Customer insight

Do we pamper our customers or let them attrite? Can we cross-sell new products to our existing customers or are we better-off with the status quo? Do we sell a product to them at loss, so that we can sell a hi-margin product later? These are some of the critical questions that marketing department of companies faces on a regular basis. In a company with diverse products and services profile, it makes sense to look at the relationship as a whole and not at individual product and service being offered to customers.

But do the companies have enough insight to take these kinds of decisions? They surely do have access to enough data. As part of their normal client acquisition process, companies come into possession of plenty of information about their customers - quantitative and qualitative. The challenge is to convert this data into information and derive actionable insights from this information.

Used judiciously and analytically, the data from multiple sources can provide insight into customer behaviour, which in turn can be used to segregate a profitable customer from a loss-making one. We at Avizare help companies in developing a customized solution that aims at improving customer targeting, retention and reducing the cost of acquisition.

As part of our solution, we help establish account level profitability and the cost of servicing customers. Customers are profiled and segmented based on their profitability. Each segment is scored and prioritized accordingly. We partner with companies to design segment wise initiatives which are aligned with overall corporate strategy. We also partner with companies to effectively implement these initiatives, monitor them regularly and fine tune them as and when required.

This approach helps in effectively driving the right initiatives for different customer segments and improving company's overall market presence.

Improved

Customer acquisition
Share of wallet
Account level profitability
Market presence

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