Social Network Marketing is one of the prominent means to create a presence for business and develop a BRAND. In order to create brand awareness and attain audience, market dynamic or static data can assist in segmenting the audiences based on demographics & understanding the benefits of using statistical market analysis.
Research and analytics will enhance the understanding of the business and its value. Techniques are explained to understand data straightforwardly:
Data Mining – Clustering, Customer Segmentation to be used to classify large customer population into smaller homogeneous groups to identify the target customers
Data Analytics – Insights & Analysis of the customers patterns, behaviors & demographics
(a) Time series Regression for sales prediction & to check seasonality of sales
(b) Logistic Regression to predict the probability of whether the customer would be a potential buyer or not and
(c) Linear Regression to check sales vs. revenue
Decision Tree – Another analysis method to predict whether the customer would be a potential buyer
Promotional analysis – Promotions data is analyzed to understand the sales lift and ROI from various promotional activities such as In-Store Displays, newspaper, Coupons, In-Store, Mail/Online Offers, Special Packs, Special Events and Discounts etc.
Stochastic analysis – Compare competitors, Identify Brand Choice
Probability Models – Identifies the likelihood to buy/purchase the product (be it branded, local or global)
Survival analysis – Identifies retainable loyal customers based on behavior’s, purchase patterns etc.
Brand Switching Matrix – Displays number of purchases of each brand by end-users and identifies whether they are likely to be brand switchers
Sentiment Analysis – Opinionated end-user feedback data conversion to decisions to amend product &features
To know more on Marketing innovative strategies to promote afresh to compete with competitors, after the above market analytics check my other blog on – Market Segmentation & Strategies
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