by Customers Attributes
Data is everywhere, data is the buzz, the best. We’ve talked about data an endless amount of times, yet managed to cover only parts of its importance and the effect it has on our day-to-day life. But as a marketer using this data regularly, have you ever felt that it restrains you from creating the campaigns you really want?
Ideas for campaigns are halted by data limitations constantly, for various reasons: marketing technology tools allow you to add data into them, but this data is restricted to the boundaries of the tool itself, to the developers’ mind set, experience and needs at the time, and can be added only in a specific format. This means the marketer has to first re-structure the data to meet that format, and only then add it to the tool.
Furthermore, once this data is added it can’t be manipulated: Attributes that are created have a fixed predefined logic and are calculated in that fashion. Thus, many lovely ideas that marketers come up with get stuck, and more sophisticated logic simply can’t be applied.
Taking care of this exact point this “attributes wall” if you will was always one of Optimove’s main mottos. Any data is welcome, no manipulation is needed, there are no limitations whatsoever to the creativity and logic. Our data science team is dedicated to the customization of each customer’s site. The data scientists start with flattening the customer data, using the existing data format, to create a Single Customer View containing any number of customer attributes. Any desired attribute can be created (assuming the data exists) and these can be added or changed at any point, and in virtually no time at all.
A customer attribute can be used for two main purposes: to better understand customers and to better execute campaigns. Large numbers of customer attributes will improve the ability to create sophisticated campaigns, by extending segmentation capabilities and analyzing groups behaviors. Optimove’s clients can change and add attributes as they wish, as they acquire more and more data and logic about their customers. Any desire and need is taken care of, and the more creative the request, the better. This is what we call data democratization.
Customers Behavior of customer in insurance sector
Insurers have long struggled to attract and retain customers. They do business in a highly competitive marketplace, and they sell a product that many consumers consider to be a commodity. Customers often cite price as their main reason for buying an insurance policy particularly in property and casualty (P&C). Many consumers now buy insurance through aggregator sites, rarely connecting directly with the carrier or its agents.
Insurers find it challenging to differentiate themselves in the eyes of their customers, especially when they interact so irregularly with them. In an era when consumers across markets expect high-touch, personalized service, insurance, by its very nature, remains a low-touch industry. Worldwide in the product categories of home, auto, life and health insurance, most customers purchase an insurance product only every three to six years. In developed markets, just half of the customers have had any contact with their insurers for any reason in the past 12 months.
Customers Behavior
Consumer behaviour is the study of individuals, groups, or organizations and all the activities associated with the purchase, use and disposal of goods and services, and how the consumer’s emotions, attitudes and preferences affect buying behaviour. Consumer behaviour emerged in the 1940s and 50s as a distinct sub-discipline of marketing, but has become an inter-disciplinary social science that blends elements from psychology, sociology, social anthropology, anthropology, ethnography, marketing and economics (especially behavioural economics).
The study of consumer behaviour formally investigates individual qualities such as demographics, personality lifestyles, and behavioural variables (such as usage rates, usage occasion, loyalty, brand advocacy, and willingness to provide referrals), in an attempt to understand people’s wants and consumption. Also investigated are the influences on the consumer, from groups such as family, friends, sports, and reference groups, to society in general, including brand-influencers and opinion leaders.
Research has shown that consumer behaviour is difficult to predict, even for experts in the field; however, new research methods, such as ethnography and consumer neuroscience, are shedding new light on how consumers make decisions. In addition, customer relationship management (CRM) databases have become an asset for the analysis of customer behaviour. The voluminous data produced by these databases enables detailed examination of behavioural factors that contribute to customer re-purchase intentions, consumer retention, loyalty and other behavioural intentions such as the willingness to provide positive referrals, become brand advocates or engage in customer citizenship activities. Databases also assist in market segmentation, especially behavioural segmentation such as developing loyalty segments, which can be used to develop tightly targeted, customized marketing strategies on a one-to-one basis.
