In today’s world, consumers have become more connected than ever. They can access information anywhere and at any time like what to buy, how much to pay and so on. Hence, it has become very important to predict how consumers will behave while interacting with our brand. The goal of consumer analytics is to create a single, 360o view of a consumer to make decisions about how best to acquire and retain consumers, identify high-value consumers and proactively interact with them. The better the understanding of a consumer’s buying habits and lifestyle preferences, the more accurate predictive behaviors become and the better the consumer journey becomes.
By utilizing big data and advanced analytics, companies can get a more detailed understanding of consumer needs and identify consumer segments improving their capabilities to target the highest value propositions. They can measure ROI for marketing spends across channels, allowing them to efficiently allocate marketing dollars. Through a detailed analysis of in stock rates by store, retailers can minimize out-of-stock & provide a better shopping experience for consumers.
- Increase response rates, consumer loyalty and, ultimately, ROI by contacting the right consumers with highly relevant offers and messages.
- Reduce campaign costs by targeting those consumers most likely to respond.
- Decrease attrition by accurately predicting consumers most likely to leave and developing the right proactive campaigns to retain them.
- Deliver the right message by segmenting consumers more effectively and better understanding target populations.
- Targeting consumers across all channels and analysing the distinct ways a product or service can be distributed.
- Assessing and understanding consumers in relation to the brand and whether a consumer is satisfied
- Engaging with consumers at the right moment through the right channel.
Predicting churn rate and taking actions to extend a consumer’s lifetime value.
- Spotting trends in big data and analysing online behaviour to increase sales.
- Maximizing the consumer journey through personalized selling and market segmentation by assessing which consumers might buy one type of product versus another.