The sheer abundance of data these days can be overwhelming. (You can read more about this in our recent post about Big Data for business. ) Clients are more willing to give feedback, leave reviews, and interact with a brand than ever. There are also more ways to reach a client with your marketing than ever before. When you combine these two facts, it is clear that data collection is easier than ever. Analyzing the data or your clients’ behavior patterns can be the tricky part. But, there is no point collecting data for the sake of it.
Often the first step in using your client statistics or data is to set your goals. What is it you want to achieve from the data you collect? Is your data for marketing, upselling, targeting or client retention? Once you have a goal for your data collection, or sorting, the process of collecting and analyzing becomes much easier. It has a purpose.
At Spyglaz, we are focused on reducing customer churn rates by helping our clients collect and analyze data efficiently. So, what is the crucial data in this process? That will depend on the products or services of the client and their business model.
The data that often matters most however when it comes to customer retention, is historical transactional data. Collecting this information is often easier to do than the process of analyzing it. Having a process in place to deal with your data is what makes it useful. Spyglaz can process millions of records in minutes providing you with the most useful insights that can have a direct impact on improving customer retention.
We understand that putting the process in place to track client behavior can be a challenge, but if you keep it simple, then you only put effort into collecting data that works for you. Reducing your churn rate has many benefits, some you can read on this post about the difference between new sales and retained clients.
The two same simple truths apply here as to most things in life. ‘Keep it simple, stupid’ and ‘the best time to start is today’.