1. Retail businesses can boost customer loyalty by leveraging customer data insights from business intelligence tools and advanced analytics to create personalized shopping experiences.
2. These tools allow retailers to better understand customer purchasing behaviors and trends in order to develop targeted marketing strategies, promotions, and loyalty programs.
3. Implementing analytics helps retailers identify their most profitable customers, improve customer retention, and control costs of loyalty programs.
This slide provides a quick overview of different aspects of marketing research. This ppt is expected to help researchers, faculties, and students to understand various aspects of Research and especially 'Marketing Research'.
Youtube link of the video in ppt: https://www.youtube.com/watch?v=Mm0g8mVHffE&feature=youtu.be
This whitepaper is geared to help
bank marketing professionals
understand the scope of marketing
analytics and also on how it can
contribute value to the various
factions of a bank’s marketing
activities.
Finding Your Ideal Customer Prospect [Whitepaper]Avention
Are you having trouble targeting your ideal customer prospect? This whitepaper from B2B Magazine and Avention gives you tips and stats on locating your ideal customers.
Acquired Data Benchmark Report Resource Overview Dun & Bradstreet sponsored ...Demand Metric
Two broad approaches exist to improve data quality, accuracy and completeness: an in-house data hygiene process, and using external data or services. In a study sponsored by Dun & Bradstreet, Demand Metric studied both approaches, looking closely at the use of acquired data in sales and marketing applications/solutions.
The goal of the study was to learn how companies are using acquired data and how that data is making a difference in campaigns, demand generation and other key results. This report details the findings of this study, providing benchmarks for acquired data performance and making the case for its use.
This slide provides a quick overview of different aspects of marketing research. This ppt is expected to help researchers, faculties, and students to understand various aspects of Research and especially 'Marketing Research'.
Youtube link of the video in ppt: https://www.youtube.com/watch?v=Mm0g8mVHffE&feature=youtu.be
This whitepaper is geared to help
bank marketing professionals
understand the scope of marketing
analytics and also on how it can
contribute value to the various
factions of a bank’s marketing
activities.
Finding Your Ideal Customer Prospect [Whitepaper]Avention
Are you having trouble targeting your ideal customer prospect? This whitepaper from B2B Magazine and Avention gives you tips and stats on locating your ideal customers.
Acquired Data Benchmark Report Resource Overview Dun & Bradstreet sponsored ...Demand Metric
Two broad approaches exist to improve data quality, accuracy and completeness: an in-house data hygiene process, and using external data or services. In a study sponsored by Dun & Bradstreet, Demand Metric studied both approaches, looking closely at the use of acquired data in sales and marketing applications/solutions.
The goal of the study was to learn how companies are using acquired data and how that data is making a difference in campaigns, demand generation and other key results. This report details the findings of this study, providing benchmarks for acquired data performance and making the case for its use.
It’s well known among marketing professionals that customers go through a series of stages – a lifecycle – in their relationship with vendors. Despite differences in customers and the vendors with whom they do business, the lifecycle stages are pretty universal: Awareness (also known as Attraction), Consideration, Purchase, Retention and Advocacy. What differs is how long prospects remain in each stage, what kind of experience they have while they’re there, and what must happen to advance the relationship to the next stage.
Marketing is ideally the steward of the customer journey, and it faces several challenges in fulfilling this responsibility. One of the most formidable challenges is the self-directed nature of the journey. The norm is for prospective customers to start their journey in stealth mode, making significant progress on their own without marketing and sales aid, influence or assistance. Marketing has historically presided over the Awareness stage, and together with sales, the Consideration stage. But now, customers often pass through both of these stages undetected, and marketers understandably feel some anxiety over their diminished influence in these lifecycle stages.
While the stages of the customer journey are well known, from the customers’ perspective traversing them is sometimes a bumpy ride. Customers don’t view their relationship with vendors as a series of stages, each with a different conductor who may or may not know what transpired in a previous stage. Customers want a smooth journey and expect vendors to know the history of their relationships and the content already consumed; they don’t want to have to re-explain their needs and interests each time they transition to a new stage. They prefer seamless, consistent quality across all touch points and stages of the relationship, regardless of the device or channels through which interaction occurs. They value one-to-one, contextually relevant engagement that is sensitive to who they are, what they do and where they’re going.
