IDP delivers data-driven marketing solutions, such as consumer behavior analytics giving marketers the tools to anticipate behaviors, engage customers, reward loyalty and retain loyal customers longer.
Leaders in data-driven marketing are 6X more likely than laggards to achieving competitive advantage in profitability and 5X more likely in customer retention — MarketingProfs, July 2016
Consumer Behavior Analytics — Benefits
With consumer behavior analytics marketers gain insights into who their customers are, and how to engage them. By mixing demographics, survey data, behavioral and transactional data, marketers get a panoramic view of customers. Using deep-dive analytics, marketers segment behavior profiles to anticipate and engage their loyal customers. Methods like recency, frequency, monetary (RFM) uncover behavior patterns. Repeating RFM and segmentation tracks customer migrations and behavior changes, creating a customer lifecycle portrait.
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 — Challenges
Consumer behavior analytics are not rocket science, but require drilling deep into transaction, customer and product data. And the volume and velocity of new data continues to challenge Marketing executives. Many marketers aren’t even sure of the data they have. They don’t believe they have the data they need; and what they do have, they question the quality — or, they can’t access.
Customers want relevance… They realize the value of (their) data and expect brands to do something smart with it. Without it, they will disengage abruptly, and often permanently. — Relevant Dialogue, Oct 2015
The roadblock isn’t statistics, but efforts needed to integrate data into actionable analytical data sets — to generate analytics. Most business analysts lack the data management skills for 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 the reporting and the supporting data.
If people don’t trust the accuracy of your analytics, the most powerful outcome from the data goes out the window — Website Magazine, Dec 2015
Consumer Behavior Analytics — IDP
We believe that effective use of customer and transaction data is a powerful competitive weapon. We also understand that your data is challenging and that you have limited resources . Our goal is to help marketers control their data, their analytics and their marketing technology.
We remove the requirement that business analysts manage large data volumes or complex structures — bridging the gap between data management and analytics — so analysts focus, not on data, but on making recommendations from the analytics. We manage those large data volumes with complex structures. We integrate disparate data sources and build rock-solid analytical data sets.
And we always collaborate with marketing to generate the right customer analytic methodologies.