Knowing Your Customer With Analytics: How a Leading Financial Services Company Stays Competitive
Knowing your customer is the key to any sales strategy – and analytics is a great way to understand and reach your target customer.
Working with a top financial services company, the accentedge analytics team looked into how technology could be used to boost the company’s marketing and sales efforts.
The client wanted to see what was happening with conversions to sales from visitors on their company website. They already had large amounts of data, but using analytics allowed the ability to optimize that data to get useful information – that could then be used to make informed decisions for their marketing strategy.
The approach uses analytics to make sense of large amounts of data – allowing a company to be more agile in deciding where to allocate their marketing resources, where to change messaging and the ability to adjust to market shifts to better understand and reach their customer.
Business Analytics In Action
For this project, the analytics team started by looking at specific problem areas that the client wanted to study and then gathered data from a variety of sources. The team was able to develop a model geared toward customer engagement that trained on large amounts of data through deep learning. The data was crunched using Artificial Intelligence and Machine Learning technology to look for patterns and pinpoint trends.
Because of the ability to make sense of large amounts of data, the process can often uncover blind spots or priority areas based on the analysis of the data provided.
To do this, the team utilized a network of AI-enabled sensors to assign a Persona and Journey to customers on digital channels. Using AI, a model of customer engagement model was developed on all digital channels for real-time Persona and Journey alignment.
The “Persona” is typically an archetype developed to represent a customer. Each Persona includes identifying characteristics and behavioral attributes of that person.
A “Journey” reflects the customer experience following a simple road map: awareness, interest, desire, and action.
The Persona and Journey are assigned to each customer based on their behavior and other external identifiers. The process incorporates global platforms covering different aspects of the customer experience. A roadmap is created where customers first visit and interact with the company and an AI engine analyzes their behavior. An AI algorithm then assigns a Persona as the customer moves through their Journey in each step of the sales process.
This behavioral analytics platform allows the client to further understand the target market and better reach prospects by providing a customized digital customer experience.
The information is then put it on a custom Dashboard that displays real-time statistics and predictions of future trends based on the Analytics algorithm.
Analytics Provides The Agility To Better Reach Your Customer
For this client, one of the first issues the accentedge analytics assessment found, was that many of the their marketing approaches were reaching the wrong target audience.
In this case, the company was not connecting with their target audience – and lack of contextual “calls-to-action” was resulting in reduced conversions to sales.
The study showed that their branding and marketing approach was disjointed – it did not properly align with their customers or their marketing plan.
Through this analysis, the company was able to quickly identify problem areas and customize their messaging and call-to-action to match their target prospects. As a result they saw a 20% increase in applications and 30% increase in conversions.
Work with Us!
Accentedge has experience using analytics to help some of the top companies stay competitive.
Brand managers and marketing teams understand that analytics, Artificial Intelligence and Machine Learning can assist in pinpointing issues and identifying trends. In an ever-evolving highly-competitive global market, companies that are not able to assess, make sense of, and adjust to data will be left behind.
Understanding, implementing and utilizing this technology allows businesses to better understand their customers, tailor the customer experience – and ultimately generate higher conversions, sales and market share. Accentedge analytics makes that possible.