After understanding where the customers for a business come from, it is equally important to understand who they are. This crucial piece of knowledge can guide effective predictive marketing analytics by helping to shape a message to a certain group of people through ethnographic information.
Demographic information is one thing – and can certainly help guide messaging – but only in a very basic way. A higher resolution picture can come into focus when the offline behaviors of a business’s best customers are analyzed by utilizing tools like Experian’s Mosaic code classifications. Because trips can be traced from a business to a house (and vice versa) it is possible to understand hundreds of attributes tied to that particular house’s Mosaic code.
Furthermore, every business has their own unique collection of Mosaic codes that represent their best customers. These are usually 5-10 codes (out of over 70) that engage with the business more often than others or are otherwise higher indexing than other codes. Invariably, there will be characteristics, consumption patterns, or interests that make this group distinct from the rest of the market. Once that is understood, marketing messaging can be optimized.
All of this analysis can happen in less than a minute – and with only utilizing the name and location of the business in question. Logically, if this can be done for one business in a market – it can be done for any – including competitors. That means, a competitor’s top tier customers can be compared not only by where they live – but by their behaviors and psychographic profile. This type of analysis can reveal the households in the market that exit in battleground areas.
Understanding where customers come from is critically important – but then understanding what makes customers tick and how they are different than your competitors is marketing gold. If you need help understanding where and who your customers are, drop us a line and we can help.