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Trends and Outliers

TIBCO Spotfire's Business Intelligence Blog

Category Archives: CRM analytics

06/12
2013

Social Analytics to Assemble an Army of Brand Advocates

Socially active customers wield a great deal of influence on the behaviors of their friends and families.

Consider this: 60% of Facebook users and 79% of Twitter users say they’re more likely to recommend a brand to their friends after interacting with that brand on a social network, according to a survey by research firm Chadwick Martin Bailey.

types of content to attract customers to your business 300x239 Social Analytics to Assemble an Army of Brand Advocates And features such as Twitter’s retweeting and Facebook’s sharing options make it easy for fans to immediately promote their positive customer experiences to others, as Aaron Parson notes in an article on the topic.

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05/28
2013

Data Analysis: Creating a Customer ‘Database of Intentions’

Top performing companies are using data analysis to create a “database of intentions” to more accurately predict and respond in real time to customer behavior.

want Data Analysis: Creating a Customer Database of IntentionsIn fact, 90% of the top performing companies have a marketing analytics initiative in place, compared with 69% of all other firms, according to a recent survey by Aberdeen Group.

The biggest goals of these top performing companies for marketing data analytics are to increase the response rate of marketing campaigns; increase the accuracy of audience targeting; and boost revenue from cross-selling.

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05/13
2013

Analytics Adds Personality to the Customer Experience

Companies amass a ton of information about their customers’ behaviors, preferences, and interests through data that’s gathered from customer interactions in various channels.

cusotmerezperience Analytics Adds Personality to the Customer ExperienceWhether a customer is browsing a company’s product pages to gather information about a product or she engages in a chat discussion with an agent about a service issue, companies can use this information with analytics to gain a richer understanding of each customer and to better tailor offers, messaging, services, and products for them.

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05/06
2013

3 Ways Analytics Boost Traditional Retailers’ CRM Strategies

To reach customers where they live, so to speak, traditional retailers should take a peek at what their pure-play e-commerce brethren are doing – incorporating analytics into their CRM (customer relationship management) strategies to ensure profitable relationships with their customers.

sales 3 Ways Analytics Boost Traditional Retailers’ CRM StrategiesFor brick-and-mortar retailers, big data analytics solutions are not just “nice-to-have” – they’re absolutely critical to the success of their CRM operations, according to an article in Direct Marketing News.

“CRM at tier-one retailers has not been about managing the customer relationship, it has been about offers,” says Bob Hetu, research director for retail at Gartner Inc. “They have to get beyond their prejudices, one channel over another. What paths to purchase customers take doesn’t matter. You have [to] support them in whatever way they choose to shop with you.”

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04/16
2013

5 Ways Predictive Analytics Help Insurance Agents, Carriers Work Together

What if you, Mr. or Ms. Insurance Agent, could predict the future so you could keep your best customers? And what if you, Big Insurance Carrier, could work with your agents to more accurately price risks?

Unknown 5 Ways Predictive Analytics Help Insurance Agents, Carriers Work TogetherWell, you can.

All you both have to do is focus on sharing data and using up-to-date predictive analytics to target risks in order to retain customers, according to this article in PropertyCasualty360.

Sharing data can help you and your carriers operate more efficiently around “pricing and underwriting; customer-retention strategies; finding good prospects; customer segmentation; and cross-selling among various lines of business,” according to the article.

Here are five ways agents and carriers can use predictive analytics to improve business:

1. Out With the Old and in With the New. In the past, predictive analytics solutions were so costly and so slow that carriers just didn’t want to “take on the challenge of working with agents individually to target business,” according to Wade Bontrager, the author of the article.

But the days of expensive, old-school analytics tools are long gone. Now, using modern predictive analytics, carriers can analyze more data and get the answers they need more quickly. And cloud-based predictive analytics solutions make it even easier and less expensive for carriers to share that information with brokers and agents.

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12/24
2012

Developing a Progressive Data Analysis Strategy

As companies gain more experience with data analysis, they’re able to identify new ways to use data and pinpoint opportunities to improve the business.

This includes the use of data discovery and other techniques to identify the company’s most valuable customers and determine ways to attract more like them.

strategy reviews 300x261 Developing a Progressive Data Analysis StrategyData discovery techniques can help companies identify the right prospects faster and much more affordably. Think about it – enterprise companies often spend millions of dollars each year on sales and marketing campaigns, yet only a fraction of the prospects they target actually convert.

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12/13
2012

5 Reasons to Integrate Big Data Analytics into Your CRM

Are you managing customer experience from the outside in? Customer experience may sound like a simple concept – how your customers perceive their interactions with your company.

crmanalytics 5 Reasons to Integrate Big Data Analytics into Your CRMBut in a soon to be published book called “Outside In,” Forrester Research argues that customer experience is a fundamental business driver.

In fact, it’s the only source of competitive advantage in an age where customers and potential customers have unprecedented access to reams of data about your company and competitors.

“Despite its economic power, customer experience remains the most misunderstood element of corporate strategy today,” argues Forrester analyst Kerry Bodine. “You must manage your business from the outside in – bringing the perspective of your customers to every decision you make – and you must do it in a systematic and repeatable way.

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11/28
2012

Data Discovery Boosts Customer Experience, Drives Sales

Which retailer won the battle for Black Friday sales this year?

Walmart came out on top, according to Citigroup retail analyst Deborah Weinsberg, who rates multiple large retailers on their Black Friday performances.

customer experience Data Discovery Boosts Customer Experience, Drives SalesIn addition to opening earlier this year, Weinsberg lauds Walmart for its one-hour guarantee on popular items, as well as providing online-only access for customers who sign up for email advertising, “like” Walmart’s Facebook page or download its mobile app.

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11/09
2012

Understanding How Customers View Your Company with Data Discovery

Data discovery is enabling companies to capture a 360-degree view of their customers by compiling and assessing customer behavioral, transactional, and sentiment data across the many channels customers use to interact with companies.

dreamstime xs 18628256 300x183 Understanding How Customers View Your Company with Data DiscoveryHowever, this data doesn’t necessarily reveal how customers perceive your company. Fortunately, there are ways to use data discovery to help decision makers walk in the customers’ shoes, as the saying goes.

Before executives use data discovery to understand the customer’s perception of a company, a great starting point is by actually being a customer of your company.

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11/07
2012

Targeting the Customer Segmentation Sweet Spot with Data Analysis

For years, marketers and other business leaders have argued that it’s simply too time consuming and expensive for companies to conduct individual, targeted marketing campaigns.

bullseye money 400 clr 64282 300x300 Targeting the Customer Segmentation Sweet Spot with Data AnalysisNonetheless, data analysis tools have become powerful to the point that companies can gain an incredibly rich understanding of the behaviors, needs, preferences, and the life cycle status of individual customers and cater to their individual characteristics – should they so choose.

While it still may not be cost effective to craft promotions for individual customers – especially for consumers of high-volume, low-value products such as grocery items where the returns don’t justify the efforts – there is value in targeting offers to clusters of customers with similar characteristics and values.

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