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customer retention

How Brands can Amplify their Customer Retention Strategies for Gen Z Consumers

Gen Z refers to the group of population who were born in the years ranging from 1995 to 2010. This generation is known to be the true digital natives as they have been exposed to the internet, social networks, and mobile systems from the earliest stages of growing up. Gen Z is projected to account for almost half of the total U.S. consumers by 2020. This means that brands now have a new set of customers to target whose needs and behavior are much different from their predecessors. As this group of consumers are nuanced and highly complex, tried and tested customer retention strategies often fail to win the loyalty of these young and powerful consumers.

The younger generation has become potent influencers for different age and income groups and even play an important role in the way consumers relate to brands. Gen Z consumers tend to value individual expression and avoid labels. They are also believed to make decisions and relate to companies in highly analytical and pragmatic ways. According to experts at Infiniti Research, brands must include the following tactics into their customer retention program in order to win over Gen Z consumer.

The increased access to technology has given young consumers an unprecedented degree of connectivity. For brands, this trend will bring both challenges and equally attractive opportunities. RFP to know how our experts can help you identify market opportunities and build better customer retention strategies.

Customer retention strategies for Gen Z consumers

customer retention strategies

Invest in loyalty programs

One of the most crucial customer retention strategies that forward-thinking brands must consider is to invest in a customer loyalty program. Otherwise, sectors including media, retail, beauty, and CPG are at high risk of losing customers to their competitors. Gen Z is more likely to be loyal to brands that have loyalty programs when compared to millennials.

Be where the customers are

Gen Z is known to be highly active on social media and other digital channels. So, brands must base their customer retention strategies around these platforms. These consumers are also equally active offline. They expect to be able to check the availability of in-store products online and vice versa. These consumers are more likely to research a product before actually making the purchase. By investing in customer retention strategies like loyalty programs, brands can incentivize across different channels.

Formulating customer retention strategies for Gen Z customers is much more complex when compared to millennials or Gen X consumers. Get in touch with us to know how Infiniti’s customer retention solution can help you identify strategies to attract and retain different customer groups.

Rewards for spend and engagement

Creating value by rewarding both spend and engagement is one of the most attractive customer retention strategies that top companies are looking at. Brands must ensure that their reward for spend strategy is frictionless across multiple channels. Such tactics are great customer retention strategies as they not only ensure customer engagement, but they also make things more convenient for customers.

Personalization using data

One of the key imperatives for effective customer loyalty and retention is to gain an in-depth understanding of the customers. To do this they need to continuously gather data about their customers across channels and use this data to identify customer needs and create better marketing strategies. Gen Z consumers are generally more willing to participate in surveys, provide their feedback on a service or a product, and socially connect with brands. Every brand that wants to capture the Gen Z audience must leverage data to offer personalization to customers and drive brand engagement and customer loyalty.

Learn more about Infiniti’s solutions for business

benefits of market segmentation

Tackling Customer Churn and Elevating Sales for a CPG Company – Infiniti Research’s Customer Needs Analysis Engagement

Customer Needs Analysis for a CPG Company

The Canadian consumer packaged goods (CPG) industry is growing exponentially and presents huge opportunities for CPG companies around the globe. Despite this steady growth, convenience and rapidly changing market realities makes it vital for CPG companies to understand customer needs and buying patterns. Also, the increasing market volatility necessitates companies operating in the CPG industry to have an agile operating model that keeps pace with evolving customer needs and demands. This is where CPG companies realize the importance of leveraging customer needs analysis.

Customer needs analysis solutions can help CPG companies to keep pace with their customers’ needs and requirements. Request a FREE brochure to gain more insights into our services portfolio and to know how our customer needs analysis solution can help your business thrive in today’s competitive marketplace.

Business Challenge

The client is a CPG company based out of Canada. The client launched a new product in the market. But, the newly launched product was losing ground to competitive products due to their inability to meet customer needs and demands. Also, the client was facing difficulties in identifying profitable customer segments to promote their product offerings. With this, the company witnessed a decline in their sales rate. Also, the client noted an increase in customer churn rate. The client, therefore, approached Infiniti Research for a solution.

