Predicting Customer Behavior
Forecasting buying habits and lifestyle preferences is a process of data mining and analysis. This information consists of many aspects like credit card purchases, magazine subscriptions, loyalty card membership, surveys, and voter registration. Using these categories, profiles can be created for any organization’s most profitable customers. When many of these potential customers are aggregated in a single area it indicates a fertile location for the business to situate. Using a drive time analysis, it is also possible to predict how far a given customer will drive to a particular location. Combining these sources of information, a dollar value can be placed on each household within a trade area detailing the likelihood that household will be worth to a company. Through customer analytics, companies can make decisions with confidence because every decision is based on facts and objective Data.
Read more about this topic: Customer Analytics
Famous quotes containing the words predicting, customer and/or behavior:
“All the critics who could not make their reputations by discovering you are hoping to make them by predicting hopefully your approaching impotence, failure and general drying up of natural juices. Not a one will wish you luck or hope that you will keep on writing unless you have political affiliations in which case these will rally around and speak of you and Homer, Balzac, Zola and Link Steffens.”
—Ernest Hemingway (1899–1961)
“The customer is the immediate jewel of our souls. Him we flatter, him we feast, compliment, vote for, and will not contradict.”
—Ralph Waldo Emerson (1803–1882)
“The inability to control our children’s behavior feels the same as not being able to control it in ourselves. And the fact is that primitive behavior in children does unleash primitive behavior in mothers. That’s what frightens mothers most. For young children, even when out of control, do not have the power to destroy their mothers, but mothers who are out of control feel that they may destroy their children.”
—Elaine Heffner (20th century)