Prediction Based Marketing
What got you here will not get you there…. Unknown
Any Strategic Marketing Program need to be designed to help you address your analytics challenges by laying out a blueprinted path and accelerating you along your analytics journey. A successful program lays out blueprints across specific domain and vertical challenges, including customer analytics, customer experience (CX) and voice of the customer (VOC). Based on real-world engagements and developed by capable data scientists, subject matter experts, and lead by innovative executives, the blueprints are:
Many customer analytics initiatives start with segmentation, and rightly so. A regional bank CMO needed to get better understanding of their client base, so he could compete by better targeting their customers. Working closely with the Bank team, our scientists delivered data driven segmentation and audience messaging that was critical in the team’s ability to achieve their quarterly goals. Anova also helped set the foundation for advanced strategies to increase customer engagement, and give the bank a clear competitive advantage in their local market.
Who is your real customer? A telecom client wanted to build a deeper knowledge to improve their CSAT score. We analyzed their customers and prospects in real time – including their sales volumes, social media activity, complaints, service levels, and much more. Through this continuous analysis, our Profiling Roadmap directed executives to refine their customer personas and adjust their marketing strategies. This allowed sales staff to create better messaging and promotions in each territory. Armed with region specific personalized messages and value-adding insights, quarterly sales and customer retention easily exceeded goals.
In competitive markets, successful campaigns are required to gain a competitive edge. A telecon executive wanted to differentiate his campaign in a crowded market and capture more wallet share. Using sophisticated Machine Learning, our Campaign Optimization Blueprint helped him deploy effective, innovative, highly personalized campaigns through deep analysis. Whether running a campaign to raise awareness, sell new product, or increase sales, he deploys successful campaigns quick and adapt as needed.
NEXT BEST ACTION:
Our fast-growing consumer products Sales Executive needed to maximize long-term customer value by not only predicting what a customer will do next, but influencing that action as well. The challenge was to incorporate huge quantities of data, powerful analytics, and near real-time personalized and timely recommendations to address specific customer needs and wants. Our NBA solution took the guess work out of the sales team planning. The client now has added visibility into daily activities of their sales regions, and managers can more accurately forecasted quarterly results. Now managers can mobilize marketing and sales teams as one coordinated powerhouse driving the company’s performance to meet and exceed their sales goals every time.
CLIENT LIFETIME VALUE
Not all customers are created equal. We helped a financial executive refine his marketing strategy and the bank’s competitive advantage. Anova’s CLV Blueprint enabled him to measure and maximize current and forecasted customer value across many products, segments, and time periods. Armed with these insights, the client implemented innovative programs to retain their best customers, and provide the financial institution with a distinct competitive business advantage. Coupled with segmentation, enriched the understanding of local markets and focused its strategies to untapped new customer segments.
MARKET BASKET ANALYSIS
A regional retailer wanted to gain a better understanding of their customer’s purchasing preferences. The retailer didn’t know which products customers typically purchased together or at what frequency were those products purchased together.
With Anova’s market basket analysis, the retailer was able to create a shelf optimization plan that identified the highest performing product groups. They were also able increase sales on products that have traditionally lagged. The discovery of buying patterns and quantification of shopper and receipt characteristics on the bottom line are fed to marketing to create targeted promotions with greater impact levels. The resulting outcomes were transformational customer experience and an incremental business value in their market, leading them to reconsider new products they initially dismissed without second look.
One of our Telecom clients had customer churn rates as high as 30 percent per year in some of their markets, and they were losing customers at a higher than expected rate. Our team delivered a Churn Prediction model that enable them to better understand their customers’ behavior. The model also helped them predict churn and identify churn reasons. The churn analysis and prediction model helped identify customers that were most likely to jump ship and flagged those customers to receive ‘stay-with-us’ offers. This effort combined with CLV in profiling, enable the telecom to stay ahead of the competition, anticipating customer churn using customer behavior indicators and trend detection. Overall, they achieve higher returns in their customer retention offers, and reduce customer churn.
PRODUCT LIFECYCLE MANAGEMENT
A telecom client was building a new software designed to serve millions of new clients, and shed calls away from the call center. The development team needed advanced analytics to manage the clients flows and interactions with the software, drive features, workflows, bottlenecks, drop-offs, and successful resolutions. Our solution delivered specific actionable statistics that guided the continuous improvement of that software. We helped the client save tens of millions of dollars of call center costs, and tripled the self-serve customer volume. Customer’s get the timely service they need, while the client enjoys higher customer retention with a lower administrative cost.