more than ever, it is important to understand and protect your customer base. 

Businesses today, have this power through analytics. They also have the ability to incentivize a customer’s stay with their company. Monitoring characteristics such as the last time a customer utilized a service can aid in the creation of predictive models to identify customers who are likely to leave. These customers can be offered exclusive deals or have any undesirable interactions with the brand quickly addressed in order to boost retention. This functionality is unlocked through the use of analytics. 

Analytics can also quickly identify a shift in customer sentiment on social media platforms, allowing the business to be alerted to issues near real time. This protects heavy customer sentiment shift and helps retain customers. The customer-first focus is the way forward and only through leveraging data and analytics can this be achieved. 

Are you losing?

4.  The new marketing

Remember that time Instagram told you that most people viewed your posts on Sunday evenings and you then did everything in your power to always post at that time? Such is the power of analytics.

Recall the last time you got a notification for a discount on cooking gas when you did not even own a stove? How much more pleasing was it when you saw a deal for that Apple watch you had been eyeing? Such is the power of analytics. 

Through its use, businesses can provide customized offerings tailored just for you; not people like you, but truly your own segment of one.

And still, some businesses such as Amazon are taking personalization a step further. Instead of merely suggesting similar items to those previously purchased or viewed, they are utilizing strategic marketing, building a profile which will target your needs before you make the search.

One such example is persons who purchased diapers in 2016 and toys for 1-year-olds in 2017 will often receive notifications for popular items for 3-year-olds on their account in 2019. The company does not view purchases as one-off sales but rather attempts to capture a lifetime customer and consistently support their needs. 

Companies now also employ methods to tune their interactions with customers through understanding their decision making process, such as the importance of the free trial in the buying process, how they found the company and why they were chosen over a competitor.

Companies also make a conscious attempt to address pain points and provide personal recognition and remembrance. Fashion Nova, is one such brand as they often send discount codes with names such as ‘MISSYOU’ to guide customers to their site when they have been away for a while. These companies that put their customers at the heart of their business are more profitable than their competitors.

Are your customers at the heart of your business? What are you doing to create lifetime customers?

So as I wrap up this post, let it be known that analytics is not for the select few. It can be used by anyone, from a one-person business to large enterprises with global reach. It is something we unknowingly have started to use in our everyday lives. It is a tiny tool, which focuses on deriving value from improved efficiency, that makes good into extraordinary and that allows you to truly realize what is possible.

Photo 1 by Ross Findon on Unsplash
Photo 2 by Carl Heyerdahl on Unsplash


About Saran
Saran is a data analyst at the National Commercial Bank, Jamaica’s largest financial group. She works primarily with data to generate insights for decision making and creates data visualizations to promote tracking of key metrics. She is a graduate of the BSc Computer Science program at the University of the West Indies and is currently pursuing her MSc in Management Information Systems from the same institution. In her spare time she enjoys spending time with family and getting lost in the pages of a good book.

To connect with Saran, follow her on LinkedIn.