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Quantzig’s Competitor Price Tracking Solution Helped an E-tailer to Improve Customer Retention and Increase Profit Margins by 39% – A Case Study on the Retail Industry in Netherlands

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In a commoditized world, it is really difficult for e-commerce players to distinguish their products from millions of similar products proliferating the marketplace and sold online. Therefore, e-tailers need to come out of the traditional competitor price tracking mechanism to improve customer experience and boost profitability. Leveraging an analytics-based competitor price tracking approach can help companies to remain competitive in the dynamic retail market by helping them gain a clear, detailed competitive data analysis to ensure efficient price monitoring.

Our pricing analytics experts help businesses to make accurate pricing decisions by analyzing a host of factors that impact pricing including sales forecasts, demand, market intel, and reference price points. Talk to them right away.

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The client is a Netherlands based online e-commerce company who is well-known for selling fashion apparels and shoes online. The company is evenly distributed geographically and has an annual turnover of more than 12 billion dollars through online sales.

Business Challenge

The client, a leading E-tailer, was looking at leveraging competitor price tracking solutions to track market price trends and competitors’ pricing strategies. This is when the e-tailer approached Quantzig to leverage its competitor price tracking solution to analyze competitors’ prices and  gain in-depth insights into their sales data, product rotation, and historical trends to analyze the impact of their promotions on brand value.

Problem Statement 1:

The client was finding it difficult to understand the best way to manage the price in a highly competitive e-commerce market. They wanted to analyze the promotional actions of competitors to devise better pricing strategies.

Problem Statement 2:

Inability to retain valuable customers was the major cause of the client’s second challenge that resulted in the dip in profit margins.

Problem Statement 3:

Key competitors and new market entrants were acting as barriers for the client when it came to providing better customer experience and as a result, the e-tailer was looking for smart competitor price monitoring methods to improve their customer retention strategies.

Quantzig’s pricing analytics solutions offer a new way to competitor price tracking and analyze the pricing strategies adopted by them to arrive at conclusions that help businesses determine the best suitable pricing approach. Request a FREE proposal now to gain in-depth insights into our analytics solutions.

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Solution Offered and Value Delivered

Our pricing analytics experts worked with the client to analyze their core business challenges and devise a robust competitor pricing analysis framework to effectively track competitor pricing strategies over a certain period. We adopted a comprehensive three-phased approach to help the client achieve groundbreaking results by transforming their ability to analyze their competitors and achieve a significant increase in profit margins.

Phase 1:

The first phase of the competitor price tracking engagement focused on the thorough analysis of market trends that helped the experts understand what price customers were willing to pay for products as well as what competitors in the industry were charging.

Phase 2:

The second phase of the competitor price tracking engagement revolved around benchmarking competitors to determine the ideal pricing to successfully launch a product in a competitive market with appropriate pricing.

Phase 3:

In the third phase of the competitor price tracking engagement, the pricing analytics experts focused on developing a customized analytics dashboard to help the client track their competitor’s pricing strategy in real-time. Also, this helped the client to optimize their budget allocations and lead to improved ROI.

Our intuitive, real-time pricing analytics dashboard can help you track key pricing metrics to ensure you adhere to your  business requirements. Request a FREE demo below to know more.

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Quantzig’s competitor price tracking solution also helped the client to:

  • Improve customer retention by 2X
  • Increase annual profit margins by 39%
  • Devise better pricing strategies to drive customer loyalty
  • Improve flexibility and customer responsiveness to enhance the brand value

Why Choose Quantzig as Your Next Pricing Analytics Partner?

Quantzig is committed to offering cutting edge pricing analytics solutions to help companies institutionalize data-driven decision making and tackle complex business challenges. Quantzig’s advanced pricing analytics solutions are flexible enough to accommodate the evolution of the solution through dynamic changes in your business. Our pricing analytics team leverages the latest statistical approaches and platforms and delivers it to you through an agile approach that’ll help you accelerate your journey from data to decisions.

To learn more about competitor pricing tracking mechanism, request for more information below

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Competitive Benchmarking Analysis: How Does It Help You Stay Ahead of the Curve?

What is Competitive Benchmarking?

