Customer experience will be the most critical competitive differentiator in just two years, overtaking both price and product as the main reason shoppers make a final purchasing decision. Organizations are tailoring their efforts toward meeting customer expectations by using consumer intelligence analytics to understand consumer behavior better.
Today, consumer data is being created, gathered, and analyzed at astonishing rates, playing a pivotal role for organizations to better understand consumer behavior. One study estimated that the amount of data created per day is 2.5 quintillion bytes – and that number will continue to increase along with the increasing use of Internet of Things (IoT) devices and mobile applications.
Over time, the data gathering process has been refined using data analytics to extract deeper understandings of consumer needs. Improved understanding of patterns of behavior, locations, and interests give companies a better chance of successful campaigns.
Companies that maximize their understanding of consumer intelligence (CI) analytics remain relevant to their audience and gain a competitive advantage in today’s marketplace.
Trends In Consumer Intelligence Analytics
1. Mobile Data
Mobile is one of the most important areas of focus for consumer analytics. The increasing number of purchases made on smart devices means that businesses must continually gather mobile data and analytics to maximize mobile shopping experiences and provide better online services.
Localization enhances a marketer’s understanding of customers from different regions and can improve the way these consumers are segmented. By leveraging location-based marketing, advertisers and marketers can improve campaign performance, using tailored messaging to directly to consumer needs in specific geographic locations.
3. Predictive Analytics
Using data to map consumer interactions can also be used to predict future behavior – understanding customer intent and pinpointing their stage in the buyer’s journey. Predictive analytics allows a marketer to present customers with relevant messaging at the right time, on the most effective medium.
4. Audience Segmentation
A study from MailChimp found that developing audience segments is exceptionally useful in promoting customer engagement. Global segmentation resulted in 14% higher open rates, and over 100% more click-throughs than non-segmented campaigns.
Data segments promote personalization of marketing efforts, making every message focused on an individual shopper at specific points on their path-to-purchase. Data segmentation makes marketing campaigns more effective, efficient, and focused.
5. Mobile Ad Fraud
Mobile ad fraud rates have more than doubled in the last year, wasting advertising spend with poor quality data. As mobile ad fraud becomes increasingly complex, consumer intelligence analytics can help manage ad fraud by identifying anomalies in data to save advertising spend
6. Artificial Intelligence
Using artificial intelligence (AI) to analyze consumer intelligence data, a marketer can improve experiences with better personalization, content creation, chatbots, and more. AI can help a marketer identify which audience segments to include or exclude from a specific campaign, and better match products and offers to customers to improve conversion.
7. Real-Time Analytics
Real-time analytics helps marketers drive value for customers while improving marketing efficiency and performance. Retailers can guide customers through the path-to-purchase, sending them relevant information, content, or offerings at the right times throughout their buying experience.
Understanding these trends in consumer analytics puts you one step ahead of the game when it comes to being a data-driven business, but you need the right tools to put these ideas into action. Consumer intelligence platforms, like Mobilewalla, provide businesses with the tools to collect, interpret, and analyze audiences for strategic decision-making.
Mobilewalla is the only consumer intelligence platform able to analyze audiences persistently as they evolve, on a global scale. Businesses can utilize actionable data and analyze patterns in consumers’ life journeys for better marketing, sales, and support initiatives.
Request a demo of the Mobilewalla platform today to begin to leverage consumer intelligence analytics to drive better business growth.