In marketing, analytics is essential and relevant patterns found within data that are applied towards efficient decision making, especially for brands. For companies, they use “science” and “art” to help organize their discoveries and have successful analytics, whether it’s for the present or future of a brand. (Links to an external site.) It’s essential to have a balance between the two to get the best results for a brand. For example, changes in behaviors from a consumer can be buying the product less often; ending of a contract or an important event can indicate if a customer may discontinue doing business with a particular brand. Customer retention efforts occur when brands try to mend fences with consumers that may not want to continue the relationship. It’s the company’s job to create a memorable moment to engage with the consumer before it’s too late. The “science” may describe patterns in which the consumers with identical behaviors have left an organization, or an important event is approaching. (Links to an external site.) If a customer is approaching the conclusion of a membership or contract, a customer service employee should get a hold of the consumer and try to keep them as loyal customers.
For “art” in customer retention, awareness is used to secure the relationship between the business and the consumer. (Links to an external site.) If a loyal consumer has stopped using a business’s service because they have moved out of the area, the company has to allow the consumer to leave without any hesitation. I currently manage a local boutique gym. In my position, if I receive a cancellation from a loyal member and its states relocation, I can’t do anything in my power to prevent them from canceling, compared to if it states “no time to attend” or “changing fitness routine” I can give them a call or offer them other options like within pricing or freeze their account.
As technology grows and as the years’ pass, analytics becomes more authentic by the minute, which makes analytics more essential for brands in all aspects of marketing and customer experience. This creates more opportunities to increase a client base and keep their loyal consumers. Companies need always to recognize the balance of science and art of analytics and how and when to apply this resource at its most significant potential.