Competitive benchmarking is the approach that compares the products, services, methods and processes of direct competitors by using a number of metrics. Competitive benchmarking analysis is conducted to measure the performance of a company at different levels and keep it competitive. Competitor analysis done through competitive benchmarking helps in examining the strategy of competitors and compare it with own strategy. A competitive benchmarking analysis program enables a company to compare their own products, services, business operations and customer experience with that of its competitors. Furthermore, it helps in understanding the services that competitors offer their customers and their approach.

Competitive benchmarking analysis can help you understand your current competitive position by offering in-depth insights into the competitive landscape. Wondering how? Request a FREE demo now.

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Benefits of Competitive Benchmarking Analysis

Benefit #1: Assists in prioritizing benchmarked performance gaps

Competitive benchmarking analysis data helps companies to target specific areas for improvement. Companies can utilize such data to identify the areas where results can be obtained quickly or such areas that can yield the biggest demonstrable benchmark impact for the business. This further helps in performance gaps to boost business outcomes.

Benefit #2: Helps in implementing best practices

After prioritizing the performance gap, companies can utilize competitive benchmarking analysis data to analyze the best practices in the industry and the practices followed by their competitors. Implementing best practices can help companies become more competitive, boost sales, develop new markets, improve workforce skills, reduce waste, and improve quality. Also, it can help in responding quickly to innovations in the sector. 

Do you know how to stay ahead of the curve? Competitive benchmarking analysis is the key. Request a FREE proposal to gain better insights.

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Benefit #3: Helps in gaining a rational perspective on business process performance

Best practices identified through a competitive benchmarking analysis project helps in avoiding any assumptions. This helps in gaining a perspective in mind to avoid focusing on fallacious practices which can result in failure of the business process.  Additionally, it helps to save money and time.

Competitive benchmarking analysis can help you evaluate your brands’ performance significantly. Get in touch with our experts to know how.

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Benefit #4: Improves the performance of employees by fostering a competitive culture

Competitive benchmarking analysis can help companies to set benchmarks in several areas and develop a competitive spirit in employees to improve their performance.  It also helps in focusing on personal improvement and understanding policies of the organization. Furthermore, competitive benchmarking analysis ensures the attainment of employee satisfaction, a competitive productivity-focused culture, and standardization of organizational practices.

Benefit #5: Measures progress and impact of process changes on the bottom line

With the implementation of best practices derived by competitive benchmark analysis, companies can develop dashboards to gauge the impact of the operational changes accurately. Also, it helps in defining KPIs to measure the performance of business operations at every individual level. It helps in incorporating change to improve the bottom line results by gauging the past performance, current performance, and target performance.

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Auto Dealership Company Leverages Digital Analytics Study to Drive Sales in Emerging Markets

Quantzig’s recent study on digital analytics for a global auto dealership company helps them understand user behavior, analyze website traffic, optimize marketing campaigns, and facilitate strategic decision making.

Importance of digital analytics

Digital analytics solutions help organizations to target their potential customers thereby eliminating any geographic or demographic constraints. The automotive industry can leverage actionable insights offered by digital analytics solutions to drive sales, optimize marketing campaigns, and measure the return on investment. With the advent of new technology, automobile manufacturers can rely on advanced applications and services to understand consumer behavior, and devise effective marketing strategies to drive revenue. The automobile manufacturers operate in a niche product segment; thus, to maximize brand visibility, they can leverage digital and web analytics platforms such as search engines. Quantzig’s digital analytics solutions enables the client to analyze the impact of internet and mobile devices on customers buying behavior. Our digital analytics solution helps organizations to identify the appropriate distribution channel and explore the untapped market opportunities for their products.

Uberization Effect in Automotive

The automotive industry is witnessing phenomenal growth which can be attributed to latest trends in the market such as connected cars, shared mobility, etc. Today consumers prefer to use or hire services offered by fleet operators; thereby, creating a shift in the automotive revenue pool. The gradual decrease in privately-owned vehicles and automobile sales is a result of consumers preferring on-demand and data-driven mobility services. Digital analytics enables automobile manufacturers to conduct a market analysis of the automotive industry, identify the trends, and understand consumer behavior and preferences to drive sales and profitability.

