Attracting new customers is a top priority for retailers, and customer acquisition costs have risen with the increase in budgets and demand. Oracle Retail has launched Consumer Insights to help retail marketers use enriched customer data attributes alongside third-party consumer data from Oracle Data Cloud to find prospective lookalike customers.
Oracle Cloud provides data sets composed of profile-based, transaction-level data along with other demographic attributes. Consumer Insights overlays that third-party data over retailers’ own first-party customer data to discover attributes of their customers and create new segments. Those segments can be used to create similar audiences for prospecting.
Why we care
There is a growing demand from marketers for more predictive analytics and scalable methods to collect and analyze customer data and generate new target segments. Maintaining — and acting on — customer data attributes such as interests and purchase propensity could help marketers with their customer acquisition efforts.
“The value of data can’t be found in zeros and ones, but in human connections to the interests, experiences, and behavior of current and potential customers,” said Cecilia Mao, vice president of product of Oracle Data Cloud. “When you know that your customers are also more likely to buy at the grocery store, brand affinity and hobbies, you can build more accurate models to find your best potential customers, then use multiple channels to reach them at scale.”
More on the news
- A recent survey found that 77 percent of retailers intend to increase their budget for customer acquisition in 2020.
- Consumer Insights executes a “what if” analysis to identify new prospects in a continuously iterative process to get the best matches.