How Consumer Analytical Data Influences Successful Marketing Campaigns

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Guest Post
  Published 08 Oct 2018
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{Guest post by Taylor Welsh - axcontrol.com}

In a fast-changing market landscape, customers are more empowered and enlightened than ever as they have easy access to product or market information anytime and anywhere. Due to these changes, it is important to be able to predict and analyze consumer behaviors to stay ahead and influence their buying decisions.

To be able to predict and analyze consumer behaviors, the secret is incorporating the use of consumer analytical data in your marketing campaigns. Consumer analytical data is a concatenation of data that comprises of customer behaviors spread over a period.

Customer analytics refers to the processes and technologies that give organizations the customer insight necessary to deliver offers that are anticipated, relevant and timely. Before launching a marketing campaign, it is essential to understand that consumers play a significant role in determining the success or failure of a marketing campaign.

Since consumers are more connected than ever, their behaviors such as- where to buy, what to buy, how much to pay, are rapidly changing. The deeper you can take advantage of your buyer behaviors and preferences, the more precise your predictions of their buying behaviors will be – and the more you will be on track at providing product or offers that attract rather than put off your potential consumers.

When it comes to studying and understanding the influence of consumer analytical data in successful marketing, it is essential to study consumer behaviors from these aspects.

  • How consumers behave individually and in groups
  • Why consumer behavior patterns change based on the types of products and services they purchase
  • When consumers are most likely to make a purchase
  • How a customer feels directly before buying a product
  • How that customer feels directly following the purchase
  • Which questions or objections contribute to the buying decisions
  • The number of touchpoints a customer makes with a brand or product before buying

In the world of marketing, consumer behaviors are key determinants. In a nutshell, consumer analytical data are important in marketing because it helps an organization determine the response of a targeted market towards a marketing material or product.

When it comes to collecting consumer analytical data, it is important to digress from the conventional ‘all data is important’ to ‘which data is important.’ In collecting consumer analytical data in relation to marketing, four major types of data are of utmost importance because they are key to influencing marketing.

  • Identity Data

The focal point of any marketing data is the individual or the consumer. Being able to build a single customer profile provides the first set of data known as the Identity data.

The identity data entails any information that makes it easy for the individual to be identified. Identity data may comprise of;

  • Name of the Individual
  • Personal Information
  • Contact Information (Social Network, Email, Telephone numbers)
  • Account Information (User Id).
  • Quantitative Data

Once you have necessary information about the identity of your customer, the next step is to find out a series of operational data regarding your customers. Operational data comprises the various operations of your clients towards your products or offerings. It has to do with how your client has reacted or transacted with your products.

Quantitative data consist of any completed interaction between the client and your business. This includes;

  • Transactional Information (Online and Offline) – Number of products purchased, actual products purchased, Order/Subscription Value, Order/Renewal dates, product abandonments (abandoned carts), Product Returns, etc.
  • Communication Information (inbound and outbound) – Communication date, communication channel, Opens, Click-throughs, etc)
  • Online Activity – Website visits, product views, online registrations, etc.
  • Social Network Activity – Facebook likes, Twitter interactions, etc.
  • Customer Services Information – Complaint details, customer query details, etc
  • Descriptive Data

This is a sequel to identity data and can be merged with it during collection. It is additional information to the already gathered data under the identity data phase. It may include, marital status of the individual, lifestyle information, and career details.

Qualitative Data

This is the final aspect of data, and it provides further description of your customer and potential behavior. This is usually provided by a survey type information where their attitude, motivation, and opinions are provided. A typical qualitative data consists of;

  • Attitudinal information – How do you rate our customer service, how do you rate the value of the product, how likely are you to purchase our product again, etc?
  • Opinion – What is your favorite color, where is your favorite holiday destination, etc.
  • Motivational – Why was the product purchased (personal use, a gift for someone, etc), what was the key reason for purchasing our product (locality, price, quality), etc.

Importance of Consumer Analytical Data in Successful Marketing Campaigns

  • It helps in reducing marketing campaign cost because it allows you to target customers with a greater likelihood of purchasing or responding. This leads to increase in Return on Investment Marketing.
  • It helps in strategizing future marketing campaigns because consumer analytical data serves as a measurement of product/business performance indicator. This measurement may comprise customer satisfaction and customer loyalty or retention.
  • It assists in analyzing consumer behavior so that marketers can easily optimize their marketing campaign techniques.
  • It is key factor for building excellent customer relationship management which is an important aspect of branding.
  • It is essential for carrying out strategic marketing decisions. If utilized well it enables the marketer to achieve a higher return and response.
  • Dynamic customer segmentation based on the level of customer behavior

The involvement of Consumer analytical data in influencing the success of any marketing campaign is becoming critical. With the advent of the internet and other technological marketing aids, customers are no longer nave and want only the best. For any marketing campaign to be successful, it is imperative for the marketer to take advantage of these consumer analytical data to be able to influence the buying decisions of their clients.

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The views, positions and opinions expressed by the guest writer are those of the writer alone and do not reflect those of the iHub or any employee thereof. The accuracy and validity of the information supplied by the guest writer are not guaranteed by the iHub. The copyright of this content belongs to the author and any liability with regards to infringement or intellectual property rights remains with them.

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Photo Sources: https://www.ibmbigdatahub.com/blog/value-exchange-consumer-insight-data-privacy-banking

https://www.irix.ch/en/integrated-solutions-2/business-solutions/customer-insights

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