Customer Demographic Profiling
In today’s business ecosystem, customers are becoming more and more empowered and informative. They expect the retailers to know them and to propose products as per their choices. In this context, customer demographic profiling is extremely important. The existing data from CRM helps in forming the base profile, which can be enriched by mapping more data elements from both internal sources as well as external data like social media.
Apart from standard demographic segmentation, clustering techniques are applied to get the psychographic and other buying traits of the customer cohorts. This helps in cross-selling and upselling opportunities. It also helps to understand the customer buying pattern (customer wallet share analysis), customer 360 insights, personalized promotions, customer lifetime value, churn probability, etc.