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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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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How Market Research Firms can Help Brands build Product Strategies - 2

My earlier article was about product strategies for brands which look to enter new markets. This article will deep-dive into product decisions which are required basis the lifecycle of a product – introduction, growth, maturity and finally decline. Such strategies increase the life span of each phase and maintain consistent excitement around the product. Product strategy can be divided into 3 components: Product-line analysis, Product-line length, and Line featuring & pruning.

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How Consumer Research can help build product strategies?

All products usually pass through a lifecycle – introduction, growth, maturity and finally decline. The longevity of each stage depends on the equity of the brand and varies market-wise. Hence, to diversify risks and grow sales, companies operate in different markets. However, a dedicated consumer research must precede any new market entry in order to have relevant product strategy in place.

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5 Key Metrics to Track Through Retail Research

The Indian retail market is predominantly offline as online retail just accounts for around 5% of overall retail business. Hence, offline retail research becomes extremely essential in order to formulate winning strategies. Retail research is important for start-ups to identify potential of a segment while for established firms, it is important to have awareness about the as-is scenario in order to maintain or improve their standing among competition.

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