Improving business performance and consumer buying experience using advanced analytics
As the retail sector undergoes rapid change, retailers face challenges in identifying their most loyal customers and their buying behavior.Retailers will benefit by understanding that analytics can be a very powerful tool that can help them extract meaningful insight from volumes of data. The data is attained from purchase transactions
How BDB Can Help ?
Using the BizViz Predictive Analysis tool, we have performed RFM (Recency, Frequency, Monetary value) analysis to quantitatively identify the value of our customers. RFM analysis is based on the marketing axiom, analysing customer’s data and simultaneously developing a model combining RFM, K-means++ & AHP (Analytic Hierarchical Process) techniques to identify customer segments and CLV (Customer Lifetime Value) Rank of a Segment.
BDB Retail Analytics Works in Four Phases
Customer Lifetime Value (CLV)
Customer Lifetime Value is one of the most important metric for understanding your customers. BizViz Analytics helps you make important business decisions about sales, marketing, product development, and customer support. For example:
- Marketing: How much should I spend to acquire a customer?
- Product: How can I offer products and services tailored for my best customers?
- Customer Support:How much should I spend to service and retain a customer?
- Sales:What types of customers should sales reps spend the most time on trying to acquire?
Customer segmentation Analysis
Customer segmentation (sometimes known as ‘marketing segmentation’) refers to the process of using customer data to enable a clustering of customers with shared attributes so that communication can be customized to say different things in different ways.
- Who are my customer and how do I benefit from it?
- How do I retain my customer & increase revenue?
- How can I increase the efficiency of marketing?
Benefits of BizViz Customer Segmentation analysis -
- Better insight into your customer base & identify the most profitable customers.
- Understanding customer behavior
- Accurate prediction of what products should be sold together.
- Long-term revenue from customer retention
- Higher conversion rates by proper marketing message for each segment
Advanced analytics is a business-focused approach, comprising all techniques that help build models, develop new views of data, and execute simulations to create scenarios, understand realities, and predict future states.
Complex business questions typically involve too many variables to be answered fully through traditional analysis questions such as:
- Which of your valuable customers is most likely to defect to a competitor?
- How will price changes affect your product sales, and what is the optimal price?
- What will the demand be for a particular product?
- What lift will you get from a promotion?
- What is the correct space allocation in your stores?
- BizViz Advanced Analytics helps to solve complex business problem and gain valuable new insights.
Customers churn data from one segment to other is tracked and data can be shared to the marketing team. Using BizViz Survey tool a feedback survey is created to perform feedback analysis. BizViz Survey is a plugin application that gives organizations the ability to create unique, interactive surveys to gather feedback from their clients, potential customers, employees, etc. Applying benchmark analysis and sentiment analysis on the survey data we have unlocked valuable insights on customer satisfaction. Loads of data are generated through social media. Retailers need to analyze this data to proactively see consumer trends and respond appropriately to discussions that can affect retailer performance and reputation.
Key Benefits with BDB Retail Analytics
Identify your most valuable Customer
Bizviz identifies valuable customers for business.
Retailers can target offers and promotions to their loyal customers by analyzing their past buying behavior
Improve Customer Retention Rate
Hold the customers loss and prevent customer churn by offering better loyalty programs for each customer segment
Helps sales team in identifying the most effective marketing approach (ex. online or traditional advertising, event sponsorships, and other marketing avenues)