Predictive data science will soon be a widespread strategy for business of all sizes.This guide contains the 7 most important action items that can give you clearer guidance about the tools.
State of Digital Marketing in Associations Benchmark Report - 2016Demand Metric
This association marketing benchmark study is now in its third year, and from the beginning, the study’s goal has been to help associations become better at marketing. A healthy, effective marketing function whose contributions are well understood is a key ingredient to overall association wellness and growth. Yet, such market functions are in the minority, not just in the association world, but across corporations as well. At the low end of the marketing effectiveness spectrum are organizations that struggle, as represented through comments shared by this frustrated association marketer:
“Email blasts are the main communication tool. When angry recipients demand opt-out, the leadership team doesn't take the request seriously until legal action is threatened. There are no goals set from Social Media to measure success. We still use FAX blasts with the assumption that they are effective. Brochures are still used with very heavy amounts of text (copy). Any time a discussion is brought up about content marketing with valuable information provided for free to help grow the community - the idea is dismissed as ‘giving away the farm’...We've seen membership remain flat and decline and event attendance is flat with fluctuating numbers by location but no real evidence of growth.”
As the comment above suggests, marketing’s failure to perform isn’t always the fault of marketing. There are many issues that help or hurt marketing’s effectiveness. This study takes a broad look at the issues shaping the association marketing landscape, reports the data from the study survey, providing some analysis and commentary to help association marketing improve.
Optimizing marketing spend - How offliners can act like onlinersDaniel Zörnig, LL.M.
Over 60% of marketing managers in retail allocate their marketing spend based on gut feeling and too little based on insights! With our innovative, big data driven approach, stationary retailers can now measure and steer their marketing's profit impact a lot more like onliners. Want to learn more?
The consumer has been the king for quite a while now. Why then are organizations struggling to engage the consumer, personalize its offering and maximize the value that they can realize.
BRIDGEi2i presents a comprehensive, end to end Consumer Analytics solution that helps you know your consumer better, predict purchasing decisions and personalize recommendations
The Art and Science of Sales Forecasting: A Webinar for Sales Managers and Co...Birst
Overview
Sales forecasting is a science and an art. It is the combination of information and metrics, intuition and best practices. However, sales forecasting is most commonly associated to the standard grading methodology of the particular customer relationship system that is being used (Salesforce.com, Oracle, Microsoft, etc.). In reality, how do key sales leaders become high performing accurate sales forecasters? In addition, how do companies effectively utilize sales forecasting information to increase overall organizational performance?
Here’s what we’ll discuss in this session:
State-of-the-art forecasting strategies, best practices, and key metrics
The interconnection between product complexity, company lifecycle stage, and accurate forecasting
Mitigating downside risk and triangulation strategies to determine the truth
Deal inspection and vetting sales rep forecasts
The different types of sales forecasters; exaggerators, sandbaggers, and Heavy Hitters
The difference between snapshot, intra-department, and inter-department sales forecasting
Sales and Marketing Alignment Benchmarking ReportDemand Metric
How influential is sales and marketing alignment on achieving revenue goals? A Demand Metric Benchmark Study concluded that sales and marketing alignment is more than just “happy talk”; it has a real effect on revenue performance.
In June 2013, Demand Metric conducted a benchmarking study to assess the influences on sales and marketing alignment and how in turn in impacts revenue performance. Key findings from this study include:
• Not an “all or nothing” proposition: complete alignment of sales and marketing goals is related to the highest revenue achievement, but even partial alignment is far superior to none.
• Rose-colored glasses: Presidents, CEOs or owners of their firms are more likely to perceive strong or complete sales and marketing alignment than their sales and marketing teams.
• Two is better than one: Organizational structure is related to achievement. Separate sales and marketing teams outperform organizations where sales and marketing operate as a single, combined team.
• The one with the best tools wins: Mature implementations of sales and marketing systems, such as marketing automation or CRM, are having a significant impact on revenue achievement.
• Integration = Revenue: The highest level of revenue achievement coincides with the highest level of integration effectiveness between sales and marketing systems.
• Diminishing returns: once qualified leads account for 10% of total leads generated, revenue achievement remains flat even as the percentage of qualified leads increases.
Learn more about the impact of sales and marketing alignment on revenue performance by downloading a copy of the report.
