Knowing your customer has always been important for business. That ability to engage and respond has been an essential driver of success from the earliest days of commerce. Now in our digital world, the potential for enhanced customer understanding is enabled by powerful new customer analytics technologies.
The principles behind customer analysis are simple. The more you engage with and understand your customer, the more you’re able to adapt and deliver the products and services in the way that they want them.
Studies by McKinsey show that businesses which leverage behavioral insight outperform peers by 85% in sales and growth, and 25% in gross margin. That’s a business opportunity no organization can afford to miss.
The McKinsey study highlights how most companies are utilizing only a fraction of the customer data they possess. The report cites ‘sprawling legacy systems, siloed databases, and sporadic automation’ as the most common obstacles.
Neural Technologies’ Customer Engagement solutions provide a powerful customer data platform for your business, delivering actionable data understanding that unlocks new revenue opportunities for enterprises. The Optimus Platform provides integrated, and automated solutions that tackle the key challenges highlighted in the McKinsey study.
A customer analytics strategy should be a key part of your business planning. This strategic approach provides a flexible framework for smart decision making that enables your company to unlock new opportunities and grow revenue potential.
There are numerous defunct brand names littering the halls of history that show what happens when you fail to keep up — Toys R Us, Woolworth, and Blockbuster offer contemporary examples of companies whose demise was ultimately dictated by a failure to adapt.
But a customer analytics strategy isn’t just about fighting to stay relevant, it’s about leveraging substantial opportunity to enhance engagement, boost customer experience, and unlock new revenue opportunities for your business.
Unlocking omnichannel opportunities
It’s vital to embrace an omnichannel approach to customer analytics. Customers are increasingly operating across multiple digital and physical channels — searching online before visiting a store, accessing physical locations then completing purchases digitally. An appropriate customer analytics strategy must embrace this omnichannel attitude.
Neural Technologies’ customer engagement solutions are designed to provide a flexible, onnichannel approach that builds engagement to improve customer experience.
That focus on customer experience is critical, with 73% of customers citing customer experience as an important factor in purchasing decisions in a recent US-based report from analysts PwC. Yet the same report shows that just 10% of companies make customer experience a digital priority.
It’s not that companies don’t recognise the need for customer analytics, it’s just often that they fail to embrace the tools to deliver it. Understanding the value should reinforce the imperative to do so. A 2016 report by Forbes Insights and SAS revealed that 90% of global executives who used data analytics reported an improved ability to deliver superior customer experience. In a landscape where experience drives business opportunity, that offers a compelling argument for an effective customer analytics solution.
Creating advantage with insight
Neural Technologies’ advanced customer analysis solutions can be utilized to create strategic and complex marketing campaigns, streamlining the process of launching campaigns, improving marketing results, and boosting revenue potential. Detailed insight offers a platform to generate increased revenue from existing products and services, while also providing a potential platform to innovative exciting new offerings.
The Customer Analytics solution offers both segmented and individual customer insight, providing a unique view into the actions and behaviors of customers. This includes clustering analytics which provide customer segmentation, as well as sentiment analysis using natural language processing, enabling businesses to make informed decisions about their engagement and intervention efforts.
Our Optimus Campaign Management offer allows targeting of subscribers through personalized campaigns, optimized by leveraging insight from target, control, and random groupings. Interventions can be targeted and triggered by key lifecycle moments such as credit top-up, prepaid credit, time of action, and physical access of retail environments.
Through use of powerful neural networks, Neural Technologies enables complex behavioral modeling based on robust sentiment analysis, behavioral analysis, and advanced analytics. That helps create a detailed picture of customers, that provides the basis for an informed engagement strategy.
The Optimus Platform boosts lead conversion, contributes to improved customer loyalty, and increases sales. It integrates seamlessly with diverse data sources and legacy infrastructure, working with proven industry frameworks.
Neural Technologies’ customer engagement solutions offer user-friendly data insight as part of a robust platform architecture. It offers centralized insight through the Optimus Data Portal, utilizing common standards and interfaces to ensure simple integration. That provides a scalable solution with accelerated time-to-market potential.
Customer analytics provide a lucrative opportunity to unlock value from customer insight. That focus on customer engagement has long been a feature of business success. It’s just now, that opportunity is amplified by the remarkable potential of our digital world.
Contact Neural Technologies to connect to a better future of customer engagement and insight through our advanced analytics solutions.