LONDON--(BUSINESS WIRE)--In today’s competitive market, it is rare for just one single marketing approach to improve revenues for different business units. It has become crucial for companies to better understand their customers, using data and transforming it into insights that create a competitive advantage for targeting and retaining customers. With this in mind, corporations looking to quantify the impact of their marketing dollars are increasingly turning to marketing analytics services to properly evaluate the success of their strategies.
Marketing analytics is gaining popularity, especially in the retail market as organizations are experiencing significant ROI using business intelligence tools and services. According to global analytics and advisory firm Quantzig, the global marketing analytics market was valued at USD 780 billion in 2015, accounting for over 27% of the global retail analytics market. Quantzig expects the market value to nearly double by 2020, reaching USD 1.37 billion by 2020, posting a CAGR of 11.9%.
Looking for additional analytics insights? Request a free proposal
How Are Organizations Using Marketing Analytics Services?
With so many analytical options at everyone’s disposal, companies tend to become overwhelmed and paralyzed, relying on the tool which presents the most comfortability. Sticking to one tool has its limitations and can hinder the development of effective marketing ROI solutions. To fully maximize ROI of marketing spend, companies are starting to work closely with data solution experts to better understand customer insights.
One of these companies is a leading global retail chain that generates over USD 4 billion in revenue, who recently collaborated with Quantzig, to help them understand the impact of marketing spend across channels like display, paid search, social media, and print. Quantzig’s analytics team generated a year-on-year analysis of media contributions and ROI, enabling the retailer to assess the marketing performance of different media types over time. In addition, Quantzig’s team also created an ROI simulator for analyzing the impact of investment decisions based on simulated scenarios, providing executive management with a powerful decision support system.
In just eight weeks, the data analyzed and models applied by the analysts enabled the client to gain effective predictive insights for comparative ROI analysis across various media types. The support system Quantzig provided the client’s executive management resulted in 11% improvement in cost savings based on optimized media spending and 12% improved profitability.
For information on Quantzig’s services and solutions, or information on recent successful projects helping Fortune 500 clients, please contact us.
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 12 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of about 120+ clients, including 45 Fortune 500 companies.