People typically go through a journey before purchasing a product or service, which may include several stages. They become passively aware of options, actively do research, talk with friends and family members, evaluate their options, and then visit retailers or shop online. After the purchase, they engage with the product or service. Eventually, they may repeat the purchase again.
When analytics is done in a silo, the breadth and depth of the analysis will be constrained to the experience and expertise within that silo.
We find that organizations get more effective answers when working collaboratively as part of a team. Some improvisation is required to define business questions more broadly and integrate a wider range of data and insights from across multiple disciplines.
A surging competitor is dropping their prices by 20 percent. Distribution is dropping as a key retailer is closing stores across markets. A flood of new advertising tactics are becoming available. Which of these market changes should I respond to? How should I respond to them? How will they impact my business?
Customer analytics is an expanding field as more and more data becomes available to organizations on what their consumers are buying, watching, reading, posting, and saying about brands, products, and services.