Customer Universe Study

Testimonial

    The entire project went on smoothly under the guidance of Project Manager. From the content to the graphics/visuals, everything was as per our requirements.

    Suhal Ahmad Italian Trade Agency

    I would gladly and happily refer TechSci Research for any piece of tire research in any part of the world because they are experts in what they do and they have a wonderful team that delivered the project on time and delivered it with great enthusiasm and effort.

    Mr. Ashutosh Kejriwal
    Head of Marketing
    JK Tornel

    Extremely happy with the work that TechSci team accomplished. Always available and prompt responses to any questions. Project turned out better than expected. Would not hesitate to recommend TechSci to other potential clients.

    Mr. Vivek Rai
    Strategy Planner
    Endurance Technologies Ltd.

    It was indeed a very good experience .TechSci was able to provide us with all the details that we were looking in the study. A special thanks to the team for the strong support throughout the entire product launch journey

    Mr. Vivek Chopra
    Product Development Team
    Panasonic India Pvt. Ltd,

    I am satisfied with overall performance of TechSci Research.  Weekly updates before the final report were especially helpful and reassuring.  Additional requests on the content of the interim and/or final reports were handled in a swift and professional manner

    Mr. Shin Dosho
    Member - Board of Directors
    Osaka Gas Co. Ltd

    Given the objective of the report was to understand overall opportunity landscape of Sensors, a more detailed explanation of the manufacturing process, value chain activities and player landscape have attributed higher value to the report

    Mr. Sameer Seth
    Corporate Strategy
    JK Organization

    It is a good piece of information when a company doesn’t have any information on a market as it combines quantitative and qualitative data. This why if I’m tasked to find data on an unknown market, I would probably contact you back

    Marketing Strategy BSH Home Appliances

    I admit that TechSci’s in-depth knowledge on the market and also cooperation with face-to-face meeting was very helpful

    Mr. Eugene Kim
    Financial Planning Division
    LG Electronics

    We are very satisfied with the Quality of research conducted by TechSci. In-fact our motive to conduct this research has been satisfied to a great extent.

    Management Hi-tech RO

    We appreciate the immediate response and quick action of the TechSci team as our requirement was very urgent. Keep up the good work !!!

     

    Corporate Planning & Research Officer Hitachi

    The quality of the report was very good. The amount of time taken for the 10% free customization was a little long. The response time was excellent!

     

    Manager – Strategy Shapoorji Pallonji and Company Limited

Customer Universe Study

Customer universe is “analysis of an ideal customer profiling for one’s business”. It is a tool that businesses use to enhance the understanding about their customers and helps to make better business decisions. Customer profiling provides a description of the customers based on a set of attributes. Similar profiles can be grouped by shared characteristics such as demographic, geographic, psychographic and behavioral characteristics.

Customer universe can be built with the existing database or Common Customer Universe Models.

Many such models involve new data analysis techniques.

Consumer Universe Models

Consumer universe models define why and how customers make purchasing decisions based on analysis to create customer centric experiences for better growth and retain your existing customer base. Here are the top six common consumer universe models.

Understand and appeal to your customer preferences

The economic model emphasizes on the “act of purchase” of an “average consumer.” Human beings are rational beings that evaluate all alternatives in terms of cost and value received. Following this model, economists already assume that consumers follow the principle of maximum utility based on the law of diminishing marginal utility. With limited purchasing power, consumers are likely to allocate their expenditure over different products to secure maximum utility. Basically, price is used as a measure of sacrifice to maximize satisfaction out of the act of purchase in economic man model.

Learning Model

Learning model suggests that human behavior is based on drive, stimuli, cues, and response. These core concepts determine the human needs and wants as well as satisfy their behavior. If applied to informational cues like advertising, the buyer purchases a product due to response (the way an individual reacts to the stimuli), then the given stimulus is “rewarding” as it increases the probability that response would be repeated next time.

Psychoanalytic Model

The psychoanalytic model focuses on the fact that the consumer buying behavior is based on the conscious and subconscious mind. A hidden symbol in the company’s logo or a message in advertising might affect an individual’s subconscious mind, which might influence his purchasing decisions. The psychoanalytic model operates at various levels of consciousness, which can only be analyzed by vital and specialized searching.

