Market Research - 04-30-2014 by Chad Myers - Statistics Solutions - http://www.statisticssolutions.com
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To understand your customer is to meet their needs more precisely, and there are several ways to better understand customers’ unique needs through market research. Here are 5 ways: Data Visualization: By graphically visualizing customers’ patterns, you can better see the relationships among variables and how buying attributes are distributed over time, and how to classify customer variables. RFM(Recency, frequency, and monetary value): RFM can show you which customers are likely to respond to a new offer. Based on a RFM heat map, your company can focus on customers that bought recently, frequently, and spent the most money. Profile Analysis: Profile analysis can show the profile of customers’ responsiveness to a particular marketing campaign. Profile analysis can provide customer intelligence as to who to target in future campaigns or types of customer lists to purchase. Cross-Sell: Cross-sell analysis uses association through market research rules to tell you which additional products or services to offer next to your customer. Lifetime Value (LTV): LTV can help you understand what the customers’ value is over the life of a customer, and also tells you the cost the company should be willing to pay for a prospect or lead. _______________________________________________
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