Tag: customer profiling

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An Introduction to Customer Need Analysis

customer need analysis

What is customer need analysis?

Customer need analysis is concerned with identifying the product/service requirements of the target customers. Customer analysis in marketing is used in an array of brand and product management context including product development, concept development, customer value analysis, and means-end analysis. The ultimate goal of this engagement is to understand customer needs and their position in the overall market. Apart from being a business development tool, customer needs analysis is a valuable analytical technique to gauge better marketability of a product or service.

Why customer need analysis matter

Most successful businesses today take steps to meet customer needs at the earliest. For the modern marketer, taking strides to ensure that the customers’ needs are met will help align with other internal teams at your organization including the sales team, customer support team, and the product team. With the whole organization operating under a cyclical process of undertaking customer need analysis, companies will see results in no time.

Customer need analysis methods

Innovation and effective marketing come from using customer need analysis tools to uncover the unmet needs of target customers and acting upon them to provide better experiences to the customers. Infiniti Research reveals some of the common methods that can be used for customer need analysis:

Start with existing data

It is most likely for companies to have data that has already been collated for several other business processes. The data can include customer interviews, past surveys, and customer-support call logs. This data must be reviewed as a part of customer need analysis to track the unmet needs of customers. This is a more feasible option for companies rather than spending big bucks on an extensive research campaign.

Connect with stakeholders

Interviewing stakeholders can provide collective information that is cost-free. Sales and support teams can be considered for this. They often have a list of bug reports, feature requests, and enhancement ideas that they would have collected directly from the customers. These can be combined to generate a preliminary list of requirements.

Map the customer process

For companies who want to gain customer insights on the difficulties in undertaking a particular purchase process, it is essential to first map a particular customer process in a step-by-step fashion. This helps companies build newer and better ways to simplyfy the processes for customers.

 Map the customer journey

Mapping customer journey is a great way of undertaking the customer need analysis. It is a visualization of processes that a customer encounters with a product or service. It includes multiple phases and touchpoints from the prospect of a loyal customer. This easily helps companies identify the points of friction and opportunities of improvement.

Analyze competition

Knowing what your competitors are doing will help evaluate where you stand in the market and identify gaps in your offerings. An effective SWOT analysis will also give companies a fair idea of their strengths, weaknesses, opportunities, and threats. SWOT analysis can be carried out for a brand, product, or even an experience. Also, it is essential to define competition both narrowly and broadly, and not just companies in the same industry but also similar companies in other industries.

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Analyze cause-effect relationship

Sometimes, thinking about the flip side of a situation will help solve problems with ease. Business problems can be identified through surveys, observations, and other data sources which can help pin-point other root cause problems. This ensures better customer need analysis and helps in addressing root-cause problems, thereby enhancing user experience.

 

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The Quintessential Guide to Measuring Customer Satisfaction

Measuring customer satisfaction is all about gauging the degree to which the product or service offerings of a company meets or exceeds customer expectations. A customer satisfaction survey highlights the aspects of the products, services, or operational processes that are leaving their customers less than satisfied. Customer satisfaction survey is a great tool for measuring customer satisfaction and loyalty. Moreover, customer satisfaction is integral to business as satisfied customers stay loyal to the brand, buy more, and promotes their experience through word-of-mouth. Several studies show that the cost of retaining an existing customer is only one-tenth of acquiring a new one. So, once you win a customer, it is vital to keep them hooked on to your brand.

How to measure customer satisfaction 

One of the key objectives of business is to create happy and loyal customers. However, measuring customer satisfaction often proves to be more difficult than measuring revenue streams or website visitors. In this blog, Infiniti Research explores some excellent metrics and methods of measuring customer satisfaction.

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6 Tips to Effectively Kick-start Customer Journey Mapping

What is customer journey mapping? 

Customer journey mapping is now one of the most favorite tools for businesses to visualize their customer’s experience. Customer journey mapping helps companies view their business from a customer’s point of view. In other terms, customer journey mapping can be defined as an illustration that details all of the touchpoints at the organization that a customer comes into contact with as he/she attempts to achieve a goal and the emotions and experiences that they encounter during that journey. Customer journey mapping is a great way to identify the common customer pain points, ways to improve the customer experience and define what customers, and prospective customers, need in order to complete a purchase.

