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DATA ANALYTICS
WE HELP YOU REACH YOUR GOALS
At Numbersbright, we leverage business intelligence and advanced big data tools to assist our clients in extracting meaningful and practical insights from diverse data sets generated at a large scale in real-time. We enable businesses to consolidate enormous volumes of unstructured, semi-structured, and structured data coming from several sources into a holistic environment that can be used for identifying customer segmentation, product segmentation, affinity products, and boosting revenue.
With the rise of cognitive and distributed computing, businesses need to manage unstructured forms of data and put them to good use. We help our clients become strong data-driven organizations. By using business analytics techniques powered by artificial intelligence (AI) and machine learning (ML), we assist business owners in unlocking the usefulness of their data.
CUSTOMERS SEGMENTATION
It has been a top challenge for businesses ever since to get the right message to the right customer at the right time. And in today's digital world with overwhelming options, personalization is more critical than ever. Both B2C and B2B expect digital experiences and marketing communications to be relevant to their interests and needs – otherwise, businesses may risk losing customers and eventually revenue.
Business intelligence reports and customer surveys are no longer enough because such analysis usually doesn't guarantee if the shared attributes are relevant to the buying behavior of a group of customers. That's why we offer our clients precise customer segmentation services powered by machine learning and cluster analysis.
Business analytics allows us to group the customers in the following segmentation:
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Demographic segmentation
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Geographic segmentation
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Behavioral segmentation
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Psychographic segmentation
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Customer journey segmentation
OUR APPROACH
At Numbersbright, our business analytics team helps clients refine customer segmentation using these three approaches.
VALUE-BASED SEGMENTATION
The value-based segmentation approach allows us to group customers by value and is often the best starting point. According to our client's business model, value can be measured by a customer's net purchases over the last year or the last five years. Then, we decile customers, meaning rank them from highest value to lowest, and pay more attention to customers in the highest deciles.
VULNERABILITY SEGMENTATION
In our vulnerability segmentation approach, we divide customers into segments according to their likelihood to leave. Churn prediction can play a vital role in gaining actionable insights to reduce attrition. Since it is five times cheaper to retain a customer than to acquire a new one, we leverage our data analytics to improve retention. Most often, customers at-risk of attrition share similar characteristics. We use the valuable insights to address pain points, and tailor offers and messaging to improve customer satisfaction to acquire more new customers.
PROPENSITY ANALYSIS
Propensity analysis allows us to identify those customers who are most likely to buy or upgrade. Then, we employ machine learning algorithms like Support Vector Machines (SVM), Neural Networks, and Random Forests to envision who is most likely to accept an offer and make a purchase.
At Numbersbright, we often combine approaches for maximum effectiveness. For example, we use cluster analysis and machine learning together to better understand which offers to make and why for each customer segment and then develop unique messages to resonate well with each persona's specific interests, needs, and attitudes.
We analyze the diverse unstructured data to ensure your audiences are converted into valued customers. Once the customer segmentation is done correctly, building the right product, setting the suitable distribution and positioning, and matching the correct sales motion to each customer becomes easy.
PRODUCT SEGMENTATION
We use product segmentation as a great way to cater to all the preferences in our client's niche market space. Product segmentation allows us to understand what product version will work for which particular customer segment and why.
With our product segmentation service, you will be able to:
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Cater to different customer groups in a better way. We make sure our clients are neither offering customers less than they need nor more than they require.
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Segment willingness to pay data effectively. Creating multiple products to serve different segments allows businesses to put the pricing accordingly.
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Monitor individual product performance more closely. We take each product and monitor its performance. It will let us understand how each customer segment accepts or rejects a particular product rather than one nebulous product.
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Unfold new growth opportunities.
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Understand the target market to determine the correct pricing. Like singular product strategy isn't the perfect one; similarly, a singular pricing policy isn't a practical one.
OUR STRATEGY
PRODUCT USAGE ANALYSIS
Initially, we start with the existing customer base of our clients to know how we should go about segmenting their product. Then, we analyze how their current customers are using their product, which features each customer segment is using the most, and strategize how they can be expanded to reach the new customers better.
MARKET SEGMENTATION STRATEGY
Having a quality market and customer segmentation strategy in place is vital. At Numbersbright, customer and product segmentation goes hand in hand to develop a winning strategy.
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Demographic Segmentation
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Psychographic and Behavioral Segmentation
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Geographic Segmentation
PRICE SEGMENTATION STRATEGY
Once we have deeply analyzed the data to identify the product segments, we decide how to price those products. To do that, we never get tempted to set an across-the-board price for all similar products; instead, we carry out a thorough analysis of market realities and willingness to pay to have a realistic picture of how to price each product segment to achieve maximum growth optimally.
PRODUCT POSITIONING STRATEGY
With our holistic business analytics services, Numbersbright can assist you in creating and executing a successful, data-driven digital strategy to boost your revenue for a very competitive price.
AFFINITY PRODUCT OR BASKET ANALYSIS
Product Affinity Analysis or Market Basket Analysis service is one of the critical services we offer at Numbersbright. Our business analytics skills enable us to extract valuable and productive insights from the transaction data at hand. This service is essential for retail businesses where it offers new insight that was hitherto not captured.
We extensively study behaviors and patterns of customers to determine ties in purchases so that we can exploit them to increase the cross-selling potential of our client's businesses. We analyze large amounts of transaction history and identify which items customers often buy together based on their purchasing behaviors.
BOOST BUSINESS REVENUE
Numbersbright is a company that specializes in business analytics; our core service is to take all of our client's company data and statistically turn it into processes, methods, and approaches to boost their revenue. We proudly claim that we know the art of combining analytics and statistics to derive revenue growth.
