How do you identify emerging markets using customer analytics?

1 Define your goals

Before you dive into the data, you need to define your goals and criteria for identifying emerging markets. What are you looking for? A new geographic region, a new industry, a new customer segment, or a new problem to solve? How do you measure the potential and attractiveness of each market? What are the challenges and risks involved? By setting clear and realistic goals, you can narrow down your focus and prioritize your efforts.

2 Collect relevant data

To identify emerging markets, you need to collect relevant data from various sources. These can include your own customer relationship management (CRM) system, online surveys, social media, web analytics, industry reports, and market research. The data should cover aspects such as customer demographics, behaviors, preferences, needs, pain points, and feedback. You should also look for data on your competitors, market trends, regulations, and environmental factors that may affect your IT products and services.

3 Analyze and segment the data

The next step is to analyze and segment the data using various methods and tools. You can use descriptive analytics to summarize and visualize the data, such as charts, graphs, dashboards, and reports. You can use predictive analytics to forecast and estimate the future outcomes, such as demand, revenue, and profitability. You can use prescriptive analytics to recommend and optimize the best actions, such as pricing, promotion, and distribution. You can also use clustering, classification, and association techniques to segment the data into meaningful groups based on common characteristics, patterns, and relationships.

5 Tailor your offerings

Once you have identified and validated the opportunities, you can tailor your offerings to suit the needs and preferences of the emerging markets. You can use customer analytics to understand the value proposition, benefits, features, and differentiators of your IT products and services for each market. You can also use customer analytics to personalize and customize your offerings based on the customer segments, behaviors, and feedback. By tailoring your offerings, you can increase your relevance, appeal, and competitiveness in the emerging markets.

6 Monitor and improve

The final step is to monitor and improve your performance and outcomes in the emerging markets. You can use customer analytics to track and evaluate the key metrics and indicators, such as customer satisfaction, loyalty, retention, acquisition, conversion, and lifetime value. You can also use customer analytics to identify and address the challenges, issues, and risks that may arise in the emerging markets, such as competition, regulation, or customer churn. By monitoring and improving, you can optimize your strategy, tactics, and operations in the emerging markets and achieve your goals.