Another key issue is the fact that existing customers who are satisfied are more likely to recommend a product to others, e.g. on social media or amongst people around them, so they provide a sort of free sales support service. Moreover, in terms of compliance with data protection regulations, communicating with existing customers is simpler than addressing potential new customers (W&V, 2019).
Recent studies show that adding cyprus mobile number greater value based on optimising customer communications with customer analytics is not just theoretical.
According to McKinsey & Company (2016), businesses that deploy customer analytics widely see a substantial improvement in key figures such as profits, turnover, growth, and return on investment.
A study published recently by Harvard Business Review Analytic Services (2019) confirms this. 58% of the 560 companies surveyed state that using customer analytics has improved customer loyalty. In 44% of businesses, this led to significant increases in growth and revenue.
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In principle, any company that has a lot of customer data can benefit from customer analytics, whether they are a corporate group or a medium-sized company. In many cases, deploying an appropriate software solution becomes worthwhile when the number of customer records reaches a few hundred thousand (for B2C; fewer in the B2B sector).