ENGAGEMENT THROUGH DATA-DRIVEN INSIGHTS
IMPROVE ACQUISITION AND RETENTION WITH MEANINGFUL CUSTOMER INSIGHTS Today’s “stable” marketing environment is a network of brands, consumers, media channels, and technology that enables co-dependent relationships to function in a world of constant change. A static analytics strategy that doesn’t account for this complex dynamic and the inevitable changes in customer behavior to come, risks putting strong brands in the rear-view mirror. Consumers will move to the brands who best anticipate needs, solidify loyalty, and deliver fulfilling customer experiences. This is why Iris Concise - Boston invests in the best analytical tools and talent needed to help our clients improve their acquisition and retention strategies today and build the foundation from which they will continue to thrive.
Chart your path to maximum gain. Our analytics team is capable of providing clients a thorough review of their existing customer base, mapping all customers by their level of engagement (the manner and depth of customer interactions) and value (what types of products and offers the customer purchases). Using this framework, we are able to see where significant marketing opportunities lie: Do you know who your best customers are? Are benefits and promotions rewarding key customers? Is investment focused on driving customers to higher levels of engagement and value? Without proper goals, any marketing campaign will suffice.
Your tools for tackling big problems. Your analytic foundation is what makes all else possible. Regardless of your current state of skills and processes, we can evaluate your capabilities and provide the added analytical expertise to develop the missing pieces or provide the ongoing analysis needed to tackle larger customer engagement issues. With our proven approach to building a top-performing analytics engine, you can increase customer acquisition, retention, and campaign performance with today’s most effective tools, including: Customer Segments and Descriptive Analysis Predictive Modeling Prescriptive Modeling Reporting and data visualization Big Data Analytics and Data Mining! If your analytics engine is stalled, leaving your marketing campaigns starving for direction on where to spend, what to message, and who to target -- we can help.
ROADMAP TO ADVANCED MARKETING ANALYTICS
Solidify your analytics foundation with these tools. Start with segmentations that clearly define your customers, followed by Predictive Models – they are must haves:
- CUSTOMER VALUE (RFM AND LIFETIME): Measure business health, track retention and attrition, and guide investment decisions to keep customers proﬁtable.
- PRODUCT INTEREST: Use purchase and browsing history to develop propensity scores, personalize communications, and feed merchandising processes.
- PROMOTIONAL RESPONSIVENESS: Maximize budget effectiveness by predicting who will react to an offer, how rich that offer should be, and whether it drives longer term loyalty.
- CUSTOMER ENGAGEMENT: Use non-purchase browsing to trigger communications across relevant channels and improve product affinity measures, loyalty, and long term value.
- ATTRITION: Build logistic regression models to predict likelihood to stop shopping. Brainstorm behavior indicators and ensure these are in your data set.
- RESPONSE: Use logistic regression to model response (shop or redeem rate). Use linear regression to predict spend of responders.
- NEXT BEST PRODUCT(S): Use historic patterns of similar customers combined with category and product affinities to predict the best next product or product category. Include product-driven segments if these exist.
- BEST OFFER: Build response models (shop, redeem, spend) for each offer and compare directly or use an optimization engine to pick best next offer.
PERSONALIZATION & OPTIMIZATION
Getting out of the data doldrums. A core competency for today’s digital marketer is the ability to engage all customer segments with relevant messaging that drives optimal results at scale. If your systems are not tuned to easily guide your campaigns for maximum ROI, we can help. Our advanced marketing analytics team is well practiced in predictive analytics, including:
- Likelihood to attrite or shop, redemption rates, customer spends and lifetime value using logistic and linear regression models, or advanced machine learning algorithms
- Historic purchasing patterns of similar customers combined with category and product affinities to predict the best next product or product category
- Model scores to feed an optimization engine when dealing with multiple offers or coupon choices combined with budget limits
MEASUREMENT & EVALUATION
Data democratization for all. As large enterprises continue to pursue new ways of leveraging their data for competitive advantage, the need to empower marketers with meaningful customer insights and the tools for self-discovery will only increase. A lucky few have the analytical talent and resources to develop and support an ecosystem designed specifically for non-data specialists to capture, measure, and evaluate all relevant customer data. For most, there is a gap in deliverables – between readily available canned reports and time intensive, analyst generated revelations – that hinders data-driven marketers. This hindrance prevents decision makers and key stakeholders from responding near real-time to innovate, test, or make course corrections for underperforming campaigns – effectively handing competitive advantage to the opponents who address their own insight gaps. Iris Concise - Boston doesn’t believe in insight gaps. Our clients’ success is built in part on our ability to identify and remove these gaps from the playing field. We do this by providing marketing teams the capacity to:
- Measure and generate ROI reporting Assess both business and customer health
- Track media efficiency with attribution modeling and reporting
- Continuously evaluate loyalty program effectiveness
Contact us if you have an insight gap restricting you from flexing your competitive muscles. Reach out to learn more: email@example.com