Integrating Advanced Analytics and Modeling
What's a common factor among marketing trend setters? If you said, "Advanced Analytics", you're in the 95% that view Analytics as a key differentiator.
A new post from Forbes.com states that data analytics is perceived as “essential” for competitive growth. More specifically, 87% of enterprises believe that analytics will redefine the competitive landscape of their industries within the next three years. Based on this same study, almost 90% of companies believe that an absence of a data analytics strategy will also mean a loss of market share, and almost 95% of enterprises perceive that analytics is used as a key differentiation strategy for new businesses entering their vertical.
We suppose these statistics might have shocked business professionals a few years ago. But now with the growth and improvement of data and modeling capabilities, companies have expectations of analytics. They rely on their analytics to help them build a firmly aligned marketing strategy, develop messaging for the identified right target audiences, determine the most applicable media for their objectives, among other marketing goals.
Imagine you’re faced with a new set of competitors entering your market. In today’s global marketplace, that scenario might not require much imagination. In addition to these pressures, let’s suppose you’re also dealing with a drastically reduced budget – once again, not terribly unrealistic for CMOs to find the need to do more with less. And we all know that customers are becoming more sophisticated in their product and service knowledge, so you really need to effectively provide value in a way that your customers get. How can you lead your company toward increased revenues given all these pressures?
You might say that developing a customer and market centric approach is best….and we certainly would not argue that point. The question becomes how. How can you better understand your customers, prospects, and markets, and how can you apply this improved understanding toward improved decision-making to accomplish strategic, marketing, operational, and even tactical goals?
In a word, here’s your answer: Analytics.
Well developed and properly executed analytics can reveal a number of hidden nuggets about your customers. You can discover not just what they say but what they really think about your brand, and even how they feel about it, in ways that perhaps they can’t quite articulate. Analytics can solve for prospects’ true motivators behind online purchase decisions to understand what brings them to make that final click. From data, we can understand the process involved in searching for just the right service, and know the expectations from different groups of prospects. Analytics is about seeing what is not easily seen – going beyond the surface and behind the scenes to find the hidden gems of information to better understand markets.
Let BKV help you develop and execute a solid Analytics Plan for your company. With qualified analytics professionals, experienced team of data scientists and modelers, we’ll partner with you to ensure a plan that encourages more data driven decision-making from media purchases, market targeting and segmentation, churn and loyalty analysis, among other objectives.