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Outcomes and solutions offered

Quantzig’s offered insights and solutions to a global auto dealership company that helped them optimize their marketing strategies and drive sales. Some of the solutions offered are as follows:

  • Understand the consumer behavior, analyze website traffic, and bounce rate
  • Optimize marketing campaigns and promotional activities by insights gained from digital analytics studies
  • Facilitate new customer acquisition and retain existing customers, thereby drive revenue and sales
  • Refine target market, launch additional marketing campaigns, and identify the right channel to increase marketing return on investment (ROI)

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The complete case study on Increasing Automobile Sales in Emerging Markets through Digital Analytics is now available.

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IR25

Global Pet Food Manufacturer Leverages Digital Analytics to Drive Online Sales

Quantzig’s recent study on digital analytics for a global pet food manufacturer helps them to build consumer loyalty and enhance their online sales performance.

Digital Analytics in Pet Food Manufacturing

Today, the consumer buying patterns and shopping preferences have undergone a radical shift. Shopping is no longer an activity that entails physical presence in traditional brick and mortar stores, but has become as simple as having an advanced online shopping experience at your fingertips. The customers require a smart phone or a mobile device and internet connectivity, thereby making the shopping experience seamless and convenient for everyone.  Digital analytics solutions help organizations to reach out to their target market and customers without facing any geographic or demographic constraints. Digital analytics offers actionable insights that drive sales, enables better targeting and optimization of marketing campaigns and promotional activities, and measure the return on investment on the overall marketing spend. Quantzig’s digital analytics solutions enables the client to analyze the impact of the internet and mobile devices on customers buying behavior. Our digital analytics solution helps organizations to identify the appropriate distribution channel and explore the untapped market opportunities for their products.

In pet food manufacturing, digital analytics provides insights that understand and transform the relationship between the customers and brands at every step in the supply chain. Digital analytics solutions help organizations to create a sustainable supply chain and gain a competitive edge over the other players in the market. The insights gained from digital analytics enables businesses to understand, compare and measure the store sales with the online sales. The client can build a long term relationship with the customers and expand their loyal consumer base, thereby produce high quality foods.

Multi- channel attribution

Consumers access online shopping sites from a plethora of devices such as smartphones, tablets, mobile devices, and desktop. The customer decides the platform and device based on their own convenience, location, and state of mind. Social media plays a pivotal part in the customer experience journey as it drives brand awareness and facilitates information search. A customer might look up information from their mobile device and make the actual purchase from their desktop. Thus, owing to the multitude of touchpoints that drive leads and conversions, multi-channel attribution helps sales and marketing function to determine the platform-channel combination that drives profitability.

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 Outcomes and solutions offered

With hands-on expertise in digital analytics, Quantzig provided objective elucidations that resolved the issues pertaining to the changing consumer demographics and helped a global pet food manufacturer to drive online sales. Some of the solutions offered are as follows:

  • Insights on overall brand value and sales performance in the market
  • Identify events, develop a personalized communication for pet owners, and create an adaptive mobile platform for users
  • Create personalized offers based on usage and pet categories, enhance and monitor brand communication to drive online sales
  • Minimize overall costs, reduce order delivery durations, thereby improve customer experience

The complete case study on digital analytics solution helps a pet food manufacturer boost online sales is now available.

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Improving Service Quality Through Customer Analytics for a Leading Airline Company

Quantzig’s recent study on customer analytics for a leading airline company provides insights on competitive benchmarking, improving service quality, and devising customer retention strategies to ensure higher customer loyalty.

Importance of customer analytics in the airline industry

Customer analytics entails techniques such as data visualization, predictive analytics, information segmentation, and management. Customer analytics usually refers to the processes and tools that offer organizations relevant, timely, and accurate consumer insights that help them to devise effective marketing strategies. Every organization, irrespective of the industry that it operates in, has laid great emphasis on building long term relations with the customer and enhancing the consumer experience. Customer analytics assists businesses to analyze customer life cycle and gain detailed insights into their preferences and industry trends. In the airline industry, companies have faced low customer loyalty as they regularly change their airline preference. The high customer attrition levels can be attributed to factors such as an increase in ticket fares, low service quality and delivery standards among several others, thereby having a major impact on the success of the airline industry.

