Nowadays, businesses need to integrate new insights into their strategy and develop a comprehensive plan for success. According to a study by McKinsey, companies that employ customer analytics extensively are more likely to generate above-average profits. Not only that, they also outperform their less analytically focused counterparts during the entire customer lifecycle, which leads to greater customer loyalty. How does analytics benefit enterprises?

The success of businesses that use analytics is mainly due to their responsiveness to customer needs and their focus on creating systems and guidelines that are relevant to customers. Analytics provide insights into customer preferences, which companies use to tailor their content and messages and ensure that they remain relevant to customers. They await a timely opportunity to make offers that suit their customers’ wishes and use their insights to drive better and more valuable interactions. Thus, they are able to turn even new customers into loyal ones and maintain the unwavering loyalty of long-standing customers through these measures.

The following are important ways in which enterprises remain relevant to customers:

Timeliness: The best time to establish relevance is when the customer shows interest in your product, not at any other time. Sales plans, targets, and metrics have no relevance to the customer. Pitch your product only when the customer needs it, and watch the deal get sealed.

Personalization: Use analytics to understand how a customer makes their purchase decisions and identify their areas of interest and friction points.

Extrapolation: Use the insights offered by analytics to tailor personalized messages that speak to specific customer preferences, including color, size, location, demographics, age, buying journey, and behavior.

Segmentation: Define customer segments using data and dive deeper to make your message personalized and relevant to each group by its characteristics and attributes. These include thank you notes, feedback requests, special discounts on new products, and other personalized incentives.

Employee orientation: Train and orient employees to provide a personalized experience to customers, whether in providing a service or responding to an inquiry. Encourage employees to learn and be flexible in carrying their learning from one customer interaction to another, to revise their approach.

Understanding customer intent: Successful enterprises learn to spot positive signals of customer intent, such as a willingness to engage or negative signals of their refusal to engage, using their behavior. Insurers today are taking advantage of data from third parties to tailor policies based on a customer’s health needs, lifestyle choices, and risk-taking behavior, such as recreational activities, travel choices, or weight. Data today can help businesses anticipate intent, by using predictive analysis based on previous or related purchases made by other customers which led them to purchase a specific next product, encouraging upsell initiatives and offers.

Rewarding customers for volunteering data: Customers today tend to reveal data willingly and without any incentivization. Businesses are happy to offer freebies and rewards to customers who are willing to share data which reveals their priorities, habits, and tastes.

Upsell or Cross-sell flagged customers: Brands treat high-value customers differently. Customers who call in are treated to a wide variety of options and choices as the calling agents offer them relevant products and services, or even an upgrade.

Most businesses are seeing a tremendous value and multiplied return on investment with taking such a relevant approach. They need to recognize that real insights from analytics will not be possible without collecting detailed, relevant, and useful information about customers which can be converted into real-time business intelligence. It is also extremely critical to success to have all customer-facing agents, representatives, managers, and others to adopt the same attitude and approach to dealing with customers.

Prime insurance solutions offers comprehensive leading-edge proprietary analytics. Our expertise has proven effective by streamlining legacy business processes such as enrollments, underwriting, claims, and customer services. Our diverse full service portfolio, workflow management software solutions and dedication to acquiring the best employees has transformed us into a trusted partner in the insurance industry.