Tag: marketing analytics

Benefits of Marketing Analytics

3 Benefits of Marketing Analytics That Can Drive Business Growth

The plethora of data available today makes it easier for businesses to develop new strategies to make smart marketing decisions, retain customers, and enhance customer satisfaction. However, the key to success lies in how accurately companies collect, analyze and leverage that data to achieve desired outcomes. This is where marketing analytics solutions offer meaningful insights into factors that help drive favorable outcomes. Marketing analytics uses various metrics to gauge the performance of marketing initiatives. Advanced marketing analytics aims at gathering data from all sources and channels and combines it into a single platform. Therefore, in order to determine the effectiveness and return on investment (ROI) of marketing campaigns, leveraging marketing analytics solutions is important for businesses. Here in this article, our team of marketing analytics experts have highlighted benefits of marketing analytics that can help businesses measure the effectiveness of various marketing channels and gain accurate insights on the ROI of their marketing efforts.

Quantzig offers advanced marketing analytics solutions to help companies effectively allocate marketing budgets and reduce customer acquisition costs. Request a FREE proposal to gain better insights into our portfolio of analytics solutions.

marketing analyticsBenefits of Marketing Analytics

#1: Gain insights into past events

One of the significant benefits of marketing analytics is that it offers insights into past events and reasons behind the changing purchasing patterns. This, further, helps marketing teams to avoid making the same mistakes as in the past. With the help of descriptive analysis, customer relationship management, and marketing automation platforms, marketing analytics solutions can highlight not only what happened in the past but also provide answers to questions on buying patterns and customer preferences.

Want to learn more about the benefits of marketing analytics? Request for more information below.

#2: Analyze current marketing campaigns

One of the major benefits of marketing analytics is that marketers can measure and analyze the effectiveness of their current marketing campaigns leveraging marketing analytics solutions. Consequently, this helps in making changes to marketing strategies in order to avoid mistakes or make improvements. Using marketing analytics dashboards to display current engagement levels or the status of new leads companies can assess the real-time status of their marketing efforts.

We help companies to integrate data across all marketing channels and consolidate it into a common marketing view through effective marketing analytics techniques. Request a FREE demo right away to know more.

#3: Predict the consumer behavior

Predictive analysis is one of the most remarkable benefits of marketing analytics. With the help of predictive modeling techniques such as clustering, regression analysis, propensity models, and collaborative filtering companies can anticipate consumer behavior. Also, predictive models can be used to target at-risk customers through tailored messages and loyalty programs. Marketers can then utilize this information to execute specific marketing analytics techniques to retain customers.

Finding it difficult to identify digital marketing channels that drive the most conversions? We can help. Get in touch with our experts now!

marketing mix modeling

Driving Profitable Growth in the Food and Beverage Sector with Marketing Mix Modeling – A Case Study by Quantzig

The Business Challenge

With the onset of the fourth industrial revolution and the invention of new technologies such as IoT, AI, and VR, the world is slowing shifting into digital platforms. As a result, most consumer and business purchases happen through multiple touchpoints with various factors affecting customer decisions. However, the marketing data can be mined to reveal the decision-making patterns of customers through marketing mix modeling. By adopting an appropriate marketing mix modeling strategy, businesses can find answers to several important questions such as:

  • What impact does each of my campaigns have?
  • What is the cost per conversion and ROI?
  • What should I do to maximize my revenue and profits?

Marketers in the food and beverage industry are constantly faced with the challenge of allocating their fixed marketing budget across various marketing channels. The client, a leading food products manufacturer was facing a similar challenge and was looking at setting up an optimum marketing mix strategy to calculate ROI for their marketing campaigns. The client’s marketing spend data was unstructured and scattered across several digital platforms, making it difficult to analyze datasets and draw conclusions. The company approached Quantzig to leverage its marketing mix modeling expertise to understand the market dynamics for specific product categories. 

Before you take the leap, it’s essential to understand how much each marketing input contributes to sales and how much you should be spending on each marketing input. Request a FREE Proposal to know more about marketing mix modeling.

Solutions Offered and Value Delivered

In an attempt to help the client, the marketing mix modeling experts at Quantzig adopted a comprehensive approach that revolved around the use of marketing analytics to identify and deploy the ideal marketing mix strategy. As the client was involved in a number of marketing activities it was first essential to gauge the contribution of each marketing vehicle to identify the growth drivers for specific product groups. The marketing mix modeling strategy not only helped them to identify major gaps and new product potentials, but also helped them to reallocate their marketing budget to better support their marketing initiatives, resulting in a 35% increase in sales and a 60% improvement in marketing efficiency.