Quantzig’s team of expert analysts assist organizations by providing in-depth insights based on customer feedback on service quality. We help the company to identify the service quality gaps and redesign marketing strategies to build customer loyalty. Our analytics team helped the client develop a model for targeting customers and revamp the customer retention strategies by leveraging the insights obtained from various sources such as sales and account data, customer feedback, and revenue statements.

Robotic process automation enhances customer experience

Robotic process automation (RPA) helps organizations to achieve standardized service delivery levels. The RPA tools and software’s perform routine processes and lend a human touch while interacting with the customer, thereby enhancing user experience. Through RPA, businesses can automate the complete process of onboarding customers with limited human involvement. Companies can drive profitability and customer experience by integrating RPA technologies within its business processes.

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Outcomes and solutions offered

Quantzig’s customer analytics study on enhancing the service quality for the airline industry delivers incremental value to the client based on customer feedback, thereby re-designing customer retention and marketing strategies.  Some of the solutions offered are as follows:

  • Identified key factors that drive customer loyalty and devised new strategies to attract customers
  • Developed a robust customer targeting model by analyzing customer preferences and identifying areas of improvement
  • Helped increase flexibility and customer responsiveness to improve service quality levels

The complete case study on Customer Analytics Helps a Leading Airline Company is now available.

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Leveraging Big Data Analytics to Optimize Route Planning and Assist in Traffic Network Congestion

Quantzig’s current big data analytics assessment on transport network congestion examines the transport demand and supply to optimize routes, reduce costs, and develop network optimization solutions.

Big data analytics in traffic management

The higher risk of passenger safety, loss of productivity, increase in fuel consumption, and pollution is all effects of urban traffic congestion. Efficient traffic management will reduce congestion, improve performance measurements for seamless traffic flow, and proficiently manage current roadway assets. Government organizations and administrative authorities are implementing coordinated traffic signals and variable messages to manage traffic network congestion. By implementing big data solutions, administrators can leverage historical trends, a combination of real-time information, and new-age algorithms to improve and traffic networks in urban areas. The growing focus on the development of intelligent network systems and use of big data analytics will assist the traffic management and result in reduced congestions and roadblocks. The big data analytics by Quantzig helps service providers in the mobile services industry to analyze the efficiency of the current transportation system, estimate the transport models, and predict future network scenarios.

The adoption of advanced sensors and GPS signal systems is revolutionizing the urban traffic network. These systems are designed to help reduce network congestion and act as alerts that notify traffic authorities of potential roadblocks and how to avoid them. The sensors are installed in trucks, ships, and airplanes that give real-time insights into the driver’s capabilities and the traffic. GPS signals are utilized for bottlenecks and predict the condition of the transportation network.

Emergence of smart vehicles

The advent of smart vehicles will help reduce the network congestion across several cities in the world. These are connected vehicles that provide a real-time estimation of traffic patterns and help authorities with the deployment of management strategies. These systems are designed to improve the communication vehicle-to-infrastructure (V2X) communications and monitor the traffic network to reduce collisions and accidents. Additionally, the implementation of speed trackers, traffic sensors, and display boards will result in smarter roads and help control speed and traffic issues efficiently.

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Telematics solutions

Telematics is extensively used in traffic management to provide statistics and information data such as weather conditions, traffic conditions, and navigation systems. These systems provide real-time information and authorities leverage predictive analysis to determine the state of the transportation network. Moreover, telematics provides speech-based internet access to the consumers through wireless links that monitor the driver’s state and stress levels and send alerts to systems if there is any issue to avoid or reduce chances of collision.

Outcomes and solutions offered

Quantzig’s big data analytics assessment on traffic network congestion identifies a set of transport indicators that are measured using the mobile phone data available to travel agencies to optimize route planning.  Some of the solutions offered are as follows:

  • Developed an integrated platform to perform data analysis in a scheduled, easy, and controlled way using a user-friendly interface
  • Offered an exhaustive understanding of how traffic demand is distributed in the transportation network and how it varies over time
  • Enlisted the different types of bottleneck of the transportation network and enabled enhanced route planning
  • Evaluated the travel delay due to congestion based on travel time distribution between peak and non-peak periods
  • Provided a comprehensive analysis of total number of trips made to and from each zone based on day, time, month, and holiday

The complete case study that states big data analytics reduces transport network congestion is now available.

