How Data Profiling can Help Derive Better Insights to Formulate Successful Marketing Campaigns?
Customer data profiling and segmentation is crucial for analyzing customer pattern, behavior, preferences, characteristics, etc., to help businesses to get better insights about customers and formulate their marketing strategies based on these insights.
If your organization has volumes of data, collated from diverse sources and formats — it is best to outsource it to professionals, specializing in data profiling services because deriving insights from complex and voluminous data is quite challenging and time consuming. By taking help from experts business owners can better focus on their core activities.
Let’s explore through this post how data profiling can help businesses to formulate successful marketing strategies.
For Better Insights, Informed Decisions and Enhanced Marketing Performance
Data can be segmented in many ways, such as based on:
- Geography or Territory — the location where the product was purchased
- Demography –details pertaining to age, occupation, turnover, etc.
- Psychographics — lifestyle and beliefs
- Socio-cultural factors — economic status, attitude, politics, law, etc.
Data Profiling provides wide range of opportunities to make the most out of your database, based on facts, such as:
- Expected growth potential of a particular segment
- Level of competition in a particular segment
- Scope of profit
- Size of the segment
- Ways in which the segment fits into the business objective
Target the Right Customers, Through the Right Channels
- Segmentation of customers based on the value brought in by them
- Enriching the segmentation, by appending the profile with data pertaining to lifestyle, geo-demographics, census, etc.
- Identifying, the ‘best’ type of customer, by statistically analyzing the transactions to get insights on customer’s spending habits, purchase frequency, etc.
- Using geographic analysis techniques, to locate existing customers and determine the geographies to target
Benefits of Data Profiling Services
- Improved targeting and better campaign performance
- Enhanced competencies for modelling and analytics
- Sustained relevance and timely contacts
- Foundation for product development as well as launch
In today’s highly competitive business environment. It is important for businesses to understand how the customers perceive the market positioning of their brand and the products offered. Not having insights about customers and making decisions based on guesswork will only lead to poor performance of marketing campaigns. Now a days, organizations are paying more attention to data profiling and segmentation to help formulate successful marketing campaigns.