What can Marketing Analytics do for you?
Marketing has faced a revolution in the last decade due to the advancement of technology. Compared to the times when the only method of marketing was newspaper, or magazine ads, or by direct audiences, the wide spread usage and popularity of digital media like the internet has made marketing a lot easier.
This convenience has come with benefits– it has improved the product availability and enhanced the knowledge base of the customer. Eventually, this has firmly positioned the companies in an era of heavy competition and business pressure. This concern has strained the organizations to devise even diversified strategies to reach the potential clients at the right time with the right offers.
The best technique to deal with this competition is to collect big data and do appropriate marketing analytics. Thorough research on the end user market always helps business entities to assess their existing positions in the market. It also helps the companies to have an idea on the consumer behavior and interests.
Most of the companies has adopted big data analysis in their strategic planning and never minded in setting aside a share of their profit for this new face of thorough analysis and research. The hairline breakdown of the data, which is the basic concept of Big Data Analysis, thus has helped many organizations to properly evaluate their marketing performance and gain an insight into their target clients’ purchasing habits.
One of the notions of big data analysis is analysis of the sentiments of consumer market. In this case, the customer opinions on the product are taken into consideration to enhance its quality and availability.
Another concept is soft supervision and tracking the customer behavior within retail units where the customers purchasing behavior is scrutinized and researched. Customer behavior is followed right inside the store and data is collected. This helps businesses to understand how different customers show characteristically distinct market interests as per their age, sex and ethnicity. Open communication channels are also set up with customers and data from the same is collected and analyzed to get a better perspective on the customer interests.
Next is the strategy of tracking down the frequency of usage of loyalty cards and electronic coupons. Based on this, the consumers’ reactions are examined. Consequently, this gives an insight and understanding on the clients’ profile and purchasing habits. The collected data is also used for doing predictive analysis to help understand the customer requirements and assume their future needs.
The collected big data reports are analyzed from different angles, thereby implementing variety of techniques depending upon the type of business and sales. One is the ‘Real Time Response Model’. It creates a direct influence on the customer purchases. This is achieved by collecting real time information on customer purchases & interests and prompting the customers on further purchases by giving a varied set of choices. Another method is the ‘Utilization of Collected Data’. This determines the future purchasing behavior of the customer immensely.
This type of in-depth market analytics help retailers in optimizing their knowledge on customer requirements, and thus narrow down the gap between what their clients want and what they actually receive after sales.
Apart from these, Market Quotient assists its global clients with a lot more value added services in retail and marketing space. Our solutions have benefitted them tremendously. Time for you to explore our offerings; get in touch with us at contact@marketquotient.com