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Leading CPG Manufacturer Achieved a 22% Increase in Conversions Using Big Data Analytics

Quantzig’s recent study on sales force effectiveness for a leading CPG manufacturer guarantees a double-digit increase in conversion rate and improves sales performance using big data analytics.

Big data and its effectiveness in the retail industry

Big data analytics help retailers make informed business decisions and effectively manage the sales force. These solutions help companies to manage the issue of the seasonality of the products and the demand for inbound shipments. Data analytics help CPG companies improve their network coverage strategy and ensure maximum reach and acceptance at minimum cost levels. The data collected analyze the potential of the sales force, build achievable territories, identify weaknesses, and set expectations. Big data analytics help retailers manage multiple sales channels and guarantee that their sales forces are well positioned to succeed by using data efficiently. The big data analytics solutions by Quantzig helps retailers manage their sales force and minimize time and cost of territory coverage. The study also develops strategies that help companies maximize sales force coverage to improve sales performance and long-term profitability.

Workforce optimization is the biggest challenge faced by several leading retailers in the market. Big data tools offer tactics that optimize marketing and merchandising process, thereby increasing the productivity of the sales force. These data tools are used to analyze the predicting trends, forecasting demand, and optimizing pricing policies. Moreover, the analytics streamlines data in an effective way that results in efficient decision making and changing operations to match the dynamic changes in the market.

Customer analytics

The biggest advantage of using big data in the retail sector is identifying and profiling potential customers. These solutions help organizations evaluate their customers’ interests, requirements, preferences, and spending capacity. This information is leveraged while designing sales and advertising campaigns resulting in the motivated sales force. Moreover, sales force uses this information to provide personalized services, offer exclusive and customized product offerings, and discounts, thereby increasing the brand loyalty and retention rate.

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Boosting social listening capabilities

Big data analytics facilitates the management and analysis of large amounts of unstructured data collated from social media channels such as Facebook, Instagram, Twitter, and LinkedIn. Social listening is essential to improve customer interactions, brand loyalty, boost revenue, and profit margins. This solution analyzes data from tools such as natural language processing (NLP) to understand the buying preference of the end-user. Additionally, companies can use this data to train a sales force to understand the target audience and boost the sales revenue.

Outcomes and solutions offered

The sales force optimization assessment for leading CPG manufacturer integrates multisource data to facilitate end-to-end visibility on each sales person’s journey. Some of the solutions offered are as follows:

  • Developed dashboard for real-time updates and insights on salesperson performance, operational metrics, target and achievement details, and new prospects
  • Delivered comprehensive information on a new number and location of cities to maximize territory potential and optimize transpiration costs
  • Resulted in around 11% reduction in miles per sales person
  • Provided insights on potential opportunities for territory optimization across all divisions and effectively apply best practices
  • Projected centralization of network optimization effort across all the divisions of the company and reduce 17% of transportation costs

The complete case study on big data analytics that improves sales performance for a leading CPG manufacturer is now available.

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customer analytics in retail

Supply Chain Analytics – Efficient Inventory and Distribution Management for the Pharmaceutical Industry

Quantzig’s latest study on supply chain analytics for an established healthcare provider in the US provides strategies for cost optimization, better supply chain visibility, and efficient inventory and distribution management.

Supply chain analytics in the healthcare industry

The intense competition and stringent government regulations are encouraging healthcare and pharmaceutical companies to revamp their supply chain sector and increase operational efficiency. The continual efforts to update IT systems and network infrastructure will help enterprises in the industry to gain visibility into the inventory and distribution processes. By implementing supply chain analytics, pharma companies can identify opportunities to improve the efficiency of their operational and production systems. The optimization of their supply chain functions will enable them to manage market pressures pertaining to government involvement and FDA approvals. Supply chain analytics help organizations in the pharmaceutical and healthcare industry to monitor, measure, and improve individual business processes and overall performance of the operational cycle. The recent supply chain analytics assessment by Quantzig enables inventory optimization, inbound supply chain visibility for cost reduction, and improved supply chain planning. The study also provides valuable information on efficient inventory and distribution management, cost optimization, and better supply chain visibility.

