In some respects, it’s never been harder to run a business. Things change so quickly, which can make it hard to attract and retain customers. On the other hand, there has never been more information available about customers that can prove helpful for businesses. The key is finding a way to take all of the data available and turn it into useful customer analytics. Since some industries are ahead of the curve, it’s worth looking closer at how those that are getting the most out of data and analytics have been successful with it.
Travel
The travel industry has long relied on data to deliver optimal service. By analyzing when, where, and how people travel, companies can tailor their offerings to meet customer needs with precision. After all, the timing and price of trips are critical when people decide when to travel and where to go. For instance, historical data can forecast periods of high and low demand for certain destinations. That can impact prices and promotional offerings. Companies can even offer recommendations based on where someone has traveled in the past. These modern analytics can keep travel companies ahead of the curve, giving them a competitive edge in a market that is growing more crowded and competitive
Online Casinos
During their meteoric rise over the last handful of years, online casinos have done a great job of leveraging technology. That’s certainly the case concerning analyzing player behavior and trends while playing games at casino sites. For instance, what games do people like, how long do they play, and how often do they play? All of that data can be analyzed for a specific customer to predict what games they might like and what promotions to offer. Given the huge selection of casino games at today’s casinos, platforms need to make sure they steer players toward the right games to keep them as customers over the long run. With proper analytics, that becomes much easier.
Education
Education remains one of the world’s largest markets, which means there is a huge treasure trove of data to analyze. Granted, students aren’t always customers, but the information available can be treated as such. From grade school to college, there are tons of data points related to the progress they are making in each class. As a result, a growing number of apps are now leveraging in-school data to give educators a more comprehensive view of each student’s academic journey. This data can show the strengths and weaknesses of each student, giving educators an idea of where the students need to focus their efforts and what career paths could best suit them.
Insurance
The insurance industry has always relied on mathematics to determine pricing, coverage, and other services. Traditionally, insurance companies have used a client’s history and internal data sources, including their past claims, credit scores, and other pertinent information. Today, insurance companies are taking things even further because there is more data available, not just about individual customers but larger data sets. This allows insurers to be even more precise when analyzing what type of coverage a customer needs and the appropriate price point. This allows insurers to provide more personalized service for every individual.
Energy
The energy industry has the difficult task of always having to strike a balance between supply and demand. For these companies, overproduction leads to wasted resources and lost profits. On the other hand, underproduction can cause price hikes that quickly drive customers to other providers. In other words, they have to get it right every time. Granted, most companies understand the difference between peak and off-peak demand. But more customer data drives more precise measurements that can make energy companies even more efficient. By analyzing historical patterns, companies can better predict future needs based on the weather, time of day, and other factors. Instead of doing a broad analysis, big datasets help companies deliver just the right amount of energy when it’s needed.
