Tag: advanced marketing analytics

IR30

Quantzig’s Web Analytics Solution Helps a Leading Retailer Chain Improve its ROI

Todays’ retail environment is dynamic due to the presence of numerous channels such as traditional web, mobiledemo applications, email, chat, online forums, and physical stores. According to the latest research study, it is estimated that while a marginal percentage of people utilize smartphones for shopping, a considerable number of consumers leverage smartphones to research about the products. Consequently, with the extensive use of applications, online and mobile channels have imposed additional pressure on retailers to offer products at relatively low prices. To effectively optimize operations, maximize margins, and better understand the customers, retailers have started adopting web analytics solutions to streamline processes and increase ROIs.

Quantzig’s web analytics solution helps businesses understand the behavior of the visitor, source of visit, pages viewed, and actions taken on the site. Also, our web analytics solution offers information on key parameters such as web traffic, visitors count, web page bounce rate, identify exit pages, and optimize marketing campaigns.

The Business Challenge

A global conglomerate in retail was facing challenges in implementing and improving web analytics on their web properties, including the e-commerce site. The client wanted to integrate new web applications to improve sales performance to meet their potential business needs. Furthermore, the client also wanted to deploy fast-growing and conversion-driven analytics to increase traffic; thereby, enhancing the ROI.

Our Approach

To address the client’s specific business needs, Quantzig’s team of experts collated information obtained from various sources to address the client’s specific requirements and provide an effective solution to monitor customer behavior, enhance product marketing, and implement web analytics. Furthermore, Quantzig’s industry experts engaged with the client’s business team to understand customers’ behavior and activities.

pricing analytics for a retailer

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Web Analytics Assessment Benefits:

  • Reduced operational costs and an increase in the ROI
  • Promote products based on customers’ browsing activity in terms of the region
  • Decrease bounce rates and increase sales
  • Track the flow of traffic and determine the appropriate space to invest marketing dollars and time

Web Analytics Predictive Insights:

  • Understand the campaigns contributing to conversions by utilizing the Google Analytics attribution channel
  • Identify key geographies in terms of countries, regions, or states and target the specific areas
  • Leverage web analytics to create advertising campaigns for specific geographies
  • Identify the call to action that generates the most interest

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Increase your Revenue Using Conversion Rate Optimization

The sole objective of any website, commercial or otherwise, is conversion. Conversion for a website can take many forms such as making a purchase, signing up for a newsletter, downloading the app, creating an account, or something entirely different. Conversion is important to get the business running, as it is associated with revenue generation for the website. With each step in the conversion process, the funnel gets narrower with the final conversion rate standing at a meager average of 2-3% on average. Thus, organizations should be wary about Conversion Rate Optimization (CRO) to increase revenues from additional conversion.

The increasing acceptance of digital marketing and e-commerce platform has shifted the market from traditional to the digital medium, shifting the marketer’s focus from sales to conversion. Here are some of the essentials to look out for to achieve conversion rate optimization.

The Appearance of Website and Landing Page

Marketers are increasing their advertising spend in digital marketing using tools such as SEO, affiliate marketing, e-Get in touchmail marketing, social media marketing, and SEM. Since the cost of acquisition is ever increasing, it becomes essential to convert visitors to take desired action when they get to the landing page. To ensure lower bounce rate and encourage users to take action, they should be able to seamlessly navigate through the website, get desired information, and click on CTAs for conversion. Negligible changes in copy, layout, and design can influence the conversion rate. For example, changing a single word in a call-to-action button could increase the click through rate (CTR) for a website.

Never Stop Testing

Various testing tools are available to measure and optimize the conversion rates. The most popular testing tool is A/B testing, where two different versions of a page with changes in text, copy, and layout can be shown to various users. The results are then measured using metrics such as bounce rate, CTR, CTA, conversion funnel. Conversion rate optimization provides the analysis on the best performing page to the publisher. To test multiple variables at the same time, an advanced version of A/B testing and Multivariate Testing (MVT) can be used. As a marketer, one may feel that they have a perfect combination after a lot of testing. But it is essential to realize that the digital market is very dynamic and trends are ever-changing, making it a necessity to carry out testing at all times.

Data is Power

An ocean of data is available in the digital medium to run analytical tools such as Google Analytics, KISSMetrics, Clicky, IBM Analytics, and Social Bakers. Analytics tools can point out hiccups in the conversion funnel with the help of proper segmentation, cohort analysis, and conversion tracking. Conversion rate optimization can be taken to the next level by implementing automation and machine learning, which can exponentially increase conversions.

Conversion rate optimization is an essential tool to monitor and increase conversions and can add to the company’s revenue. We offer various business intelligence services such as predictive analytics, big data analytics, customer analytics and market analytics to help organizations gain actionable insights and implement winning marketing strategies.

