There are countless ways competitors will try to latch on to your loyal customers. And that’s why savvy marketers use retention analytics to anticipate behaviors, engage customers, reward loyalty and retain loyal customers longer.
IDP delivers data-driven marketing solutions like retention analytics. And through data integration, ‘invasive’ data management and deep-dive data mining, we empower marketers to control their analytics, their data and their marketing technology.
Retention Analytics — Benefits
With retention analytics marketers track customer visits and purchase frequencies. They identify patterns, anticipate behaviors and engage customers with tailored offers before a visit. If a loyal customer hasn’t visited when expected, then marketers tempt the individual with an offer she can’t refuse.
With greater amounts of data being collected about customers, we are seeing segments of one being developed. These are segments of individuals with unique preferences and demographics that can be used to offer individually personalised marketing messages. — Econsultancy, Oct 2015
Retention analytics empower marketers to engage customers with offers they care about. Engaging customers adds that feeling of special treatment today’s customers expect. Marketers can engage customers with offers on items that complement items purchased. And reward loyalty with unique promotions, encouraging purchases.
Retention Analytics — Challenges
Retention analytics shouldn’t be rocket science. The transaction data holds the details. And the analytics can be tailored to customer segments and even individuals.
But the data management and data mining are complex and require deep penetration into transaction data and complex joins with customer, product and survey data. Internal platforms are also among the biggest challenges. Technologies designed to solve customer data and customer experience problems have created their own confusion and frustration.
Many marketers spend so much time collecting and organizing data that they don’t have time to use it. In the end, this means your data-harvesting efforts are nothing more than a waste of time. — CIO, Jan 2017
Many business analysts don’t engage in retention analytics simply because they lack data management skills. They can’t manage complex data, or disparate data sources. And they aren’t trained in data mining. So analysts create incomplete, inappropriate and error-filled analytics. Marketers don’t get the customer picture they need and lose confidence in both the statistics and the supporting data.
A problem marketers run into is that they don’t have the skillset to understand and manage data, along with properly running tools to analyze and gather data… — Forbes, Oct 2015
Retention Analytics — IDP
At IDP, we remove the requirement that business analysts manage large and complex data volumes — bridging the gap between data management and analytics.
So analysts focus, not on data, but on making recommendations from analytics.
We manage those large data volumes with complex structures and integrate disparate data sources to build rock-solid analytical data sets.
And we always collaborate with marketers to generate actionable, marketable results.