Challenge
Our client was wrestling with common problems of a growing business:
- No centralised repository for data
- Data was not harmonised or accessible
- Different data sets were in different formats and available from different vendors
There was no holistic way to track business performance.
The business did not understand preferences or purchase propensity, or have the ability to discover the motivation behind consumer purchases.
Approach
We followed a 5-step approach to help the client:
- Step 1: Building the foundation with data harmonisation
- Clean and harmonise different data sets
- Create a data mart with all relevant data
- Step 2: Understanding the landscape
- Identify consumption patterns
- Estimate the potential of customer segments
- Step 3: Engagement through e-CRM
Manage the consumer lifecycle by:- Targeting consumers using behavioural triggers
- Personalising experience through a real-time content recommendation engine
- Step 4: Customer Feedback System
- Improve loyalty and retention
- Identify the key drivers of consumer satisfaction and engagement
- Step 5: Tracking Business Performance
Develop a dashboard that helped managers understand business performance in real time
Insight
We analysed the harmonised data mart, which enabled us to classify the data into segments based on consumption patterns and estimate the potential.
It enabled us to target consumers by providing more relevant content, which helped improve loyalty and engagement with their existing customers.
Impact
Increase in Free Trial to Paid conversion: 62% to 70%.
Revenue increase of 22%.
Decrease in average weekly churn from 12% to 9%.
Enabled faster decision making and reporting through easy to use, scalable Visual Dashboards.