Customer Profiles build profitable businesses

The starting point of a service is always the customer. The customer is a person who will exchange monies for your goods or services. To be able to decide who you should target as a customer it is first important to understand what is the customer profiles you are targeting. 

The key stakeholder, who needs to understand in depth what customer profiles mean, is the Business Head. 

Demographic data is a shallow way of looking at a customer profiles. Just data, as is available on the age , sex and income profiles of residents of different geographies is not an efficient way to understand how to make your business more profitable or for that reason, even to answer the question of what should be the target markets while you establish your business. 

Imagine building a business plan for a new processed food item in the premium pricing segment.  It is important to understand not just the age , sex and income profiles but also need to understand the affinity of the target group for processed foods . It is important to understand the overall affinity of the locations that the brand is looking at targeting, for multiple categories including luxury goods. It would also be important to understand the customer’s exposure to cultures outside of their own, either through travel or by cultural exchanges in the form of art . 

Getting pin code wise demographic data through the National Census is not a difficult task. The National Census will provide you with basic population characteristics including age, sex, marital status, household composition, family characteristics, and household size.  The national census being a laborious  process that is supposed to cover people residing in each and every part of the country is a process that is conducted in India every ten years. Having the advantage of reasonable accuracy and ease of availability, this data then becomes the starting point for many different activities. 

The question that we have in front of us is, if this data is sufficient to create a profitable business plan? 

This information is provided by consumer profiling, where the intent of the customers is also available as a part of the data.  

Consumer Profiles provide key information about the consumers and their interaction with the business. Customer profiles can tell you about the customer mindset and that in turn can help companies make decisions of placing different product variants, particular SKUs and preferred delivery time. While traditional brick & mortar businesses find this of tremendous value, this is especially critical for the new rising D2C businesses. 

In fact the granularity of the data that is required to be used today for micro targeting has to define customer profiles much deeper than just the  the pin code level. It is important to understand the customer profile not just by area or sub area, but also by the understanding customer profiles for each household in residential buildings.  

Once the business has been set up , especially in the D2C channel , there is independent customer profile data that is generated through the transactions which define the buying patterns of customers. Understanding these customer profiles can build data that will help brands understand who is the impulsive, need based and the loyal customer. The most often used metrics for this customer profile development is through the RFM model. Recency and Frequency of the purchase as well as the Monetary value can help create distinct customer cohorts. These cohorts in turn can be used for cross selling or upselling and are a good way to track the churn of customers. 

Discover consumer profiles with Kentrix. 

We suggest Kentrix, which  has data availability for 91.5 crores of Indian consumer. This can be a gold mine for businesses . These are complete consumer profiles which include understanding of consumer intent.  

Geomarketeer by Kentrix  is a granular market segmentation analysis tool. It supports companies in India with geo-location-based intelligence, using micro-market-focused data and tools to sustainably grow their business. By delivering this information on the Software as a Service (Saas) platform, Geomarketeer allows organizations of any size to quickly get started with market research and data-backed insights.

This data has been identified down to the precise residential place of living. This makes the data extremely insightful for building profitable B2C and D2C businesses.