With Infiniti’s customer needs analysis solution, the CPG company wanted to identify their customers’ unmet needs, purchase behaviors, and spending habits. Furthermore, with Infiniti’s customer needs analysis solution, they wanted to better understand product features that would drive consumer purchase and satisfaction.

Solutions Offered and Value Delivered

The experts at Infiniti Research followed a three-phased approach to customer needs analysis. In the initial phase, the experts conducted market research of the Canadian CPG industry to identify unmet needs of the customers’ and understand other purchasing drivers and barriers. The next phase involved conducting internal sales data assessment and customer surveys with the client’s target customers. This phase also included analyzing the vital features of competitive products that drove consumer satisfaction. In the final phase of customer needs analysis approach, the experts segmented the client’s customer group based on their needs and demands.

With Infiniti’s customer needs analysis solution, the client was able to increase their sales and market share by focusing on personalizing their product offerings according to customers’ needs and requirements. Also, by segmenting customers into various categories based on their demands, the client was able to realign their marketing activities and distribution process to meet customer needs.

The client was able to reduce customer churn rate by 11%. Also, the CPG company gained 7.5% retail share in their new product category over the course of two years, generating millions of dollars in revenue.

With customers’ needs and demands changing dynamically, companies often lose track of their changing customer needs. Are you finding it difficult too? Request a FREE proposal to know how our customer needs analysis solutions can help your business to attract new customers and reduce churn rate.

What is customer needs analysis?

Customer needs analysis is defined as the process of identifying the evolving needs and demands of customers relative to a product or service. Customer needs analysis is used in various phases of the business process, including product development, product marketing, customer value analysis, and customer segmentation approaches. For businesses to be good at marketing, it becomes imperative to understand and satisfy important needs of customers in relation to their products and services. By doing so, companies can increase sales conversion and customer satisfaction.

Customer need analysis methods

The radical shift of consumerism in the CPG industry demands CPG companies to understand the needs and demands of customers to gain a competitive edge in the market. Wondering where to start? Our customer needs analysis solution can help. CONTACT US to leverage our customer needs analysis solution.

customer retention strategies

Supercharging Your E-Commerce Business with Proven Customer Retention Strategies

Customers are the lifelines of business, irrespective of whether it is a brick and mortar store or an ecommerce business. According to industry experts at Infiniti Research, more than half of a company’s future revenue will come from approximately 20% of their existing customers. Furthermore, it is always wiser to lay greater emphasis on using customer retention strategies to retain existing customers, as attracting new customers could cost a company five times more. In the absence of strong customer retention strategies, companies will struggle to establish a strong customer base, eventually causing profits to tumble. By implementing customer retention techniques for online and in-store platforms, businesses can effectively encourage customers to keep coming back for more, by creating positive, personalized, and innovative experiences.

How to retain customers: 4 proven customer retention strategies

Launch win-back campaigns

Win-back campaigns involve contacting customers from whom you haven’t heard from in a while. This is an attempt made to win back these customers using highly targeted campaigns. This is one of the most popular customer retention strategies among several old-school direct response marketers. Timing is a crucial factor in the effectiveness of such customer retention strategies. E-commerce companies must try to win back customers as early as possible by offering attractive rewards and discounts. In order to get the timing right, it is essential to understand the frequency of purchase of the buyers. If on an average, customers order every 2 months, then it would be beneficial to implement a win-back campaign around the 60-day mark.

Before formulating your customer retention strategies, it’s critical to first and foremost understand who your customers are, and which of their actions matter to your site. Request a free proposal to know how our customer intelligence solution can help you identify your target customers.

Loyalty programs

The primary idea behind a loyalty program is simple, reward your customers for frequent purchases. Customer retention strategies like giving out loyalty points is highly effective and is commonly used by several successful companies. E-commerce companies can also benefit from such customer retention strategies. Although implementing a loyalty program does not guarantee increased sales, but when combined with a competitive product and great customer service it can play a key role in increasing sales and improving customer retention. Furthermore, it may be difficult to attract new customers into the loyalty category. However, offering some surprise loyalty points with their first purchase can one of the effective customer retention strategies to ensure repeat purchases. Get more info on how our solutions help you build customer relationships and promote customer loyalty.

