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What is Customer Analytics? Why is a Customer Analysis Important?

Companies grow, and so does their customer base. Hundreds turn to thousands, thousands to millions and so on. Keeping track of all the customer’s activities becomes difficult and tricky. But knowing the patterns in the customers’ behaviors provides the decision makers with guidelines for planning their business strategy. Surfing through such a massive database is humanly impossible. This is where customer analytics comes into the picture. But what is customer analytics? Let’s find out.

What is customer analytics?

As the name suggests, customer analytics deals with analyzing the customer database. It is a process by which the data gathered from customer behavior is used as guidelines to make key business decisions through market segmentation, predictive analysis, data visualization, information management, etc. The information thus gathered from the study is used to strategize direct marketing, site selection and in CRM (Customer Relationship Management).
We can thus summarize this as customer analytics, which is also called Customer Data Analytics, is a systematic study of a company’s customer database and behavior to identify, attract and retain customers.
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