The marketing mix modeling solution also helped the client to:

  • Drive significant improvements in marketing campaign effectiveness
  • Balance short-term marketing and promotion tactics with long-term brand building strategies
  • Quantify the ROI of improving marketing effectiveness in terms of sales, profits, and share
  • Optimize future marketing investments

Cut Down on your Marketing Spend and Save Millions with Quantzig's Marketing Analytics Solutions

Marketers today face a similar challenge which revolves around identifying the activities that actually help drive revenue. Request a FREE Demo to know how marketing mix modeling can help you address this predicament.

Four P’s of Marketing

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MARKET BASKET ANALYSIS

Market Basket Analysis: Key to Improve Customer Behavior Anticipation

What is Market Basket Analysis?

Market basket analysis is an analytical technique that helps in predicting customers’ future purchase decisions. Market basket analysis is one of the most commonly used technique in retail to boost sales. It enables retailers to yield insights into the sales patterns of any product by analyzing online browsing behaviour of customers and historical sales records. The method of market basket analysis is used to improve marketing effectiveness and increase opportunities for up-sell and cross-sell significantly.

The primary objective of market basket analysis model is to identify the next product that the customer might find interesting and worth buying. Market basket analysis works on related products that occur together frequently in transactions. It aids retailers to identify the similarities and relationships between items that customers buy.

Market basket analysis can help you track key metrics such as average spend per basket and average profit per basket. Want to know how? Request a FREE proposal today.

What are the Benefits of Market Basket Analysis?

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Arranging the display of SKU

Market basket analysis helps in identifying products that have a close affinity to each other in spite of falling into different categories. This information can help retailers to place the products with higher affinity close to each other to boost sales. For instance, if chips are placed closer to a beer bottle, there is a high probability that customers may end up buying both. On the contrary, if they were placed in two extremes, then it is highly likely that the customer would just visit the store, buy beer and leave causing loss to the sale of chips.

Want to know how market basket analysis can heighten marketing effectiveness? Read our latest success story here

Retail Market Giant Refocuses Attention on Customers’ Needs and Heightens Marketing Effectiveness with Quantzig’s Market Basket Analysis

Customizing promotions

Market basket analysis helps online retailers to analyze buying behaviour of every individual. Such analysis can help in estimating what items the customers may purchase at a specific time. For example, a customer who likes barbecues would most likely buy barbecue sauce and meat on weekends. So, this way retailers can customize special offers on weekends to increase the purchase frequency.

Our real-time analytics and market analysis solutions can help retail companies to improve sales effectiveness. Request a FREE demo below to know how.

Identifying sales influencers

All the items in the retail store have some affinity with each other, strong or weak. Market basket analysis can help retailers to study the buying trends of a certain SKU. For example, two SKUs can reveal a strong affinity for a period of time and sales can suddenly reduce because of several factors ranging from the introduction of the new brand, the price increase of one SKU to unavailability of a certain brand in the SKU. This way marketers can understand the influence of such activities in the sales figure.

Are you facing difficulties in devising new cross-selling strategies by analyzing huge datasets? Get in touch with our experts.

How Can Quantzig’s Market basket Analysis Solutions Help Your Business?

With the immense increase in competition, there is a dire need for innovation in marketing and sales strategies to retain, attract, and achieve better customer relationships. As a result, companies in the retail and CPG industry globally are facing issues in making use of customer datasets for developing the right strategy for customer segmentation and implementing the same for each segment to improve ROI. Quantzig’s market basket analysis solutions can help retail companies to optimize digital advertising investments, successfully improve marketing ROI, identify right media mix, devise the most profitable sales strategies, and optimize sales force to create maximum business value.

Additionally, Quantzig’s market basket analysis approach can assist in developing successful cross-channel and multi-channel retail strategies, by yielding insights into customer preferences and demands. By leveraging our customized analytics dashboard, companies can devise localized strategies to implement merchandising plans based on historic patterns, demographic segmentation and customer buying patterns.

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Weekly Round-up: A Storyboard on the Benefits of Analytics in Marketing

LONDON: Quantzig, a leading pricing analytics services provider, has announced the release of their new storyboard on analytics in marketing and how it can help companies optimize marketing campaigns and make better business decisions that improve ROI. In today’s competitive market landscape, companies are facing a plethora of challenges such as increasing sales, retaining customers, and maximizing profitability. Without improving marketing outcomes, it has become very difficult for companies to sustain profitability. Therefore, companies need to integrate data across all marketing channels and consolidate it into a common marketing view that provides invaluable guidance in driving marketing efforts forward. This is where making use of analytics in marketing can help.