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Revenue Goal Acheivement
5. Perception of Alignment
6. Organizational Structure
7. Alignment & Technology
8. Leads & Lead Quality
9. Analyst Bottom Line
10. Acknowledgements
11. About Demand Metric
Research Methodology
The Demand Metric 2013 Sales & Marketing Alignment Survey was administered online over a period of June 24th through June 30th, 2013. During that time, over 600 responses were collected, 550 of which were complete.
All members of the Demand Metric community received email invitations to participate in the survey, and participation was encouraged through a random draw incentive for an iPad Mini.
While respondent email addresses were collected in order to facilitate the prize drawing, no identifying information was retained or considered in the analysis of the survey data.
Following collection of the survey data, Demand Metric used IBM SPSS statistics software to analyze the results and draw statistically significant conclusions.
It’s well known among marketing professionals that customers go through a series of stages – a lifecycle – in their relationship with vendors. Despite differences in customers and the vendors with whom they do business, the lifecycle stages are pretty universal: Awareness (also known as Attraction), Consideration, Purchase, Retention and Advocacy. What differs is how long prospects remain in each stage, what kind of experience they have while they’re there, and what must happen to advance the relationship to the next stage.
Marketing is ideally the steward of the customer journey, and it faces several challenges in fulfilling this responsibility. One of the most formidable challenges is the self-directed nature of the journey. The norm is for prospective customers to start their journey in stealth mode, making significant progress on their own without marketing and sales aid, influence or assistance. Marketing has historically presided over the Awareness stage, and together with sales, the Consideration stage. But now, customers often pass through both of these stages undetected, and marketers understandably feel some anxiety over their diminished influence in these lifecycle stages.
While the stages of the customer journey are well known, from the customers’ perspective traversing them is sometimes a bumpy ride. Customers don’t view their relationship with vendors as a series of stages, each with a different conductor who may or may not know what transpired in a previous stage. Customers want a smooth journey and expect vendors to know the history of their relationships and the content already consumed; they don’t want to have to re-explain their needs and interests each time they transition to a new stage. They prefer seamless, consistent quality across all touch points and stages of the relationship, regardless of the device or channels through which interaction occurs. They value one-to-one, contextually relevant engagement that is sensitive to who they are, what they do and where they’re going.
Predictive data science will soon be a widespread strategy for business of all sizes.This guide contains the 7 most important action items that can give you clearer guidance about the tools.
State of Digital Marketing in Associations Benchmark Report - 2016Demand Metric
This association marketing benchmark study is now in its third year, and from the beginning, the study’s goal has been to help associations become better at marketing. A healthy, effective marketing function whose contributions are well understood is a key ingredient to overall association wellness and growth. Yet, such market functions are in the minority, not just in the association world, but across corporations as well. At the low end of the marketing effectiveness spectrum are organizations that struggle, as represented through comments shared by this frustrated association marketer:
“Email blasts are the main communication tool. When angry recipients demand opt-out, the leadership team doesn't take the request seriously until legal action is threatened. There are no goals set from Social Media to measure success. We still use FAX blasts with the assumption that they are effective. Brochures are still used with very heavy amounts of text (copy). Any time a discussion is brought up about content marketing with valuable information provided for free to help grow the community - the idea is dismissed as ‘giving away the farm’...We've seen membership remain flat and decline and event attendance is flat with fluctuating numbers by location but no real evidence of growth.”
As the comment above suggests, marketing’s failure to perform isn’t always the fault of marketing. There are many issues that help or hurt marketing’s effectiveness. This study takes a broad look at the issues shaping the association marketing landscape, reports the data from the study survey, providing some analysis and commentary to help association marketing improve.
Optimizing marketing spend - How offliners can act like onlinersDaniel Zörnig, LL.M.
Over 60% of marketing managers in retail allocate their marketing spend based on gut feeling and too little based on insights! With our innovative, big data driven approach, stationary retailers can now measure and steer their marketing's profit impact a lot more like onliners. Want to learn more?
The consumer has been the king for quite a while now. Why then are organizations struggling to engage the consumer, personalize its offering and maximize the value that they can realize.
