About the Client
The client is a leading German wearable technology company that develops a wide range of wearable devices including smartwatches, fitness trackers, and portable health monitoring devices.
The Business Challenge
The global smart wearables market is expected to witness an accelerating growth in 2020 due to the growing demand for smart wearable technology. The increasing consumer demand for energy-efficient smart wearables and the development in IoT technology in the field of smart wearable devices are expected to drive the growth of this market.
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To tap into the demand growth and expand its customer base, a leading samrt wearable devices manufacturer launched a series of new smartwatches and accessories in North America over two years. The new products launch, investments in seasonal marketing, and new marketing campaigns contributed significantly to sales and the client witnessed a noticeable growth in their profit margins within a short period. Since the client was unable to track the channels that helped drive sales, they needed to perform an exhaustive analysis of data sets by leveraging multi touch attribution to analyze media spend by channel touch-points and understand the impact of new products launches on sales of the existing product line.
Solutions Offered and Value Delivered
Quantzig’s dedicated ‘Marketing Analytics Centre of Excellence’ with a team of 20+ data scientists, domain experts, and multi touch attribution modeling experts designed an innovative three-pronged approach to tackle the challenges faced by the client. The multi touch attribution solutions leveraged sophisticated mathematical models and AI-driven algorithmic decision making to optimize spend across different channels.
The first phase of this multi touch attribution modeling engagement focused on measuring incremental sales by leveraging Bayesian hierarchical models.
The second phase revolved around leveraging multi touch attribution models to evaluate the ROAS or return on marketing spend from each channel.
The final phase of this multi touch attribution modeling focused on assigning monetary value to each touchpoint in order to gauge the factors impacting sales.
The Business Outcome
Quantzig’s multi touch attribution solutions enabled the client to gauge the return on marketing spend (ROAS) from various channels. It also offered unique insights on campaign optimizations and empowered the client to improve sales through customized marketing campaigns, driving ROAS by 15%.