Industries

Applications

Understand

Trends

A momentous trend is taking place today toward investing in better learning the preferences of consumers. This trend encompasses:

• More widespread use, actionability, and strategic tie-in of usable market research typically done with focus groups, surveys and reports
• Shopper insights generated via analyzing demand data tied to loyalty cards
• Retailers offering their suppliers the opportunity to collaborate on segment-specific targeted promotions tied to loyalty card segments—without passing on personally identifiable information
• CPs doing test-and-learn offers to further refine insights
• Online reviews, blogs, and tweets have led social media sources to be a rich repository for understanding shopper preferences and consumer experiences with products
• The ability to text mine inbound consumer emails and phone calls for insights not from the blogosphere but from loyal, engaged, existing consumers

Analysis

A sample of analytics that can help in efforts to understand shoppers include:

• Fair Share of Demographic and Psychographic
• Sales Rate by Segment over Time
• Acquisition Rate of Key Segments, Profitability Driving Segments
• Response Rate, Similarities in non-responders, Cross-Shop Acceleration
• Product insights, New Product Ideas, Attribute Scoring to Volume, Attribute Scoring to Profitability

Benefits

Benefits of better understanding consumers and driving insights into action include:

• Finding macro opportunities to identify new customers and new product opportunities
• Extending product lines to profitable new product introductions
• Assessing how shoppers will respond to packaging and promotions
• Defend against competitive offerings
• Identifying and staying ahead of trends, watching influencers, developing more effective method of collecting customer insights than using focus groups and non-specific market research

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