Even with an unlimited budget, it would not be a wise decision for a business to target every customer in the market. If an enterprise is to succeed, it must understand its products and services and it must know the profile of the customer it is targeting.
If an organization is going to successfully target customers and make optimal use of its marketing budget, it must understand customer buying behavior, and categorize its products and services to target the right customer segments and preferences. If you can identify the reasons a certain customer buys a product or service, you can create products, marketing messages, and advertising to target those customers that are most likely to buy and to return and buy your products again.
Augmented analytics provides easy-to-use tools so business users can identify buying frequency, and understand the variables that influence a customer and cause them to buy a product or service. The business can develop a clear picture of the demographics (age, income, interests, geography, gender and education) that inform product and service purchases and the most effective marketing messages for a particular customer segment.
Predictive analytics can identify a trend or pattern so that the organization can anticipate that the market, or buying behavior is changing. Whether your business is real estate, retail, auto sales, hospitality, or entertainment, understanding your customer and why and when they buy is imperative and creating a clear profile of your target customer will allow you to directly, and effectively address their needs.
You can use Assisted Predictive Modeling and Predictive Analytics to paint a clear picture of your customers and to optimize resources, marketing budgets and inventory.
Learn More: Customer Targeting
View the Customer Targeting Use Case Slide Share
We invite you to explore other use cases and discover how predictive analytics, and assisted predictive modeling can help your business to achieve its goals.
- Product and Service Cross-Sell and Upsell
- Customer Churn
- Fraud Mitigation
- Quality Control
- Demand Planning
- Human Resource Attrition
- Maintenance Management
- Loan Approval
- Marketing Optimization
- Predictive Analytics Using External Data
- Online Target Marketing
Learn more about Augmented Analytics, its uses, techniques and applications.
Contact Us today to find out how predictive analytics can help your industry or business function to improve results and plan and forecast more effectively and accurately.
Original Post: Predictive Analytics Use Case: Customer Targeting!