Figuring out what your audience is doing with their money is essential. Knowing how they’re using it can benefit your enterprise enormously and help you move closer to success.
But what, specifically, should you be doing? That’s the topic we broach in this post.
The first step is to look at the key spending patterns among your consumers and ask how they might affect you and your business. Knowing their budgets and what they prioritise makes it simple for you to figure out what sort of offers you should be targeting.
For example, some customers are much more interested in value-driven deals. They want brands to offer them the lowest price possible on some goods and services. Others are more interested in investing in experiences and looking for things they will remember for a lifetime.
Therefore, it is essential to leverage data from purchase histories and surveys. Combining this can help you figure out what to do next and serve your audience.
You also want to segment your audience into different categories to understand their spending data in more detail. For example, it’s a good idea to look into why millennials might want digital payments, while older customers may need cash-back offers.
These days, open banking solutions can provide more details on this. These show you how customers are using their money, giving you pointers on how you can adapt.
It’s also worth tracking economic influences in today’s shifting landscape. Things like inflation, interest rates, and unemployment levels can change consumer preferences or prevent them from accessing certain goods.
Fifty years ago, Western countries had strong middle classes, allowing the average brand to target nearly everyone. However, since then, the world has become more unequal, with wealth concentrated in the pockets of a small number of people, not the wider country. This means that brands must now focus on different aspects of the market, targeting value and luxury.
You can also look at social media to learn more about what customers are really doing with their money. Getting onto these platforms can provide incredible insights and useful information.
Of course, you don’t have to do this work manually. These days, numerous social listening tools are available that can pick up on trends quickly and funnel information into aggregate statistics on dashboards. These provide data on the mood and sentiment of your audience, giving you more freedom to do what you want.
Of course, while all this is going on, you’ll need to prioritise privacy. It’s not a good idea in general to analyse customer data irresponsibly, especially if it refers to things like their finances.
Where possible, comply with the various data protection laws.
Once you start learning more about customer data, you are better able to make corporate decisions. It becomes easier to know where you stand and what you should be doing next. You can drive higher loyalty and make customers more satisfied.
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