Leading marketers are using advanced analytics to predict and understand customer behavior, to connect effectively and retain high value customers. Brian Dennehy, expert vice president in Bain's Customer Strategy & Marketing practice, outlines how a marketer can turn a hypothesis into action.
Read the transcript below.
BRIAN DENNEHY: Today there's a marketing revolution going on. The marketing revolution consists of Big Data, advanced analytics, and the increasing use of tools and technologies. Unfortunately, that's a pretty complex environment to navigate.
Today's leading marketers are taking traditional segmentation and overlaying it with customer lifetime value. This allows them to make more effective trade-off decisions on the customers they target, as well as their investments in technology and tools.
The second thing that smart marketers are doing today is they're learning how to connect with their customers more effectively, especially high-value customers. First, they're using artificial intelligence, and data, and data science, to better understand prepurchase behaviors. They're also …