The year is about ending, and many companies have begun reviewing their performances to identify areas where they had shortfalls. This will inform them to prepare new plans and budgets for the new year. Companies that consider customers as the heart of their businesses will deliberate on how to retain them or acquire new ones. Indeed, many companies will situate their performances within market trends. The trends and variables will influence their decisions concerning customers and how to meet or exceed their expectations.
Since tastes and preferences are rapidly evolving due to technology, companies will need to deploy their resources to help them have a deeper understanding of, or insight into, their customers’ behaviour. Such valuable customer-insights will usually depend on companies’ willingness and ability to process relevant data on customers and act upon it for their mutual benefit. Indeed, competition will continue to be intense in 2019. That said, companies cannot afford to leave things to chance and need to solicit customer-insights. Customer-insights will be the game changer for many companies to perform better in the coming year.
Understanding the Customer 360
To have comprehensive insights into customer-behaviour requires collecting and analysing data from different sources to discover hidden trends and patterns to inform strategies. Businesses need customer-insights that will reveal the growth rates of their total number customers (both existing and potential ones) and their churn (exit), revenue churn rates, profits or losses, customer retention rates.
These insights will also be anchored on customer segmentation by considering their demographic attributes (e.g. age, gender, location etc.)’ behaviour based on identified transaction patterns; digital channels usage or preferences; and accounts’ age (history). Companies with branches will need insights into Density Analysis (number of customers, distance from the branches) given their addresses (residences) to establish customers’ contribution to profitability and rank them appropriately in the decision-making process.
Over the years, companies have made budget allocations for advertising or promotion campaigns that enable them to reach their existing and potential customers. In fact, 2019 will not be exceptional in that regard – but, surprisingly, many companies have not gained much from their high advertising expenses. They still have records of dormant accounts and declining sales because of their inability to establish all those hidden behavioural facts to shape their marketing strategies.
Comprehensive customer-insight reports can help companies to unearth those treasures, identify and predict likely customer churn or account dormancy and intervene proactively (i.e. through targetted messages, offers, promotions) to change their behaviour. True customer-insights will also enable companies to visualise and monitor key behaviour metrics, and analyse and identify trends on existing products suitable for cross-selling/up-selling or developing new products altogether.
Interestingly, the full essence of customer-insights has not dawned on many companies; and even those that are aware of these benefits have not fully tapped them ahead of the competition in their industries. In 2019 and beyond, companies will need to leverage on customer-insights so that they can act in the customers’ best interests – and hence win their trust to increase sales and improve the bottom-line profit.
More often, companies that depend solely on their internal units to conduct customer-insights are unable to see the bigger picture as would have happened with the support of external agencies. They need to go the extra mile to know their customers inside out (full 360-circle) and use the non-obvious insights for product innovation and service excellence. In-depth Customers Insights from SuperFluid Labs will be of immense help to companies that want to be game changers and outsmart the competition.
SuperFluid Labs – As a Business Partner
Companies operating in retail business or in the areas of commerce, banking and finance, education, telecommunication, media, energy and other sectors of the economy need customer-insights to drive decisions for growth. The media, for instance, will need insights into their subscribers’ (readers/viewers) in relation to programmes (contents and preferences), the rate of site visits to better position themselves to increase sales.
SuperFluid leverages on the technical expertise and the track-records of its global partners – Microsoft BizSpark, Oracle PartnerNetwork, nest, DBS Fintech Accelerator, CS Accelerate (Consultancy for Business and Technology), NVIDIA (the global epicenter for Artificial Intelligence Startups), AWS Activate (Amazon’s cloud computing platform) – to provide cutting-edge customer-insights, predictive data analytics, and business intelligence services to many blue-chip companies across the globe.
For many years, SuperFluid Labs has been a valued business partner to the Chase Bank (USA), Fidelity Bank (Ghana), NIC Bank (Kenya), responsAbility (Investments AG, Switzerland), BBOXX (the solar revolution), PayAngel (Africa’s Payment Expert), Insight2impact (advancing financial inclusion in Africa), and the FarmDrive (providing alternative Credit Scoring for smallholder farmers). The services of SuperFluid to these companies have not only helped them to improve profitability but also enhanced the global recognition of their brands.
Technical Experts & Experience
The company has a technical team of data scientists, engineers and mathematicians with rich industry experience from IBM Research, Dalberg Global Development Advisors, BCG (the Boston Consulting Group) and several financial institutions across Africa. They developed their competences from prestigious and world-class institutions including the Harvard University, University of Cambridge, MIT (Massachusetts Institute of Technology) and the African Institute of Mathematical Sciences (AIMS).
The exploits of the company’s team of experts cover emerging areas in Big Data, Digital Lending and Credit Scoring, Personal Financial Management (PFM) for consumers, real-time interactive Enterprise Business Intelligence and Data Analytics platform. The team has also published papers, reports and patents in leading scientific and professional journals – namely the Institute of Electrical and Electronics Engineers (IEEE) and the Institution of Engineering and Technology (IET).
SuperFluid has carved a niche for itself in developing products with its enviable trademark for enterprises in Ghana, Kenya and countries in Europe. These include SuperBI™ Analytics Platform, SuperView™, Customer 360°, SuperWallet™ App, Business Intelligence and Digital Credit Scoring. SuperFluid also provides data analytics tools and services to guide data-driven decisions across many functional areas of business.
Reports in Forbes, an American business magazine, indicate that technology has already taken over 90% of jobs humans used to do. This has thrown a big challenge to corporate executives and individuals willing to remain relevant in the corporate world to acquire more digital skills. SuperFluid, therefore, offers practical training programs in Data Science and Analytics, Data and Business Analytics among others.
The company has developed user-friendly platforms that enable businesses and several millions of consumers across the world to unlock new opportunities to drive economic growth through the power of data and Artificial Intelligence (AI). With these insights, don’t you think you can register super sales in 2019 and beyond? Superfluid Labs makes it feasible for you through its services.
About SuperFluid Labs
SuperFluid Labs is a limited liability company registered in Ghana and Kenya, with an office in Frankfurt (Germany). It was founded by two technical Data Scientists and Engineers: Timothy Kotin, a Ghanaian, as the Chief Executive Officer (CEO) and William H. Marks, an American, as a Director. The company operates with a management team of other professionals with diverse backgrounds and experiences.
Script written by a Chartered Banker. He has a flair for feature writing. Apart from his work schedules, he edits or proofreads corporate materials for his colleagues, executive managers including distinguished professionals working in various fields outside Banking. Through this column, his articles feature on third-party online media platforms in Ghana and outside.