While most companies understand the importance of data and analytics, few are properly leveraging their data to influence business decisions and predict future outcomes.
Companies need the right tools, applications, data sources, organizational focus, and most of all, the right people/consultants to spearhead the effort. That’s where we can help.
Demographic information (i.e. age, gender, geographic location etc.) is just one part of the equation. To get ahead of the competition, businesses need to understand and segment their customers based on their behavior.
Due to technological advancements, organizations now have the ability to capture more customer behavior-based data - enabling them to make faster and smarter decisions for their business.
See below for a sample use case highlighting our data processes, services and outcomes.
Company X is a Software as a Service (SaaS) that relies on paid subscriptions for its revenue.
Their goal is to reduce customer churn, better predict customer behavior and take proactive measures towards customer retention.
Company X provides Upspring with a dataset of customers who have left or opted out of the service in the last year. The dataset includes demographic information such as age, geographic location, gender etc.
Armed with this data, we can identify high-level demographic trends but we need more data to better understand customer behavior.
To conduct a more thorough analysis, we need to integrate customer data from other systems.
We identify data sources that we can leverage – a CRM and Customer Usage system. Merging these data sources with the existing customer demographic dataset can provide valuable insight.
Upon merging these data sources, we notice the following behavioral patterns in customers who opt-out:
We now have a more accurate profile of customers who are most loyal to those who are most likely to leave. Company X can now be proactive and make the necessary product changes and offer various personalized promotions to reduce their customer churn.
We have strict internal policies for data handling and analysis. We collect only what is necessary and limit access to authorized users. Any internal transmission of data is safeguarded through encryption, secure shells, password protection and virtual private networks. Our physical workstations and storage devices also follow strict internal security policies.
