Question

Describe any four Characteristics of Customer Analytics

please be detailed

Answer 1

Customer analytics is the process through which the data which is being extracted and recorded from the customer behaviour is used to make the key market segmentation, predictive analysis and business decisions. The characteristics of customer analytics are:

1. Detailed process: Customer analytics is very detailed process. It would require you to monitor the customer's behaviour and how the same behaviour is used to segment the market and used for further direct marketing, selection and also for the maintainance of the customer relationships. Services are provided in order for the satisfaction of the customers.

2. Lengthy and Continuing Process: Another characteristics of customer analytics is that it is not a one time process. It is a lengthy process and would continue till the business is active in the industry and operating its activities. The customer behaviour changes day by day and thus a track of their behaviour has to be recorded continuously to make sure the business is having the right data and analytics to work on.

3. Helps in Identification: Customer Analytics also helps in identifying the market and customer's needs and wants from the company. Customer Analytics process would ensure and segment the market and customers into various behaviours and make sure each behaviour of the customer is well understood and target accordingly. The target customer is then reached and the appropriate products and services are produced as per their own needs and wants. This would help us showing how the customer's products and services are completing the needs and wants of people.

4. Research and Business Decisions: Customer also possess a key characteristics or being a research activity helping for effective business decisions in the company. Customer analytics would ensure the effective research is taken out m, communication and predictive analysis is taken and finally relevant business decisions could be taken for further processing.