The best way to engage your customers is to have a good grasp of what drives them. The more you know about them, the better equipped you are to draft a customer engagement strategy. — Social Media Today, Nov 2015
By anticipating and engaging customers, marketers not only increase transaction counts and market basket value, but also retain loyal customers longer. Anticipating and engaging customers over the course of the relationship is a strategic priority for today’s savvy marketers.
IDP provides marketers with a combination of segmentation and market basket analytics that integrate net promoter surveys and sentiment data with transaction data to anticipate customer needs.
Anticipate Customer Needs — Challenges
Consumers are unforgiving of poorly targeted, one-size fits-all marketing. Customers expect marketers to know what they want next. And yet, marketers fail to get the deep-dive analytics they need. The roadblock isn’t statistics, but rather the time and effort spent to integrate data into actionable analytical data sets –- data sets used to generate analytics.
McKinsey has discovered that 75 percent of online customers expect instant assistance within less than 5 minutes. 25 percent of customers will depart after just a single bad experience. Companies neglecting these circumstances run the risk of losing market share and being left behind by their rivals. — Information Management, Nov 2017
One of the biggest roadblocks in creating personalized customer experience is the maze created by data silos. The challenge for marketers is using all their collected intelligence effectively. Both the volume and velocity of data confront marketers. Many aren’t even sure of the data they have. They don’t believe they have the data they need; and what they have, they question the quality. Or they can’t access.
Also, in-house reporting tools, great for reporting, don’t generate the data mining and deep-dive analytics required. And business analysts aren’t trained to manage complex data structures. So they create error-filled or incomplete analytics. Marketers fail to get the insights to anticipate customer needs and lose confidence in both reporting and data.
Anticipate Customer Needs — IDP
We also understand that your data is challenging and you have limited resources.
At IDP, our focus is ‘invasive’ data management and deep-dive data mining. We manage large data volumes and complex data structures. And integrate disparate data sources to build rock-solid analytical data sets.
We leverage database insights, empowering marketers to act on their strategies. In the end, we provide actionable analytics to anticipate customer needs based on solid segmentation and basket analytics.