Our data-driven marketing philosophy is that marketers should control their analytics, their data, their marketing systems and marketing technology.
Consumer Behavior Analytics — Benefits
Consumer behavior analytics give marketers visibility into shopping cart mixes, responsiveness to offers, frequency of purchases and other behaviors. They enable marketers to anticipate behaviors, engage customers, reward loyalty, and retain loyal customers longer.
Millennials are evolving rapidly and having families…as that generation starts to mature and go into a new life stage, we have another new generation of youth who have some very different views towards life. — The Drum News, Jan 2017
With consumer behavior analytics marketers gain insights into who their customers are, and how to engage them. By leveraging customer survey data, demographics, and transaction data, marketers get a panoramic view of customers.
Generation Z is not Gen Y… the behavior of teens under the age of 18, which is driving $44bn of discretionary spending each year, combines the social values of the millennials with the work ethic of baby boomers. — The Drum News, Jan 2017
Using deep-dive analytics, marketers extract and segment behavior profiles. Methods like segmentation, or recency, frequency, monetary (RFM) uncover behavior patterns. Repeating RFM and segmentation tracks customer migrations and behaviors, creating a customer lifecycle portrait.
Consumer Behavior Analytics — Challenges
Your customers will reward you if you can anticipate their personal needs and wants — and will punish you if your systems and processes lead to a clumsy understanding of customer details. — AdAge, Oct 2015
Consumer behavior analytics are not rocket science, but require drilling deep into transactions, and complex joins to customer and product data.
Moreover, both the volume and velocity of data challenge marketers. The roadblock isn’t statistics, but efforts spent integrating data into actionable analytical data sets. Data sets used to generate analytics.
It’s also true that many marketers aren’t even sure of the data they do have. They don’t believe they have the data they need; and much of what they do have, they question the quality — or, they can’t access.
In order to overcome the challenges with siloed technologies and legacy systems, retailers are turning to outside partners for help, collaborating with analytics companies, or reworking their own internal systems to extract the most valuable information from large amounts of data and develop insights that will benefit customers.– PSFK, Feb 2018
Many business analysts lack the data mining skills for consumer behavior analytics. They’re not trained in deep-dive analytics. They can’t manage complex data, or disparate data sources. So they create error-filled or incomplete analytics. And marketing executives lose confidence in both reporting and supporting data.
Consumer Behavior Analytics — IDP
At IDP, we employ ‘invasive’ data management and deep-dive data mining. We integrate disparate data sources and manage those large data volumes with complex structures. We build rock-solid analytical data sets targeted to your specific marketing strategies.
And we always collaborate with marketing to generate the right customer analytics.