Subscription-based business model

Many e-commerce companies are known to resist the subscription-based business model. But before dismissing the idea completely, companies must consider the fact that if a person has been buying the same supplement every month for several years, giving them the opportunity to save time and money by subscribing to regular delivery would turn out to be favorable. If they are able to pull this off, it means that the business would gain the benefit of recurring monthly revenue. When coupled with great customer services, customer retention strategies like monthly subscription guarantees a boost in the overall sales performance.

Every company wants revenue growth. But it is more important to achieve profitable revenue growth! That means minimizing churn and maximizing customer retention. The challenge is that customer retention strategies are not long-term, sustainable strategies. The better long-term, sustainable strategy is finding ways to make customers want to stay loyal to the brand. The million dollar question is: How do you make them want to stay? Request a free brochure to know how our customer intelligence solutions can help you find the answer.

Paid memberships

Offering additional perks through a paid membership is another highly successful customer retention strategy that is not only an additional revenue generating source for companies but also promotes customer loyalty. Take the example of Amazon prime which has been highly successful in getting customers to sign up to their membership program by offering exclusive benefits and discounts to members all year round. However, not every ecommerce company can be successful in implementing this model. To start off, they must have a loyal customer base and also serious thought and planning to implement it. If successful, paid memberships will reward loyal customers and increase their level of commitment to the business. Moreover, paying the small fee will give them yet another reason to come back and purchase from the company.

Get in touch with our industry experts and uncover new market trends and solutions to drive business growth.

Weekly Round-up: A Storyboard on the Benefits of Customer Intelligence Solutions

 

LONDON: Infiniti Research, a leading customer intelligence solutions provider, has announced the completion of their downloadable resources series on the benefits of customer intelligence solutions. These free resources, which are available for free download, provide comprehensive insights into how organizations can better engage with customers and optimize the customer journey with the help of customer intelligence solutions.

The era of customer empowerment demands new tools to learn what customers want. In order to compete today, companies must look beyond data, using customer intelligence to arrive at actionable business insight. So, organizations are turning to customer intelligence to better understand their customers, drive sales, and optimize the customer journey. Infiniti’s customer intelligence solutions make it easy for businesses to indulge in strategic decision-making, enhance their brand strategy, and improve customer experience.

Ever wondered why you should spend time and resources enhancing customer experience? Well, most successful companies leverage customer insights to outpace the global competition. Learn more about Infiniti’s business intelligence solution.

#1: Tapping into Market Opportunities with Customer Intelligence: Understanding customers’ needs and preferences have become an important factor in determining business success. Today, many businesses offer products and services that are very similar in terms of features, quality, and price.  Have you ever wondered why some companies succeed while others fail?, This is primarily because, in this completely digitalized world, businesses are defined by what the customers say about their brand. Therefore, building a strong relationship with customers is imperative for organizations. Download our FREE resource to know why customer intelligence is inevitable for your business.

#2: Driving Business Value Through Customer Intelligence: No matter where your company currently stands, there are three fundamental steps that drive business success – knowing the customers, developing strategic insights, and acting on the developed insights. Customer intelligence can help organizations find new market trends along with new avenues and tools for customer relationship management. Download our FREE supplement to find out the key steps to master customer intelligence.

Most companies often find difficulties in understanding their customers' needs and preferences. Are you finding it challenging too?

Our solutions have helped companies enhance customer experience. Request a FREE proposal.

#3: How to Master Customer Intelligence and Drive Business Growth – A 5-Step Guide: Successful customer relationships are based on listening, appreciating, and acting upon customers’ needs and preferences. But gathering target customer data and conducting customer satisfaction surveys don’t help always. This is where customer intelligence comes into play. This is the process of segmenting customers according to their needs and preferences and taking initiatives to target individual customer groups based on their needs. This 5-step guide will help you build customer loyalty, gain a competitive advantage in the market, and improve bottom-line result.

We help organizations to identify the most profitable customer segments, measure the effectiveness of a marketing campaign, assess changes in customer expectations, and devise value maximization strategies to enhance their shares.

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