Promotions are expensive — they take up a significant portion of the marketing budgets of the modern enterprise. Measuring the promotion effectiveness of offline campaigns is easy. When promotion occurs across an online channel, it becomes challenging to measure its effectiveness mainly due to the sheer number and diversity of the variables involved — type of promotion, promotion aspects, seasonality, competitor behavior, ongoing promotions, and other external factors.
Our promotion effectiveness analytics solutions perform an in-depth analysis of the promotion mix and provide you insights on optimal promotions — seasonality, promotion length, frequency, and messaging. Our solutions will also enable you to improve promotion effectiveness, optimize promotion resource allocation, understand sales trade-offs between promotions, and enhance each promotion’s contribution to the overall performance. These insights will enable you to optimize your promotion strategy to gain the maximum ROI, increased profitability, and market impact.
Promotion Mix Optimization
While running multiple promotion campaigns simultaneously can positively impact both the campaigns, it can also result in both promotions eating into each other’s sales.
Our advanced promotion effectiveness analytics solutions use past data performance data to derive the synergy between two promotions and help create a promotion strategy with the optimal promotion mix.
Promotion Formats and Aspects
Promotions come in all shapes and sizes and vary significantly in terms of their impact. Companies must understand what promotion formats work for their offerings to derive the maximum returns, generate revenue, and increase sales. Our advanced analytics solutions enable companies to simulate the impact of each promotion format on sales and profitability in real-time, thus allowing them to choose the format that best fits their needs.
The impact of promotions also depends on their aspects like seasonality, promotion length, and frequency. We can analyze past data to derive the most profitable scenarios for each aspect and create the optimal amalgamation for an incremental increase in sales and maximized returns.
Discounts are a great way to bump up sales and reduce the order-to-cash (OTC) cycle. But there is very little systematic evidence of the lasting impact of these deep discounts on overall sales and revenues. High discounting may bring down overall profitability and cause the cannibalization of other offerings, whereas low discounting may not generate the desired results. Thus, companies must find the right balance when implementing discounts.
Quantzig’s advanced promotion effectiveness analytics solutions enable you to study past promotion performance data and understand the discounts that will be the most impactful and will increase promotion effectiveness.
We enable our clients to harness the power of data-backed, intelligent insights to improve promotion effectiveness, find the right promotion mix for their offerings, and contribute to incremental sales, profitability, and market impact.
Request a free proposal to learn how our promotion effectiveness analytics solutions can gauge the correct promotion mix that fits your company’s needs and how you can implement it to obtain the maximum returns, increased sales, and reduced costs.
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