Oracle Retail can now identify potential customers using first and third-party data.
Marketers have one goal in mind – staying relevant. This will ensure that customers will return for more. Oracle Retail’s new offering, the Consumer Insight, is designed to help retailers to understand their customers better and center their strategies based on the traits of their potential clients.
A survey conducted in partnership with Oracle supported the need for additional customer acquisition. The survey found out that 77 percent of retailers planned to increase their spend on this strategy this year. More often than not, retailers tend to sell to the wrong people.
It is important to reach the right customers. With the use of predictive data, marketers can analyze and explore new marketing campaigns to better care for their preferences.
How does it work
Oracle’s Consumer Insights works with two important components: the business’ own customer information and third-party consumer data from the Oracle Data Cloud. These two essential details will help businesses in optimizing their campaigns with targeted offers.
The Oracle Cloud also supplies profile-based information and transaction data with population statistics. Consumer Insights overlays this with the business first-hand data used to discover the traits of their best customers and create a new table for prospecting similar consumers. Retailers can also use the gathered information to target lookalike buyers with offers that are highly relevant to their needs and wants.
The significance of the new feature
“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,” says Cecilia Mao, the VP of Oracle Data Cloud product.
She further added that when businesses know their customers’ rapport in brands, products, and even their hobbies, they can build a more precise prototype to find potential customers and use it for various mediums to reach them. “When it comes to grabbing the attention of potential customers, every second and moment matters,” says Jeff Warren, the vice president of Oracle Retail.
Consumers are more likely to buy from brands who they think understand their needs. Marketers also sell and increase their revenue better with targeted campaigns as opposed to mass ads. Consumer Insights allow marketers and brands to specify their ads to their target market, the data also enables them to make more accurate models in finding their potential clients.