Data trumps hunches
Data science and the larger analytics industry are driving significant innovation in the field of marketing. New use cases are unfolding so quickly that fringe applications are emerging as fast as marketers can imagine them. One thing is clear: advanced analytics, machine learning and artificial intelligence (AI) are revolutionizing CRM as we know it.
Customer intelligence, or marketing data science is a process in which data from customer behavior is used to make business decisions. The process involves evaluating marketing response, service and purchase data to develop profiles of the customer and core segmentation’s that map to business objectives. From there, predictive analytics can be applied to identify subsets of customers that have a high probability to favorably respond to customized offers.
Data science is playing a very important role in the understanding of customer needs and prediction of their future behavior. The business value of data science can be very powerful:
- Maximize the lifetime value of customers through personalized up-sell and cross-sell efforts
- Predict which customers are at risk of leaving and why so you can take action to retain them
- Measure customer sentiment and spot emerging trends in social media and surveys to increase loyalty
- Identify the best customers for highly targeted marketing programs
- Improve sales forecasting and minimize sales cycles
The art of the question
On its own, advanced statistics are little help without a clear vision for the insights you seek. Data science relies heavily on understanding the right questions to answer. The biggest challenge for most companies is agreeing on the questions that are most essential to answer. This is where Truvant shines!
“Truvant was instrumental in building our customer intelligence team. These guys really understand the questions that our data needs to answer and how to find the answers.” – Financial Services client