Sales & Marketing Analytics
Customers are the cornerstone of a Business. Each journey of a customer with a business enterprise is unique hence each customer needs a smooth and fruitful experience along the way. This is possible only if that enterprise has a comprehensive insight into the customer behavior. Understanding customer behavior is about the way people buy and use products and services. This affects other business functions such as marketing, design, product development, packaging, post-sales service, and pricing. Personalize and micro segment your customers by right targeting your insurance offerings.
- Marketing: How much should I spend to acquire a customer?
- Product: How can I offer products and services tailored for my best customers?
- Customer Support: How much should I spend to service and retain a customer?
- Sales: What types of customers should sales reps spend the most time on trying to acquire?
Understanding behavior and grouping them to customize service offerings, for extending incentives would improve net promoter scores. Our solution helps understand customers deeply by using different perspectives such as:
- Geographic and demographic features such as age, income, education, social class or location.
- Buying behavior such as recency, frequency and the monetary value of purchases; and to “score” customers.
- Psychographic factors such as brand affinity, product categories, lifestyle (personality, attitude) choices etc.,
- Motivation, sentiments, the appetite for risk, perception, buying preferences and changing needs
- Ability to group customers at different levels in a hierarchy: vertical, line of business or product/service specific.
- Helps developing marketing programs (when to the campaign, whom to offer, what product, which channel?
- Greatly influence designing a product/service as well as guide pricing strategy
- Hypothesize the default behavior of a yet “unknown” customer.
- Helps identify and predict customer buying patterns.
- Improve customer segments in innovative categories defined by users
All the customer touch points are rich with signals that could give an understanding of his behavior and thus engage them pro-actively and effectively. Failing to meet customer’s growing expectations negatively impacts as customers respond with disloyalty and defection. In this ultra-competitive world, customers have many product choices/price points at their disposal. Retaining them is critical.
- Churn Analysis: Considers shrinking customer base, declining product profitability, customer service requests, social media sentiment, competitor market share and wallet share. It also includes the Expected duration of customer lifetime, inter-purchase time and spending behaviors
- Recommendations: Product bundling and recommendations: helps personalize and interact with the customer utilizing the most relevant recommendations to each individual customer
- Developing a deep understanding of the churn in various line of businesses and helps predict attrition and help to build the personalized strategy for the effective retention
- Develop loyalty programs and increase customer wallet share
- Devising various discounts, incentives and rewards, promotional programs and special campaigns
Sales and Demand Forecasting
The ability to forecast the sales of a product will give a great advantage for an enterprise to structure its financial budgeting, manpower requirements, procurement; optimize inventory levels and plan sales & marketing efforts.
Our Solution features are:
- Hybrid Forecasting: We consider both the cross-sectional Predictions to leverage the market, customer and product behavior (micro) as well as Time series that considers seasonality and trends (macro)
- Forecasting Aggregations: We aggregate forecast at the various levels such as periodicity (weekly, fortnightly, monthly, quarterly) and forecast rollups (by product, category, brand, department, region).
- Accurately forecast sales and demand
- Understanding both market trends and anomalies
- Identify stages of “product lifecycle” of any product
- Self-adopting forecast models and algorithms
Our Marketing Analytics has powerful models to effectively understand product/service positioning, market traction and help understand the promotional effectiveness of a marketing channel. Our solution features are,
- Campaign Effectiveness: Helps you acquire customers through identifying best channel mix. Our advanced attribution models help optimize marketing budgets.
- Product Propensity: Helps you identify what product features are important for a customer in the sale. We integrated the customer behavioral aspects to product features which help predict the likelihood of a certain type of customer to buy certain products.
- Pricing Analysis: Helps you with dynamic pricing strategies and margin management in achieving twin goals of robust revenue a healthy profitability.
- Transparent attribution models that uncover optimal campaign strategies and channel allocation.
- Comprehensively understanding customers preferences, product features, and market trends.
- Helps price leveraging by dynamically adapting price to the market conditions.
Sales Funnel Analysis
Sales expectations and pipelines as reported by sales teams are subjective and driven by biases. This results in unpredictable revenue projections. Our solution eliminates such biases by addressing two specific problems about the sales pipelines; predicting which deals will be won in the current quarter (opportunity scoring), and predicting sales revenue (forecasting). This helps in a decisive action on the Sales goal setting, sales performance and marketing.
Our Solution features are:
- Sales Lead Scoring – Analyze the sales leads and prioritizes/scores by inferring cost/effort trade-offs for conversion.
- Sales Rep Scoring – Analyze sales rep’s performance and understand his strength/ weakness in the sales process
- Opportunity Scoring – Lead scoring model to quantify the viability of an opportunity
- Smart Lead Allocation – Allocate suitable leads to each sales rep for increased efficiency
- Pipeline Forecasting – Identify best sales rep to close the lead and monitor progress
- Accurately predicting future revenue
- Understanding lead conversion ratios
- Objectively coaching your team and analyzing its strengths & weaknesses
- Implementing strategies to improve your team and your pipeline