The clients key driver is to increase, some or all of these areas: quality of service, sales volumes and positive feedback for the brand or service. Negative feedback for a client can spread rapidly across many forms of social media very quickly. This is very hard to remove or change, after the posting has taken place.
To implement the insight the following methods are adopted:
Impact/Outcome Assessment will help a business to understand how actions taken by the business MIGHT affected their existing, future or potential customers, services or products and also allow for some predictions of customer reaction to proposed changes in offering. This needs to be SMART in its approach.
Customers as Assets defines and measures the lifetime value of any customer base and allows businesses to measure several factors such as churn rate, cost of acquisition and the cost of strategic change or marketing sometimes called Return On Capital Employed ( ROCE). There is a need to agree asset valuation as a benchmark within the data provided from the start.
Propensity Modelling might predict the future behaviour of customers based on previous actions and helps businesses understand how likely it is that a customer will behave. The outcome of which depends on the quality of the input data. This requires constant validation.
Cross-Sell Analysis identifies both products and service correlated relationships to better understand which are the current and predicted popular product combinations. Any identified relationships could be used to cross-sell and up-sell, due to the number of variables.
Critical Lag allows a business to deliver specific customer communications based on the individuals purchase patterns, helping to increase loyalty and improve customer satisfaction levels and reduce customer Churn. This requires consistent validation for insight and positive outcome feedbacks, false positives or negatives can be very common.
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