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Intelligent marketing in today’s competitive environment is all about understanding your customer on a deep level. Old-school direct marketing and selling what “you think customers want” are methods that are doomed to fail. The reality is that customers make purchasing decisions based on a wide variety of reasons; more often than not, repeat business is directly related to the seller-buyer relationship. Engaging with customers and providing them with the specific goods & services that they want is a key component of finding the “loyal customer.” But how do you know what customers want?
In the age of Big Data, there is a vast quantity of information available for analysis, particularly in the retail and online marketing environment. The type of information is varied and includes datasets such as historic sales data, consumer demand data, price variance data, lead rates, trends, social media, customer feedback, weblogs, online buying behavior, Website usage, and loyalty programs. The sheer quantity of data stops most companies in their tracks: they want to take advantage of the information, but don’t know where to begin.
DSS is particularly useful when analyzing customer data, because it will enable your company to provide immediate and personalized interactions with your customers. Predictive analytics will empower your company to improve both retail and online marketing:
Predictive analytics in DSS empowers your organization to gain a much deeper understanding of your market than your competitors, effectively using a wide variety of raw data to present the most likely outcome(s). Historic sales data, the weather, social media content, and even traffic data can all combine in different ways to paint a picture of what your customers are looking for and when they want it. This enables your company to use DSS for creative forecast modelling, such as building a recommendation engine for sales associates that provides on-the-spot information about past purchases, or perhaps suggesting recommendations based on similar customers. In short, DSS-powered demand forecasting provides realistic recommendations that can profoundly impact your company’s bottom line.