Creating customer centric marketing strategy
An electrical components reseller wanted to improve its marketing efforts by incorporating customer behavior insights and creating a customer centric marketing strategy.
High competition in the market required greater customer focus The client was facing new competitive challenges in its market which mandated a shift in business focus. The client wanted to adopt a more customer centric approach to their marketing practices, and was looking to understand customer behavior, to drive strategic decision making and create customer-focused marketing strategy.
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Market basket analysis to create product bundles and pricing We consolidated the vast amounts of customer demographic, transaction and interaction data on a single platform. We conducted support, confidence and lift analysis on each purchase and transaction to create a customer value model. This was followed by predictive analysis and affinity analysis to create most profitable product bundles and price strategies for the customers that increased their purchase propensity.
Improved customer retention with USD 66 million revenue increase The client was able to understand customer purchase patterns and predict future behavior and improve customer acquisition, retention, and growth. This helped in generating USD 66 million in revenue.