Tips for customer journey mapping

customer journey mappingIdentify the right customer touchpoints

One of the most fundamental steps in customer journey mapping is to identify the touchpoints through which the customers interact with the organization. It is vital to identify both the minor as well as the major touch points. Let’s take the example of a car showroom, the minor touchpoints here are the customer walking around the lot prior to being greeted by a salesperson or when the car is delivered to the customer after the sale is complete. Major touchpoints here include taking a test drive or sitting down at the salesperson’s desk to negotiate the final deal. An ideal customer journey map must include every touchpoint from the marketing phase to post-sale follow up surveys.

Distinguish onstage and offstage factors

Onstage refers to those factors that are visible to the customer, whereas offstage refers to the activities that go behind the scene. Customer interactions with the salesperson is an action that occurs onstage, however, the billing procedure can be considered as offstage. The offstage actions often have an impact on the onstage experience of the customers. It is vital to distinguish offstage actions from those that are onstage or customer-facing, this will help separate the customer’s actual experience from the operations that support it.

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3 Simple Steps to Build an Ideal Customer Profile Template

Do you ever wonder why you are chasing Contact USunproductive leads? If yes, then the answer lies not in any training or mystic arts, but in some guidelines that you need to focus to target the right audience. Accuracy in targeting can be achieved by developing an ideal customer profile. A customer profile template is an archetypal representation of a customer. Today, customer profile analysis has become a very crucial tool for b2b marketing professionals to drive engagements with customers. Analysis through a customer profile template can help establish a human connection with customers as it portrays who they are and what factors influence their buying decisions. Developing a customer profile template helps organizations to concentrate on creating and communicating value by drawing a clear picture of how customers seek solutions. It helps in bringing the voice of the customer to the front and center. This template can also be employed for marketing, sales enablement, and product planning activities. By keeping such advantages in mind, we at Infiniti, have derived a few simple steps to design an ideal customer profile template.  (more…)

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Mastering Customer Intelligence – Because Customer is the King

The days of companies holding a monopoly over product and pricing decisions have long gone. Companies are no longer at the helm of deciding what’s best for the customers. Customers have become increasingly demanding and are very fast in dishing out their dissatisfaction on social media. Brands have never been so fragile this way, so it isIR_Brochure important that they take their customers seriously and work towards creating a positive customer experience. Brands have also resorted to using customer intelligence to understand the customer and create a positive experience to drive profitability.

Here are some of the tips to master customer intelligence:

Collect Feedback over Multiple Channels

Mastering customer intelligence requires a genuine knowledge of important issues and trends coming from the customers. It requires a scientific approach to surveys, questionnaires, measurements, and progress reports. It is important to collect both qualitative and quantitative data including channels such as open-ended surveys, phone calls, social media, and emails to gain valuable insights to improve customer satisfaction.

Simplify Data Collection

Customer intelligence tools can collect a broad range of qualitative and quantitative data. If the data sets are not simplified, then it could hamper the process of deriving insights. Also, the collected data should be given appropriate weightage as per the Recency, Frequency, and Monetary (RFM) model. This will help define what customers are doing now and what they will do in the future.

Real-Time Monitoring of Customer Experience

In recent times, it has been observed that any bad experience relating to a brand can quickly spread like wildfire. The customer intelligence tool should be able to monitor customer experience in real-time so that it can send out an alert in case of negative customer experiences. This way companies can act by identifying the root cause, assigning teams, and monitoring results to enhance customer experience.

Incorporate Customer Feedback

Customers are more likely than ever to give feedbacks. Such feedbacks are valuable to the company as they can help in making the product better. However, not all customer feedback can be incorporated as customers want the best in all aspects. So, it is important that the brand filters out these feedbacks and implements the ones likely to improve both customer satisfaction and profitability.

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Market Segmentation Analysis: Leveraging Effective Segmentation Strategies to Carve a New Market

In today’s competitive business environment, businesses are targeting new ventures to improve their competitiveness and profitability. To deal with the high level of market competition and benchmark their product portfolios, organizations have started targeting customers by offering innovative products and services. On the contrary, offering extraordinary products and solutions to limited customers is like owning a business with no initial capital investments. To effectively sustain themselves in the competitive market, businesses should focus on identifying the market segments and needs and wants of different market segments. Market segmentation analysis allows organizations to discover new segments, market niches and business opportunities, and new ways of positioning their products. Moreover, by effectively analyzing market segments, companies will be able to tailor their marketing mix based on homogenous audience requirements.

Infiniti’s market segmentation analysis assists the client to identify the parameters for positioning their portfolios in the market in terms of demography, psychographics, and research. The demography allows the client to position their products considering their target audience, including the age, gender, race, location, and education background.

