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marketing analytics Archives | Page 13 of 13 | Quantzig

Tag: marketing analytics

customer analytics

Sales Analytics Solutions – Sampling Optimization for a Leading Pharmaceutical Developer

Though the adoption of sales analytics services is still in its infancy, growing awareness about its capabilities and the availability of data and analytical tools are driving its adoption among organizations across the world. Through the effective adoption of sales analytics solutions, global conglomerates can easily identify key areas across their sales processes and augment the effectiveness of their sales force.  Additionally, the adoption of sales analytics services will also allow organizations to make better business decisions and develop strategic initiatives to improve revenue.

With the emergence of several channels for sales, organizations are finding it difficult to manage multiple sales channels and track their effectiveness. Though organizations currently prefer customer relationship management (CRM) to manage customer interactions and drive sales, they will soon realize Capturethe need for sales analytics services that can accurately predict sales trends and customer buying behavior, augment the productivity of the sales force, and make precise forecasts on the demand and sales. This will help businesses better understand the requirements of their clients and improve sales and revenue.

By realizing the need to understand the constantly changing customer preferences that drive sales, Quantzig offers sales analytics services that assist organizations in enhancing the effectiveness of their sales force and track their performance. Additionally, our sales analytics solutions also offer insights that will help businesses forecast sales in different regions and also make better pricing decisions and business strategies to improve their profit margins.

The Business Challenge and Quantzig’s Approach

With a keen eye on exploring future growth opportunities, the client, a renowned pharmaceutical developer and manufacturer in the US collaborated with Quantzig to develop an effective sampling distribution strategy across various states and physicians, which would help them gain a better understanding of the impact of sample allocation in different scenarios. Though the main delivery method was through agreements with third parties, intense competition from the other strong market players played a significant role in hampering their growth prospects. As a result, the client wanted to implement a more targeted approach, based on the insights from the physician prescription behavior, which would help them improve their reach and marketing strategy to ensure that the physicians prescribe their brand.

The primary objective of this sales analytics assessment was to analyze the short- and long-term impact of marketing, understand the underlying behavior for non-prescription and channelizing the spending to physicians who were prescribing their brand. The analysts Capturedeveloped solutions for targeting physicians based on their prescription propensity and optimize the sample allocation strategy.

To meet the specific requirements of the leading pharma company, our sales analytics team developed a solution based on the analysis of TRx and NRx trends and collected data from various sources and achieve the business objectives.

An overview of the data used and models applied are given below

 

QZ Sales

Source: Quantzig

Business Benefits and Insights

With the objective of helping the leading pharmaceutical manufacturer develop an effective sampling distribution strategy across various states and physicians, a dedicated sales analytics team with hands-on experience in sampling optimization and various sales analytics assignments offered a completeQZ Sales 2 end-to-end solution for physician sampling. Additionally, the solution offered to the pharmaceutical client also helped them develop a sample allocation strategy to generate incremental sales and higher returns on investment. Furthermore, the dashboard based solution offered real-time updates and insights on brand, representative, and physician performances and also gain a clear understanding of the impact of sample allocation in different scenarios.

With the help of our sales analytics solutions, the leading pharmaceutical developer and manufacturer was able to identify extreme scenarios reflecting over-sampling and under sampling situations for better sampling allocation. The team noted that the inappropriate sample distribution across the states was due to the concentration of sales representatives in the Southern and Eastern regions. Furthermore, our analysts also executed a deep-dive analysis of each physician decile and helped identify the exact number of samples to be allocated to each physician.

In a span of eight weeks, the client could gain insights on the focused targeting of physicians with optimum samples and marketing activities to maximize the sales and return on sampling activities. Quantzig’s sales analytics solution improved the effectiveness of their sales representatives and create marketing strategies that enhanced the satisfaction levels of physicians. The solution also offered insights on how to retain frequent prescribers and migrating infrequent prescribers to frequent prescribers.

Want to know more about our sales analytics and business intelligence solutions?

 

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School and office accessories on wooden background

Marketing Analytics Engagement and Market Mix Optimization for a Leading Retail Chain

Marketing Analytics Engagement for a Retail Chain

The customer is always right is a quote attributed to a venerable Chicago retailing pioneer Marshall Field. That customer-centered approach of doing business was cutting-edge towards the end of the 19th century and soon became synonymous with Mr. Field’s department store empire. However, even after a century, it turns out that the same customer-centered approach remains the best practice for marketing, but the difference now lies in the operating model. In some ways, being customer-centric is more challenging and achievable than it was in the 1890s. The key here lies in using effective marketing analytics solutions or associating with companies that have proficiency in offering exceptional marketing analytics solutions.

