What is meant by Consumer/Customer Analytics?
Customer Analytics refers to the technology and the process that helps organizations to make key business decisions by capturing and analyzing customer data. These insights power business sales, marketing, operations, development efforts that are necessary to deliver timely and anticipated offers.
Why is it important to perform Consumer Analytics?
"According to an IBM study, 85 percent of customers now expect a seamless experience and desire faster responses". Customer/Consumer Analytics is critical as customers are more empowered and connected than ever. They have access to information and technology to buy, shop or pay anywhere. So it is important to use predictive analytics and forecast data to analyze how the customers are likely to behave with the brand/organization
To effectively reap the benefits of customer analytics, all the teams in the business must decide upon the most meaningful insights to get a 360-degree view of the customer and to achieve customer intelligence. Integration of the CRM and ERP management systems can promote a single view of the customer.
Who performs consumer analytics?
Customer Analytics is often utilized and managed by different teams across the IT organization including sales, marketing, customer support, IT and business analysts to get various business-level insights about customers.