In the age of convergence, customer churn is a concern for service providers, challenging most retention techniques...
The world of technology is awash with news of data and analytics and how the combination can be used to get actionable insights. I really get confused with the concept of actionable insights because the whole idea of insights is to know about a person or thing better and only because you want to do something with the information – especially in the context of business. I am yet to come across an enterprise that invests money to get insights not knowing or wanting to do nothing with the information it gains.
One of the biggest assumptions behind the use of unstructured data to understand individual behaviors is that the behavior in a social context is always a true expression of the person’s actual thinking and belief.
I came across a very good article published in the Harvard Business review some time ago that spoke about the difference between a satisfied customer and a loyal customer and of the fact that the chance of a satisfied customer buying a service or a product again from the same company is one sixth of that compared to a loyal customer.
With a number of digital and traditional channels now available to interact with your customers, businesses often find themselves asking some very intricate questions. One of the most important ones being, what is the best way for me reach out to my customer X vs. customer Y, does he like to see my promotion at 11pm before he sleeps or is he an early riser and I want him to see my ad when he reads the news on his iPad at 5am?
In the recent years, we suddenly see a growing trend of everyone wanting to do advanced analytics in some form or type. Why is that so?
I suppose everyone wants to do it because competition might get an edge over them and they might end up losing their customers or their process efficiencies will be less compared to others and so will become out priced and lose market share.