In today’s competitive market, there are very few instances where having a single marketing approach helps ameliorate revenues for different business units. Customers are more empowered, and dissatisfied customers flock to competitors, often influencing others to join them. Consequently, it becomes crucial for companies to know their customers well as business to ensure 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.

We at Quantzig, track recent developments and innovations in the market through secondary journals and reach out to key stakeholders such as industry leaders, end users, KOLs, and marketing experts to understand their views on the market space. Our marketing analytics specialists also connect with relevant stakeholders in the retail and CPG market space to understand fluctuating consumer interests and marketing tactics in the short and long term.

The Business Challenge and Quantzig’s Marketing Analytics Approach

With a keen eye on exploring future growth opportunities, the client, a leading global retailer collaborated with Quantzig to develop an effective marketing ROI solution, which would help them understand the impact of marketing spend across channels like display, paid search, social media,Capture FEP, and print. According to the client, its customers interacted with the brand through a number of channels. Many of its customers had come on board through social media or via print ads. However, since the company’s market share was constantly increasing, and the retailer needed to plan its marketing activities with greater clarity. For businesses looking to establish themselves in the retail and CPG sector, the process of manually tracking spends and its corresponding impact is extremely tedious and creates a huge lag between effort and evaluation.

The primary objective of this marketing analytics engagement was to develop a solution that is capable of quantifying the contribution of each individual media type on incremental sales and the ROI, deep dive analysis of campaigns for each media type, response curves to understand saturation point for spends, and simulation of spending scenarios for future budget allocation.

To meet the specific category requirements of the retailer, our “marketing analytics” team collaborated with the client to develop a solution for evaluating the impact of their marketing strategies and ROI simulators for scenario analysis and planning.

An overview of the data used and models applied are given below

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Business Benefits and Insights

With the objective of helping the global retail chain understand the impact of their marketing spend, a dedicated marketing analytics team with hands-on experience in market mix optimization, and experienced in various data analytics projects for leading global retail companies was assigned to this marketing analytics engagement. The recommendations made to the client helped them improve ROIs from their media investments based on optimized marketing strategies. Additionally, our marketing analytics solutions also helped the client improve their ability to quantify marketing effectiveness of channels and campaigns in terms of ROI, revenue, contributions, and incremental sales.

Capture1Additionally, a year-on-year analysis of media contributions and ROI generated was also carried out to enable the retailer to assess the marketing performance of different media types over time. Quantzig’s marketing analytics team also created an ROI simulator for analyzing the impact of investment decisions based on simulated scenarios, providing executive management with a powerful decision support system.

In just eight weeks, the client was able to gain effective predictive insights for comparative ROI analysis across media types, the contribution of brand equity vs. advertising on incremental sales, campaign analysis of each campaign to understand the ROI, synergy analysis to identify the direct and indirect impact of media types on incremental sales. Moreover, scenario analysis helped the client run ‘what if’ scenarios to identify incremental revenue opportunities.

 

 

Want to know more about our marketing analytics and market mix optimization solutions?

 

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Using Predictive Analytics to Improve Conversion Rates

There are numerous analytics tools available for e-commerce sites, from Google Analytics to more sophisticated and powerful offerings, and many organizations are severely underusing them. These tools make it possible to track a variety of valuable consumer statistics such as where they visited the site from, what geographic area they live in, and what types of products they have previously looked at or bought. This data can all be harnessed to offer the consumer a personalized experience that will help them find products they are interested in and encourage them to complete more purchases. Taking advantage of predictive analytics can increase conversion rates and profits substantially.

Dynamic landing pages

Analytics provide a range of information about the customer that can be used to optimize the page they see when they visit a website. This includes what site they came from, what location they are in and demographic information. For example, if a visitor arrives at the site via a coupon link or other promotion, it is possible to create a pop-up or banner displaying the code and indicating that it has been applied. This can reduce confusion (is the coupon automatically applied? Do they need to type it in somewhere? Is it restricted based on location?) and encourage them to take advantage of the offer.

This information can also be used to personalize what products and offerings the customer sees when they first access the site. Analytics can customize these based on the statistics mentioned in the previous paragraph, as well as on data from previous site visits and purchases. If the consumer is greeted with products that interest them, they are more likely to stay on the site and to complete a purchase.

