Data Analytics at the Point of Sales
In today’s information age, every business completely understands the value of utilizing internal and historical data to help make informed predictions and decisions. After all, history tends to repeat itself and historical trends are a window to the future. However, data mining trends is extremely detailed and time consuming, what happens when the customer is at my front door and I need to make a decision “here and now”? My decision can either make or break a sale! This brief news letter focuses on real time data analytics.
Helping you harness the power of Real Time Data Analytics
1. Customer Retention:
According to Pepperdine University,roughly 80% of a company’s revenue is generated from 20% of the existing customer base with the cost of aggregating and retaining new customers steadily increasing. Real Time Analytics allows the customer agent to access a summarized pool of data at the moment of interaction and make an intelligent business decision. For example, an airline ticket agent might upgrade a Platinum business traveler based upon key data points such as; accumulated air miles and frequency of travel with the airline. Such data driven decisions can “lock in” customer loyalty and signicantly increase returns over the long term.
2. Dene the Metrics First:
Each Business and Industry has its own series of metrics and algorithms to evaluate and profile a customer. For example, a bank might look at the size of a customer’s account and recent investment transactions. Success of real time analytics hinges on an organization’s emphasis to clearly pin point and forecast data points that positively skews a customer agent’s response. The more accurate information the agent has; the greater they can impress upon the customer to remain loyal within your organization. Next , on a quarterly basis do post-mortems and review the metrics. Is the presented data reective of current market conditions and can the information be improved for greater accuracy?
3. Automate & Make it Simple:
Time is of the essence as the customer agent literally has seconds to make the correct decision. Real Time Data Analytics involves building the infrastructure to automate as much as possible. For example, an Insurance agent can pull current policies, balances, and “red ag” alerts by entering a policy number. Simply put; the greater the automation the more time is dedicated towards customer care. Secondly, and the right balance between too little and too much information displayed on the agent’s screen. Finally use visuals and colors to highlight important data. Please keep in mind, a small investment in Real Time Data Analytics can be the difference between a sale or no sale!
Getting the most from your research & analysis
Value Add of Real Time Data Analytics:
- Faster and Qualitative Customer Service.
- Empower front line employees with data to make
- smarter business decisions at the Point of Sales.
- Improve your customer loyalty.
- Decrease your cost of retaining customers.
How can BP Analytics help with Real Time Data Analytics?
Our proven process of developing databases and analytical reports is quite simple:
- We’ll meet with your organization and identify which data points and metrics is needed by your front line employees.
- The BP Analytics’ development team will work with your organization to determine the data sources and build the infrastructure to automate the business rules.
- Our WebDesign team will create aweb front end presentation layer that clearly illustrates the key customer facts. To simplify we tend to use color schemas and visuals when possible.
- BP Analytics will do quarterly assessments with your organization and improve your real time data analytics reporting strategy.