BRIDGEi2i presents a comprehensive, end to end Consumer Analytics solution that helps you know your consumer better, predict purchasing decisions and personalize recommendations
The Art and Science of Sales Forecasting: A Webinar for Sales Managers and Co...Birst
Overview
Sales forecasting is a science and an art. It is the combination of information and metrics, intuition and best practices. However, sales forecasting is most commonly associated to the standard grading methodology of the particular customer relationship system that is being used (Salesforce.com, Oracle, Microsoft, etc.). In reality, how do key sales leaders become high performing accurate sales forecasters? In addition, how do companies effectively utilize sales forecasting information to increase overall organizational performance?
Here’s what we’ll discuss in this session:
State-of-the-art forecasting strategies, best practices, and key metrics
The interconnection between product complexity, company lifecycle stage, and accurate forecasting
Mitigating downside risk and triangulation strategies to determine the truth
Deal inspection and vetting sales rep forecasts
The different types of sales forecasters; exaggerators, sandbaggers, and Heavy Hitters
The difference between snapshot, intra-department, and inter-department sales forecasting
Sales and Marketing Alignment Benchmarking ReportDemand Metric
How influential is sales and marketing alignment on achieving revenue goals? A Demand Metric Benchmark Study concluded that sales and marketing alignment is more than just “happy talk”; it has a real effect on revenue performance.
In June 2013, Demand Metric conducted a benchmarking study to assess the influences on sales and marketing alignment and how in turn in impacts revenue performance. Key findings from this study include:
• Not an “all or nothing” proposition: complete alignment of sales and marketing goals is related to the highest revenue achievement, but even partial alignment is far superior to none.
• Rose-colored glasses: Presidents, CEOs or owners of their firms are more likely to perceive strong or complete sales and marketing alignment than their sales and marketing teams.
• Two is better than one: Organizational structure is related to achievement. Separate sales and marketing teams outperform organizations where sales and marketing operate as a single, combined team.
• The one with the best tools wins: Mature implementations of sales and marketing systems, such as marketing automation or CRM, are having a significant impact on revenue achievement.
• Integration = Revenue: The highest level of revenue achievement coincides with the highest level of integration effectiveness between sales and marketing systems.
• Diminishing returns: once qualified leads account for 10% of total leads generated, revenue achievement remains flat even as the percentage of qualified leads increases.
Learn more about the impact of sales and marketing alignment on revenue performance by downloading a copy of the report.
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Revenue Goal Acheivement
5. Perception of Alignment
6. Organizational Structure
7. Alignment & Technology
8. Leads & Lead Quality
9. Analyst Bottom Line
10. Acknowledgements
11. About Demand Metric
Research Methodology
The Demand Metric 2013 Sales & Marketing Alignment Survey was administered online over a period of June 24th through June 30th, 2013. During that time, over 600 responses were collected, 550 of which were complete.
All members of the Demand Metric community received email invitations to participate in the survey, and participation was encouraged through a random draw incentive for an iPad Mini.
While respondent email addresses were collected in order to facilitate the prize drawing, no identifying information was retained or considered in the analysis of the survey data.
Following collection of the survey data, Demand Metric used IBM SPSS statistics software to analyze the results and draw statistically significant conclusions.
Through precise location analytics, retailers now can monitor the entire path to purchase. With this data, marketers better understand what led to the purchase providing the ability to move beyond the traditional blanketed “campaign” to a year-round interaction based on consumer behavior. Customers “opt-in” by mobile app to receive highly-targeted promotions, information about merchandise they may have “visited” but didn’t purchase, and discounts for major events – based on correlations like visits, dwell and intent – to drive sales like never before.
RIS November tech solutions guide - analyticsiinside
Through precise location analytics, retailers now can monitor the entire path to purchase. With this data, marketers better understand what led to the purchase providing the ability to move beyond the traditional blanketed “campaign” to a year-round interaction based on consumer behavior. Customers “opt-in” by mobile app to receive highly-targeted promotions, information about merchandise they may have “visited” but didn’t purchase, and discounts for major events – based on correlations like visits, dwell and intent – to drive sales like never before.
Driving Marketing Efficiency In The Consumer Goods Business With Advanced Ana...Gina Shaw
"Information is the oil of the 21st century, and analytics is the combustion engine" – Gartner
A large percentage of marketing efforts in a consumer goods business has little to no impact on sales. One primary reason for low-yield marketing campaigns is the inability to leverage data. Success in the consumer goods industry largely depends on the speed and accuracy of decision-making.
