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Customer Retention through Smart Data Usage

 

Customer loyalty and retention should be the key focus for any business, keeping an existing client is more cost-effective than acquiring a new one. It is therefore important for a business to commit to spending more time and resources on retaining clients and increasing loyalty, ensuring a steady stream of income instead of a “quick buck”.

By making the most out of customer data with intuitive software such as Qlik® Sense or QlikView®, you can gain valuable insight into how you can generate client loyalty through the analysis of data. There are also features that will make your data journey an easier process, such as Qlik®’s Pick and Match function which will be briefly explained at the end of this article.

Data can tell you how to keep customers

Through clear data analysis and evaluation, data will be able to help you identify the correct clients to target within your retention strategies. Through the convergence of multiple data streams, like purchasing preferences, value and frequency, you will have access to a database of information regarding your clients’ behaviour. Through this database you can then sort your clients by value, whereby you can keep an eye on your most valuable customers. Should they stop buying, you can develop targeted retention strategies to try to get them to reengage.

Fine tune your strategy and promote relevant products

Thanks to data analytics and the availability of smart data software and functions, you have access to loads of client information, such as purchase habits or product ratings and reviews. This rich database of insight and information allows you to create more targeted marketing campaigns that will yield an increase in engagement, and a higher ROI. This strategy to fine tune your campaign will have a positive impact on client retention, especially in the modern era where clients prefer personalised services, after-sales care and product suggestions.

How to make it smart

Make the processes of your data collection and analysis smart by ensuring that the software you use to collaborate all your data has intelligent functions available for more targeted and efficient usage. Loaded with solutions for a better user experience, Qlik®’s Pick and Match functions provide a simple, powerful solution to working through your data. The QlikView® pick and match function helps you avoid having multiple IF statements on your dashboard or in your report. To avoid it seeming bulky and overloaded you Qlik® match custom calculations to influence a particular data field value.

The Qlik® pick function allows you to dual pick and avoids the complexity of nested IF statements. It can also be used to seamlessly explore and interpret data. To learn how to put Qlik®’s Pick and Match function into practice, read more here. Be sure to contact us in order to get your business on the roll by partaking in a modern client retention strategy, driven by data.