Sociological Model

The sociological model considers the ideology that a consumer’s buying pattern is based on his role and influence in society. Purchasing behavior can be associated with the kind of interactions consumer has with people at work, culture that society exhibits, or other kinds of social scenarios, that tend to affect his/her needs, desires, and wants. Knowing these kinds of consumer behavior can help build marketing strategies by segmenting them based on the sociological model.

Why profile your customers?

Customer universe will help you to decipher your customer’s taste & preference and discreetly highlight who they are, what they look like, and what their interests and needs are. This insight will help you to recognize your customer’s characteristics, behavior and traits. With a complete understanding of your customers, you will know their interest areas and will be able to connect with them more efficiently.

Understand and appeal to your customer preferences

Collecting and putting the requirements of your customer data in the right order is a great business challenge. Capturing customer universe and segmentation tool lets you gather and sort out all prospect interactions on one platform. This enables you to understand your target customers. Post the detailed analysis, the customers based on their preferred medium can be reached with the right message.

A tech enabled smart customer management system helps you engage, manage and maintain your valuable customers in a better way.

Customer universe can be built with the existing database or Common Customer Universe Models.

Many such models involve new data analysis techniques.



Steps of Customer Profiling

Profiling customers based on their attributes and purchasing behaviors and developing a system for creating and auditing these profiles can help create effective marketing strategies. Here are the steps to create a customer profile.

Understand your industry

If you want to stand out from your competitor, you need to find out a way to differentiate your products and services. Find out problems that your business is trying to solve for the customers and identify people facing these challenges for proper targeting.

Gather the Right Data

Gather prime data points of your customers. This can be done by new age technical analytical tools with the provision of further customization. This will help the brands to identify the right TG, explain how they behave, and what their preferences are. Here are some categories of data you should have on hand:

Demographics, Geographic, Needs, Behavior, Perceptions, Psychographic, Interests, and Attitudes.

This data may be found in-house. If not, in-house data can be augmented with the primary surveys.

Create Personas

Personas are the detailed identification of customer types. For example: recent college graduates. Regardless of where they stay, their gender, or ethnicity, the college graduates face similar challenges in their first jobs, pondering over the career prospects they have, shifting cities and finding the right place for an affordable living. As a matter of fact, they all share common attributes such as attitudes, preferences, and triggers that help marketers draft right messages that can rumble with them.

Review customer journey map

A customer journey map outlines every touchpoint that a customer passes through to achieve a goal with your company. At each step, one can identify how customers feel and what kind of actions they take prior to purchasing to help improve customer experiences.

Identify Right Target Group

It is imperative to know customer’s behavior patterns and reason of scuffle, but it’s more important to dig deeper into the dynamics of meta-categories, too. For example, new moms. Young moms aged 20–30 have varied preferences, concerns, and shopping habits and a lot different than the moms aged 31–36.

Dig into demographics

Define your customer profile, defining customer profile with external demographics. You need to analyze external attributes to understand consumer behavior such as age, sex, job title, income, education level, family status, and so on to dive deeper into customers’ needs.

Examine contextual details

Once you have determined the external factors, start digging deeper into contextual details to apply the gathered information. For instance, when you watch something on Netflix, the OTT platforms recommend similar kinds of content to improve user experience.

Collect customer feedback

Customer interviews allow marketers to speak with users face-to-face and read reactions to questions in real-time. The retrieved data can help uncover valuable information that raw data might not infer.

Build customer personas

After identifying attributes for your customer profile, identify individuals within the organization that you want to reach with an effective marketing strategy. This will not only help identify individuals within the company but also help establish a relationship with the account.
Thus, customer profile analysis is an essential part of consumer universe study that can help target better customers, reduce customer churn, and establish brand loyalty.

Customized Communication

The above two steps have done the detailed analysis on target segments and customer profiles to create basic messaging. Personalization can be layered post the process of identification. Use the recipient’s name. Reference their location (“Moms in Delhi, know the secret . . .”). Cross-selling and upselling few specific products based on their buying history. The other way to send one-to-one message to your customer is with the help of PURL (Personalized URL) campaigns. This will allow brands to directly showcase the relevant and personalized content to the exact recipient of your print pieces or email.

Prospect Acquisition

After identification of the profile of most profitable and relevant customers, brands can find look alike prospects and target them in an effective manner. These prospects should ideally possess higher propensity to take up your offer and thus provide a more cost-effective way of targeting new customers.

In conclusion, customer universe and segmentation render tools help to fully apprehend your customer base, upgrade the customer engagement, and set up new targets’ look alike prospects.