Insights

How Market Research Agencies Can Help Brands Adopt the Concept of Lifetime Customer Value?

Lifetime customer value (LCV) is an idea that each customer should be analyzed in terms of current and future profitability to a brand. When a profit figure can be assigned to each customer, the marketing manager can then decide which customers to target. 

The past profit that a customer has produced for the brand is the sum of the margins of all the products purchased over time less the cost of reaching that customer. This is feasible for firms which maintain their customer data like e-commerce firms and businesses selling products & services in an organized retail set-up. For other firms, there is dearth of customer data like businesses having unorganized selling channels (for eg. Kirana stores, pharmacies) and firms which have products which do not come with any warranty and hence no customer data is gathered for providing post-purchase service (for eg. Building material, paint & hardware etc.). For such businesses, a consumer panel can be built by considering a sample of consumers from all types of important markets. Frequently reaching out to this panel will generate awareness around consumer’s present consumption basket.

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Automated Communication Platform To Engage With Loyalty Program Members

The most key aspect of running a loyalty program is handling the communication that is to be done to the participants of the program. Almost all the loyalty programs handled by anybody right now rely on manual file creations and uploads to drive the communication. Automating such communication can improve the efficiency of the program by leaps and bounds apart from providing flexibility in designing better and more targeted communication.

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Leveraging SFA beyond Sales Management

Sales Force Automation solutions, initially pioneered by a few large FMCG companies, have now caught the imagination of a large number of small and medium enterprises across industries. The adoption of Sales Force Automation (SFA) solutions is now faster than ever before. Along this journey, more and more SFA solution providers have entered the market. Sales Force Automation itself has evolved and expanded into quite a wide topic – with different use cases and many different possibilities. Accordingly, now, the large number of SFA players in the market are generally equipped with some of the many different things that an SFA solution can possibly offer. Despite SFA entering this new realm of possibilities that look to maximize how it can benefit team productivity and the company in general, large number of companies are still confined to a very traditional and narrow use case of SFA – attendance and sales management.

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How Market Research Firms Can Help Brands Build CRM Process?

The need to better understand customer behavior and the interest of many managers to focus on those customers who can deliver long-term profits has changed how marketers view the world. Traditionally, marketers have been trained to acquire customers, either new ones who have not bought the product before or those who are currently competitors' customers. Today the tone of the conversation has changed from customer acquisition to retention.

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Digital Signages - The Next Big Thing In Retail Communication

Before launching any new campaign in retail we often have to do backward planning. Sometimes even week before actual launch which brings its own challenges & then lats minute hassles of not meeting the timelines of launch. Most of the campaigns launched in retail footprints does not meet deadlines of covering 100% of the WOD due to one or another practical challenge which India as a diverse country has.

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