This eBook will help you discover:
1. Challenges marketers face in in the consumer goods business
2. The current state of marketing analytics
3. The overview and importance of advanced analytics
4. Traditional analytics vs advanced analytics
5. Advanced analytics solutions use cases in the areas of
- Measuring marketing effectiveness
- Optimizing marketing and advertising spend
- Sales forecasting
- Product portfolio management
- Marketing mix modelling
6. Driving analytics adoption within your organization with AI
7. Case study: How a global CPG company reduced marketing spend by 5% with advanced analytics
8. How you can get started right away?
Today there is a lot of buzz around customer experience. Many companies have realized that investments in customer experience improvement is important not just because it helps to boost the bottom lines of their businesses but because it takes at least 4 to 6 times more cost to acquire a new customer than to retain an existing customer.
The ultimate guide to the new buyers journeyMarketBridge
At MarketBridge we have the privilege of working with hundreds of marketing and sales leaders every month. In those discussions one thing is abundantly clear: the customer buying journey is rapidly changing and organizations are struggling to keep up.
These dramatic shifts in buying behavior are well documented; independent research by Gartner and Forrester suggests that by 2020,
Unlocking the Value of Usage Data March 20, 2014
Dan McGaw, Director of Marketing KISSmetrics @danielmcgaw
Puja Ramani, Director of Product Management & Analytics Gainsight @pramani #customersuccess #KISSwebinar
1 The Case for User Analytics, 2 Making User Analytics Actionable, 3 Realizing ROI
We Have Entered The Age Of The Customer
Customer data is everywhere
Welcome to our world of Customer Analytics.
How it works (it’s simple and powerful)
Your customer is at the heart of KISSmetrics
How effective is my signup process?
“You can’t maximize your revenue and profit unless you are tracking the lifetime value of each of your customers. And that’s what KISSmetrics does better than anyone else.” !! — Thomas (Zappos).
Which of my marketing channels has the highest ROI?
What do my customers do before they sign up?
Are customers coming back on a regular basis?
Making User Analytics Actionable
We all know a data driven world is inevitability
We track everything from our health to our homes to our children
We have more data about our customers than ever before
So what’s stopping us?
38% of companies are not able to communicate and interpret customer analytics results.
54% can’t integrate and manage all their data sources.
The four pillar approach is your roadmap to ROI
People Objective Strategy Technology
So what can you do?
Data Science Alert Rules and Playbooks Confirm Intuition
Blend with other data sources to discover insights
Score customer health using usage data
Have one view of all your customers
Fire off tasks or outreach based on usage
Take action on early warnings and manage each event
Consistently collaborate to keep customer relationships healthy
Who’s getting ROI from usage data?
Reduce Churn
THANK YOU
Dan McGaw, Director of Marketing KISSmetrics @danielmcgaw
Puja Ramani, Director of Product Management & Analytics Gainsight @pramani
Marketing Analytics Importance : Types Of Marketing AnalyticsCiente
Stay ahead in the competitive business world with marketing analytics - enhance decision-making, seize opportunities, and achieve heightened success through data-driven strategies.
Consumer analytics is the process businesses adopt to capture and analyze customer data to make better business decisions via predictive analytics. It is a method of turning data into deep insights to predict customer behavior. It may also be regarded as the process by which data can be turned into predictive insights to develop new products, new ways to package existing products, acquire new customers, retain old customers, and enhance customer loyalty. It helps businesses break big problems into manageable answers. This paper is a primer on consumer analytics. Matthew N. O. Sadiku | Sunday S. Adekunte | Sarhan M. Musa "Consumer Analytics: A Primer" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-6 , October 2020, URL: https://www.ijtsrd.com/papers/ijtsrd33511.pdf Paper Url: https://www.ijtsrd.com/other-scientific-research-area/other/33511/consumer-analytics-a-primer/matthew-n-o-sadiku
Social Selling Agency Secrets Boosting ROI with Advanced AnalyticsSarah Boyer
In the fast-paced world of digital marketing, social selling has emerged as a critical strategy for businesses seeking to expand their reach and enhance their revenue streams. However, mastering social selling requires more than just understanding social media platforms; it involves leveraging advanced analytics to refine strategies and maximize return on investment (ROI). This article delves into the secrets behind successful social selling agencies and how they use advanced analytics to boost ROI.
