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Predicting Consumer Behavior with Data Analytics

PREDICTING CONSUMER BEHAVIOR WITH DATA ANALYTICS 20% wns TOP REASONS TO ANALYZE CUSTOMER BEHAVIOR O Gain insight : Segmenting customer database with cluster analysis to identify consumer segments Attract and engage: Targeting the segment of customers with right offers by analyzing historical purchases and profiles Improve retention: It enables companies to calculate customer value and put proactive retention approach to retain customers Why customer behavior analytics has become a vital tool for ensuring marketing success? The number of online shoppers in US are projected to reach 224 million in 2019 (Statista 2017) M-commerce will reach $284 billion by 2020 (BI Intelligence) Excerpts from the studies on consumer behavior by KPMG reveals the following: ONLINE SHOPPERS' BEHAVIOR: 42% 21% 16% 14% Researching about products Reading expert & user reviews Price comparison sites Searching discount coupons SITES WHERE CONSUMERS SHARED FEEDBACK (%) 17% WhatsApp 12% 47% Instagram 9% 3% Seller's website 31% Twitter Facebook 11% Pinterest 18% 4% WeChat 9% Youtube Manufacturer or brand website 11% Blogs 18% 3% Online forum Others Snapchat THE PATH TO PURCHASE JOURNEY: Awareness Triggers and Influencers Consideration Product and Company Research Conversion Where and When to Buy E Evaluation Experience and Feedback MODELS OF CONSUMER BUYING BEHAVIOR PROCESS: Economic model Learning model Psychoanalytical model A Sociological model MAJOR TYPES OF PREDICTIVE MODELING RFM MODEL Recency Customers who have spent money on a product or service in the recent past are more likely than others to spend again Frequency Customers who spend their money repeatedly on a business are more likely than others to spend again Monetary Customers who have spent the most money at a business are more likely than others to spend again BLACK-BOX MODEL External stimulus response - factors leading the customer to make buying decisions: 00 Environmental stimuli Economics, Technology, Culture Marketing stimuli Product, Price, Promotion PERSONAL VARIABLE MODEL Consumers make decisions based on internal factors. Personal opinions, belief systems, values, traditions and goals Complex Model This model considers both internal and external variables Contemporary Models: Nicosia model Howard-Sheth Bettman EBK model Markov model STATISTICAL ANALYSIS AND MARKET RESEARCH TOOLS: Conjoint analysis 4 V Hypothesis Testing V Tests for statistical significance V ANOVA: The analysis of variance HY Discriminant analysis Efficiently integrating customer behavior data into marketing strategies help companies / brands improve their approach towards attracting and winning the diverse and dynamic customer segments and retaining V Factor analysis 712 A9 v Cluster analysis Multiple regression analysis them online. RESOURCE di tdwi КРМG www.dotcominfoway.com www.facebook.com/DotComInfoway aptimove www.twitter.com/dotcominfoway tutorialspoint center www.linkedin.com/company/dotcominfoway

Predicting Consumer Behavior with Data Analytics

shared by dotcominfoway on Mar 27
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The easy-to-understand infographic explains why it is important to analyze customer behavior. And with engaging charts and graphics, it lists online shopping behavior of an average online buyer along ...

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