Identify the Clients Sure to Lead to Profit!
Market research generally involves the analytics of why consumers behave the way they do – making it possible to acquire an in-depth understanding of consumer motivations, emotions and behavior. Data mining, on the other hand, can help analyze actual consumer behavior. Bringing market research – both qualitative and quantitative – and data mining together can thus provide an important competitive edge when developing a company’s market plan and business strategy.
The challenge lies in merging these two approaches effectively. One element of success is linking the information obtained through market research with customer data already collected in internal company databases. This alignment of the data can reveal new information about consumers and their behavior. Ideally, we would be linking individual consumer feedback from market research with actual consumer behavior collected through data mining.
Data mining and data alignment can help lay the foundations of profitable, long-term customer relations, and can help answer questions like the following:
- New client acquisition: which of our clients represent the most promising target group? Which of our clients are profitable and suggest increasing buying potential?
- Client value: which of our client groups are the most valuable in the long run? Which segments are the least valuable? What is our expected client lifespan? How does this change over time?
- Categorizing clients according to date of last transaction, frequency of recent transactions and amount spent. (RFM analysis)
- Cross-selling: what combination of products or services may result in new clients, extra revenues or extra profits? What client segments can we win over through cross-selling?
- Personalized marketing: what activities are most successful?
- Retention ability and managing customer defections: which clients are most likely to defect? What are the major drivers of customer defection?
The information necessary to answer questions like these often remains hidden within client databases. Cognative Datamining Services offers a toolset to analyze the information you require and obtain key business knowledge hidden within the data.
The Secret of Our Success…
… lies in linking information from market research with internal client data. Data alignment helps reveal previously unseen information about clients and their behavior.
Cognative Datamining Services
- Data alignment – linking information from market research with internal company data
- Data mining – applying the latest algorithms and proven multi-variable analytic processes for optimal methodological composition
- Database marketing and applying analytic customer relations management
Our Strength …
… lies in our ability to link methodological and information technology know-how with our experience in various sectors of the economy and marketing.