customer analytics (customer data analytics)

Customer analytics, also called customer data analytics, is the systematic examination of a company's customer information to identify, attract and retain the most profitable customers.

Customer analytics, also called customer data analytics, is the systematic examination of a company's customer information to identify, attract and retain the most profitable customers. 

Customer analytics is often managed by an interdisciplinary group made up of business owners from different departments within the company, including marketing, sales, customer service, IT and business analysts. In order to be effective, the group must first agree upon which business metrics they need to achieve a single view of the customer experience. Multiple instances of customer relationship management (CRM) applications, disparate enterprise resource planning (ERP) systems and poor customer data integration (CDI) can leave group members with a fragmented view of the customer. 

The goal of customer analytics is to create a single, accurate view of the customer for the group to work with and make decisions about how best to acquire and retain customers, identify high-value customers and proactively interact with them.  Failure to have enough accurate data can make any insight derived from analysis wildly inaccurate.

See also: CRM analytics, customer experience management

Learn more:

When should you outsource customer analytics?
Jan 12, 2010 ... Wondering whether or not to outsource your customer analytics? IBM recently released a service to do just that with Voice of the Customer ...
Developing a retail customer analytics strategy and plan
Apr 14, 2010 ... Learn how to develop a retail customer analytics strategy and plan with tips from our customer analytics expert.

 

This was first published in June 2010

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