Marketing Analytics Services for Consumer Electronics Retailers
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.
#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.
#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.
#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.
#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.
Having a marketing and sales analytics metrics provides companies with relevant insights which enable companies to increase revenue and profitability, and consequently improve their brand perception. Ideal sales analytics tools also help managers uncover new markets, new audience niches, areas for future development and much more. However, the challenge here is to identify the best and most important sales analytics metrics for business:
Market size analytics
Having a fair idea about the market size and potential is integral to business. It involves identifying how large the market is for your products and services, and whether there is sufficient growth potential. The size of the market is measured in terms of volume (how many units sold), value (money spent in that market) or frequency (how often a product or service is sold). Data can be collected from government data sources, trade association data, financial data from competitors, and customer surveys. Using the right sales analytics tools help businesses estimate their market size accurately and the sales volume generated from this market.
Unmet needs analytics
The primary aim of any business is to effectively meet the needs of their target customers. Using sales analytic metrics helps businesses to uncover if there are any unmet needs around your product or service or within your market which you could meet to increase customer satisfaction and revenue. Using various sales analytics tools and other sources including product reviews, qualitative surveys, focus groups, and interviews, companies can easily identify the unmet needs of their customers.
LONDON: Quantzig, a global analytics services provider, has recently completed their latest sales forecasting study for a financial service client. The financial services industry consists of several organizations including consumer finance firms, hedge funds, insurance companies, commercial and investment banks, and consumer finance firms. These firms help in managing money and another asset for corporations as well as individuals. Their services are primarily related to asset management, investments, accounting, and foreign exchange.
“The sales forecasting solution offered by Quantzig helped the financial service firm to bring about noticeable changes in accuracy by enhancing product development timing to improve sales.” says an industry expert from Quantzig.
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The sales forecasting solution offered by Quantzig helped the client to bridge the service delivery gaps. Furthermore, the solution also helped the company in better managing its inventory and avoid stock-outs and overstock situations. It also assisted the company to anticipate future sales and develop strategies to improve revenue.
Additional Benefits of the Sales Forecasting Solution
- Enhance product development timing to improve sales
- Gain relevant market knowledge to devise strategies that would improve the overall accuracy of operations
- Explore possibilities to increase net income and revenue
- To know more, request a proposal
To know more about how our sales forecasting solution helped the financial services client
Marketing Mix Modeling and ROI
Sales can be considered to be one of the most important channels for profit in an organization. Some of the organizations exhibit such a high level of dependence on sales that a majority of their revenues are generated from sales itself. Traditionally, sales organizations used to look out for the best salesman and motivate them with the best incentive programs to boost sales. However, once organizations reach the saturation point, there’s not much they can do. But that is no longer the case now, as organizations are using data analytics to generate in-depth insights that can help them improve sales. Sales analytics provides a segregated view into sales figures, which allows the sales team to examine what initiatives work and point out areas of improvement. Using a sales analytics software can assist the sales team in the following ways:
Ease of access
Today, many ERP providers offer cloud solutions to their clients, which can be accessed through any devices. It enables the sales team to attend a meeting with their tablet with accessibility to all sales reports at any time of the day. It allows sales professionals to quickly glance at a data and communicate recent updates to subordinates. With such ease of access, it hastens the communication process and allows for quick decisions to be taken.
Since ERP vendors are providing data analytics solutions over the cloud, every information and data points are constantly updated. This enables the sales team to view the reports and insights with real-time data. Recent sales analytics software can automatically update and incorporate new features. It allows the sales organization to gather an accurate picture of the current scenario at the time of reporting. It is very common for businessmen to waste long hours in preparing reports a day in advance. Data analytics software eliminates all such problems with automatic data updates without any errors in a presentable format.
ERP systems can be set up to provide various levels of authority to different persons. For instance, it can give full access to CEOs and CPOs, whereas limit only specific client figures to the individual salesman. Additionally, the software will provide data and insights on a dashboard with a visual representation of the company’s sales performance. Such visual representation tools allow stakeholders to make quick and accurate business decisions.
Sales force transparency
Data analytics and ERP systems give sales professionals a competitive edge in achieving their targets. Sales analytics software can put information on individual customers in hand, so they can be adaptive to identify cross-selling and upselling opportunities. Also, it gives information on the performance of each salesperson to identify their strengths and weaknesses to help them develop their abilities.
The recent drop in oil prices is pushing companies to heavily compromise on operational costs to sustain their foothold in the oil and gas market landscape. With the recent fluctuations in crude oil prices, companies have been compelled to reduce investments and have started relying on lease operators to cover fixed costs. To effectively meet the business requirements, companies have started deploying robust lease operator route optimization to increase efficiency, manage resources better, and curtail the time to respond to incidents and accidents. Also, by bringing technology into the oil and gas landscape, organizations can leverage the use of mobile applications and associated applications to achieve the best-suited results from the available infrastructure, resources, products, and services. Consequently, organizations holding a niche position in the oil and gas sector can ideally enable the use of lease operator route optimization to limit the risk and financial exposure, reduce capital investment, minimize the associated time with the first commercial output.
Quantzig’s lease operator route optimization solution assists the client to enhance the productivity and further extend the field life to improve profitability and maximize recovery. Also, the solution keeps an eye on the tactical process such as quality, health, safety and environmental factors to deploy robust asset development strategies.
A global oil and gas exploration company with more than 2000 wells and 100 lease operator routes was facing challenges deploying lease operators across geographically dispersed assets. The company had been assigning wells to operators using a pre-determined and manual method, which led to delays in operator services, high expenses, and inefficient workload balance. To deal with this challenge, the client wanted to drill additional wells and needed a route optimization solution to improve its operating efficiencies.
The key objective of the engagement was to analyze operator routes and the internal data available with the client to improve operating efficiencies. To execute the same, the client leveraged the use of lease operator route optimization, lease operator operating expense control, and hired new lease operators based on data driven methods for effective capacity planning.
To improve efficiencies and reduce costs, Quantzig deployed a cross functional team of experts to design and develop a robust route optimization solution. Also, the team further analyzed current lease operator strength and lease routes based on the AS-IS plan to develop a flexible and customizable route plan for lease operators. The route plan also considered variables such as total number of lease operators, workload, travel time, and job time.
Apart from the route plan, the experts assessed the actual mileage and road condition information apart from operator stops and the volume of oil being produced by the wells. The route optimization plan was based on statistical modeling techniques such as non-linear classification techniques, linear programming, and Bayesian networks.
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Lease Operator Route Optimization Solution Benefits
- Provide real-time and updated dashboards based on region, route, and operator for the management
- Share reports with the operators on their mobile devices with updated route plan and information
- Assess the impact on the operations and costs to effectively make changes to route stops
- Significant improvement in efficiency and reduction in operational expenses
- 15% reduction in total travel time
- 11% reduction in miles traveled
- Redeployed operators across various locations to balance workloads
Lease Operator Route Optimization Predictive Insights
- Compare the results from each algorithm to identify the best-suited techniques
- Integrate the solution into the existing database to provide the most updated and optimized routes available
- Create interactive dashboard to visualize the treatment pathways
- Visually represent the locations of wells to distinguish wells that were on line as well as shut
- Create network graphs to visualize the routes being taken by the operating personnel along with stops and the estimated travel time and costs
- Improved workload balance across lease operators based on operational efficiency and staffing needs
- Map operator routes and status of the wells using real-time dashboards
Want to know more about lease operator route optimization solutions?
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