Many business professionals believe they can predict the success of the marketing initiatives they run using their professional judgment, but at the end of the day it is all about the numbers….
Marketing initiatives have to be measured from a business standpoint and not just based on past experiences and impressions. This is why Marketing Analytics is important….
Customers provide many clues and facts about what they want via online and offline purchases, calls to a call center, responses to a campaign, survey responses, etc.
The purpose of Marketing Analytics is to analyze this data and find the most appropriate allocation of marketing funds. Such customer data, when clustered and modeled in a meaningful way, results in vital information that can help companies achieve their goals:
- increase revenue without increasing the price of the products
- decrease churn for high value customers
- weed out low value customers
How does SAP CRM Marketing Analytics help marketers achieve these goals?
1. Develop insights into the customer base with the help of the predictive workbench of SAP BI- clustering, decision tree models, ABC analysis and association analysis
2. Design the proper segments using CRM Segmentation and target these segments with the appropriately designed campaign
3. Analyze the campaign effectiveness of similar campaigns that were executed in the previous quarter(s) or previous year(s) to design your campaign: how effective were they in terms of ROI? What was the campaign contribution to the overall increase of leads and opportunities in a particular timeframe?
Now, let’s have a look at a Marketing analysis dashboard video clip.