The Role of Business Analytics in Understanding Consumer Behavior and Enhancing Marketing Strategies
DOI:
https://doi.org/10.64882/ijrt.v6.i1.762Keywords:
Business Analytics, Consumer Behavior, Marketing Strategies, Data-Driven Decision Making, Customer Segmentation, Predictive Analytics, Marketing PerformanceAbstract
The current data-driven business environment has seen the development of Business Analytics as an essential instrument of learning consumer behavior and improving marketing plans. This paper discusses the manner in which systematic deployment of descriptive, predictive and prescriptive analytics can assist organizations to accumulate, process and analyze high volumes of consumer-related data to understand more about their preferences, purchasing trends, attitudes and decision-making mechanisms. Marketers can determine which segments of their target audience to target, customize marketing messages and optimize price and promotion tactics and enhance customer engagement by turning raw data of several sources including social media, online transactions and customer relationship management systems into actionable insights. The paper indicates that marketing based on analytics will enable companies to know what customers need, predict demand and better respond to the evolving market trends which will enhance customer satisfaction and loyalty to the brand. Moreover, evidence-based decision-making, a stronger marketing strategy formulation as a result of integrating business analytics into marketing strategies, increases opportunities to gain returns on the marketing investment and sustainable competitive advantage. The paper has concluded that the importance of gaining knowledge on consumer behavior via business analytics is no longer a choice but a necessity among organizations who have the desire to structure efficient, customer-focused and performance-driven marketing strategies in a competitive business environment.Top of Form
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