Social Selling Agency Secrets Boosting ROI with Advanced Analytics
retail article (Repaired)
1. 1
Retail businesses can boost their customer loyalty by adapting bespoke marketing strategies that can be
designed to create a personalized shopping experience for customers through insights from their data by
leveraging Business Intelligence tools and Advanced Analytics.
- Smartmonk Innovations
Adapting Business Intelligence(BI) and
Advanced Analytics for the Retail Industry to
boost customer loyalty.
- The official Game Changing strategy of the decade for boosting sales and customer loyalty.
2. Retailers have access to an oceanic amount of
data. They capture transaction data everyday from
every stock keeping unit (SKU) about every sale,
every customer and every store. The companies
with access to such vast data have been using
very sophisticated market research and
operational process techniques to find answers to
a variety of questions such as: What Products?
How much? Which location? What discounts on
which products and where?
In addition to this specific data and market
research at their disposal these companies now
have insights from social media and other similar
data sets. The potential in this data can be
leveraged by Business Intelligence (BI) and
Advanced Analytics to turn this wealth of
information into actual value and decision making
insights. Data powered by advanced analytics
allow companies to make better, faster decisions
in their day-to-day business and deliver improved
performance.
The fierce competition in the retail sector has
brought to light the importance of customer
loyalty for the retailers and this can be achieved
by mining volumes of data and empowering it
with analytics and Business Intelligence to gain
valuable insights into customer behavior and
trends. This will in-turn help making decisions
and building strategies that are loyalty inducing
by creating a personalized shopping experience
that recognizes individual customers, offer
customized discounts and treatment.
We have extensively researched customer
loyalty, its significance for retailers and have
utmost knowledge on the analytical solutions that
need to be carefully adopted to drive customer
loyalty.
Smartmonk foresees a great potential for the
retailers that adopt Business Intelligence tools and
advanced analytics as a platform for growth.
Under a brilliant team, a data and analytics
initiative can yield amusing rewards for retailers.
We believe a company that is in the process of
building capabilities and strategies to become a
more customer centric and an analytically driven
enterprise has an edge in the retail industry in
these times of economic uncertainty and
decreasing margins.
CUSTOMER LOYALTY
AND ITS
SIGNIFICANCE
The challenging and uncertain economy has been
forcing retailers to fish for new ways to acquire
new customers as well as boost loyalty in existing
customers. Many Big Ticket retailers have been
investing billions of dollars on loyalty and reward
programs over the years to attract a retain their
most desired customers but many reward points
still go unredeemed or expire without the
customers knowledge. The program benefits also
usually go unnoticed.
As loyalty is specifically a very important goal for
retailers, almost all the retail giants like Amazon,
Target, Walmart and alike have made analytics
and Business Intelligence(BI) a key ingredient
in their marketing strategies.
3. 3
According to research by several industry experts
and research organizations:
The cost of acquiring a new customer can
cost an organization 7 times more than
retaining an existing customer*
A 5% increase in customer retention results
in a 25% to 100% increase in
profitability*
80% of your company's revenue will come
from just 20% of your customers*
Probability of selling to an existing
customer is 60 - 70%. The probability of
selling to a new prospect is 5 - 20%*
Businesses only attribute 21% of customer
churn to poor customer service while it
actually is 70%. This is also one of the
major contributors to a decline in
customer loyalty stats on any retailers
chart.*
Companies that prioritize customer service,
experience and other loyalty based
initiatives generate 60% more revenue
than their competition.*
91% of customers who move over to a
fellow retailer for their needs usually do
not move back to their previous retailer. It
is very important to retain customers as
the fierce competition in the retail sector
are always on their toes to acquire a new
customer.*
Building Customer
loyalty from Data
Insights using Analytics
& Business Intelligence
Business Intelligence and Advanced Analytic
tools can assist retailers to connect with
customers at every stage of the whole eco-system
by generating insights from the data patterns and
in-turn make real time decisions and process them
into effective frontline action.
Adopting Advanced analytic tools also allow
enterprises to make better, faster day-to-day
business decisions and show amusing results. A
multinational company for instance,
revolutionized its retailer-specific businesses and
marketing plans: by applying advanced analytics
to consumer data, the insights from the process
determined better selling Stock Keeping Unit's
from non selling ones and their retail formats.
