Michael LeBoeuf has rightly said – “A satisfied customer is the best business strategy of all.”
Understanding your customer behavior is the key to elevate your organization’s performance. It enables you to steer your business strategies and product enhancements in the right direction. To know whether your customers are satisfied or not, you need to know and compare your product’s visibility, sales performance, usage patterns and real customers feedback and activity in social media in different geographic locations.
A company’s Sales figures also give a good idea of the customer satisfaction level. If a particular product line is not doing good, then businesses need to dig further and find the reason behind it. If the sale of a specific product is good in a particular city/store but not in others, then the manufacturer needs to analyze the scenario and adjust the production and distribution accordingly.
Users purchase behavior information plays a vital role while coming up with the marketing campaigns and ads. Usually, a manufacturer depends on the dealers and retailers for gathering this information or infers it from the sales information. This method of information gathering is very slow and unreliable. And lots of information is lost in the process.
With the help of NeuroTags, a manufacturer can get consumer’s buying patterns and feedback information in real-time. A manufacturer also gets to connect with its customer to build a lifetime relationship for repeat purchases.
How NeuroTags helps in understanding the customer behavior and making a connection
Manufacturers apply AI-backed, mathematically linked, semi-open tags (provided by NeuroTags) on the products. These tags contain two parts –
- Info(Open) tag – It is more of an information tag, and anyone can scan it.
- Purchase(Protected) tag – This part is usually scratchable and can be scanned after the product is sold.
Manufacturers need to convey the message to the customers that they should scan the product to verify the authenticity of the product and for warranty or loyalty points activation.
Now customers get the advantage of verifying that they have an authentic product and get to register for warranty in just a few clicks or receive loyalty points. And the manufacturer receives the contact and location information of the customers. As a result, they can start to connect with the customer via innovative campaigns. The simplest way would be, to just send a “Thank You” email and ask for the comments and feedback or to share the product on social media.
Measuring the effectiveness of a marketing campaign or ad
A manufacturer can measure the effectiveness of a marketing campaign if there is a significant rise in the number of scans after the campaign. That means the campaign reached the masses and they noticed it.
If people are scanning just the info tag and there is negligent or no rise in protected tag scanning. Then it means that the people became curious about the product, but they are not purchasing it. So the manufacturer needs to introspect and find the reasons behind this (maybe pricing needs adjustment?)
Measuring the geo-location wise performance of the product
Since the scanning of the tag also gives the information of the geo-location, manufacturers get the information about the best and worst performing geographic regions. Based on this information, they can plan their future campaign strategies, production, and distribution accordingly. For example, a company may decide to focus on the regions where the sale is good, whereas another company may choose to promote the products more aggressively in the low performing regions, as they see good buying power in those regions.
Identifying the right product line and the right price
If a manufacturer has multiple products in the market, then by product scans numbers he knows which products are successful and which are not. The manufacturer also gets an idea of the right price of the product. For example – if there is a significant rise in the scanning of the closed tag after the manufacturer started giving a small discount, then it may mean that the pricing needs more adjustments.
Please contact us to know more about NeuroTags offerings.