The client- A renowned consumer electronics manufacturer
Area of Engagement- Marketing analytics
Over the last couple of years, factors such as falling prices and relentless innovations have increased the demand for consumer electronics among the end-user segments. With recent innovations in consumer electronics, consumers have started spending a considerable part of their disposable income on mobile gadgets, which, in turn, is compelling retailers to offer products at reasonable prices. Also, the rising income and altering preferences of the consumers are forcing organizations to re-design and develop technologically advanced products and solutions to meet their ever-changing demands.
Some of the factors curtailing the growth of the consumer electronics space include:
- The dearth of skilled professionals: With the advances in technology, consumers are craving for authenticity and reliability in their product offerings. So, it becomes essential for businesses to stay relevant with the technologies in terms of the technical aspects and address any potential bottlenecks such as damages. Moreover, organizations should also include skill training as a part of their employee management process to improve their service capabilities.
- Lack of after-service support solutions: While prominent organizations are increasing their investments in novel technologies, they are struggling to keep pace with the after-service support solutions. To address this issue, organizations should consider re-defining their service architecture to offer robust after-service support systems to avoid any technical glitches and improve their brand’s performance.
To address such challenges and effectively position their products in the market, organizations are facing the need for marketing analytics solutions. Marketing analytics helps businesses measure and optimize their marketing activities to improve the business performance. Marketing analytics also focuses on understanding how a business’ marketing efforts are performing and reallocate their resources to gain better ROI.
The Business Challenge
The demand for wearable devices is comparatively higher as compared to smart home devices, owing to the low maintenance cost associated with it.
The client, a renowned consumer electronics manufacturer, wanted to understand the current market landscape and measure the impact of their marketing campaigns on the overall business efficiency. With the help of Quantzig’s marketing analytics solution, the client wanted to gain profound insights into the customer’s preferences and trends. Through a reliable marketing analytics engagement, the client also wanted to monitor campaigns, their respective outcomes, and curtail maverick spend. The primary objective of the marketing analytics engagement was to identify and predict trends in the customer behavior and position their products effectively.
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The Solution Benefits and the Business Impact
Strategies that we recommend to improve the marketing effectiveness and enhance ROI.
The marketing analytics engagement offered by Quantzig helped the renowned consumer electronics manufacturer analyze how marketing initiatives are performing and create a successful marketing strategy to improve business efficiency. Moreover, the client also wanted to compare the marketing activities with that of the competitors and prioritize their investments for the financial year. Beyond traditional sales and lead generation, the consumer electronics manufacturer was able to evaluate and optimize their marketing campaigns to predict outcomes and systematically allocate resources.
Marketing Analytics Solution Predictive Insights
The engagement offered by Quantzig helped the client monitor campaigns and their respective outcomes. The client was also able to apply analytical tools and techniques to real-world marketing problems to understand sales performance. The consumer electronics manufacturer was able to measure their marketing strategies and generate better ROI for their campaigns.