Seeing Attrition in Customer Loyalty? Fix it with Predictive Analytics

Every brand or organization has dissatisfied customers. But  then it also has its most loyal customers. Such customers are your trusted brand advocates – their reviews and recommendations will drive your sales and their positive word-of-mouth messages will boost your brand reputation. Hence, it is imperative for brands to retain their ever faithful group of customer.

Predictive Analytics can help businesses a great deal in this direction. Here’s how:

Identify Anything Amiss In Customer Behavior:

Your loyal customers rarely complain about your products and services because they are generally happy with how you service them. However, if you suddenly come across complaints streaming in from any of these loyal customers, then it shows that something’s amiss – a customer servicing gone wrong perhaps.

Do you see a sudden absence or a dip in their transactions? Has there been a hitherto unfound spike in his complaints about your products? All these factors could be predicting impending customer attrition.

Plug Loopholes in Customer Engagement Efforts:

Customers devoted to you have always appreciated your content on social media channels; consistently sharing, liking, retweeting or repinning it. They were in fact your top influencers. In such a scenario, if you witness that their engagement level with your brand has suddenly taken a beating then it could be stemming from a plausible faulty customer engagement effort.

Inefficient social engagement efforts can derail your relationship with your most loyal customers, sometimes even forcing them to end their association with your brand. 

Improve Customer Relationship Service:

Sometimes all that brand loyalists need is a warm gesture on your part reminding them that you value them highly and their unceasing loyalty towards your brand is appreciated. Explore your social data and identify those customers whom you have ignored (in offering the best customer service) in spite of them being your top brand advocates.

At a time when your customers are spoil for choices and your competitors are playing hard to woo your customers with fancy offers and grand promotions on the social media, Predictive Analytics helps organizations to prevent possible future cases of customer attrition and in turn successfully retain its customers.

How do you deal with attrition in customer loyalty? Share your thoughts in the comments below. To learn how Shout Analytics’ Predictive Analytics capabilities can help you in this direction, write to us at info@shoutanalytics.com

Social Listening – Are Your Consumers Liking It?

At a time when there is substantial noise being raised over an individual’s privacy, especially on social media, NetBase and J.D. Power and Associates conducted a survey on 1,062 consumers to find out if consumers know that companies are listening to them on the social media and how they feel about it.

The study reveals some interesting insights –

According to the Altimeter Group, 42% of companies have social listening as one of their top 3 priorities 

But consumers are apprehensive towards this popular business trend and increasingly expressing their angst over it. However, the nature of their response hasn’t been consistent either.

• 51% of the consumers want to talk about organizations and their products; but they do not want these organizations to listen to their conversations.  
• In fact, 43% of them believe that social listening is an intrusion into their privacy
• But, completely contrasting to the above two ideas, there are also 32% of consumers who are completely unaware of the fact that organizations are listening to their social conversations.  
• Another important aspect that this study revealed was that 48% of consumers wanted companies to listen to them on social media and use the conversations for product/service improvements.  
• But there was also another 58% of them who opined that companies must use social listening only to respond to and solve customer complaints. 

But the real surprise was here-

• 42% people want brands to respond without fail to their positive comments
• 64% of consumers insist that brands must respond to social comments only when spoken to

This is a challenge to social media chiefs because such expectations from your social audience means that you must somehow, know beforehand how each of them is going to react to your social engagement efforts.

Now, we acknowledge that listening to, engaging with and understanding their social audience (customers, influencers, fans, stakeholders and even the competitors) are the three basic and fundamental principles of social media engagement for any brand marketers and the organization’s leadership. 

But, given the recent reservation among the consumers towards being listened to by brands on the social channels, the onus is now on the social media marketers, brand managers, CXOs and even social media monitoring and analytics people like us to delve deep into this new development and find new, feasible ways to, as the study’s infographic says, “demonstrate how listening doesn’t intrude but instead builds relationships”.

Go by Analytics to get easy social reviews for your brand

Positive social media reviews can do wonders for brand reputation. Knowing this well, brand marketers strive to promote whatever positive mentions and reviews about their brands.But, did you know that there is an easier way to ensure that your brand gets maximum social reviews? The key as always is deeper customer engagement. Here are the top 3 ways to achieve this:

1)  Great content

Give your audience and fans plenty of interesting content to talk about. Give them opportunities to share your content on every social channel that you want to target. Urge and persuade them to say what they think about it. This way, you are not only engaging well with your audience but also ensuring that they say good things about you to their followers.

