Some, usually smaller to mid-sized, firms are new to analytics. They have heard it might benefit them, but they don’t know where to start. If you recognize this as your firm, a good place to start is a data audit. The Kwantum team will meet with your firm and make a data inventory: a list of all the data you have access to. These could be customer transactions, sales records, customer service records, etc. We review the data quality of these key data assets, we will write a review, and outline what can be done analytically. We keep our report focused on those analytics that the firm can concretely and immediately benefit from.
Driver analysis is a wide set of analytical tools to assess what variables are driving a metric of interest. For example, what attributes of our product or service are most important for customer satisfaction, or the likelihood they recommend you. What are the factors that determine whether a consumer prefers your brand versus a competing brand, what determines the appeal of a new product concept, etc.
Market segmentation is hard as anyone who has been involved in a full-scale segmentation project know. It takes many iterations, reviewing many (sometimes hundreds) of possible solutions. It also takes activation efforts. Kwantum uses latent class segmentation methods, as these have been shown to perform best (see our paper on this). We also use the concept of core members. Ask us about why this makes a big difference.
Switchable Consumer Analysis
Mass marketing is not always a good idea. If the goal is to get consumers to switch to your brand it is very worthwhile to recognize that there are some consumers who are very unlikely to switch to your brand. They may have a very strong preference for a competing brand. However, there are consumers who may prefer a competing brand, but they may like your brand too. It may not take very much effort to get them to switch. We call these the switchable consumers. Learn how to identify them by reading our paper on this topic. This approach is one of the most successful approaches we have applied.
Text analytics can be done manually. However, when you have 20,000 survey respondents who all have responded to an open-ended question, manual analysis becomes impractical. Kwantum has a proven approach that combines manual interpretation with machine learning approaches (topic modeling). We also have integrated the results of a text analysis into a quantitative driver analysis.
Brand Association Density
At Kwantum we are able to do all sorts of brand analytics from brand equity measurement (using discrete conjoint choice techniques), to brand mapping using multi-dimensional scaling techniques. We also have a unique brand equity measurement approach, which we have coined brand association density. See our paper on this topic.
You may ask, "Can you help me to understand and interpret the analytical solutions so I can better present my finding to my stakeholders?" At Kwantum, you are able to consult with our expert (with 20+ years experience as a marketing director) to:
- Translate numbers into actionable insights
- Design research studies for a business goal
- Advise ongoing analytical projects
- Sit at the meetings with stakeholders
- Receive advanced training on data analytics (we offer customized workshops on a wide range of analytical tools for customers who want to understand/implement certain analytical tools!)