Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Significance of incorporating Advanced Analytics Techniques in Consumer Industry

By Sandeep Agarwal Subscribe to RSS | January 7th 2012 | Views:
loading
 
  



In present world where every aspect of the business is so dynamic that you need to be Bang on Target to sustain in the industry. This verdict is very much true for the Consumer industry. Let me elaborate a bit on as to what is consumer industry. Consumer industry is part of secondary sector and it involves selling of products and services directly to the “CONSUMERS”. The most important word of the previous line is Consumers. As consumer industry is directly selling the product or service to end consumers, they need to be continuously evolving in terms of products or services. They need to keep up with the changing interests and habits of the consumers. Increasing competition, Consumer preferences, increasing number of product offerings, increasing number of players are few of the key aspects which make this industry dynamic thus constantly evolving with time.

In order to keep up with all the aspects, the consumer industry has significantly incorporated “Analytics” in their business decisions. Analytical techniques not only help the officials in understanding the past behaviour of customers but also help in predicting the future. Business officials needs to completely understand the key questions which are very much important to increase buzz, brand equity, brand loyalty and sales thus revenue. As they deal with transactional level the data size is huge as well as the number of parameters are also very high. The data has many features such as consumer information, purchase information, product information, time information, economic indicators etc. Each and every piece of data contains a huge amount of insights for the officials.

The officials requires analytical techniques to understand the changing preferences of customers, to understand the probability of a particular customer to buy a particular product, what products consumers tends to buy together, predicting sales for future periods so that you can plan supply, inventory and other aspects of business accordingly. Few of the analysis which is being used are churn analysis, forecasting using time series, causal effect, impact of advertising on sales, market mix modelling, market basket analysis, market campaign effectiveness using multivariate techniques, consumer segmentation using cluster analysis and other techniques. The stated techniques are just few of them which are being used in this industry but there are numerous amounts of analytic techniques which are being done.

These analytics techniques helps business officials to plan advertising expenditure evaluate campaign effectiveness; understand the marketing channels performance, pricing strategies, optimal pricing of the product, evaluating future sales thus adjusting decisions accordingly, and understanding seasonal impact on sales. Today analytics has become backbone of this industry, as almost all the major players have started incorporating analytics in business decisions significantly. These statistical analyses help significantly in better understanding the business and taking proper business decisions. These analytical techniques help to dive deeper into the data and pinpoint specific reasons to every business query.

Now officials have even started to understand the impact of placement of products on sales. They significantly understand it through the analytical techniques and incorporate the same in big outlets, malls etc. Here I will quote a case in which the officials have significantly increased sales by altering the placement of products. They have shifted the position of female undergarments and other accessories close to the food products which boosted the sales close to 3 times. The primary reason as stated was that data revealed that female’s frequency of visiting food and beverages section is very high as compared to the other one.

Sandeep Agarwal - About Author:
Meltdata Business Solutions is a result oriented, technology-driven full service Market Research and Marketing Solutions provider. Our specialized range of services comprise of extensive end-to-end data collection services, data processing, data analysis and reporting services.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/marketing-articles/significance-of-incorporating-advanced-analytics-techniques-in-consumer-industry.htm

Related Marketing Articles Subscribe to RSS

Look out for plant and tool hire services
Published by Jones Peter on April 14th 2012 | Business
With the plant hire services you can improve the overall working capacity and environment in your ho...
 
Hiring the Best Junk Removal services
Published by Harry on February 16th 2012 | Business
If you want to live in a hygienic environment. You need to keep your place clean. It is very importa...
 
Toronto airport taxi services: Best of all!
Published by Jason Ausie on January 11th 2012 | Business
Toronto airport taxi services charge diverse charges depending upon the mileage covered and the hour...
 
Contact Trademark Registration in Qatar for best services
Published by JCA Trademark on December 29th 2011 | Business
JCA Trademark UAE is intellectual registration service provider. They are reliable way to file your ...
 
Benefits of hiring the services of agencies for getting property to rent and other things to be look into
Published by Cathrine Mckay on June 6th 2012 | Business
Taking the property to rent by hiring the services of agencies is although expensive for you yet it ...
 
About my company and the services we provide
Published by Seolncr on February 28th 2012 | Business
Do you want to promote your business on the internet market? My company is one of the best online ma...
 
Packers and Movers Company with all kinds of services but with economy
Published by Purushottam Chandra on January 3rd 2012 | Business
Best company on packing and moving embrace you on conclusion of shifting support. We have all type o...
 
Gauge Calibration- Finding the right services
Published by Angie Turner on June 22nd 2012 | Business
In any kind of manufacturing entity, ensuring the measuring instruments meet proper standards of gau...
 
Do you require the services of Drink Driving Solicitors
Published by Julia Roger on January 6th 2012 | Business
Every year, drink driving solicitors come to the aid of those who have been charged with being over ...
 
Some vital facts regarding fulfillment services
Published by Ema Sis on May 19th 2012 | Business
Fulfillment also called order fulfillment or products fulfillment are often the process whereby a pe...
 
Rategenius.com coupons are good to utilize for services or products
Published by Gayathri ChittiDevi on May 11th 2012 | Business
Everybody today is looking to save money in whatever way they can, assuming that you are one of thos...
 
Understanding the services of RV storage Corona CA
Published by Rabbecaanderson on April 22nd 2012 | Business
Some storage you can't access without a card issued. This is as good as long as employees in the org...
 
The Ultimate websolution services by CITC.
Published by Anoopcitc on August 14th 2012 | Business
CITC is highly experienced India web designing & web Development Company with the proven record for ...
 
Using Air Freight services
Published by on July 19th 2012 | Business
There are lots of official procedures and regulations to follow when sending goods via air freight o...
 
Black and Orange is a full service design agency that offers digital printing services and so much more
Published by Angie Turner on June 18th 2012 | Business
Black and Orange Creative is a full service design agency with a wealth of experience, and the creat...
 
Cloud services for backup restoration
Published by Roger White on May 25th 2012 | Business
A fair number of organizations use traditional file recovery utility in combination with cloud servi...
 
Swimming Pool Builders: - Premium Pools provide the best pool services in INDIA.
Published by Pinky Sharma on June 5th 2012 | Business
I come from a lower middle class family in Lucknow that, no matter its conditions, placed huge empha...
 
Best companies for reallocation services by movers and packers Noida
Published by Kumari Ankita on July 21st 2012 | Business
Moving from one place to another brings new excitements and hope but along with it, it also brings h...
 
Where to find security recruitment services
Published by Janis Buchanan on March 28th 2012 | Business
Security services are very essential for the success of any individual, business or organization. Th...
 
With web application development services cope up with customers increasing demands
Published by Maya Gupta on April 6th 2012 | Business
To strategically improvise the market position of your website chose web application development ser...