Effective customer data analysis critical to success of marketing campaigns – Experts
By Oghale Mafuru
Transaction informatics has been identified as the most effective way to engage with consumers for optimal brand awareness and marketing campaigns. This assertion was made during a virtual event tagged “The Science of Consumer Spending”.
Hosting a virtual meeting, JR Kanu, CEO, Reach Technologies, averred that turning data into knowledge created some of the most successful companies of the last 20 years, noting that companies that are always in connection with their consumers through agility, responsiveness to targeted processes and adapting and communicating value to the target audience help to create value. “Companies lacking agility, knowledge driven strategy are unlikely to survive,” he said.
On how transaction informatics works, Kanu explained that it focuses on understanding how economics, sociology and psychology influence the purchase pattern of consumers.
According to him, “rather than trying to scream the loudest, transaction informatics leverages on the economics, sociology, and psychology of consumer spending to build defensible, evergreen information pathways to and from the consumer”.
The tech boss, who opined that Transaction Informatics is the methodical analysis of transactions, said in turning data to knowledge, it has to begin from where it matters which is transactions. He noted that brand owners must ask the most critical question about the income and purchasing power of their prospective customers with intent to discern where the company’s category fits in the consumer’s pocket.
According to him, “the tools to move from data that helps us plan growth for our brands is called Reach Quotient; effective customer segmenting is vital as each demographic or target group will have its own unique Design Pillars”. He said knowing the core needs, where the category is relevant and drives emotion will enable you to create relevance and long-term value.
Speaking about understanding consumer’s patterns from the transaction point of view, one of the panelists, Nnenna Onyewuchi, Director of strategy/CO-Founder, YELLOW BRICK ROAD, said brand owners should build core values on the things that are driving the purchasing decisions of their target audience. She said: “Brands should think of women as consumers and find out what is driving their purchasing decision. They may not be the spenders but the decision is usually made by them as managers of the home, hence more campaigns targeted at women should be done. In many categories, there is a woman who is driving the spending.”
Onyewuchi, who said data is not about income, population or profiling but how to use the information to understand consumers’ purchase pattern, advised FMCG companies to understand the market segment and target audience, and engage them in a way that will impact on the brands in terms of loyalty.
Samuel Kanu , Strategy Consultant at Dalberg Associates, who was also a panelist, said the government should focus on human capital development, and, as a country that strives for self sufficiency must be committed to building its citizens. He noted that partnership with the private sector NGOs and agency is expedient in driving sustainable empowerment.
On her part, Freda Obeng Ampofo, Chief mixer Kaeme Cosmetics, said feedback is essential in ensuring a brand is designed to suit the needs, desires and aspirations of the target audience. She said: “We do make an intentional decision to speak with our customers, listen to them and use their answers to make our products.”
According to her, “ we live and breathe on customer feedback and interaction”.
For Ampofo, knowing why, what and how a customer uses a product is useful as these responses often do not come from surveys but on personal interactions with consumers.
Also speaking, Juliet Ziswa, Marketing Director, Africa, D.Light Design Inc, said target engagement with customers builds confidence. “our products are constantly being influenced by feedback from our customers.”
The Marketing Director, who stated that feedback enables brand owners to understand the lifestyles of the customers, stated: “I spend a lot of time with consumers to empathize and understand them. We transform their lives by empathizing. Understanding customers is really important.”
Other panelists who spoke during the virtual event are Michael Egor, Markets Insights Associate at Reach Technologies and Olatokunbo Fagbamigbe, Senior partner & Co-Founder, The Design Institute.
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