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Customer retention is gaining a lot of importance due to the fact that amount spend in retaining a customer is less than acquiring new customers. Earlier, companies used to spent largely on planning customer acquisition strategy. Data Analytics has already firms in core verticals in this area such as banks, finance, insurance etc. Companies have now started focussing more on retaining right customers, preventing customer attrition or increasing life-time value of a customer. It is easy to retain an already existing customer than to acquire a new customer. Companies have enormous amount of data about their customers. With proper predictive analytics models, one can predict the customer behaviour and act accordingly to achieve customer satisfaction.
Analytics service providers such as Fractal Analytics, have delivered their clients CRM Analytics and Customer Analytics services to help them increase their customer base and hence increase their marketing ROI.