Saturday, March 10, 2012

Foreseeing and Foretelling Customer Needs

Innovation leadership will be with those firms, who have the capability to identify the customers' unarticulated needs for products and services.
Future is an intersection of evolving regulations, technology, demographics and lifestyle. To visualize the unstated needs of the customers involves foreseeing the evolutions of these four dimensions.
Discomfort in seeing beyond current reguatlions, technology, demographics and life style is not right ingredient for innovation in a company.
Ranjan Das, Inventing Customer, Strategic Marketing, August-October, 1998, pp.10-14 

"Predictive Analytics: Knowing What's On Your Customer's Mind". was a seminar organized by a newspaper group in India. 

Predictive Analytics:  It utilizes historical data and techniques such as data mining and statistical analysis and can provide a clearer picture of what is going to happen, so that businesses can accurately decide their future course of action. It can provide companies with information such as future trends in customer buying habits, which customers are likely to return and which ones aren't, the amount of business that they'll bring, what could be the best way to retain the existing customers and other important information that companies can use to their advantage.

Related Article

Customer Insights _ McKinsey Article 2utb2lsm2k7a/ 664

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