The big Intelligence questions to ask.
Smart Business Intelligence is of utmost importance. Some questions that really need to be answered in your consumer centric approach:
Customer profiling & mapping
Profiling and mapping gives you an increased knowledge and understanding of your ideal target group. It gives you a full picture to build sales and profit, and maximises your marketing ROI. You can launch more efficient, relevant and focused marketing communications based on facts, and improve your customer retention.
Your questions:
- Who are my customers?
- What is the profile of my prospects?
- Where and in which segments should I recruit?
- How do churn customers look like and can I identify them upfront?
- How do customers for product A differ from customers for product B?
- What is the profile of responders to my marketing campaigns?
- Did I attract a different kind of customers with the launch of my newest service?
- Who are my most valuable customers and can I identify more of them?
- Can I visualize where my customers are most concentrated geographically?
Campaign effectiveness
Campaign effectiveness forces you to formulate clear goals and objectives for your campaigns. It ensures that your marketing campaigns are working well, and demonstrates the campaign results in clear business terms. Furthermore it reduces wasted resources and efforts on non-effective campaigns.
Your questions:
- Does my e-mail marketing, DTC marketing, offline marketing campaign work?
- … and even more important: why (not)?
- What is the ROI of my campaign?
- Which is the optimal offer, coupon value, channel for which target group?
Predictive modelling
Predictive modelling enables you to identify segments of the customer base which may be more or less profitable, high or low level customers, likely to purchase additional products, have preferences for particular channels,… It helps you to refine your targeting: who should be targeted for more, other or new products and who shouldn’t?
Your questions:
- How do I increase my turnover by increasing the value of my customers?
- How do I convince my customers to buy other or more products/services? (= up-selling & cross-selling)
- How can I measure the commitment of my customers?
- How can I generate repeat purchase?
- Can I detect indications of infidelity upfront?
- Can I classify my customers into certain segments based on their probability to purchase a certain product / display a certain behaviour?
- Which customers do I offer which product at which moment via which channel?
- Win back strategy: which ex-clients show the highest probability of winning them back?
Customer segmentation analysis:
Clustering, RFM or FRAT and Decision Tree Analysis
Not all your clients are equal and their value for your company is not equal either. Segmentation allows identification of groups with similar purchase behavior, profile, interests… : homogenous groups with maximal heterogenity across segments.
Your questions:
- How do I segment my customer base in the most optimal way?
- How can I limit my marketing efforts and maximize my ROI by only focusing on the segment who is in the market for product X?
- Which is the best way to spend my marketing budget across different segments?
- How do I know which model for segmentation works best for me?
Business Intelligence