Posted by admin | Posted in Market Research Consultants | Posted on 20-12-2011
Marketing Research Analytics helps Market Research Consultants put in place a fact based decision making process. The tool is complicated and mostly used by accomplished statisticians and mathematicians. Market equations are easier to simplify and business decisions simpler to make.
A perfect blend of econometrics, statistics and mathematics, the tool is best suited for individuals with a pedigree in the given subjects.
So what would be these ‘businesses’ in which the tool is used comprehensively? Some of them are Banking, Financial Services, Insurance, Telecom, Retail, FMCG, Pharmaceuticals, Healthcare, Hospitality, Travel, Marketing, Business Analytics, Corporate Finance and Private Equity etc.
In BFSI, market research consultants use it to help clients build customer acquisition strategies, cross sell strategies, detect application fraud, maintain bad debt scorecards, portfolio valuations, asset reconstruction strategies, retention scorecards etc.
The use of marketing research analytics in the telecom sector pertains to credit lines, pricing strategies, identifying high risk customers, contemplating fraud risk management strategies, CRM strategies etc.
In Retail and FMCG, the tasks handled via the tool are customer profitability analysis, demand forecasting, product preference, bundling, customer segmentation analysis, sale analysis, merchandizing analysis, stock out analysis etc.
Some of the best understood usages of marketing research analytics lie in enhancing sales force frameworks, incentive compensation plans, aligning sales performances, empowering marketing and sales strategy plans etc.
Market research consultants consulting their partners and associates help deal with some of the toughest tasks of business like decision making, credit scoring, behavioral scoring, pricing, segmentation, predicting customer behavior, tracking the progress made by the product, increasing ROI etc.
There are many other businesses where the tool is used to study the business, understand how to do well in it and strategize accordingly. A business becomes easy to enter when you have certain complexities already clear in front of you, which is exactly what analytics help do in the longer run.