Tag: consumer analytics

Marketing Spend Analysis Helps a Consumer Products Company to Eliminate Wasteful Marketing Programs

Over the past quarter century, the growth of the consumer products industry has been nothing short of exhilarating. These companies have launched innovative products to meet an ever-growing range of consumer needs and wants. They have expanded swiftly into new potential markets across the globe by building strategies across the value chain.

However, the ever-changing consumer behaviour have forced many companies in this market space to shift their priorities concerning product distribution and assortment. In addition, many consumer products firms are missing out on huge opportunities to connect with customers and understand their needs. As a result, such companies have started adopting marketing spend analysis to overcome such challenges, eliminate wasteful marketing programs and reduce maverick spends across the supply chain.

With the help of Quantzig’s marketing spend analysis, consumer products firms can gain better visibility on the spend-related data. Moreover, they can reduce wasteful marketing programs including pricing, volume discounts, and rebates while making informed, agile, and confident buying decisions.

The Business ChallengeQZ_DEMO

A global consumer products conglomerate with multiple global business units (GBUs) wanted to optimize its marketing spend and eliminate wasteful marketing activities across the supply chain. The client also wanted insights on creative ways to remain active, efficient, and agile in the market space while aligning with best-in-class marketing programs and partners.

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Marketing Spend Analysis Solution Benefits

Having easy access to all the data, the client was able to enter emerging and developed markets and captured larger shares. Also, the engagement helped the client efficiently sourced brand equity and manage global supply-chain risks associated to counterfeiting. Furthermore, the client was able to balance consumer products taxation through cost efficiency.

Marketing Spend Analysis Solution Predictive Insights:

  • Quantify returns on social and mobile initiatives
  • Track brand effectiveness and drive sales
  • Optimize budget allocation accordingly with the help of channel impact

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Four Ways to Improve Customer Experience and Engagement for Mobile Apps

There are millions of apps available for mobile platforms such as iOS, Android, Windows, and Amazon. These apps serve various functions such as entertainment, food delivery, transportation, learning, editing, shopping, communication, networking, and games. People download many such apps to serve their purpose whenever required. Recent studies suggest that an average smartphone user has around 60-90 apps installed on their phone. But the problem point for app developers is the fact that only a small minority of those apps are regularly used.

Here are some of the ways to increase the mobile app usage rate and create a unique customer experience:Ask An Analyst

#1 – Smart Notification

To improve customer experience, app developers have tried all forms of notifications, including push notifications and lock screen notifications. However, they need to be wary of the fact that too many notifications could annoy the user, and that a user may not want to visit the app every time a notification appears. Smart notifications provide a diligent solution by enabling the user to take actions right from the notification itself. For instance, news apps allow the user to read and share the content from the notification window itself. Some chat applications have made use of floating notifications to compose a reply without opening the app.

#2 – Invest in User Interface and User Experience

Many existing apps today have a bad UX/UI design; as a result of which, users get discouraged to use the apps. Even when the app is great, users can get confused with the interface and find it too complicated. Many developers outsource their UX/UI design to dedicated design companies with delightful results. A seamless design makes the user feel more comfortable and immersed in the app; thereby, increasing the mobile app usage rate.

#3 – Cross-Platform Compatibility

IoT is touted as being the next game changer in the digital world. Many apps provide compatibility across other devices as well. Wearables are gaining popularity among the current generation of users. Developers can improve customer experience by providing easy access to their app without having to use their smartphone. For instance, an app compatible with a smartwatch allows you to view the grocery shopping list and mark items as they are put in the shopping basket.

#4 – Incentives

Providing incentives to perform certain action increases the likelihood that people will take actions. Incentivizing user action such as app installs, sharing, purchase, consumption, and feedback will yield better engagement. Apart from this, gamification with point system works best for improving engagement.

