Customer Loyalty Analysis using 1KEY Agile BI Solution
Customer Loyalty and Retention initiatives need companies to generate huge volumes of data. With the help of 1KEY Agile BI Suite presentation layer and ad hoc data analytics models, 1KEY Agile BI Suite ensures proper analysis and timely availability of this analyzed information to the most critical points of need at the companies end. Most of the time we confuse customer satisfaction with customer loyalty both are different. Check your records and ask your customers if buying you goods or services on a consistent basis, refers to other customer & is immune to competition offerings. Each industry will have its own action reaction when 1KEY Agile BI Solution is applied to the data to find customer loyalty trends and churn outs.
Lets look first a B2B Industrial segments where in 1KEY Agile BI Suite can throw out the result like names of the customers which has erratic buy patterns at all the times versus customer which have been consistent month on month in its purchase. Let me share with you example of steel manufacturing companies supplying to 100+ auto component manufacturers where in we had used 1KEY cube module to monitor and track the buying cycles of this auto component manufacturers and mapping it with on time delivery score card. In case of all the customers minimum threshold for all the grade and size of steel which it purchases was defined and then in case of any dip in that threshold it used cell conditional formatting to highlight with red to signal the dip. This helped the Steel Manufacturer take proactive action to resolve or understand issues at customer end & retain him.
Second let me share with you how Insurance companies use 1KEY BI to ensure agent loyalty is tracked. Life Insurance Company business is fully dependent on the agents So once Life Insurance Company once it enrolls a new agent and it continuously monitors the agent selling pattern and average business which it bring to the insurance company. In case of agent business figures are unchanged then it is matter of concern to the company as either agent is selling other insurance company policies or is not giving attention to insurance business. Agent business should always 1KEY Agile Dashboards helps to highlights those key non performing agents to ensure that Insurance Company meet agent’s expectations and retain its loyalty.
It’s interesting to look at varied differences in the loyalty effect between industries and within an industry. Customer loyalty and level of relationship correlate with business target achievement. Implementing 1KEY BI will help companies retain customers & remain loyal to them, and push customers to recommend them to their acquaintances.
The organization that understands the challenges of building customer loyalty in today’s business environment-and that deploys 1KEY Agile BI tools that help employees foster that loyalty-is the one that will succeed in the future.
Posted on July 16th, 2008 by Sanjay Mehta
Filed under: Business Intelligence
Nice post, you got some good points there - thank you.