The Business ChallengeIR_Brochure

A global digital camera manufacturer was looking to increase their reach across different channels and wanted to devise effective strategies to carve a new market segment. A significant rise in the number of smartphones with better quality cameras has negatively impacted the growth of the digital camera market globally since most consumers prefer using smartphones as an alternative to a digital camera. The primary objective of this market segmentation study was to develop a niche market focusing on the younger demographic.

Our Approach

To appeal to the younger demographic and raise awareness about kid’s photography, the client approach Infiniti’s market segmentation experts to derive better insights about the market space. The market segmentation experts also carried out a market analysis by taking into account the opinion of key bloggers and online advertisers. Also, the experts carried out contests and the updates were further synced with Facebook to increase traction. In addition, the market experts curated innovative ideas pertaining to photography related content to increase revisits.

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Market Segmentation Analysis Solutions Benefits

  • Targeted middle-income families to bring the brand closer to the target audience
  • Conducted workshops and photography courses to prove the younger demographics’ interest in photography
  • Create a culture of kids photography
  • Build engagement with the new target segment

The Result

After comprehensive campaigning and workshops, Infiniti’s market segmentation analysis solution helped the client gain traction in terms of the number of new visitors and returning visitors. The campaign also witnessed a surge of 40% in market shares as compared to the last year.

A must-read market segmentation case study for strategy experts and decision makers looking to develop an an understanding of the key market segments.

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Leveraging Customer Intelligence to Optimize Customer Value for an Online Direct Marketer

Today, large organizations across the globe are struggling to seek the answer to the three fundamental questions: who are the customers they are dealing with, their needs, and the reason why they need it. To meet the rising consumer expectations, most businesses are becoming customer-centric. The ruthless environment is also forcing the businesses to find effective ways to attract new customers, maximize the value for each customer, and retain the most profitable ones. However, to deal with such a competitive environment, businesses are devising robust customer intelligence solutions to understand their consumers better than their competitors. A customer intelligence study involves the assessment of customer behavior, which in creating informed, personalized, and insightful customer interactions. In addition, the study assists organizations to understand the customers’ profitability with special emphasis on customer expectations and preferences.

Infiniti’s customer intelligence solution helps the client understand their customers and design an effective marketing strategy. Moreover, our solution helps clients identify the best customers, lapsing customers, and how promotions impact customer purchase trends. Infiniti’s customer intelligence practice also helps business leaders uncover potential opportunities to increase customer value.IR_Brochure

The Business Challenges

Like all other marketing firms, a leading online direct marketer was facing challenges understanding the market and its customers’ behavior. The high-cost associated with acquiring new customers compelled the client to leverage customer intelligence to gain insights on marketing, credit, product, and customer data. The client also wanted to maximize the existing customers’ lifetime value and optimize their marketing spend for greater efficiency and profitability.

The Journey

To effectively convert customer intelligence into productivity, Infiniti’s customer intelligence experts devised a robust strategy with the help of advanced statistical techniques such as data mining and challenger performance testing. Moreover, the experts also worked simultaneously with valuable customers to predict their future behavior and deploy tested customer-oriented strategies.

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Customer Intelligence Solution Benefits:

  • Minimize the noise caused by cross-contamination of customer segments
  • Identify promotions to offer customers through the appropriate channel
  • Devise actionable strategies for effective customer retention and reactivation management
  • Apply customer profile techniques and insights to identify predicted response rates
  • Leverage credit bureau attributes, discovering patterns, and correlations of the data to generate holistic view of its existing customers
  • Enable challenger performance testing to measure the logic of new strategies against the prevailing ones

The Result

With the help of our customer intelligence solution, the client was able to deliver proven, effective customer oriented strategies, which enabled them to make the right offer to the right customer at the right time. In addition, with the combination of customer intelligence with advanced statistical techniques, the client demonstrated a better return on investment within a stipulated time frame.

A must-read customer intelligence case study for strategy experts and decision makers looking to develop an effective market entry strategy for the marketing landscape .
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Customer Intelligence Study Assists an Automotive Parts Supplier to Understand Customer Behavior

With a wide array of options manifested in the form of choices, customers of today are more demanding and less loyal. The contribution of technology has further influenced the customer into being more rational and well-informed – where they look for the value of the products rather than the brand associated with it. The recent study on customer intelligence highlights the fact that the lack of loyalty is the utmost concern for leading retailers. Consequently, to associate with their customers’ choice and preferences, reputed organizations have started investing highly in customer intelligence solutions to engage with their consumers. Customer intelligence mainly involves the study of so called “fast and furious customers” and their behavior patterns to make effective and intelligent business decisions.

