A Recent Study Conducted By Forrester Consulting

In the past business focused only in targeting one type of customer. Now change in the customer buying behavior is inevitable. To be able to succeed companies need to constantly change their target since the buying behavior of customers sways every year. (Docters, 1997)

It has recently come to my attention that Target Co. utilizes data mining to extract a wide spectrum of information about its customers by accumulating, analyzing and storing data about customer purchases. While I understand that this practice enables Target Co. to simultaneously deliver individually targeted advertisements across its diverse customer groupings, thereby increasing the potential for sales and improving customer retention, I also understand that large amounts of data unearthed by data mining can be manipulated to uncover hidden purchasing patterns to predict and shape future purchase decisions. Therefore, although there are significant benefits to using data mining, there are also serious costs associated with data mining that

Using the Analytics data, it was possible to discover groups for which it´s relevant to remarket, and for which – to prospect the product. And after developing product awareness and consideration phases, they moved into the acquisition phase with help of distributed means of influence.

Understanding consumer behaviour is essential to succeed in business. As Solomon et al. (2013) stresses, businesses exist to satisfy consumer’s needs. By identifying and understanding the factors that influences their customers, firms have the opportunity to develop a more efficient strategy, marketing message and advertising campaigns that is more in line with the needs and ways of thinking of their target consumers (Perreau, 2015).

In this article How Does Target Know so Much about Its Customers? Utilizing Customer Analytics to Make Marketing Decisions, authors describe data mining program, types of data needed to identify changes in consumer behavior, privacy issues that arise with data mining, and customer analytics support marketing decisions. Target customer behavior is tracked, analyzed, and possibly shared with other business, whenever shoppers make a purchase or browse on its Web site. In fact, all three authors enlightened, “Target Corporation is a leader in analyzing vast amounts of data to identify buying patterns, improve customer satisfaction, predict future trends, select promotional strategies, and increase revenue ”(Corrigan, Craciun, Powell 159). Target

The banking industry and Wells Fargo must use analytics to better understand market segments to allow them to correctly identity which markets to enter. Without the correct capital allocation within certain markets, any financial institution can see their revenue shares dwindle thus creating a direct need for market forecasting.

Before conducting a market research or making a product, researchers must ask themselves will it be helpful. Most businesses will not see progress or big profits within the first few years of the new business. The business must plan ahead to determine psychographic, demographic and geographic segments. They must also be able to provide the customers with their needs and wants. A Dan Whittner (2010) states, “in hard times or easy, setting customer strategies focuses on one thing: understanding your customers’ needs. Dan, indentifies how listening to customers guides strategy”. He also states, “It is important to know the difference between talking with your customers and talking at them. Dan Whittner (2010) highlights how engaging customers grows a business”.

My organization Penske Truck Leasing has been experiencing a sharp decline in the revenue generated from its full service leasing. Results of initial sales analysis concluded that the inflow of the new customers for full service leasing has been growing steadily; thus to increase revenue, the focus needs to be on the renewals for the existing customers. The company realizes that a lack of validated customer loyalty drivers prevents effective focus on customer retention and thus directly affects profitability. Challenges with data availability and business metrics have made attempts to measure and diagnose our service delivery and customer experience, both, difficult and inconclusive. In order to address this challenge, the organization has launched an initiative to build a customer analytics system that can achieve a single view of customer experience and make decisions about how best to acquire and retain customers, recognize high-value customers and proactively interact with them. I have been identified as the lead architect for the BI and analytics team that is going to implement this project.

Business analytics would offer efficiency to the firm whereby it would formulate decisions to help achieve its specified goals. Analytics would help TecWiz to gather data at a faster rate for presentation in a visually appealing way. Therefore, analytics would encourage a

With the current challenging economic climate, retailers and companies have had to adapt to significant challenges with rather non-conventional methods. Other than cleaver marketing campaigns and catchy commercials; there are several new methodologies that industries are utilizing to attract consumer interests. With the ever increasing force of technological change and adaptation we are seeing a dramatic shift in the way empirical data is being utilized as a means of targeting consumer interests relative to a sales growth and revenues. In direct response to this companies and industries have began to use a highly specific and somewhat intrusive method of obtaining data on consumers.

McBride should therefore conduct market research using the available demographic information from the US Census Bureau, and information from its own customer bases. Ideally, the company would be able to formulate customer profiles of competitors, but this information may be difficult to obtain. McBride should aim to create a demographic and psychographic profile of its current customer base, and the same for other potential customer bases. Differences between McBride's existing customers and the general population of the area in which McBride operates can highlight some potential markets, in terms of demographics, income levels, education, banking behavior and other key variables. The more variables that McBride studies the better, bearing in mind the cost of acquiring additional information.

The company I am with is beginning to use analytics more and more. We are on step 1 of the five step process, so we still have a lot to learn and set goals on. We have just started using them so that we can compete with the “top dogs” of the bank data processors. I believe that if we didn’t use analytics one of the big competitors would come in and try to buy out the company. We are looking into ways to help use analytics so that we can strengthen our position in the service and show that we can handle any size community bank. We have created a Business Intelligence department to look into ways that we can improve products, forecast what a bank may buy when signing a contract, and to see how to pitch our regulatory compliance products to other companies to help them with their compliance.

Analytics is defined, according to online-behavior.com, as the “process of obtaining an optimal or realistic decision based on existing data.” [1]. Davenport and Harris (2007), defined analytics, as the “extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions.” [2]. An article titled Outsmart the Competition by Jackie Zack in Teradata Online magazine states that “analytics can help an organization optimize their business processes to make them effective as possible.” [3]. It is a proven fact that proper use of analytics can lead an organizations to success, providing them with that distinctive advantage over their competitors. In this essay, details will be provided on how analytics has helped my organization to compete in their business segment.

The best way to improve sales and profits is to reach the selected target segments. That being said the marketing officers must make sure their advertisement reaches the customers who are most likely to purchase their products. Companies often develop customer profiles from feedback surveys or marketing research to gather these data records. Target customer variables or demographic factors can include age, gender, income level and education level.

Market analyze is very important to get customers feedback. By gathering market data , market growth the organization will get to know about the competitors.