Aegis School of Business, Data Science, Cyber Security & Telecommunication
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Customer analytics is a process by which data from customer behavior is used to help make key business decisions via market segmentation and predictive analytics. This information is used by businesses for direct marketing, site selection, and customer relationship management. Marketing provides services in order to satisfy customers. With that in mind, the productive system is considered from its beginning at the production level, to the end of the cycle at the consumer. Customer analytics plays a very important role in the prediction of customer behavior today.
Customer analytics is a process by which data can be turned into predictive insights to acquire customers, grow lifetime value, retain customers at risk of walking away, and enhance customer loyalty and advocacy. But because 90 percent of the data in the world has been created in the last two years, capturing it, analyzing it, and acting on it to get closer to your customers can sound like an overwhelming concept.
With recent advances in technology, however, sophisticated yet easy-to-use analytic tools are now available for both large and small companies to collect and analyze the data they have to make solid predictions regarding customer behavior. As a result, customer analytics is no longer the daunting concept it used to be. And for businesses looking for a competitive edge, it’s no longer a nice-to-have. It’s a necessity.