Response Modeling Techniques: Paving the Way for Predictive Marketing

Data analytics techniques have undergone dramatic advancements in recent years. This has significantly increased the value of advanced analytics techniques as strategic tools for businesses to achieve desired results. Therefore, companies across industries have started harnessing the power of advanced data analytics techniques to devise strong marketing strategies and boost profitability. The response modeling approach is one such technique that has helped companies to use the information they have mined over the past decade to make data-driven decisions.. Today enterprises leveraging this technology have a wealth of unique information, that in turn, is helping them to become “customer-centric” organizations and gain competitive advantage. Response modeling has the potential to help businesses tap into their customer data and offer useful insights for strategic and tactical marketing decisions.

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How can an effective response modeling framework help in predicting customer behavior?

Response modeling approach helps businesses to take into account the interaction of different data elements and identify the people on a list who are most likely to take the desired action. Also, response modeling approach assists companies in predicting certain type of customer purchasing behavior and the likelihood of churn. As a result, companies can optimize their marketing strategies such as email send frequency, sales staff time, and discounts.

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Using advanced analytics techniques like response modeling, organizations can predict customer buying patterns, prevent fraud and make crucial business decisions. With insightful statistics and advanced data analysis techniques, companies are starting to develop methodologies to make scientific, data-driven predictions as to what their customers are likely to do in the next buying season. Furthermore, response modeling helps in developing an analytical framework that can help to forecast the impact of a change in market strategy or the launch of a new product or service that is closely related to demographic biases of customers.

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Quantzig’s Advantage

Quantzig’s response modeling capabilities help companies to develop proactive targeting frameworks to understand customer responses to individual tactics, an order of exposure and both combined. At Quantzig, we understand the difference a robust response modelling approach can bring to your business. Our solutions help you identify the right tactic, order and frequency to target the customers to maximize returns. By leveraging analytics solutions, businesses can gain end to end visibility into their customer’s journey and identify the right opportunities to boost sales.

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Customer Segmentation Analytics Helped a Major Telco to Tap into Distinctive Customer Segments to Boost Loyalty and Sales

A European telecom giant which offers a full range of telecom services wanted to boost ROI and drive sales across regions by improving its visibility among loyal customers. To do so, the telecom giant decided to target the most profitable customer segments through promotional campaigns. Having failed to achieve the desired results through promotional campaigns, they approached Quantzig to leverage its expertise in customer segmentation analytics to better understand and prioritize customers based on their value.

The Business Challenge

With rapid advancements in technology changing the telecom landscape, players in this sector are poised to witness increasingly tough times. In fact, the telecom industry is set to face major digital disruptions over the next few years, making it crucial for businesses to reimagine their business models, rebuild a market position, and offer innovative solutions to its customers. Though several opportunities can be unearthed using customer segmentation analytics businesses are not well equipped to identify and capitalize on such opportunities.

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With the growing competition, the telecom major was seeking to improve its churn rate and customer loyalty. To achieve this they decided to examine the customer segments in order to identify and target the high-potential customer groups. By challenging the existing customer segmentation structure, the telecom major wanted to sharpen its customer segmentation analytics capabilities by raising the following questions regarding the benefits of leveraging customer segmentation analytics:

• Do the existing customer segmentation strategies need to be revamped?
• Do the existing customer segments need restructuring?
• Are there hidden business opportunities within untapped customer segments?

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Solutions Offered and Value Delivered

To help the client address their challenges Quantzig developed a comprehensive customer segmentation analytics framework to help them improvise their customer segmentation strategies and target new users through personalized marketing campaigns. We also leveraged propensity modeling techniques and robust statistical tools to glean comprehensive insights into various customer segments. As a result, there was a major improvement in the response for the personalized campaigns and the client achieved a 60% increase in customer loyalty when compared to the previous year.

The customer segmentation analytics solutions also helped the client to:

Redesign their customer segmentation approach from demographic segmentation to customer needs-based segmentation
Tighten characteristics of the existing customer segments
Recognize new, distinctive customer groups

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What is customer segmentation analytics?

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Behavioral Segmentation: A Five-Minute Guide to go from Novice to An Expert

What is behavioral segmentation?

Behavioral segmentation is defined as the process of dividing the total market into smaller homogeneous groups based on customer buying behavior. This approach of market segmentation focuses more on the distinct actions of customers with regard to the product or service and less on the identity of customers. Behavioral segmentation allows you to categorize your existing and potential customers into smaller segments based on their purchase behavior. The main objective of behavioral segmentation is to identify niches and address their needs that are believed to be similar. This helps marketers to develop marketing strategies for every individual segment and create products to cater to their needs.

Market segmentation can help you analyze various customer groups and gain a competitive edge. Get in touch with our experts to know more.

Why is behavioral segmentation important?

With the competition getting fierce every day, companies are striving to win dynamic markets by designing and producing personalized products to serve the needs of their customers. Every consumer is unique, and this uniqueness is somehow based on their backgrounds and needs. This is the reason why they develop different habits in terms of buying specific products. Therefore, it becomes important for companies to aim at serving their customers based on their buying behaviors. This is where behavioral segmentation comes into the picture. One of the most important reasons why behavioral segmentation is important is because different individuals have different preferences and with this approach, businesses can yield higher profits than approaching different groups with the same marketing strategy.

BEHAVIORAL SEGMENTATION

Behavioral segmentation methods

Purchasing Behavior

This is one of the best behavioral segmentation methods that help to identify trends in customers behavior during the process of purchase decision-making. Analyzing the purchasing behavior of the customers can help in understanding how different individual approach the purchase decision, the barriers they face in the purchasing process. Also, by analyzing these entities and the relation between them, businesses can determine the moments in which customers are most likely to make a purchase.

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Occasion or Timing

Based on timings and occasions, the propensity of consumers to make purchases fluctuates. There are many customers who buy on specific occasions while there are others who buy on regular personal occasions and then there are a few who buy on rare personal occasions. Understanding when a group of similar customers is highly likely to make a purchase can help companies tailor their offers and maximize their profits. Also, it is considered to be one of the most beneficial behavioral segmentation strategies for businesses in terms of gaining customer loyalty.

Usage Rate

It is very important for businesses to know how often a customer uses your product or service. This can help companies in tailoring marketing initiatives and offer every individual a personalized customer experience. With the help of this behavioral segmentation method, businesses can easily identify their most reliable customers who provide them with a bulk of consumer-generated revenue. Also, it can help in targeting such customers who make purchases regularly but not at frequent intervals. This component of behavioral segmentation also helps in identifying customers who don’t make purchases unless some discounts are offered by the company.

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