Customized browsing experience

Not every consumer needs to see the same thing when they visit a website. Location, for example, is a relevant factor, and using it can improve the customer’s experience and show them more relevant results. Automatically taking the visitor to the site appropriate for their country is one way of making use of this, but there are others. Do coupons vary depending on the city or specific store? Are certain products in stock at some locations but not others? Can this store hold a particular product for pick-up? Showing the customer only the products that are immediately available to them can decrease frustration and improve conversion rates.

Another common technique, as seen from Amazon and other large Internet retailers, is recommendations based on both their own purchases and those of other customers. Showing related products that other customers have bought can encourage the shopper to investigate those items as well. If the site has a large inventory, identifying what products are most relevant to a given customer can have a significant benefit.

E-mail promotions

Personalized e-mail offerings are much more successful than generic ones. According to research by Experian, they have 29% higher open rates and 41% higher unique click rates. By tailoring e-mails to a customer’s demographics and preferences, it is much easier to engage their interest and induce them to click through to the website. Site browsing history and previous purchases are some ways to personalize these messages, but paying attention to location, time of year, and even time of week and day can also help increase engagement.

Predictive analytics comes down to determining what the customer is most likely to want, making it easy for them to find it, and providing incentives to purchase it. While that may seem daunting at times, there is a variety of easily available tools to help implement this. Even basic, easily available information can improve conversion, and for companies that want to drill deeper into consumer data, there are many solutions on the market to maximize results.

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Five Essential Steps to Maximize Analytics ROI

Getting a high return on investment (ROI) from analytics can sometimes be a challenge: it can be hard to determine what to apply analytics to, what tools to use, and how broadly to integrate them into your organization. However, there are a few vital steps that companies can take to make analytics integration seamless, maximize their analytics ROI, and ensure long-term success with their chosen analytics tools:

  • Plan ahead: Companies should have short-term and long-term plans for the integration and use of analytics within their business operations. Companies should determine how they want to fit analytics into their existing operations, and how they will integrate it further in the future as their businesses go through changes. Companies should consider overall efficiency and effectiveness: how will the use of analytics revolutionize their business practices, and how does the business plan to effectively reach the anticipated ROI? What will be most effective to track and measure, and how will analytics enhance the business’s potential for success? These plans should also ideally include the projected costs of analytics and comprehensive budgets to avoid overspending on unnecessary ROI depends largely on a company’s ability to successfully and effectively plan and implement analytics tools.

 

  • Integrate analytics on a wide scale: Integrating analytics throughout the entire organization and familiarizing all employees with analytics will allow the organization to run more efficiently and will ensure maximum utilization of analytics, analytical reports, and analytics tools. Employees will be reluctant to use analytics tools that are not user-friendly or that introduce significant complications to their every-day tasks and projects; therefore, analytics tools should ideally be integrated into the established workflow, and employees must be properly trained on the use of these tools for an organization to fully reap their benefits.

 

  • Communicate: Companies should not rely strictly on analytical reports and statistics; they should also keep an open line of communication with analysts who can provide greater insights on the data gathered. They should actively work cooperatively or in partnership with analysts and analytics departments to allow for better decision-making and insightfulness.

 

  • Make informed decisions quickly: Companies should utilize the insights and reports they get from analytics tools in a timely fashion. Though it is tempting to fill as many informational gaps as possible by collecting more information before acting, companies must be able to make fast and informed decisions based on the information they have at hand rather than accumulating more—often unnecessary—data. This can be made easier by including actionable items on each analytical report generated and including actionable items in long-term analytics plans. Companies should also set boundaries on data collection and put a limit on the duration of data collection.

 

  • Measure what matters: If measuring the number of Facebook likes your company’s page gets is not essential to its success, don’t do it. ‘Vanity analytics’ and focusing purely on social analytics can distract from established goals and real progress, and often focus on things that do not directly correlate to increased customer retention, customer satisfaction, or revenue. Companies should instead focus on engagement, especially when it comes to marketing analytics: look at how people engage with your company and its online presence instead of how many likes or retweets you get to determine how to attract and retain customers.
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Pharma company reduces marketing spend through marketing mix optimization

Business Challenge: Relish better ROI from marketing spend. A large pharmaceutical consumer products manufacturer in Europe, with 45+ brands across multiple countries, wanted to streamline marketing channels and improve ROI.

Situation: Drop in sales and consumer leads

The client witnessed a sizable change in its business with consumer leads dropping, followed by a drop in sales. As a result it was incurring huge costs on physical and digital channels with low visibility on the ROI.

