Marketing today is a highly competitive and complex undertaking for businesses large and small. Success often depends on how well companies are paying attention to their customers, and on who is using data-driven insights from analytics solutions to transform their business.
Advanced marketing analytics enable a business to use insights from their data to enhance the customer experience, retain and grow its customer base, increase sales, and gain insight into new product innovations. Elder Research can implement analytic solutions that help you successfully achieve your marketing goals in areas such as estimating customer lifetime value, and increasing customer retention and market share.
Whether you are just getting started with analytics or growing in-house capabilities, Elder Research analytics consulting services can help your marketing organization get the most value from your data. We have a proven track record of helping companies in many industries attract and retain customers, and increase wallet share. We combine sound marketing principles with marketing analytics and customer relationship management (CRM) processes to give you a competitive advantage with solutions in the following areas:
Cross-Selling and Up-Selling
Increase sales by predicting which new products should be marketed to existing customers based on products they are already purchasing (cross-selling). Then offer improvements or upgrades on existing products or services a customer has already purchased (up-selling).
Customer segmentation analytics improve the effectiveness of marketing campaigns and decrease costs by grouping customers into segments based on specific attributes, and then predicting which segments are most likely to purchase a particular product or service. Identify the mix of customers that will maximize profitability.
Competition is fierce and retaining existing customers is crucial for any business. Elder Research uses advanced data science, text analytics, and data visualization to determine root causes for customer churn and identify customers most at risk. Predictive models can score customers at risk of churn to prioritize workload, enabling marketing and customer service teams to reach out to high-risk customers with appropriate incentives to reduce churn, and increase market share and profitability.
Customer aquisition analytics help clients understand their customers by demographic and behavior sets and discover which clusters are most receptive to which marketing offers.
Customer Experience Analytics
Customer experience analytics zeros in on the most effective approaches to customer retention, churn analysis, and lolalty programs. Predict which customers are likely to abandon your brand or organization (churn) and provide creative options for mitigating this loss.
Attribution modeling allows you to dig into your customer segmentation with live interviews via phone and email to identify which mediums are responsible for your highest conversions.
Market Basket Analysis and Association Rules
Assess your existing customer base and determine the origin of your most profitable customers, then optimize return on investment for marketing campaigns. Use Elder Research’s proprietary software, QuiltMaker, to discover patterns in your transactional data that tell you which products or services are often purchased together.
Optimize the allocation of your marketing dollars across different channels (tv, radio, digital, direct mail, etc.). Use your data to understand which channels are delivering the most return on investment.
MarketING Campaign Analysis
Systematically monitor and analyze the effectiveness of your marketing campaigns and make adjustments to optimize return on investment. Justify your marketing spend on specific marketing campaigns by demonstrating their success, and know when to discontinue or adjust specific campaigns.
Using an Agile development process and innovative analytic techniques, Elder Research consulting services can help your company discover valuable insight from customer satisfaction surveys, analyze call center data, and build recommendation engines that enable more effective marketing campaign development, execution, and analysis.