Today, customer expectations are high and choices are typically based on interactions with brands names. Customers are empowered and connected now more than ever. Customers are able to access to information anywhere, any time. It makes it increasingly significant to predict how customers will behave, so you are able to respond accordingly. By tracking purchases, marketing responses and surveys, using a modeling software like IBM SPSS we enable firms to understand marketers and better meet their needs, thus creating relevant customer experiences and building brand loyalty.
Logikview’s analytics solutions bring together the data today’s marketers need to understand what customers are telling them through their activities, response to communications and social conversations. Logikview Analytics provide data analysis and visualization tools to enhance customer insights. Marketers are able to engage more effectively with customers and improve the ROI. Ultimately the deeper and broader your understanding of customers’ buying habits and lifestyle preferences, the more precise your predictions of future buying behaviours will be. Successfully firms will be at delivering relevant offers that attract rather than alienate customers.
Customers have different needs, identifying and using these different segments to your advantage is the real challenge, tailoring to the diverse customer’s needs. In order to see whether it is interesting to segment a market you will want to know if it stable, big enough, consistent and can be reached in a cost-effective manner.
Customer segmentation is the process of finding highly similar sub-groups within a heterogeneous larger market. Customer segmentation allows a company to target specific groups of customers effectively and allocate marketing resources to best effect. Logikview Analytics will allow you to identify new segments that are yet to be discovered and are profitable in the long run, or even notice the changes within an old segment.
It will help you easily find and differentiate customer groups, as well as depict the different characteristics of different customer groups by purchasing mode, which provides support and help for more precise marketing. Also Logikview’s analytical solution enables you to start targeting customers’ specific needs to explore the new hidden market or improve the old.
Customer profiling is a way to create a portrait of your customers to help you make design decisions concerning your service. Your customers are broken down into groups of customers sharing similar goals and characteristics and each group is given a representative with a photo, a name, and a description. To understand intuitively, profiling produces highly visual results for you, even if you don’t have too much professional background. Through the customer profiling, you can better identify groups, discover relationships between them, and understand their key features. This will give you a much deeper and more comprehensive understanding of your consumers.
Segmenting your market is the first step to getting more specific market information. The second step is customer profiling as this will help you target your customers’ specific needs and spot the customers not fitting your profile. Using top modelling software we will enable you to identify your true potential customers and allocate your marketing resources more effectively, thereby making it even easier to focus on your loyal customers.
Once you have identified your loyal customers, this will enable you to increase your marketing ROI, since loyal customers spend more and are less expensive to retain. Logikview Analytics customer profiling analytics will help you to develop the “best customer” profile – the first step in increasing your customers’ loyalty. In addition, customer profiling will allow you to see what kinds of customers visit your website, as well as how much time and money they spend on it at different sections.
With competition mounting in mature markets, customer acquisition and retention is a considerable challenge even for established market leaders. The first challenge is to attract customers and the second is to actually make them stay with your company.
Customer churn is defined as when a customer ceases his or her relationship with a company. Online businesses typically treat a customer as churned once a particular amount of time has elapsed since the customer’s last interaction with the site or service. The full cost of customer churn includes both lost revenue and the marketing costs involved with replacing those customers with new ones. As a result, reducing customer churn is a key feature of every online business.
Using the leading predictive modelling software we can help you find the key factors which influence customer churn, and predict who is more likely to churn, so as to retain as many high quality customers as possible. The churn prediction will enable you to identify your potential churn candidates. Logikview’s Churn prediction solutions will allow you to stop spending marketing cost on the non-revenue generating customers and focus on establishing longer-lasting profitable relationships instead. By using Logikview analytics solutions, you will be able to manage your marketing budget in a more effective way.
Customer Lifetime Value Prediction
Accurate input information is the cornerstone of sound managerial decision making. Understanding the future lifetime value of customers is a key component in making accurate managerial decisions, such as how to apply resources on retention or acquisition activities. Additionally, accurate customer lifetime value (CLV) prediction can be used for effective segmentation of customers.
The challenge is to identify and acquire the most valuable customers. Also to obtain the loyal customers with the least costs possible. Realizing which customers bring in the highest revenues will enable you to see which customers will be most vital for the future of your company. It will help you acquire new customers who are likely to bring in the most money during their lifetime. Today the customer lifetime value prediction will give you the opportunity to spend just a bit more on the most valuable customers in order to avoid losing the customer and their value.
Logikview’s customer lifetime value prediction solution will allow you to see the lifetime value of a customer group, thereby enabling you to identify their optimal service levels and maybe even influence their maximum customer lifetime value.