Most Challenger Brands strive to ensure that every marketing dollar is spent wisely. So how do you deliver on a promise of better targeting, increased return and complete measuring of results? For many of our clients, that answer lies within a process called customer analytics.
An approach that’s right for the times.
Customer analytics is a system of calculations that allows Challenger Brands to leverage valuable customer information already in their possession. It may be the most valuable tool in your marketing arsenal.
Past purchasing behaviors beat any other methodology as a predictor of future purchasing intent.
All of these insights can be discovered through an analysis of your existing customers and their historical transaction/buying behaviors. Because of its extreme targeting, efficiency and measurability, customer analytics allows you to do more with a smaller budget.
The customer analytics approach.
The traditional approach to marketing begins with identifying a wide target audience. This approach overlooks the multitude of sub-buying groups that, when better understood, can turn a good marketing program into a great one.
First of all, partner with a marketing or advertising agency that has database analytics capabilities. Because past purchasing behavior is the best predictor of future purchasing intent, identify useful customer data within your company’s existing database or distribution channel.
This would include:
- Customer names and other identifiers
- Purchase dates and dollar amounts
- Purchases by product type or category
- Other information such as geography, special requests, upgrades, financing, etc.
This data can come from disparate sources and formats. It is then consolidated into a master database, cleansed and made ready for mining and analysis. Proprietary software then makes unlimited queries possible to determine marketing opportunities.
Customer analytics is a great marketing campaign management tool for tracking and measuring the results of various marketing tactics. You can also update the data regularly and re-evaluate to develop the next successful marketing strategy.
It’s not for everyone.
Customer analytics can only help companies with access to the right internal customer data. But being armed with this extremely valuable information sets the stage for substantial increases in promotional effectiveness and market share.