Profiling of customers: What it can do for businesses |
Posted: September 12, 2019 |
As competition grows across industries, businesses are finding newer ways to retain customers and increase market share. The good news is that technology is also advancing significantly, which can help enterprises to gain market share with ease. The profiling of people and customers using technology is one way of ensuring that a business stands above its competitors. Let’s talk about what people profiling can do for businesses across industries. Access to data Today, most companies have access to a lot of data for customer behavior. This can be used beneficially to gain insight into customers, whether they are paying or potential. For example, real-time driver profiling can be a great way to ensure driver risk assessment. Understanding the audience With people profiling, businesses can understand the audience more deeply. For companies trying to win the rat race, this can come as a big boon because it lets them deliver what the audience wants. With data stream analytics, it is possible to profile the audience in-depth that will lead to more insight than just studying demographics. This can be explained more easily with the help of an example. Suppose two people live in the same area, are of the same age and are of the same gender. Will they share the same kind of life or political views? The answer is an emphatic no because these two people can well be widely different people. People profiling makes it possible to access this kind of information which helps businesses gain a deeper level of understanding. Understand a variety of interests A person can have a lot of interests, and it can vary from person to person. Having access to this kind of information can be truly useful for businesses across industries because it helps them understand what sort of things interest people. With the help of the internet and social media, it is easy to find what people are interested in, and this paves the way for audience profiling. Online interaction helps businesses find out things of interest for customers and move beyond ethnicity, age, and gender. Predict future behavior Another great benefit of people profiling and how it can help businesses do better is its ability to predict the future behaviour of people. For instance, driver risk assessment is an excellent indicator of what the driver is going to behave like in the future. For car insurance companies, real-time driver profiling can help understand the chances of a particular driver causing an accident. If the prospects are higher than the average, they can charge a higher car insurance premium. This is just one example, and such uses can be found across industries. As you can well see, people and audience profiling is an excellent way for businesses to gain more insight into the behavior and needs of people. It takes them one step closer to offering better-integrated services to people.
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