Marketing without analytics is like driving with your eyes closed.

By employing analytics in marketing, companies can measure the effectiveness of various marketing channels and understand the impact of the change in their marketing strategies. They can also gain accurate insights into the ROI of their marketing efforts. Quantzig’s analytics solutions have helped more than 55 Fortune 500 companies to make data-driven decisions and amplify revenues. Below, we have rounded up some of Quantzig’s recent success stories for this week and have also highlighted ways in which taking the help of analytics in marketing has helped businesses to stay ahead of the curve.

#1: Analytics in marketing optimized marketing spend: Are increasing complexities in operational support services worrying you? Don’t get worked-up, you are not alone! One of Quantzig’s clients faced the same business problem. To deal with the problem, they approached Quantzig to leverage its expertise in offering solutions for analytics in marketing to analyze the market data and effectively manage their marketing investments, optimize marketing spend, and improve ROI. Also, our marketing analytics proved very helpful in managing the service categories and address potential threats in the market.

Quantzig’s Marketing Analytics Solutions Helped a Telecom Industry Firm to Refine their Marketing Campaigns and Optimize Marketing Spend

#2: Leveraging marketing analytics solutions to re-prioritize product offerings: Are you struggling to access or integrate customer data and preferences? If so, you must go through our latest success story, where Quantzig’s marketing analytics solutions enhanced the client’s product offerings by penetrating new market segments. With the help of analytics in marketing, it is easy to devise robust business models and stay relevant in the entertainment industry space.

Marketing Analytics for a Smart TV Manufacturer Helps Re-Prioritize Product Offerings

#3: What do you need to keep in mind while dealing with marketing analytics?Businesses can no longer rely on intuition for making marketing decisions and are, therefore, leveraging marketing analytics solutions. However, they need to follow a few steps while leveraging marketing analytics solutions like data collection and segregation, choosing the right analytics visualization techniques, utilizing marketing analytics tools featuring machine learning and AI, and personalizing campaigns.

Things to Keep in Mind While Dealing with Marketing Analytics

#4: Analytics in marketing paved way for unique customer experiences: Personalized customer experiences form a very important part of marketing. Don’t you agree? With the changing consumers’ behavior, organizations have felt the need to embrace technologies to meet the ever-growing array of demands over the past few years. But delivering maximum value at each customer touch point is the challenge that every business faces. Quantzig’s client was facing the same issue  and tackled it by leveraging our marketing analytics solutions. The use of analytics in marketing proved beneficial in devising predictive models using a blend of variables.

Creating Unique Customer Experiences with Marketing Analytics for a CPG Industry Client

#5: Analytics in marketing personalized customer engagements: Are you wondering how to improve customer engagements? Using analytics in marketing can help! By leveraging our marketing analytics solutions, one a company was able to deliver maximum value at each customer touch point by mapping analytics to specific stages in the customer’s journey. Furthermore, this enhanced resilience, operational efficiency, and performance resulting in better ROI.

Ready to empower your business with analytics?

We are the analytics partner you have been looking for! Take a look at our solutions portfolio and see for yourself why we are the preferred analytics solutions provider for 55+ Fortune 500 companies.

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Quantzig’s Marketing Analytics Solutions Helped a Telecom Industry Firm to Refine their Marketing Campaigns and Optimize Marketing Spend

In the current market scenario, the telecom industry has already established itself as one of the most significant sectors in the world. With the telecom industry changing at a breakneck speed, it has become crucial for telecom services providers to improve their core business processes by zeroing in on strategies that have a direct impact on the bottom line. Thus, companies in the telecom services sector can leverage marketing analytics tools to access the data and make effective marketing decisions. Additionally, with software-as-a-service continuing to witness high demand in a lot of sectors, telecom industry players will need to take advantage of this development by improving their data infrastructure. As customers are more empowered, and dissatisfied customers flock to competitors.

It becomes crucial for companies in the telecom industry to leverage marketing analytics tools to know their customers as well as their business to secure the efficient transformation of data into insights and create a competitive advantage in terms of targeting and retaining their customers. For conglomerates looking to quantify the impact of marketing spends, it becomes imperative to associate with companies that have experience in offering effective marketing analytics solutions.