 

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Big Data and its Role in Marketing Mix Modeling (MMM)

Marketing mix modeling (MMM) is one of the most efficient advanced marketing analytics tool available to devise marketing strategies based on accurate insights. Traditionally, organizations relied on gut instincts and intuition to make important business decisions instead of leveraging big data and the advanced marketing analytics tools like marketing mix modeling. However today as organizations wade through competition and strive to magnify its share of wallet by innovating, maximizing value and enhancing marketing activities. In order to maximize value and enhance marketing strategies, marketers must improve targeting, set clear differentiation strategies and enhance branding tactics. In short, businesses can improve their marketing campaigns by adopting marketing mix modeling and other marketing analytics solution to evaluate past campaigns, identify present trends and forecast its impact on future sales.

In the global market, trends and patterns keep changing every single day. Organizations are well aware of this fact as they continue to deal with big data in order to maintain the prices and drive profitability. Marketers often shy away from big data and market research, which is the backbone for an efficient marketing strategy. Big data may sound complex and difficult, but in reality it is merely collating, storing and analyzing huge data that facilitates strategic decision making and yields accurate insights and positive outcomes. Big data has a huge role to play in the success of marketing mix modeling, as MMM highly relies on historical decisions and present trends in order to predict the marketing effectiveness of past, present and future marketing campaigns. But how you ask? Here’s how.

Big Data has a Bigger Impact on Marketing Mix Modeling

Often marketers make a mistake of relying solely on big data rather than leveraging analytics to interpret them. Big data just provides access to a large pool of structured and unstructured data from a variety of sources, which could be both historical as well as real time data. Whereas marketing mix modeling and other related marketing analytics tool leverage this big data to provide insights to marketers to improve their marketing efforts and perform better. Marketing professionals know for a fact that if you don’t measure your marketing activities and campaigns, you can’t pin point the poor result to a single factor. Hence, the solution is to not isolate from big data and marketing mix modeling instead they should adapt it to create exceptional marketing programs and deliver superior results.

Acquire, Engage, Retain and Build Customer Loyalty

Marketers know that it is easier to retain an existing customer rather than making efforts to acquire a new one. With big data, defining target customer segments and acquisition has become easy as marketers can easily interpret the customers buying pattern by charting their journey through various touchpoints. It also helps build engagement between customer and the brand by analyzing the customers interact with the digital platform or brick and mortar store. Marketing mix modeling can leverage these benefits in order to improve customer experience, retain them and build loyalty by offering tailor made suggestions, offers and promotional campaigns.

Optimizing Marketing Mix and Marketing Spend

Traditional performance measurement tactics cannot help measure the impact and effectiveness of marketing campaigns. However, with the advent of marketing mix modeling, other advanced marketing analytics coupled with big data analytics, companies can keep a track of the marketing return on investment (MROI) of past, present and future marketing activities and thereby forecast its effect on sales. Further, marketing mix modeling and big data allows companies to evaluate their marketing spend and allocate budget effectively in order to yield a higher ROI. marketing mix modeling enables marketers to optimize the marketing mix and its variables – Product, Price, Promotion and Place (the 4PS).

Quantifying the Quantzig Advantage

There are two things that organizations must keep in mind while leveraging marketing mix modeling and big data analytics are as follows,

  • Gather, collate, store and analyze the right data from credible sources and interpret them to derive actionable insights.
  • Leverage tools like marketing mix modeling and other advanced marketing analytics tools to analyze and solicit insights that drive savings and positively impact the organizations bottom line.

At Quantzig, we offer a wide range of advanced marketing analytics solution that drive cost saving opportunities and improve profitability by providing granular insights that help in informed decision-making.

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IR29

What’s all the Hype about Marketing Mix Modeling?

Marketing is the most important function in an organization yet it faces the wrath of the management when it comes to budget allocation and outcomes. Marketing mix modeling helps bridge this gap and estimates the marketing return on investment (MROI) and enables marketing mix optimization. Marketing mix model is a statistical tool that analyzes the impact of past activities, identifies present trends and forecasts the impact of marketing variables for the future. Marketing mix modeling (MMM) helps measure the impact of the four marketing variables or the 4Ps of marketing mix that are as follows: Price, Product, Promotion and Place. MMM majorly emphasizes on the promotional activities and helps understand the performance of marketing strategy.

Marketing strategies facilitates the organization to drive a desired customer action, leading the customer to the end goal i.e. sales or conversion, with a combination of various media touchpoints. It is known for a fact that an organization cannot solve its problems with the help of simple descriptive statistics and required in-depth information from credible sources in order to facilitate strategic decision making. Organizations leverage marketing mix modeling and other advanced marketing analytics tools to devise its marketing strategies and optimize its marketing spend. They also realize that marketing mix modeling combined with advanced marketing analytics tools helps them to test the impact of marketing campaigns, determine alternative strategies and evaluate media channel options, thereby yielding desirable outcomes.

