Data Discoveries — Ed Lorenzini, President and CEO, and Scott Chase, CTO, of Analyze — The Importance of Analyzing Customer Data To Drive Sales and Understand Demographics

Ed Lorenzini, president, and CEO, and Scott Chase, CTO, of Analyze (analyzecorp.com), deliver a useful overview of data analytics and how it can help every business target new potential customers, as well as retain existing customers.

Ed Lorenzini has over 30 years combined military and commercial experience and is a retired Air Force officer. He is a proven leader as evidenced by his long, successful career. Lorenzini's interests are in behavioral analytics, intelligence fusion, and intent recognition. Scott Chase, CTO, has spent his career focused on distributed computing and large scale data analytics. Chase has a particular interest in federal-sector cybersecurity analytics and is an innovator in the space. Together, Lorenzini and Chase have built their business, Analyze, into a powerful data analytics company.

Lorenzini talks about Analyze's specialization in predictive analytics, especially in the area of consumer behavior. He explains how they use AI in the development of the front end of their platform, Analyze Clients. Analyze Clients produces essential consumer insights with only names and addresses. By bringing together millions of records into a huge database of cloud-based knowledge, the platform allows users to enter a customer's first and last name, address, and then zip code, and begin to analyze it all, in order to build a detailed analytical report on customers. He discusses how advertising companies are utilizing their service for direct mail, calls, and more. As Lorenzini states, they have invented a way to develop an automated, custom algorithm on the fly.

Chase talks about the many variables that exist within available data on consumer households, and how over 200 of the 380 variables are consumer lifestyle variables, for example: owns a dog, subscribes to magazines, enjoys boating, etc. Chase explains that they can use the available data to build a model based on specific lifestyle variables that will allow businesses to understand whom their product will resonate with.

Lorenzini discusses consumer buying patterns and the various demographics that exist. He explains that the data is good at helping businesses understand their consumer base and to make assessments about growth and marketing. He explains the changes that have taken place in ecommerce and the digital economy overall. The founders of Analyze cite examples of some success stories from users of their platform, some that have seen as much as 300% revenue growth based on customer insights they began receiving via the platform.

Data analytics combined with consumer behavior can bring dramatic major benefits to companies seeking to expand, and data insights can help entrepreneurs and business owners develop successful strategies for growth.