Omega Blog

Analytics helping firms identify promising customers

Posted on 06 August, 2013

Every company wants to expand its audience and capitalize on new markets. The need for growth makes it tempting to develop customer experience management (CEM) strategies that try to appeal to everyone. However, not all audiences will be satisfied with the products or services that an organization is able to provide.

To generate any success at retaining customers, businesses need to have a firm understanding of clients' expectations and strive to meet these objectives. TechRepublic reported that big data was helping businesses identify and appeal to customers. By collecting and analyzing purchasing patterns, customer satisfaction, repeat sales and more, companies are able to gain insight into what drives their audience. This information can be vital to determining how to position products within markets.

Identifying the best customers to target
The source noted that analytics enable firms to identify their best customers. Focusing on increasing customer satisfaction among this group will help drive repeat sales and can lead to a large, loyal following. Top clients are not necessarily the ones who buy the most – they also require little support following transactions, according to the source. Within the B2B sector, this is a clear distinction to make, as audiences requiring additional services to implement or maintain products could end up costing firms more than the revenue gained through sales.

Being able to identify market segments that are not worth the investment will save organizations a lot of money in the long run. The information could also improve CEM strategies by identifying problem areas that need to be addressed earlier in the sales process. Anticipating potential issues is a key factor in building successful relationships that deliver repeat purchases.

The Rain Group noted that top sellers were able to connect with their audiences in a personal way. Data analysis tools can be used to customize marketing materials and presentations to increase the appeal to potential leads. By identifying high-priority audiences, businesses can position their products in a way that will generate the greatest response from the target demographic.

The performance and reliability of a company's products or services can have a direct impact on customer experience quality. Omega Management Group Corp. offers a market intelligence program designed to help companies gain unsurpassed insight into the linkage between product attributes and customer satisfaction and loyalty to provide consistently superior customer experiences.