Brands need to know what their best & most profitable customers look like: Vivek Bhargava

In a world where everything about everyone can be known digitally, Profitwheel is a platform that helps companies know their customers. At the Pitch CMO Summit organized by exchange4media, Vivek Bhargava, co-founder of Profitwheel, spoke to the audience about how the company uses customer intelligence to help brands find their profitable customers.

In the session titled, ‘Decoding Your Profitable Customers With Consumer Intelligence,’ Bhargava talked about Profitwheel’s methods of using data and finding out more about a particular brand’s customer base in a way that the brand knows the interests of that particular customer and can use it to target them through different methods of advertising and marketing.

Bhargava said, “When you look at a brand, they don't know what their best and most profitable customers look like so they don't have a common currency. All the different departments that they have, they all work in silos. But imagine if you knew what the psychographic of your best customers look like, then all the brands can actually get all the departments aligned to this one north star of acquiring and retaining most profitable customers.

Imagine you could also give the same platform to entire ecosystem of partners that you have. So, give it to your creative agency, give it to your content creation agency, give it to your media buying agency, give to your influence agency, video market research agency, give it to consulting companies who work with you, audit that work with you. Basically, what you do is you create this one platform that every single person in your company, as well as your ecosystem partners can use when they want to take any decision.”

He also spoke about the usage of artificial intelligence and the famous generative AI application ChatGPT in the workings of Proftwheel. He says ChatGPT can take the data and help make a creative brief, a campaign idea and video scripts for the brand using the consumer intelligence data from Profitwheel.

Bhargava then talked about the importance of knowing what to do with the enormous customer data that brands have and how Profitwheel’s goal is to help marketers know and understand their consumers better. “The biggest challenge I think most of us face today is that we have so much customer data, but we don't know anything about our customers. We just know that okay, this person bought this three times in a month, this person has bought this much value in terms of pricing. But if I were to ask you, how are you going to build them as a community? How are you going to create content for them? How are you going to choose influencers with them? How are we going to decide which countries you should expand in? All these questions are completely unanswered, and it takes a lot of research, a lot of insights, a lot of experience before you can answer any of these questions. So, our goal is that every single person in the company should have access to a bouncing board that gives you real time insights about your customers. As soon as you enter it, you should get some insights, and then use those insights for actions. And not only you, every single ecosystem partner of yours should get the same platform and it should not be linked to the amount of money you spend on advertising.”