Editor’s Note: This article is from the new World Tea Expo 2019 white paper, “The Next Wave in Tea: Trends, Issues & Opportunities.” The complimentary report offers valuable insights and advice from some of the top experts and leaders in specialty tea.
To download the free white paper, visit https://www.worldteaexpo.com/en/attendee-resources/whitepaper.html.
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Who wouldn’t like to predict the future of business? Which products will be the best sellers? Which segments will be the most profitable? Which communication message will be most impactful? What price will maximize profit or defend against competitors?
While some may consult a crystal ball, successful organizations use a strategic approach that includes predictive analytics.
Increasingly, organizations interested in predicting their future success invest in aggregating, organizing and analyzing reliable data, facts and statistics, better known as predictive analytics. The results enable managers to identify market trends and quantify customer buying behavior, thoughts, and emotions to clear the clouds of uncertainty for vision clarity. With clear vision, owners and managers can confidently make decisions and take actions to influence, improve and increase future success. Simply put, they unleash the power of predictive analytics for business success.
The use of data and information enable decision-makers to predict customer behavior such exiting of existing customers [migrating] or entrance of new customer segments [emergent] for accurate planning. Data and analysis reveal customer desires for new flavors, new product and service offerings, and give insight to pricing and market communication opportunities. Forward thinking decision-makers use data to segment customers by demographics and psychographics in effort at creating meaningful communication for revenue generating marketing campaigns.
Consider a recent Euromonitor International report providing insight to the future tea market. Reportedly, mature markets will experience difficulties in growing sales, but have potential to transform consumers of mass-market tea to purchasers of high-quality tea. Capitalizing on the information requires predictive analytics to deeply understand customer factors [demographic, psychographic, geographic] and develop products, services and communication strategies that either influence the emerging segment of consumers for high-quality tea products or defend against consumer migration from mass-market tea.
Download the World Tea Expo white paper here: https://www.worldteaexpo.com/en/attendee-resources/whitepaper.html.
Patricia Peiffer is principal and senior research analyst at Quesited, a market research and competitive intelligence strategic partnership. Peiffer is intensely curious about markets and the players. With an eye in the sky, ear to the wind and feet on the street, she seeks out emerging trends and migrating segments that impact client business. She engages associative thinking to link disparate information for insightful action, new business opportunities and improved customer and user experience and increased engagement. She studied marketing management and holds a master’s of science degree with a concentration in marketing research from Rensselaer Polytechnic Institute, and is a graduate of the University of Connecticut.
Dive Deeper in this World Tea Expo Session
Growing Tea: Cultivating Customers Using Data Analytics and Social Media will cover the value of data in business decisions and using consumer insights to drive communication strategies, brand positioning, and uncover valuable trends and opportunities, June 13, 11:00 a.m.-12:00 p.m. in room N259.