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5 steps to Building a Robust Marketing Strategy

Marketing strategy is primarily aimed at combining an organization’s marketing goals into a comprehensive plan. An ideal marketing strategy plan focuses on the right product mix in order to maximize the profit and ensure business sustainability. It contains the company’s value proposition, key marketing messages, information on the target customer, and other high-level elements. Companies use various types of marketing strategy to reach people and turn them into customers of their offerings. But the key questions to be answered here are – what your strategies should be? How do you make your team’s work align with your strategies? How do you measure their effectiveness? The answers to all these questions lie in establishing a good marketing strategy plan:Contact US

Identify the overall goals

Every marketing team uses different types of marketing strategy which includes demand generation, digital content, events, and partnerships. It is vital for the marketing teams to establish clearly defined, actionable strategies. For this, factors such as vision of the team, market opportunities and core competencies, and the end-to-end customer journey should be taken into consideration. It will help in strategy development and ensure that companies are leveraging the right opportunities to achieve their main goal and connect with their customers.

Analyze industry positioning

Once the company’s primary goals and objectives are listed out, the next step in the marketing strategy plan is to see where the company lies in terms of the overall industry, as well as how it’s positioned with the current customers. This can be better done by undertaking a SWOT (strengths, weaknesses, opportunities, and threats) analysis. SWOT analysis focuses on internal factors and external market elements and seeks to better define the ways in which the brand is perceived in comparison to its counterparts in the market from a customer point-of-view.

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Things to Keep in Mind While Dealing with Marketing Analytics

What is marketing analytics? 

Marketing analytics involves various processes and technologies that are used to evaluate the success and value of the marketing efforts as well as the act of identifying opportunities for improvement. Marketing analytics tools contain various metrics to measure the performance of marketing initiatives. In short, it helps evaluate which initiatives are actually bearing fruit and which are not. It gathers data from across all marketing channels and consolidates it into a common marketing view. From this analytical results can be extracted, which provide invaluable assistance in driving the marketing efforts forward.Request Proposal

Why is marketing analytics important? 

Diverse technologies are often implemented across several platforms for companies to advertise, market, and create brand awareness. The data generated from them was siloed. It is illogical for marketers to rely on intuition alone to get their initiatives and campaigns right, especially given the role of marketing in retaining customers and driving revenue. The top management would want to see the value of the marketing initiatives, and analytics is the best way to show them. Also, it is important to have a way to measure and monitor your campaigns and then demonstrate their value clearly to executives and stakeholders. Furthermore, marketing analytics tools help establish your value and how your work relates to revenue.

Things to know when applying marketing analytics

Devise a smart marketing strategy

One of the primary steps for any organization to undertake before delving into marketing analytics tools is to devise an effective marketing strategy. There are many tools available in the digital marketplace that allows companies to construct tailor-made campaigns which revolve around their product and help brands speak highly about themselves. These tools are primarily based on the search engine audience sentiment about popular keywords, popular hashtags, and trends among many others. Marketing analytics tools will allow marketers to evaluate various aspects that encapsulate the digital marketing spectrum like incoming leads, conversions, and website traffic. Contact USIf marketers incorporate this workflow, key insights can be easily derived at the end of the campaign. These valuable insights can be applied to the next campaign or can be used adaptively if the campaign is long-term or recurring.

Data collection and segregation

Large amount of data gets generated during the campaigning. This data can later be converted into meaningful insights. Marketers must ensure that they have covered and collated data elements getting generated from all the sources which were involved in a marketing campaign. Data from social media, emails, POS machines, call centers, beacons, and Wi-Fi needs to be collated and safeguarded. These data would often prove to be unstructured. This data can later be structured to get a clear understanding of how customers are shopping today. 

Choosing the right analytics visualization

The data generated must prove useful for the marketing teams and stakeholders if you are to gain meaningful insights from it. The key to getting this right is to choose the most appropriate data visualizations, which can help identify patterns and interpret the data. Thus, it is important to choose marketing analytics tools that allow you to choose or customize your visualizations instead of using default charts for displaying data.

Marketing analytics tools featuring machine learning and AI

In order to be effective, marketing must be real-time and predictive today. You must be able to analyze theGet More Info data, make accurate predictions, and take data-driven decisions to enhance each step of the customer journey. Using marketing analytics tools with machine learning and AI capabilities make these tasks easier to do and with minimal errors.

Personalizing campaigns

Global enterprises pay extensive attention to providing superior client experiences. Due to the advent of several modern enterprises that have absorbed phenomenal technical capability and a fresh approach to client servicing in entirety, client experience has become a highly important factor today. Marketing analytics tools can help companies know about product expectations from a segregated customer list. This enables an organization to just sell an already desired product via targeted marketing rather than hard-selling a product offering.


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