Marketing Analytics
Marketing analytics involves the use of data to assess the effectiveness and success of marketing activities. Marketing analytics enables companies to gain deeper consumer insights, optimize marketing objectives, and achieve higher returns on investment.
Marketing analysis reveals a greater understanding of the consumer’s mind and user behaviour, which in turn helps businesses optimise how a product or service is positioned to improve sales.
Dr Jeffrey Lant in his theory of the ‘Rule of Seven’ explains that, companies must contact the prospective customer at least 7 times over the course of a predetermined length of time in order to capture the buyer’s attention and achieve considerable market penetration.
- Marketing analysis answers critical questions about marketing budgets and campaign performance.
- Informed decisions which will help firms immensely can be ascertain by using marketing analysis.
- It assists businesses in making long-term plans. Companies and marketers no longer need to guess consumer behavior patterns — data shows it all. As a result, brands can now interact with customers, provide exceptional customer experiences, and foster meaningful relationships.
How we help
Our clients partner with us to:
Increase revenue by giving personalised offers . We assist our clients to understand their audience, attract new customers, and provide tailored customer experiences to ultimately increase their sales and revenue.
Personalization is known to enhance the shopping experience for customers. According to Epsilon research, 80% of consumers are more inclined to make a purchase when brands provide personalised experiences.Not to mention, the main objective of personalisation in e-commerce is to make buyers feel unique, special, and emotionally invested. This is done to improve the shopping experience and boost sales.
It is not surprising that personalization helps the e-commerce powerhouse, Amazon, improve its sales and revenue. By making customized recommendations, Amazon gives its customers a more tailored buying experience. In effect, customers start to notice “things commonly bought together” as suggested by Amazon when they add products to their cart. Even though they didn’t have it in mind when they first started their purchase, some customers may buy these things on impulse. Also, following purchases, customers receive individualized product recommendations via email, based on what they previously purchased. Amazon increased its revenue by 35% thanks to its recommendation engine. Product recommendations are said to increase average order value by 50%, increase revenue by 300%, and improve conversion.
Analyse their marketing campaigns and promotions . We support our clients by analysing the effectiveness of their marketing campaigns and promotions. This process helps us to efficiently measure how well our clients’ marketing strategies increase their revenue while decreasing their costs of customer acquisition.
Optimize their budgets . With marketing mix model, we help our clients analyse the efficiency of their marketing campaigns and marketing channels. This informs them of the right marketing channels to use to gain the maximum return on investment(ROI). This in turn helps them optimize their budgets.
A great marketing mix model can be the determinant of how successful a product can be. Marketing mix modeling is a statistical approach that uses historic information to quantify the sales impact of various marketing activities. Marketing mix modeling may be all you need to increase your revenue by a great margin.
How do you envision Marketing mix modeling(mmm) helping your business?
Improve Advertisement.
It is interesting to know that analytics reduces advertisement costs as customers get drawn to buy products they did not have in mind, while these extra products bought together did not bring additional cost to the store.
We help our clients improve their marketing campaigns to target consumers in a way aimed at increasing customer spending. In this case, when our clients advertise for one product, the advertisement automatically brings in sales for other products not advertised. More like using one stone to kill 2 birds.This ultimately increases customer satisfaction and brand loyalty.