For more information on increasing mobile app usage and improving customer experience

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Why it’s Time to Adopt Pricing Analytics

A modern-day consumer has multiple options to choose from the competitive market. Innovations brought about by a brand is being easily imitated, and the level of product differentiation is declining. Companies these days are battling out on the price front with competitive pricing, seasonal discounts, promotional coupons, and flexible financing. However, competing on the price directly affects the revenue, so companies should look at different avenues to maximize revenues from pricing.

Organizations have a large repository of data available to them including historical price and sales figure, price and demand fluctuations, seasonal demands, consumption patterns, and price sensitivity data. The problem arises when companies do not have the necessary time, resources, or expertise to materialize the data into strategic decisions. Pricing analytics assists the company in making effective pricing decisions to increase the profit margin; thus, contributing to the ROI.Ask An Analyst

Optimal Attainable Pricing

With the help of historical data, price sensitivity data, and consumer behavior data the price point of each product could be dynamically set to attain the best price possible. Budget airlines have been using pricing analytics and big data analytics to increase the revenue from each passenger by dynamically changing ticket prices every minute. For instance, the analytics tool can identify that historically there has been a surge in the demand on a particular date, and increase the ticket prices accordingly. When the seat remains unsold, the tool will automatically analyze the demand and reduce ticket prices to ensure sales.

Promotional Planning

Companies can get valuable insights on their historical promotional efficiency and make adjustments to their new promotional campaigns. Pricing analytics tools are so complex that it can test out the effect of promotions on the demand on a smaller scale. Then, by running the predictive analytics tools, it can automatically provide promotional offers for a price-sensitive segment and roll out premium promotions for value-seeking customers.

New Product Pricing

The problem with new product pricing is that if the product price is too high, it won’t sell and if the price is too low, companies lose out on revenue opportunities. Companies rely on traditional methods of pricing by taking into consideration prices of similar products and pricing it lower than those products. Using pricing analytics, companies can set the best price point for the new product in order to maximize revenues and employ a better price skimming strategy.

For expert advice on implementation of pricing analytics:

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Increasing Automobile Sales in Emerging Markets through Digital Analytics

As the automotive industry is being transformed by the advent of new technologies, the manufacturers in the industry have started relying on advanced applications and services to go on par with the technologies. The manufacturers are also devising services in the form of digital analytics to understand the consumer behavior and devise effective strategies; thereby, driving sales and impacting the bottom line.demo Consequently, automotive businesses are also leveraging the use of digital analytics to enhance their network and reach their target audiences. In addition, automotive businesses are further utilizing digital analytics platforms such as search engines to increase visibility of their niche product segments.

Quantzig’s digital analytics solution helps the client understand the behavior of the visitor, source of visit, pages viewed, and actions taken on the site. Additionally, our digital analytics solution helps the client to optimize marketing campaigns and leverage the full potential of the digital world.

The Business Challenge

A global auto dealership company was facing challenges in striking a balance between acquiring new clients and maintaining engagement with their existing clients. The primary objective of the client was to sell inventory on a monthly basis and to keep the brand top-of-mind. The client was also facing challenges in striking a balance between marketing and branding and short-term sales volume.

Our Approach

To address the client’s specific analytical requirements, Quantzig’s team of digital analytics experts organized digital marketing campaigns that targeted individuals based on the channel they were likely to respond to promote both new vehicle sales and existing vehicle services. The channels leveraged in the marketing campaigns were in the form of direct mail, email, mobile, and desktop, and display ads.

Automobile sales

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Digital Analytics Solution Benefits

  • Generated considerable amount of revenue and service transactions
  • The client was able to acquire new customers and retain existing customers
  • The campaign also produced an estimated ROI in return for every dollar invested in digital ads
  • Promoted both vehicle sales and existing vehicle services

Digital Analytics Solution Predictive Insights

  • Promoted different brands of cars
  • Identified the potential consumers who were intending to purchase the car
  • Emphasized on the importance of acquisition and retention
  • Refined the targets and launched additional digital marketing campaigns
  • Identify the right person, right channel, and increase the marketing ROI

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