Advancing Through Analytics
Insights in Action
- USA
- $500M - $1B Annual Revenue
- Industry: Retail
Background
In the post-Covid environment, customer needs and buying patterns began to shift rapidly. Our Client’s executive team was focused on increasing sales in underperforming customer segments and reducing revenue lost to churn. However, Client leadership lacked the strategy and analytical resources to adapt on the fly. Fragmented reporting, cumbersome dashboards, and manual number crunching brought their efforts to a crawl.
To quickly drive tangible value and further the adoption of analytics across the Client’s organization, we began by creating a holistic view into companywide performance, automating the ingestion and analysis of business data from multiple disparate systems.
Opportunity
To combat decreased customer satisfaction and changing needs, leaders required new insights into customer behavior, sales and marketing performance, and market trends to adapt intelligently. Despite a clear need for data-driven insights, several barriers stood in our path:
• A fragmented data & analytics strategy
• Lack of trust in reporting and analytics
• Siloed, inconsistent data
• Manual data analysis
• A backward-looking, reactive approach
Our Solution
Together, we set out to build a central Insights Hub, designed to supercharge the decision making of executives, managers, and sales reps alike. By working in iterative sprints with a clear objective, each phase of the project delivered practical, tangible results in a matter of weeks. Our first destination? The C-Suite.
This single source of truth allowed executives to monitor company performance, understand its drivers, and predict future outcomes.
Boosting Customer Retention
Next, we focused on helping sales and marketing teams increase customer retention and prioritize at-risk customer segments, generating actionable insights into customer behavior to reduce lost revenue and maximize customer lifetime value.
Customer service teams implemented new promotions and a faster time-to-response when dealing with customers whose satisfaction with the company was in decline. Armed with predictive insights into the likely results of new service methods, these teams drove a marked increase in customer retention.
Channel Performance
Our next focus was delivering insights to compare sales channels, allowing our client to forecast trends and focus their resources on the most profitable channels. New marketing campaigns were quickly implemented to great success, centered around expanding the products offered to these high-value sales channels.
Lasting Impact
The results were drastic. From sales reps to C-suite executives, our Client’s team enjoyed a suite of insights to proactively meet changing customer demands. Within months of deployment, customer retention began increasing and sales teams began converting at a higher rate. LTV also began steadily rising across customer segments, including those previously at risk.
Overall, our Client earned a 155% return on their investment over the first 12 months of working with us. Our Client continues to partner with us to support their data & analytics initiatives, leveraging our Insights on Demand offering to advance their capabilities, processes, and technology.
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