Analytics
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| Competition for a customer’s business is getting more complex these days. There are more technologies out that specialize in “Customer Analytics” - from doing marketing optimization, to reducing churn or attrition. Understanding the analytics and even performing them can require sophisticated programs and specialized resources. The organizations that can take advantage of these technologies, and understand who their customers really are will be in a better position to succeed. This can be done by looking at purchasing patterns, income levels, education completed, where they live, and other demographic variables. |  |
An important point that can often be overlooked is the convenience aspect for your customers. This can be a combination of a couple of things.
1) Where do they live relative to your store and 2) where do they live relative to your competitor. Many times customers shop at a particular store simply because it is near where they live or work, not because of the value perceived. Putting the power of analytics into the hands of decision makers, without the need to know sophisticated procedures and detailed scripting, can be critical in making even more strategic decisions. An analytic application does just that. It eliminates the complexity of analysis and delivers results to decision makers with just a few clicks of a button. In the case of customer analytics, being able to prevent customers from leaving is an important aspect to the success of a retail store.
The Alteryx Analytics Gallery contains apps for many different industries and focuses, and for this blog I will focus on our Customer Attrition Analysis app. This app allows decision makers to focus on a certain store location and identify existing customers who are at risk of leaving to a competitor’s location. It allows users to pick a location, calculate a trade area based on a percentage of customer capture (or even manually calculate a trade area based on drive time) and get a list of customers and their level of risk of attrition. From there, organizations can put Marketing programs or incentives in place, such as personalized mailings to help retain these customers.
As you can see “Customer Analytics” doesn’t have to be complex, you just have to have the right experience and tool to understand and get the most out of your customers. Case in point – we recently presented a webinar in our ongoing Analytics Educational Series on "Predicting Customer Behavior". It was very popular, and illustrated how Alteryx is used to integrate and analyze all the data you collect about your customers, enrich it with third party demographic data, and perform predictive analytics to anticipate customer behavior. One key take-away is that users in the line of business can create these Customer Analytics solutions without relying on data or statistics specialists.
To find out more, please visit the Customer Analytics solutions page or visit the Alteryx Analytics Gallery.
Matthew Madden
Sr. Product Marketing Manager.
