Business Challenge: Lacking clarity on customer behavior and buying preferences
A leading consumer products manufacturer wanted us to analyze customer behavior and buying preferences specific to its categories.
Situation: Reduction in sales volumes
The client was facing issues with dropping sales and was not able to ascertain how they can influence customers. They wanted us to analyze and predict the future buying patterns and identify consumers that can be targeted and influenced.
Solution/Approach: Correlation and regression modeling of customer data to predict future customer behavior
We used highly structured surveys and questionnaires to gather customer data and analyzed the collected data to evaluate purchase patterns and preferences. We conducted an ethnographic study for environments in which participants live, work or spend their spare time. Correlation and regression modeling was done on the qualitative and quantitative data along with CRM data to predict future behavior and buying patterns.
Impact: Improved ROI from spend on marketing activities
Client gained visibility on the factors that influenced consumer buying behavior for their brand. A statistical model was built which enabled the client to analyze and predict the customer behavior and future buying patterns of various customer segments and target the right customer segments for immediate impact on sales.