earning about customer behavior though Big Data is at the heart of customer analytics. Customer analytics enables organizations and enterprises to make data-driven business decisions for direct marketing, site selection, and customer relationship management. The result is a 360-degree view of customers – who they are, what they do, what they want, and when and how to best reach them – in order to create personalized customer experiences that drive customer loyalty.
While everyone is diving into Big Data, not everyone is so successful, as determined by a study by McKinsey & Company. In fact, the study found that 50% of companies utilizing customer behavior analytics are likely to have sales significantly above their competitors, and companies that champion the use of customer analytics are 6.5 times more likely to retain customers, are 7.4 times more likely to outperform their competitors on making sales to existing customers, and are nearly 19 times more likely to achieve above-average profitability.