Pharma companies are implementing supply chain analytics to increase their demand visibility and understand the customer preferences in the market. These solutions are designed to help enterprises optimize their sales and operations planning processes through demand forecasting metrics and KPIs. The data analytics solutions aim to improve the strategy, performance, management, and risk associated business decisions for organizations in the industry.

Increasing manufacturing efficiencies

The advent of automation and digitalization is boosting the requirement for manufacturing efficiencies. Effective management of filling, replenishing, loading, and troubleshooting processes will result in optimal production and increase sales revenues. The introduction of technological innovations such as 3D printing makes decentralized production cost-efficient at low volume and increases the requirement for supply chain analytics solutions. These cost-effective business operations will revolutionize the pharma industry over the next few years.

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Effective decision making

Many organizations in the industry are implementing sensors in the supply chain to offer real-time visibility and effective decision-making. The systems generate information that enables sales and operations teams to make dynamic decisions in response to changing conditions in the volatile market. These solutions also provide data analysis that results in forecast and planning accuracies, reduce risks of over or under stocks, and help healthcare institutions provide better patient care using advanced therapeutics.

Outcomes and solutions offered

Quantzig’s supply chain analytics for an established healthcare provider in the US offers comprehensive information on various supplier profiles, invoices, inbound logistic data, order history, inventory data, and operations. Some of the solutions offered are as follows:

  • Streamlined the order processing to enable easier access to valuable supply chain information
  • Improved inventory management through central and regional warehouses
  • Provided solutions to effectively manage safety stock levels for critical SKUs and supply chain costs
  • Improved the administrative cost savings and reduced the inventory replenishment cycle time
  • Monitored the delivery times of materials from suppliers to out-patients for cost reimbursements

The complete case study on supply chain analytics reduces inventory costs for an established healthcare provider is now available.

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Marketing Mix Model Helps Companies in the Telecom Industry to Increase Operations Across Multiple Geographies

Quantzig’s recent study on marketing mix model helps a leading telecommunications company in the US to increase its market share in the retail sector through optimizing marketing spends.

Demand trends in the telecom industry

The increasing volatility in the telecom industry is making it difficult of suppliers to identify and attract high-value customers. Implementing marketing mix model will help organizations analyze the demand trends and allocate marketing budgets that result in improved ROI. The exponential rise is digital platforms, and dynamic patterns of consumer preferences are raising the requirement for real-time and customized solutions. Marketing mix model will help telecom organizations to predict the future media investments and allocate funds in a more precise manner. The growing importance of consumer-driven data consumption and advancement in technology is encouraging service providers to invest in developing effective marketing strategies that will promote business growth. The marketing mix model assessment by Quantzig helps telecom companies create brand and product awareness to drive infiltration and influence customers to upgrade service and product packages. The study also analyzes the impact of media investments at both national and local levels for products such as Internet, wireless, and cable television.

The emergence of 5G networks is revolutionizing the telecom industry. The leading service providers are focusing on the development of 5G architecture and initiating their field tests to ensure efficient services. Developing strong marketing and advertising campaigns will help vendors to attract a larger customer base and promote a faster deployment of these services. The launch of 5G services will enable smoother next-generation IoT and M2M applications.

Focus on cyber security

The recent 2017 cyber threat – WannaCry ransomware attack – is encouraging suppliers to undertake proactive protection from the entire internet value chain. Technological innovations to build strong encryption, firewalls, and holistic network security will help companies protect their systems from unwarranted and sudden cyber-attacks. Furthermore, building strong networks guarantees data security, which in turn, will help companies gain more consumers in this highly competitive market. Implementing security strategies for testing networks using the emulation of malware threats to identify weaknesses, which would be targeted by cyber hackers will give organizations a competitive advantage.