Marketing Mix Modeling and the Hype Around it

Marketing mix modeling enables the marketing professionals to identify the factors that yield the desirable outcomes, categorizing these into external and internal, which provides insights to plan the budget, allocate funds and manage marketing spend activity. Marketing mix modeling is overhyped they say, but rightly so it deserves the attention as it enables the management to find answers to these strategic problems such as

  • Identifying key drivers and its contribution on overall sales and evaluating the competitor’s activity on company’s sales.
  • Marketing mix modeling helps in determining the impact of various promotional activities on own as well as competitor’s brands, and identifying media channels that give an increased marketing return on investment (MROI).
  • To evaluate the performance of traditional and digital mediums and identifying the campaigns that perform better, thereby deciding strategies for both the channels.
  • Marketing mix modeling helps in new product development as it identifies the favorable marketing factors and optimizes the marketing mix.

Marketing mix modeling drives a better understanding of the marketing activities and their performance at a global level, thereby enabling the marketing professionals to devise marketing strategies, allocate funds and plan the budget. Every industry is aware of the benefits of marketing and promotional activities and they leverage the insights provided marketing mix models and other advance marketing analytics solutions to drive sales and conversions. The selection of the right advanced marketing analytics tools depends on the type of data available, source of information and its intensity that helps in understanding various aspects of marketing mix and thereby managing marketing spend and optimizing the marketing mix.

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data warehousing and data mining

Deriving Actionable Insights with Advanced Marketing Analytics

With the advent of big data and advanced technology, organizations are realizing the benefits that various analytical tools and approaches provides them. It is a known fact that marketing analytics drives growth opportunities, increases the marketing return on investment (MROI) and enables the organizations to make better decisions. In spite of being aware of its benefits, organizations are still stuck on a single performance measurement strategy and seldom take the risk of expanding their horizons and exploring advanced analytical tools. Today, there are a wide range of marketing analytics approaches available that can provide granular customer insights enabling organizations to save approximately one-fifth of their marketing spend which can positively impact the bottom line. These marketing analytics tools can assist organizations to understand the changing consumer habits and buying behavior which can in turn help them to strategically devise strategies. For Instance, a leading food manufacturer was able to boost customer loyalty, drive sales and improve its profitability by leveraging marketing analytics. The client was able to determine the return on investment, increase in sales, while determining the factors that influenced customer behavior, buying patterns and preferences.

Marketing analytics enables the management to make better based on a data driven approach. Traditionally, marketers were acclimatized to making decisions based on gut feeling and intuition and often gave preference to marketing activities that performed well while neglecting the others. However, with the dawn of a new era of advanced and sophisticated marketing analytics tools that allows the marketers to measure proposals based on MROI, marketing effectiveness and payback period. These marketing analytics tools provide a base to measure performance keeping in mind spend management, various media channels and past decisions. One of the leading banks in the US, wanted to expand their market share while optimizing their marketing spend. By using various components of marketing analytics such as marketing mix modeling and campaign analytics, was able to compare the ROI on various media channels for individual retail banking products based on advanced statistic models such as regression analysis.

Marketing Analytics and its Advanced Approaches

An organization cannot devise an analytics strategy without weighing the pros and cons of each tool and determining which marketing analytics approach is the best fit for their business strategy. Marketing analytics includes three approaches that have gained momentum over the recent years, which are as follows:

  • Marketing Mix Modeling (MMM) is a statistical model that leverages past marketing data and present trends to predict the impact of future marketing activities. It helps organizations in identifying the marketing variables both internal as well external that drive sales. It provides deep insights based on historical data that helps in forecasting long term effects, enables scenario planning, assists in budget planning and allocation of funds.
  • Another component of marketing analytics is campaign analytics, that helps measure each marketing campaign and touchpoint through various metrics such as customers reached, customer engagements and the return on investment. It is different from MMM as campaign analytics provides insights on individual campaign touchpoints and the traffic generated through it.
  • Attribution modeling is a method to determine and identify the media that drives sales and conversions. It is the process of attributing credit to marketing touchpoints that are responsible for the conversions. It could be any marketing activity such as email marketing, online ad, social feed or the company’s website. This marketing analytics approach enables credit allocation to various mediums allows marketers to analyze which online investments is successful.

Organizations usually follow a siloed approach when it comes to selecting a performance measurement strategy. Instead of choosing only one of the above mentioned marketing analytics approach, the business could benefit by combining two or more techniques to achieve high marketing return on investment. This integrated approach helps marketers to gain flexibility in budget planning and fund allocation and get more worth out of their marketing spend.

At Quantzig, we offer wide range of marketing analytics solutions that provide granular insights to the organizations that will assist them to optimize their marketing mix, resulting in effective spend management, measure the marketing ROI and marketing effectiveness of various promotional activities.

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