Solutions for Consumer Facing Companies
In an ever-shifting marketplace, you need rapid analysis to understand the product, market and consumer down to detailed segments, allowing you to confirm or shift your market tactics.
Our machine learning platform quickly and efficiently allows you to explore and simulate scenarios and the result to consumer and consumption behaviors, producing scoring models and demographic profiles that can help drive your marketing tactics.
Analysts at consumer facing companies are often tasked with quickly and accurately developing an understanding of the B2C consumers purchasing client products. As part of this exercise, they must assess the key drivers for purchase and the segments of consumers that exist. Once discovered, they must communicate these findings back to internal marketing strategists for message development and targeting. The following use case demonstrates how the addedIQ platform takes weeks-long workflows and simplifies them to a series of point and click outcomes for an analysis of the Men’s Footwear Industry.
Market Exploration and Understanding
A marketing analyst can quickly access industry information through AddedIQ’s intelligent search. Behind the scenes, the addedIQ platform aggregates a range of market data and presents back dynamic content to quickly appraise the analyst of market trends and target growth rates.
For our Footwear Market, we can quickly see that it is approximately 24BN in size with a target growth rate of 3.0% and a household spend of $186 per year.
Once our Marketing Analyst has a grasp of our market and its scale, they can quickly explore key household characteristics and their relationship to purchases through addedIQ’s household composition indexing models. These models compare and highlight segments that are likely to spend more in a given industry, making it easy to isolate areas of analysis and interest.
For example, the screenshot demonstrates that several purchasing modalities exist, with 18-24 year olds and 34-50 year olds being primary consumers. Expenditures fall after 50. Similarly, footwear purchases are driven most by families that have 4 members while single and 2 person households under index for expenditure in this category.
Segments and Conclusions
addedIQ’s platform allows our Marketing Analyst to not only rapidly assess household trends, but also explore various demographic segments purchasing power and demographic composition in ways that can inform marketers.
Segments are prioritized based on target category spend and can be downloaded and shared easily. These segments blend demographic, financial and expenditure behaviors that correlate with expenditure in the category of interest.
For analysts using addedIQ’s market intelligence platform, quickly accessing and profiling segments and consumer behaviors has never been easier or faster. Before using the addedIQ platform, analysts would need to spend weeks aggregating and analyzing customer data to produce relevant patterns and segments. Our proprietary machine learning algorithms, attribute database and segmentation methodologies allow our users to access the information they need in a matter of minutes. This allows analysts and strategists more time to spend on tactics and market understanding and less investment in rote analytical tasks.