Maximising data value
No doubt you have lots of data but are you gaining as much value from it as you could? Using analytics and modelling we can ensure that you use your data to the full to improve competitiveness, grow market share and deliver better service.
Analytics improves future business performance by exploring and analysing your data to uncover new information and trends. We tailor the techniques to meet your specific requirements – below are some examples of how analytics could benefit you.
- Identify the factors that influence your performance – Key Performance Indicators ?
Key Driver Analysis /
Key Driver Analysis is used to identify the specific attributes of a product or service that drive overall opinions and loyalty, allowing you to focus on those that have the greatest impact on customers.
Conjoint Analysis /
Conjoint Analysis uses the trade-offs people make when choosing between product and service features to measure the relative impact they have on purchasing decisions. The data can be used to test ‘what if’ competitive scenarios to predict changes in purchasing behaviour as a result of product/service design changes. It can also be used to identify segments with different needs within your customer base.
- Evaluate your advertising’s effectiveness ?
Evaluate the Effectiveness of Your Advertising Activity /
Analytics will enable you to isolate and measure the impact of each of your advertising and promotional activities to ascertain what’s working and what’s not. It can provide information on:-
- The return on investment (ROI) from your advertising
- Your short and long-term sales up-lift
- How competitor advertising and promotional activity impact on your sales
- Changes in attitudes resulting from CRM, direct mail, door-to-door and on-pack or in-store promotions
- The impact of your advertising on different customer segments
- Provide a better understanding of your brand’s market position
- Indicate whether or not your marketing strategies are working
- Segment your customer base ?
Segmentation & Customer Profiling /
This technique sub-divides your markets into smaller segments that exhibit differing needs and attitudes. Marketing activities can then be developed and targeted to address these needs thus increasing overall appeal, or appeal within the segments with greatest potential.
- Provide an analysis of your competitors’ performance ?
Competitor Analysis /
Competitor Analysis is used to develop a strategy for coping with changes in the market. In-depth analysis of competitors is undertaken to quantify levels of brand switching and trends in the uptake of competitor and/or new brands. The analysis shows which brands in the market place are strong and which are weak, and identifies the extent to which competitor activity is affecting your brand.
- Identify significant changes in the market place
- Identify trends in your year on year figures ?
Year on Year Comparisons /
Trend analysis is used to identify patterns within on-going or repeated market research results. When a trend is observed, for example if there is an increase in brand satisfaction, statistical techniques can be used to identify the cause of the trend and to predict how the scores might change in the future.
This technique can also be used to understand trends in sales data and to make comparisons between competitors.
The above list is by no means exhaustive so please don’t hesitate to contact us to discuss your needs.
Use your current data to predict the likely outcome of a future event and find ways to maximise your ROI. Simulator tools or ‘what if’ scenarios can be used for a variety of purposes some of which are shown below.
- Who is most likely to buy a particular new product or service?
- Predict the likely effect on sales of an increase in ad spend, overall or by channel
- Who is most likely to respond to a mailing?
- Who has the potential to be a high-value customer?
- Assess the possible effect on sales and loyalty of changing a product/service characteristic
- Which customers might be likely to defect to a competitor?
- Who is likely to be a high credit risk?
Contact us with your needs and we will show you where this technique can be applied to best effect.