Never hesitate to apologize for unsatisfactory service that a customer complains about. Acknowledging your shortcomings will not cause any harm to your brand, but instead will help you score more brownie points over your competitors. And there’s a fair chance that the unsatisfied customer will rave about how quickly you resolved his problem on a review platform. Now, isn’t that good for your brand?

2) Great experience

It’s not just enough if you post great content for your social audience. It’s also equally important to offer them great experiences. Every visit to your social pages must be something to cherish and look forward to. The onus is on the brand’s marketing team to transform every social channel that the brand is utilizing into a destination for its audience.

Give your audiences something to take along every time they pay you a visit – this could be a small incentive, discounts, special offers, tips etc. Thank them for their patronage and generously share their content.

3) Great Relationship

If you practice the above two methods, you are sure to build great relationships with your fans, audience and influencers. This should ensure you positive social mentions and good reviews, even during a time of crisis.Another important aspect here is to harness the power of your influencers. Even a casual post or tweet saying something extremely positive about your brand can propel the brand’s standing.

Share your methods for enhancing customer engagement and positive social reviews in the comments below. And to know how Shout Analytics can help you achieve this, write to us at info@shoutanalytics.com

The Power of Predictive Analytics in Helping Banks Build Excellent Customer Relationship

Wouldn’t it be great if banks could foretell which of their customers would be a perfect potential buyer for their latest credit card or home loan? Well, Predictive Analytics can help banks do exactly this and much more.

Banks deal with voluminous streams of unstructured big data. Using cutting edge social media analysis tools and Predictive Analytics tools in particular, banks can closely monitor their customers’ banking behavior; depending on which they can pitch new offers and promotions with greater success. 

A banks’ marketing department is often faced with intriguing questions like these –

•   Which customers would opt for what promotions
•   Would combining offers on loans and credit cards be a hit  ?
•   Which offers and promotions would attract new customers

Similarly, the bank’s operations manager would want answers to questions relating to detecting and identifying fraudulent customers, credit card faults, and account mismanagement. He would also want to identify and reward the banks’ long standing, loyal and ‘bank-perfect’ customers.

Predictive Analytics helps banks find answers to the above questions. From the time a new customer makes his first transaction till he turns into an influential brand advocate for the brand, banks can use Predictive Analytics to make him a happy customer and build a healthy relationship with him. 

To start with, banks can pinpoint exactly what services and products the new customer prefers the most by identifying his banking behavior pattern. This also indicates his responses to new offers and products, thereby telling the bank if he is the right prospect for the new product or not. Over a period of time, as the new customer becomes a known customer; predictive analytics can help the bank to craft tailor made services to him. 

Thus, aided by predictive analytics, when banks make sustained efforts to know, understand and provide need-centric services to their customers, they succeed in nurturing and growing a group of loyal customers who only have good things to say about their bank. These customers (remember, you and predictive analytics made them that way) are strong brand advocates who are powerful enough to influence others (read potential customers) banking decisions.

How else do you think Predictive Analytics can benefit banks? Share your thoughts in the comments below. To know more about Shout Analytics and its Predictive Analytics capabilities, write to us at info@shoutanalytics.com

5 Types of Social Media Content that Your Audience Like

What types of social media content does your audience expect from you?

If you are one of those brands which struggle with developing social content that is just right for your brand’s audience in spite of having a clearly defined social media strategy in place, then read further. Below are 5 types of content that your audience would love to receive from you – 

     Contests and activities that seeks audience participation:

Your fans and followers love a little challenge here and there, especially if there are monetary or other types of rewards involved. 

      ‘Share’ and ‘Like’ Content:

If you want your audience to regularly visit your social pages and consume your content, then it is absolutely necessary that your contest is worthy of maximum likes and shares. When you create shareable content, you not only create an opportunity for your brand to get more visibility, but also allow your audience to increase their social interactions. 

      Custom Content:

When your brand stands for something, your audience also repeatedly come to your page to get regular product/industry specific updates from you. So give them that a plenty, but keep it simple and varied in nature. Using images, videos and info graphics regularly helps break the monotony of plain text. 

Reactions:

Show them that you are a brand with also has a humane nature. Express your solidarity with global or local events and developments that upholds human values and the general good of all citizens. Pay your homage to victims of tragedies; applaud achievements of sports persons, the armed forces, social workers, extraordinary individuals with extraordinary success stories. 

      Bloopers, humorous content:

This is especially perfect for film and media houses. Your fans always want to know what happens behind the scenes of movies and soaps. Post lots of photos with interesting captions or upload a video of retakes of a particular shot. Non entertainment brands can regularly post content showing how your product is manufactured or developed from scratch.

So, what other types of social media content would your audience like? Tell us in the comments below.