In the age of analytics, this multimedia platform serves as a comprehensive guide to marketing management, covering the underlying concepts and their application. As can be seen from the snippets, the focus is not on the statistical theory, but more on the application of new analytics techniques and established research methods to enhance the marketing mix.
As advances in technology transform the very nature of marketing, there has never been greater need for marketers to learn marketing.
Essentially a practitioner’s guide to marketing management in the 21st century, the Marketing Analytics web learning platform blends the art and the science of marketing to reflect how the discipline has matured in the age of analytics.
Application oriented, it fuses marketing concepts with the analytical tools that practitioners use, to impart an understanding of how to interpret and apply research information and big data.
The focus is primarily on the practical application of well-established tools, techniques and processes, as the platform sifts through all elements of the marketing mix.
It is only apt that a book on Marketing Analytics should exemplify the use of digital technology. Unlike passive eBooks that replicate print versions in their original linear state, the online guide is a full-blown, multi-media platform that greatly enhances the reader’s experience.
As a website, it is dynamic, fluid, and connected with relevant and useful content, both within and beyond the platform. That it is continually updated and enhanced, keeps the guide evergreen, abreast of the latest developments in a the rapidly evolving fields of analytics and digital marketing. (In addition to numerous updates, over 100 new sections and four new chapter have been added, in the two years since the platform was set-up).
It is interactive with the facilities such as (shareable) notes/comments at any of the approximately 500 sections in the guide. The question papers/exercises allow subscribers to view answers and explanations. The site also supports business analytic platforms so that students can practise as they learn.
The online guide is made available on an annual subscription basis. Subscribers login with their email ID and password.
Having existed since 1932, developments in the use and application of consumer panels have greatly contributed to the science of consumer analytics.
More recently, the explosion of data has expanded the role and application of consumer analytics, such that it cuts across virtually every sector of economic and social activity.
This chapter imparts an understanding of consumer analytics through consumer panels. It covers the analytic tools used to extract insights from consumer transactions.
The chapter takes an easy to understand approach to explain a repertoire of metrics and techniques such as:
The focus is on the applications of these techniques to diagnose brand health and address business issues.
The use of consumer panel data is also illustrated in many of the cases featured in this book. In particular the Vizag case, which is centred on consumer panel data, exemplifies the diagnostic capabilities of consumer panels.
The basket is an analysis of transactions by a buyer group. The buyer group may be a demographic group, a segment, or it may be a user-defined group of consumers, defined on the basis of what they bought, where they bought or how much they bought. It is often defined as buyers of a particular brand, in which case the basket constitutes the repertoire of brands bought by the buyers of that brand.
This analysis is frequently used in internet marketing or e-commerce. For example, the use of recommendations (“Customers who bought this also bought ...”) by NetFlix and Amazon, to drive sales and improve customers’ on-site experience.
Cross basket, an interesting variation of the basket analysis, analyses the purchases of some other category by a buyer group. For example, the below chart depicts the body wash basket of purchases by the Johnson’s hand and body lotion buyers’ buyer group.
In the context of buyer groups, the share of Johnson’s body wash in total market (9.5%) is called the “fair share” — i.e. the share we would expect if there was nothing extraordinary about a buyer group. The index 27.5/9.5 (= 290 re-based to 100), called the fair share index, is extraordinarily high. It tells us that the propensity of a Johnson’s hand and body lotion buyer to buy Johnson’s Body Wash, is 2.9 times higher than that for the average brand buyer.... less