The client: Food and Beverage company
Area of engagement: Marketing analytics
In the food and beverage industry, the manufacturers are concerned about factors such as offering a high level of product quality and maintaining optimal resource efficiency. The industry encompasses products for daily consumption and leading manufacturers are improving flexibility in this space to meet the individual customer’s requirements. Due to current innovations, major retailers in the food and beverage space are expanding their online assortment to include groceries as a part of their product offerings. Although the food and beverage industry is witnessing promising growth, several factors may restrain the growth of the industry.
- Inflation: With the recent economic instability, countries across the globe are witnessing fluctuations in product prices. Also, the recent downfall in the prices of the commodities due to Brexit issues has further affected the shopping pattern of the customers. Additionally, the depression in the economy is further affecting the income level of the consumers; thereby, curtailing the growth of the industry over the years.
- Supply chain management: The food industry largely relies on the supply chain to reach out to the potential markets and meet the relentless demands of the target customers. With the slow recovery of the economy, the supply of goods and commodities is likely to get affected and consumers will witness a decline in the supply of products.
- Quality control: At present, the demand for goods and commodities is increasing, and the customers are looking for high-quality products to maintain their health. To meet the customers’ requirements, it becomes vital for the businesses to ensure quality in their products. This relentless growth in the demand for products will further affect the quality standards, which, in turn, will affect the growth of the industry.
To meet the rising demand for quality products and target relevant niche market segments, leading manufacturers in the food and beverage space are implementing marketing analytics solution. Marketing analytics involves the use of processes and technologies that help marketers improve their marketing initiatives and devise strategies to boost profitability. The solutions are offered based on the ROI, marketing attribution, and overall marketing effectiveness.
The Business Challenge
According to a recent survey, it is estimated that less than 1% of the sales in the food and beverage industry occur online.
A leading food and beverage company, with a considerable number of outlets spread globally, wanted to efficiently measure, manage, and analyze the marketing performance to enhance market efficiency and optimize the ROI. The client wanted to gain insights into the customers’ preferences and perception about new products. With the help of the marketing analytics, the client wanted to seek ways to monitor marketing campaigns and understand the overall sales performance. To stay relevant in this competitive environment, the client wanted to predict outcomes and systematically allocate resources to meet the business requirements. The client also wanted to understand the marketing trends and monitor the impact of such trends on the industry’s growth prospects.
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The Solution and the Business Impact
Strategies that we recommended based on our analysis to drive sales and customer engagement.
The marketing analytics solution offered by Quantzig helped the food and beverage client effectively measure and optimize the marketing activities and streamline their efforts to improve sales performance. The engagement further assisted the client in determining the true ROI of their activities in terms of social media and email marketing success. Moreover, they were able to diagnose deficiencies in their specific channels and accordingly make adjustments to strategies to enhance their overall marketing programs. To establish their presence in the food and beverage industry, the client also sought ways to re-prioritize their brand offerings and launch new products in niche market segments.
Marketing Analytics Predictive Insights
The future of marketing analytics is shifting toward more customer-driven outlook through technology-driven platforms. Leading organizations can leverage data to better understand customer behavior across multiple devices and can better make use of their resources to make marketing a main-stream in the EMEA region. Moreover, with the relentless growth of technology, organizations can comprehend price and promotional analytics to enhance their business performance.