Infiniti’s customer intelligence solution delivers a holistic overview to the client by analyzing customers’ buying behavior, web activity, and social media presence. Also, the customer intelligence solution focuses on building a robust customer engagement strategy while creating long-lasting relationships. Infiniti’s effective solutions also assist clients in leveraging the use of robust market assessment tools to gauge customer information.

The Business ChallengeIR_Brochure

Just like any other automotive supplier that employes a considerable number of employees, the company was facing challenges understanding customer behavior and looked to leverage customer intelligence solutions to organize and gather data in more efficient ways.

Through this customer intelligence study, the client wanted to understand the visitor’s behavior, marketing effectiveness, and product differentiation strategies. Since there were no possible ways that the supplier could understand the market for specific products, the supplier had to analyze the behavior patterns of the automotive products and their preferences over preferred choices.

The Journey

To gain a deeper understanding of customers’ behavior patterns, Infiniti’s team of analysts decided to craft a customer intelligence dashboard with intuitive information on client’s different preferences. This dashboard also collated data across different dimensions such as transaction data, clickstream data from google analytics, and website behavior data and generated meaningful insights into customers’ buying patterns.

Automotive parts supplier

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Customer Intelligence Solution Benefits

  • Gained comprehensive insights on the client’s buying patterns
  • The dashboard provided insights on the individual performance of brands
  • Assessed the customer journey tracking from the initial browsing stage to the on-sight stage
  • Gained a consolidated view of the stakeholders’ performance metrics

The Results

With the help of Infiniti’s effective solutions, the client was able to create a robust customer engagement strategy based on customer insights. Also, by integrating information gathered from different sources, the client was able to analyze individual customers’ likes and dislikes, predict customer behavior, and deliver tailored actions across channels. Moreover, the customer intelligence solution also allowed the automotive client to target the right potential customers at the right time.

A must-read customer intelligence case study for strategy experts and decision makers looking to develop an effective market entry strategy for the automotive landscape.
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Customer Profiling Study Enables a Money Transfer Company to Develop Better Marketing Strategies

For the sustenance of every organization, creating an effective marketing strategy becomes essential. Before marketing the products to the target audience, it is vital to understand the potential customers and their similarities. Customer profiling is a process of describing a customer categorically for marketing and advertising purposes. Furthermore, it has also been noted that targeting advertisements to a specific market segment can help companies and marketers enhance their product reach and increase profits.capture

To effectively target the ideal customers, it is essential to categorize customers based on their preference, lifestyle, stage of life, attributes, and traits. Moreover, the customers can also be classified in terms of demographics, socioeconomic status, and product portfolio. With years of experience in carrying out effective customer profiling studies for various Fortune 500 companies, Infiniti’s experts offer strategic insights to help companies understand their consumer and the dynamic demand supply shifts within the market space.

The Business Challenge

A global money transfer company was facing challenges exploring and enhancing its position in the Ukrainian market. The client wanted to gain higher market shares in terms of both transactions and revenues and compete with the other leading players in the market. The key focus of this customer profiling engagement was to understand the emerging dynamics across the market place and the current market scenario.

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Our Research Methodology

To gain a holistic overview of the current market landscape, Infiniti’s customer profiling experts followed a combination of approaches, such as intercept surveys and focus group discussions, for quantitative and qualitative assessments. In addition, the industry experts also developed specific questionnaires comprising of suitable topics by eligible respondents.

Our Solution Helped the Client

  • Gain a greater understanding of the sender money transfer consumers
  • Assess the current sending behavior, attitudes, motivations, brand choice, and usage
  • Develop a marketing strategy to increase trial to become the preferred send supplier of money transfer services
  • Understand the behavior of average senders across the corridors

Benefits of Our Integrated Approach

In a span of twelve weeks, the client was able to identify the methods used by senders to send money and the key reasons for sending. The customer profiling engagement also assisted the client in understanding the demographic profile of the senders by covering their age, income level, and education. The customer profiling study also helped the client identify the reasons for sending money in terms of the frequency, average amount, the length of time spent, and currency of the transaction. Moreover, the client was also able to identify the leading decision makers with regards to remittance in the market.

A must-read market assessment case study for strategy experts and decision makers looking for customer profiling study.

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