CI - Session 3 Flashcards
(21 cards)
6w Model of customer analysis by Ferrell
Understanding customers better and analysing an organisation’s external environment.
Who - Who are our customers?
What - What do the customers do with our products?
Where - Where do our customers use our products or services?
When - When do our customers buy our products or services?
Why - Why did our customers decide to buy our products?
Why Not - Why do our customers decide NOT to buy our products?
MECE (segments)
The MECE principle stands for Mutually Exclusive, Collectively Exhaustive.
Mutually Exclusive (ME): Each category or group should be distinct with no overlap. This ensures clarity and avoids redundancy.
Collectively Exhaustive (CE): All categories or groups together should cover all possible options, leaving no gaps.
DAMP (segments)
Each segment must be
Distinct: Each segment should be different from other segments.
Accessible: The segment should be reachable through appropriate marketing channels.
Measurable: The size and characteristics of the segment should be quantifiable.
Profitable: The segment should be large and profitable enough to serve
Segment consumer market variables
demographics, geographical, psychographic, behavioristic
Technographic
technographics is the technology stack used by a prospective customer
Primary research
Primary research is commissioned for a specific project.
E.g. Survey, Focus group, Interview
costly but provides specific, accurate and up to date data
Secondary research
Secondary research has already been carried out for some other purpose
e.g. industry reports, government data, media
this can provide valuable data and lead the angle of primary research
Single Customer View
single customer view means being able to track all interactions (all channels) and linking them to an individual customer.
Attribution Modelling
The influence each element of marketing communications has, on the customer’s decision to buy / convert to the product / service.
Types of Attribution Modelling
First-Touch Attribution: Assigns all credit for the conversion to the first interaction a customer has with your brand.
Last-Touch Attribution: Gives all credit to the final interaction before the conversion.
Linear Attribution: Distributes credit equally across all touchpoints in the customer journey.
Position-Based (U-Shaped) Attribution: Allocates 40% of the credit to both the first and last interactions, with the remaining 20% spread across the middle touchpoints.
W-Shaped Attribution: Similar to position-based but also gives significant credit to the touchpoint where the lead was created.
Time-Decay Attribution: Assigns more credit to touchpoints that occur closer to the time of conversion.”
Retention rate
% of customers retained over a time period.
Churn rate (attrition)
% of customer losses over a time period.
(customers lost/beginning customers) x 100
Customer Satisfaction Score (CSAT)
CSAT is the average satisfaction score that customers rate a specific experience they had with an organisation.
Customer Effort Score (CES)
The Customer Effort Score (CES) is a metric that measures how much effort customers have to exert to interact with a company, resolve an issue, or complete a transaction
suggests that organizationsd can create loyal customers by reducing customer effort.
Net Promoter Score ® (NPS)
A Net Promoter Score® is a measure of customer loyalty based on a single question – how likely the buyer would be to recommend the organisation to a friend or colleague
Complaint Analysis
a systematic approach to understanding and addressing customer complaints to improve overall service quality and customer satisfaction.
Voice Of the Customer
voice of the customer is a term that describes the process of capturing customers’ feedback about their experiences, expectations, and preferences regarding a product or service
Brand salience
The degree to which a brand is thought about or noticed when a customer is in a buying situation.
How easily it comes to mind.
Brand Sentiment
Refers to the feelings + attitudes that customers have towards a brand. Can be positive, negative or neutral.
Customer Share/Share of Wallet
Both term refers to the portion of a customers total spending within a specific category that is captured by your brand
Brand Visibility
Refers to how easily potential customers can see + recognize a brand across various marketing channels.
