How important are analytics in the customer loyalty equation -- can SAS show tangible results that demonstrate a correlation between understanding/interpreting customer data and customer loyalty?
Companies realize that improved customer loyalty translates to greater customer profitability. Consequently, companies are seeking the critical answer to "what makes my customers loyal?" The answer is found in understanding things like
- What products or services are important to my customer?
- How should I communicate with my customer?
- What are my customer's favorite color or what is my customer's size?
- Are discounts important to my customer or superior service?
There are thousands of questions like this that need to be answered in order to have a comprehensive understanding of how you should interact with your customers to keep them loyal. The ONLY way to acquire this understanding is through analysis of all the customer data you have. Is there a correlation between using analysis of data to interact with your customers and improved customer loyalty? Absolutely! A telecommunications company with 20+ million customers used SAS CRM Solutions to interact more effectively with their customers and improved their retention rate by 33%. A mutual fund company using SAS CRM Solutions measured their customer loyalty based on attrition. By acquiring a better understanding of their customers and using that knowledge, they were able to reduce their attrition rate by 50%.
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