#first purchase

Business development managers are always looking to boost sales. Among the many ways to do so one of the best is getting an insight into the buying pattern of customers and targeting them with appropriate offers, advertisements, and products. Business Intelligence has been helping businesses to harness the power of artificial intelligence and machine learning to get insights into customer buying patterns. Recent insight by business intelligence suggests that getting an insight into the first purchase of a customer can throw light on his future transactions. So, if you can track down the first purchase of a customer by churning all the data generated from his past buys and analyze his second, third, and successive buys you can get a good idea about his next purchase. Accordingly, you can design your next advertisement or product offering.

Other Factors That Help Sharpen Customer Insight

Apart from getting an insight into the purchase habits of customers, retailers also need to know a host of things. This includes their most loyal customers and their buying habits, time of shopping, average time spent in a store, frequency of visits, where they live, life stage of customers, preferred channels of communication, brand or store preferences, and more. All these factors help businesses shape their offerings, advertisements, and product designs.

However, it is not just sales data that help businesses acquire data and derive insight. There are other places too where you can get a lot of data and derive actionable insights from them.

·Surveys

Surveys can be designed to ask customers what they think about your service or product. This can be designed in the form of an interactive event.

 ·Online reviews

You can collect customer feedback from online reviews and analyzethem for great insights. You can also use the online reviews of your competitor to derive insights.

 ·Social media

Social media is a great place to acquire data about customer preferences and other required customer aspects. Social media can throw light on the preferences, complaints, issues faced by customers, and other details.

 Getting The Insight

The most difficult task is getting the insight. The data obtained from the first purchase of a customer as well as all his other purchases, his preferences, time of buys, choices, and others must be analyzed threadbare to come out with insight. For this, you need to filter the data to cut noise. This is necessary to get the most interesting topic. Next, you need to sort the raw data concerningthe importance of each. You need to summarize this data and segment them into different groups. The next step is generating visuals that reflect this data.

Converting Insights To Actions

There are several ways of converting these insights to actions. You need to convert all these data into actionable CRM campaigns, advertisements, product design, and redesign efforts, etc.

Sum Up

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