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Emergence of virtual reality (VR) and WiGig

The surge in VR technologies across industries is fueling the demand for better and faster networks. The service providers are offering virtualized software solutions that offer flexibility and can adapt to fit several business requirements. These solutions are cost effective and offer higher interaction with the end-users. The launch of WiGig technology will initiate developments and improvements in wireless video streaming, gaming, AR and VR, and networking applications. Designing effective marketing strategies to promote this new technology will fuel growth in this market.

Outcomes and solutions offered

Quantzig’s recent market mix model assessment helps a leading telecommunications company in the US improve their profitability and cost savings based on optimized media spending. Some of the solutions offered are as follows:

  • Improved ability to quantify marketing efficiency of channels and events in terms of ROI, contributions, revenue, and incremental sales
  • Designed effective strategies to boost future investment decisions based on simulated scenarios
  • Created a real-time solution for investment decisions, providing administrative management a powerful decision support system
  • Analyzed data across media types based on advanced regression methods for each product (the internet, wireless, and cable)
  • Identified direct and indirect impact of media types on incremental sales and the ROI generate

The complete case study on marketing mix models increase marketing ROI for the telecom industry is now available.

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IR26

Evaluating Marketing Spend Budgets Across Different Channels in the Retail Sector Through Marketing Mix Optimization

Quantzig’s latest study on marketing mix optimization for a leading global retail chain guarantees 12% increase in profitability and cost savings.

Emergence of different media channels in the retail sector

The introduction of different media channels helps retailers mitigate and manage the risk associated with losing business. Over the years, the evolution of the retail sector has contributed to diverse types of innovations that includes omnichannel, multichannel, charming, mobile, social, IoT, big data, wearables, and gamification. Analyzing the allocation of their limited budget for a wide range of marketing activities such as content marketing, online forums, search engines, and viral marketing is one of the major concerns of the marketers in this segment. The growing focus on using the efficient transformation of data into insights and creating a competitive advantage regarding targeting and retaining their customers will help retailers grow their businesses. The marketing mix optimization team at Quantzig designs decision-making tools for marketers that can leverage them to figure the spend allocation for various marketing activities. The team of experts helps clients understand the impact of marketing spend across channels like paid search, display, social media, FEP, and print.

Retailers are leveraging IoT to increase connectivity in this sector. The introduction of smart appliances and storage solutions will revolutionize the operational processes in the retail sector. Companies are using digital signage, location-based beacons, and sensors to understand the consumer buying behavior and preferences. The implementation of virtual mirrors that allow customers to try products online, smart price tags that update prices on real-time, and packaging innovations that alters managers to re-stock and shelf-life time of various products are some of the latest trends in the market. Marketing these innovations will help companies expand their customer base.

Leveraging Big Data to know customers

The proliferation of social media channels and integration of IoT and connectivity has increased the volume of data generated. Retailers are using Big Data analytics to structure this information and utilize it to determine the buying preferences and the performance of the products. The retailers are using data analytics tools to design effective marketing campaigns, offline sales, and customer engagement programs to retain existing consumers and attract new ones as well. Furthermore, by using these data points, business owners can offer loyalty programs and special offers customized to consumer preferences and demands.

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Creating interactive store models

Marketing mix optimization is primarily used to increase the customer interactions and improving in-store experiences. The use of voice user interfaces (VUI) and artificial intelligence (AI) to help customers determine product options and suggesting is the next-big-thing in the retail sector. Offering excellent customer services is the best way to promote the brand identity and increase brand loyalty. The implementation of interactive components in the store either virtually or through customer service will offer superior customer engagement and satisfaction.

Outcomes and solutions offered

Quantzig’s latest marketing mix optimization study assesses and revises budget allocation based on revenue and ROI forecast for each channel for a leading global retail chain.  Some of the solutions offered are as follows:

  • Assessed the marketing performance of several media types by generating a year-on-year examination of media contributions and ROI
  • Created an ROI simulator for evaluating the impact of investment decisions based on simulated scenarios
  • Improved cost savings based on optimized media spending and increased profitability
  • Quantified marketing efficacy of channels and campaigns in terms of revenue, ROI, contributions, and incremental sales.
  • Improved ROIs from their media investments based on enhanced marketing strategies

The complete case study on marketing mix optimization improves marketing ROI for a leading retail chain is now available.

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