What is a customer insight ?
Customer insight is understanding your customer, based on their buying behaviour and their experiences with you.
Why customer prediction is important ?
Understanding customer's buying pattern is very important because it is directly proportional to increase in revenue.
Few ways of understanding customer insights:
Identify total no of customers in specific countries\regions.
Providing seasonal campaign based on countries.
Identify the average time spent in the website.
Identify peak hours (network traffic) of purchases.
Identify the pattern followed by a specific customer.
- History of purchase.
- Time range when he orders the product.
- Gap between each purchase.
Tracking Cross sales and Up sales.
Cross selling is inviting customers to buy additional/complimentary item that’s related to what’s being bought already.
Upselling is a sales technique used to get a customer to spend more by buying an upgraded or premium version of what’s being purchased.
Let's say, when a customer is buying a mobile phone you can recommend him to purchase a screen protector as well(cross selling).
Whereas if you’re about to buy a mobile phone model with 32GB of storage space, you can suggest to get the one with 64GB or 128GB(up selling).