Solution/Approach: Devised lead data analysis solution to channelize marketing efforts

We conducted lead data analysis, with detailed cost per lead analysis, along with an analysis on what media vehicles and campaigns are most effective at driving revenue, profits, share, and consumer segments for designing marketing mix.

Impact: Improved ROI per channel and reduced overall marketing spend

The pharmaceutical consumer products manufacturer was able to quantify marketing effectiveness of channels and events in terms of sales, profits, share, and target consumer growth. As a result, client was able to reduce overall spend and improve its ROI per channel.

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North American pharma company improves ROI on blockbuster drug through sales force sizing analytics

Business Challenge: Optimizing the field sales force. A leading client in the pharma industry space in North America wanted us to provide a data based solution for sales force sizing.

Situation: Reduced revenues for block-buster drug

The client in the pharma industry space was facing challenges due to blockbuster products going off patent, and taking a huge hit on the revenues. The client therefore wanted help in optimizing the sales field force to improve sales of the drug.

Solution/Approach: Promotion response modelling and optimized targeting of physician universe, along with response modeling

We used the hybrid model based on the combination of competitive benchmarking & promotion response modelling and optimized targeting of physician universe. The response modeling was done both at individual brands & product portfolio at different levels of promotion.

Impact: Improved ROI on sales operations

The client received best-in-class process setup with statistical models, better visibility into optimal product detailing & physician target list, better planning and impact on entire sales planning, statistical input for call planning strategies, reduced sales force size and improved ROI on sales operations.

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Consumer goods manufacturer improves marketing ROI through customer behavior analytics

Business Challenge: Lacking clarity on customer behavior and buying preferences

A leading consumer products manufacturer wanted us to analyze customer behavior and buying preferences specific to its categories.

Situation: Reduction in sales volumes

The client was facing issues with dropping sales and was not able to ascertain how they can influence customers. They wanted us to analyze and predict the future buying patterns and identify consumers that can be targeted and influenced.

Solution/Approach: Correlation and regression modeling of customer data to predict future customer behavior

We used highly structured surveys and questionnaires to gather customer data and analyzed the collected data to evaluate purchase patterns and preferences. We conducted an ethnographic study for environments in which participants live, work or spend their spare time. Correlation and regression modeling was done on the qualitative and quantitative data along with CRM data to predict future behavior and buying patterns.

Impact: Improved ROI from spend on marketing activities

Client gained visibility on the factors that influenced consumer buying behavior for their brand. A statistical model was built which enabled the client to analyze and predict the customer behavior and future buying patterns of various customer segments and target the right customer segments for immediate impact on sales.

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Apparel manufacturer improves social media marketing ROI through multiple regression analytics

Business Challenge: Quantifying the effects of social media marketing spend

A leading apparel manufacturer wanted to assess the impact of its efforts on social media activities and improve effectiveness.

Situation: Rising need for evaluation of performance parameters

The client wanted to improve its advertisement investment in social media by assessing and evaluating parameters such as impressions, click ratio, user reachability, and conversion rate.

Solution/Approach: Multiple regression analytics for development of robust statistical models

We used multiple regressions to assess relative weightage of each of the significant factors and developed and deployed robust statistical models to derive a mathematical representation of the set of correlated variables.

Impact: Improved social media marketing ROI

The client was able to increase revenue through designing efficient advertising strategy for targeting the right social media sites and restructuring its advertisement spend strategies.

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Telecom company achieves improved marketing ROI through channel optimization

Business Challenge: Optimization of omni-channel initiatives

A prominent telecom company with operations across multiple countries wanted to achieve visibility on channels and optimize its omni-channel initiatives.

Situation: Increasing cost of marketing through multiple physical and digital channels, and lack of visibility on the performance and efficiency of marketing initiatives

Client was experiencing a drop in sales and was incurring huge costs due to marketing through multiple physical and digital channels, with low visibility on their performance.

Solution/Approach: Channel optimization to derive actionable insights from customer data

We integrated the digital channels with CRM, which was followed by creation of consolidated metrics with data visualization. We also implemented Lead Analysis which provided insights on cost per lead, and helped to analyze which media campaigns are effective to increase revenue, profits, and market share.

Impact: Improved marketing ROI through channel optimization

Client achieved improved targeting of customers via the integrated digital framework with integration to CRM database. We helped the client achieve improved re-use of digital assets and cost per lead metrics. Our solution also helped them improve the ability to quantify marketing effectiveness of channels and events in terms of profits, sales, and consumer growth to achieve improved marketing ROI.