Digitally empowered customers are greatly influencing the way retailer’s carry out their business and managing interactions with well informed customers is the biggest challenge that every retailer is facing. To increase their revenues they will need to move closer to their customers by adopting Customer Centricity and redirect their promotional efforts to suit the customer’s needs and preferences. Zensar’s Data Driven Marketing assumes a customer centric approach to uncover customer spending patterns, segment them into identifiable groups and at the same time quantify effects of various marketing efforts, Promotions and campaigns to drive value and justify the dollars spent on the various launch vehicles.
Zensar’s Data Driven Marketing helps retailers approach their marketing mix differently by uncovering consumer spend patterns and segmenting customers to re-direct marketing effort and spend that can be quantified. The Data driven marketing solution can also be identified as a Marketing Workbench for New age CMO’s.
With unique analytical insight about your customers and prospects, the intelligence can be aligned around customers to build competitive advantage.
The solution empowers retailers to know how, what, where and why a purchase was made and the influencing factors that alter the buying pattern of the customer. The solution offers:
- Best of breed Preconfigured Business Content for Retail decision making
- Over 40 + Key Performance Indicators available as Canned Reports
- Ready to Go Analytics with quick Go live deployment
- Interactive Visualization with Graphical Charts
- Role Based Dashboards
- Intelligent Guide – Root Cause Analysis
- Online Analytical Processing (OLAP) features with Multi-dimensional drill downs
- And Predictive Analytics Capability
Data Driven Marketing has inbuilt powerful KPIs spread across 6 different Analytics Modules to answer those questions
Measures the effectiveness of a Sales Promotion by :
- Correlating sales data of items based on regular selling price and promotion price across different channels
- Determine the Lift created on Sales and Transactions due to a Promotional Event
- Allows Collaboration with Vendors to initiate joint promotional campaigns and ensuring reduction in promotional costs and creating unique and successful promotion which add value to all stakeholders involved
Campaign Analysis evaluates the success of a campaign with metrics such as response rate, new customer acquisition and pre and post campaign analysis Campaign Analytics module of DDM works two fold – one developing a system for campaign data management and reporting, second to measure the success of campaign by metrics.
All Customers are not equally profitable, but customers who are not very profitable today may have the potential of being profitable in the future. Hence it becomes absolutely essential to identify customers with potential for high lifetime value and establish long-term relations with these customers. Zensar’s DDM helps understand the Customer purchase patterns and participation of Customers during promotions thus enabling Cross- Selling and Target Marketing to make them profitable.
Footfall Insight enables the retailers’ marketing team to categorize Customers by Basket size, Identify variation in Basket size on Weekdays and Weekends, Classify Customers by Tender type, identify the most popular basket size and unique items purchases in high volume by analyzing the invoice penetration rate.
Market Basket Analysis
Market Basket Analysis popularly known as MBA runs on an advanced statistical engine which creates a unique relation between the Customer, Transactions and the Product. Association rules are generated to create affinity between two selected products based on metrics such as Lift, Confidence and Support. This analysis helps determine which products tend to be purchased together and which are most amenable to promotion. The Key benefit a retailer can realize using Market Basket Analysis is to Create cross sell/up sell promotions, Design Product bundling kits and help decide shelf adjacencies for profitable product placement.
Recency-Frequency-Monetary (RFM) Analysis
RFM Analysis helps reduce marketing costs while you still achieve your targeted ROI by engaging only a fraction of your customer base. The most recent visit by the customer, the frequency of purchase and the monetary value of the customer is converted into a measurable RFM Index by using advanced analytical queries. This can be used as input to launch Promotions or Campaigns to retain and upgrade customers to a Higher Loyalty Band.
- Increase ROI on marketing efforts by 25 to 30%
- Reduction in marketing costs by 12 to 15% with better allocation of marketing budgets
- Improve incremental sales by upto 10%
- Increase revenue from promotional sales with better timed promotions
- Increase customer retention rates by upto 20% with targeted campaigns