Also it provided insights and information on
which Stock Keeping Unit to swap in and out to
enhance customer experience. The multinational
has now achieved 10 percent sales growth in a
low-growth category. The impact was not just in
sales but also in enhancing customer experience,
retaining the customers and building their loyalty.
4. In a recent research by McKinsey and MIT: The
trends show that companies that have adopted BI
and Advanced analytical tools into their
operations have outperformed their peers by 5
percent in overall productivity and 6 percent in
revenue in the first quarter itself.
Smartmonk Innovations director Mr. Nagi Reddy,
discusses how consumer-facing companies can use data and
analytics to generate insights and turn them into effective
frontline action.
Smartmonk's approach to Customer Loyalty
Analysis integrates extensive research on the
organizations revenue trends, data mining with
bespoke analytic techniques to identify the factors
that are driving customer interests, conversion
and loyalty for each of your customer segments.
There is an enormous opportunity in the waiting
to achieve customer loyalty through this
approach. Retailers by integrating and adopting
these tools into the organizations working can:
develop bespoke pricing strategies that do
not dent the profitability of the company
as well as stay competitive.
Understand prospective customers and
deliver customized marketing strategies to
acquire them.
Identifying key growth areas and deliver
targeted advertising, offers and building a
strategy to motivate buyers.
Channeling marketing investments and
budget allocations across specifically
identified growth mediums.
Customer segmentation and profiling to
identify their profitable customers and
promote tailor made offers to the
identified target audience.
Reward loyal customers by serving offers
that are more in line with the customers
need.
So, the data and the insights gained from it
allows the retailers to not just give a blanket offer
to lots of people, but rather specific offers within
specific groups based on their purchasing activity
and their research regarding the products they
want to buy.
*Image Courtesy: CIO INSIGHT
5. 5
The Loyalty Challenge
Building customer loyalty can be a challenging
endeavor. Unfortunately, a majority of the loyalty
programs fail and promotions do not reach their
targeted goals due to limited or wrong insights
sometimes driven by human calculations and
experience. The effectiveness of the program is
not thoroughly understood and an inability to
understand member behavior caused by loyalty
programs and promotions.
The key challenges in implementing analytics for
making data driven decisions to boost customer
loyalty are:
I. Managing the Data:
After the initial process of determining the
specific business decisions they want to improve
and the marketing strategies that need to be
reworked, the retail companies must collect and
manage the data needed to conduct insightful
analysis.
This entails two deliberate actions:
1. Creatively sourcing data
2. Defining data-governance standards
II. Translating the collected data into insights
Managing the data is just the first step. For the
companies to make sense of this vast amount of
data, it requires sophisticated analytic models and
the right people who understand your business.
From our experience at Smartmonk we suggest:
1. One of the business users or the business
owners have to be involved in the initial
model building process.
2. The approach should aim to build the least
complex model that will deliver the
needed insights.
III. Turning insights into effective frontline
action:
Gathering the right data and developing
transparent models, however, won’t yield impact
unless companies can also turn data-driven
insights into effective action on the front line.
Implementing Analytics
at your esteemed
Organization?
We put to work our analytical and BI expertise to
predict future tendencies of customers in order to
develop retention programs.
• Identify and target the most valuable customers
to ensure they become return customers.
• Use analytics not just for online channels but
also within stores.
• Embrace mobile technology as the next big
thing in marketing analytics and incorporate it
into your strategy.
• Improve your social media connection with
customers. Analytics can help retailers understand
customers’ social behavior and provide valuable
insights on what is important to them.
6. Summary
Across industries, companies are facing increased
pressure to grow revenues while holding costs in
check. Identifying and retaining your best
customers has never been more important.
Smartmonk's insights are a unique and
comprehensive analytic solution that helps you
identify your most profitable customers and gain a
better understanding of what drives customer
purchase behavior so that you can increase
customer retention and control loyalty program
costs.
Contact Us
For more information on Smartmonk's retail
analytics and customer retention solutions please
visit smartmonk.co or write to us
info@smartmonk.co.
References
[1] www.data-informed.com
[2] * Statistics used in the article are from Bain & Co
[3] www.popcornmetrics.com
[4] www.cognizant.com