The business world is changing more rapidly than ever and we are finding that companies are constantly increasing their spending on marketing analytics in order to better understand the impact that their spend carries on profit and customer loyalty.
In a tough economy, companies have increasingly had to fight to maintain or increase market share using pricing, marketing and other weapons at their disposal to succeed. We can help you navigate this myriad of decisions while maintaining longer term profitability, branding and positioning.
We are uniquely set up to combine our customer survey and primary research technologies with our analytics capability to round out the "numbers" with the more qualitative components of what drives customer behaviorand generate insights and meaning from the data.
Marketing departments are currently caught in the perfect storm of increasing pressure to grow revenues, while marketing budgets are ever declining with an increasing demand for accountability around marketing spend. It is at the apex of this perfect storm that we can help.
Marketing Analytics Helps Our Clients Get Answers to the Following:
What combination of factors helps to optimize marketing within a marketing campaign or channel?
How do different marketing channels support each other? How do you optimize marketing synergies?
How do different consumer segments react to marketing?
What is the impact of marketing a product on other categories or products? Is there a halo or cannibalization effect?
How do you optimize marketing spend?
In-Store Marketing Optimization
Our proprietary ROI Insight™ methodology is used to analyze in-store displays and features to determine how to optimize the mix of in-store marketing spend.
Understand and cluster the objectives and choice criteria that make up the campaigns e.g. timing, cost, messages, creative and other attributes that the marketing department has control over.
Analyze how the types of campaigns affect and are optimized for:
Incremental sales volumes and profit contributions
The nature and size of the overall consumer's basket
Cross selling opportunities and related consumer buying decisions
Frequency of consumer visits and other key determents.
Understand what drives consumer behavior as it relates to in-store promotions. Where there are distinct differences between campaigns, determine what attributes work best. Qualitative analytics combined with primary consumer research and intercept surveys help shed light on what drives consumers.
Determine the ROI for a particular marketing program. Set up core metrics and measurement processes that can be used to diagnose progress, identify obstacles and facilitate continuous improvement.
Customer Loyalty Analytics:
We help retailers build their loyalty programs by ensuring there database is set up to capture valuable information that will enhance revenue, profitability and long term customer loyalty.
There is a wealth of point of sale data that can be mined by different customer segments in order to better understand who your loyal customers are and what drives their choices.
Through deep analytical mining of a company's point-of-sale or loyalty data we are able to define the frequency of customer visits, return visits, duration and repeat purchase rate in order to identify levers that increase these factors.
Analyze the overall response to promotion and price to determine cross-selling opportunities, promotional opportunities and the impact of price on purchase behavior.
Interactive / Online / Web Analytics and Integration with Offline Data
The process of web or "online data" analytics starts with setting up the proper data collection processes. If the right data is not collected, then you can be sure that the analytics will not yield informative results. There are many good tools that can help with this process and you need to ensure that data is being collected from all aspects of the site.
The next step is to convert the data into a format that is easily analyzed - standard web logs are not easily viewable and again the right tool-set will do this for you. You must make sure that non-web log data must also be brought into the same format for analysis.
The web analytics process is then set to begin. It is better to focus on trends and benchmarking than to be caught up on any one specific number or set of numbers at a particular point in time.
The types of questions worth considering are:
Where do visitors come from - other sites, search engines? What does this imply about their online behavior and potential purchasing behavior? How do you ensure that they are real visits and not computer generated?
Where do they land when they come to the site? When and where do they exit the site? What does all this tell us? What search terms are the most popular in getting to the site - quality vs. quantity and how do you best measure this?
Which pages are most popular (focus on quality not quantity)? What is the average time spent on the site and each page? What is the path a visitor travels through the site? Who buys and what path did they come through - do you understand dynamic funneling and how to optimize?
Analyze large sets of transaction data combined with web analytics data using statistics and other measures to identify relationships. For example, what factors or variables lead to the most sales. Identify methods of optimizing. Review the whole cart of the consumer to identify "hidden" relationships that drive consumer behavior. Analyze the effect of promotions on all these factors.
Analyze brick and mortar store data with online consumer visits to identify trends and relationships. Understand the impact on consumer behavior and profitability. Identify methods and areas where the one channel can optimize behaviors across channels.
Deliver insights to the appropriate functional areas to inform decision making.
Return on Advertising Investment Analytics:
We use our proprietary ROI Insight™ methodology to review and analyze the return of different marketing campaigns.Using statistical and financial techniques we can determine:
How effective is the 30 second compared to a 15-second spot for a given product or service.
The effectiveness of TV using Gross Rating Points in relation to customer / consumer response data and profitability. This can help inform the minimum hurdle rates needed to have the desired impact as well as where and when saturation would be reached.
The ROI from airing a campaign during a prime time compared to an off prime time day-part.
While the above uses TV as an example, our ROI Insight™ methodology can be applied across multiple media channels including TV, Print, Radio and Interactive.