With the advent of Big Data and the advancement of technology to store it, are we justified in holding large quantities of it? What are the drawbacks/benefits of doing so and how can organizations find the right balance. This is more than a decade ago. A large telecom organization was negotiating with its strategic outsourcing partner. The topic – how much data should its data warehouse hold? 3, 4 or 6 months. And the challenge was – holding more data, meant more expenditure. And even though it meant more business value, the strategic outsourcing partner won that battle and…
The most important parameter to build a successful telecom business is the “Ability to Attract, Retain and Grow” the most profitable customers. While a lot of efforts and resources are spent to attract new customers, the attention on Retention and Growth of existing customers is not that high.
In a recent customer churn model for a life insurance company, we found that there are over 20 parameters that can impact churn although the weightage of each parameter is different. This demonstrates the complexity associated with a customer churn
In Insurance, most of the times we focus on the high premium paying customers as the most important customers and focus our marketing strategize to grow these customers.
It is widely known that analytics can help immensely in various aspects of a business like revenue growth, arrest customer churn, identify fraud, better forecasting and planning etc.
Ask any small and medium-sized business (SMB) about its top priority, and typically the answer will revolve around retaining the growing customers and increasing revenue. Similarly, a majority would say that cost is the single most important obstacle in adopting technology.
Most industry pundits agree that the Mutual fund industry is at the cusp of a significant growth period. In an interview to one of the business dailies, Reliance MF CEO said that the mutual fund industry is set to achieve an investor base of 10 crore accounts in the next five years.
You have heard this before – retaining existing customers is much more cost-effective than acquiring new ones. What is not as widely known is that satisfied existing customers (read word-of-mouth) can be a more productive and cost-effective source of acquiring new ones, complimenting the traditional acquisition programs.
As most industries wake up to the Digital age, data deluge becomes a natural consequence. How does one manage it effectively? What are the key elements to make data productive and realize its value?
Consumer companies spend a lot of money in advertisements, promotions, marketing etc. on a basic premise that customer “believe” in what is being told to them by these companies. Does this premise hold equal significance in the interconnected world we now live in which is so influenced by the social circle of a person?