IDP delivers data-driven marketing solutions focused on ‘invasive’ data management, deep-dive data mining and ad hoc analytics. To stay competitive, marketers rely heavily on specific-purpose analytics that are structured to clearly defined marketing directives — like consumer behavior, retention and customer loyalty. Giving customers what they want doesn’t have to be expensive, but it must be relevant.
Customers want relevance… They realize the value of (their) data and expect brands to do something smart with it. Without it, they will not engage; or will disengage abruptly, and often permanently. — Relevant Dialogue, Oct 2015
Ad Hoc Analytics — Benefits
With ad hoc analytics, marketers leverage deep into transaction data and across market data to get a panoramic view of customers. They track shopping behaviors and engage customers with relevant offers on items customers care about. With ad hoc analytics, marketers reward the right behaviors with promotions on items frequently purchased and prevent unprofitable bribery-styled discounts by promoting complementary item purchases. Methods like segmentation and RFM (recency, frequency, monetary) uncover powerful behavior patterns and define customer lifecycle profiles.
Consumers are more empowered than ever before with a world of information at their fingertips. To grow and compete, companies need to leverage their data analytics to identify and micro-target niche opportunities. Organizations need to realize that underneath broad market segments are smaller, more profitable segments, and these groups of consumers are who they should be marketing to. — IBM, May 2016
Ad Hoc Analytics — Challenges
Consumers are unforgiving of poorly targeted, one-size fits-all marketing; they expect marketers to know what customers want next. And yet, marketers fail to get the analytics they need for targeted engagements. The roadblock isn’t analytics, but efforts needed to integrate data into actionable analytical data sets –- data sets used to generate analytics.
A problem marketers run into is that they don’t have the skillset to understand and manage data, along with properly running tools to analyze and gather data. With data, you’re able to identify a problem. But, you need to explain how you’re going to resolve that problem. — Forbes, Oct 2015
Today’s data volumes and velocities frighten marketers. Many aren’t sure of the data they have. They don’t believe they have the data they need; and what they have, they question the quality. Also, in-house reporting tools fail when data is either out of reach, or fragmented. Reporting tools can’t generate the data mining and deep-dive analytics required. Finally, business analysts might be wizards at Excel, but aren’t trained to manage complex data structures or disparate data sources. As a result, analysts compile incomplete or error-filled reports. So marketers fail to get the insights they need. And they lose confidence in both the reporting and the data.
Ad Hoc Analytics — IDP
At IDP, we understand that you have limited resources. And we know that your data will be challenging. We remove the requirement that business analysts manage unruly or fragmented data — bridging the gap between data management and analytics — so analysts focus, not on data, but on the analytics. Our data management and data mining techniques deliver rock solid analytical data sets and actionable analytics even when facing difficult data.
We design ad hoc analytics to specific requirements and develop analytics that not only scale, but provide consistent, marketable results. With a laser focus on your marketing directives, we dissect customer data. We identify, develop and validate data interactions and relationships to build accurate pictures of customer preferences and behaviors — and transform these insights into marketable strategies.
To effectively target customers, you need to know what they’re doing before, during, and after their interactions with you. Couple demographic insights with information gleaned from clickstreams — such as customers’ interests, social media habits, and purchase behavior — to create a truer “typical customer” persona. — Harvard Business Review, Jun 2016
And if you plan to repeat the analytics, we build analytical data sets that can be institutionalized; that is, migrated directly inside your production data warehouse so the analytics are available 24/7. Your marketing team truly controls the marketing technology!