Analysis
Firstly, the collected data must be audited to fully understand the quality and opportunity within the database. Once this is done, there are a number of different types of analysis that can be applied.
Impact Assessment will help a business to understand how actions taken by the business affected their customer behavior, and also allow for some predictions of customer reaction to proposed changes.
Customers as Assets measures the lifetime value of the customer base and allows businesses to measure several factors such as the cost of acquisition and the rate of churn.
Propensity Modelling predicts the future behaviour of customers based on previous actions and helps businesses understand how likely it is that a customer will behave in a given way.
Cross-Sell Analysis identifies product and service relationships to better understand which are the most popular product combinations. Any identified relationships can then be used to cross-sell and up-sell in the future.
Critical Lag allows a business to deliver specific customer communications based on the individuals purchase patterns, helping to increase loyalty and improve customer retention.
Read more about this topic: Customer Insight
Famous quotes containing the word analysis:
“The spider-mind acquires a faculty of memory, and, with it, a singular skill of analysis and synthesis, taking apart and putting together in different relations the meshes of its trap. Man had in the beginning no power of analysis or synthesis approaching that of the spider, or even of the honey-bee; but he had acute sensibility to the higher forces.”
—Henry Brooks Adams (1838–1918)
“A commodity appears at first sight an extremely obvious, trivial thing. But its analysis brings out that it is a very strange thing, abounding in metaphysical subtleties and theological niceties.”
—Karl Marx (1818–1883)
“Whatever else American thinkers do, they psychologize, often brilliantly. The trouble is that psychology only takes us so far. The new interest in families has its merits, but it will have done us all a disservice if it turns us away from public issues to private matters. A vision of things that has no room for the inner life is bankrupt, but a psychology without social analysis or politics is both powerless and very lonely.”
—Joseph Featherstone (20th century)