A product marketing analyst, who is passionate about strategic and creative content writing.
Data analytics tools are increasingly being used in businesses, but many people still make critical decisions based on assumptions and guesses. The most common reason for this is the lack of a single, integrated source of information that gives executives accurate and consistent data whenever needed.
As consumer behavior changes erratically after the pandemic hit, it is almost impossible to make guesses and assumptions about the market or rely on biased, survey-driven market share data. It is now more important than ever for organizations to utilize machine learning technology to understand market trends and consumer needs so that they can position themselves accordingly. For this purpose, your marketing and sales teams need impartial data intelligence to conduct sales analysis and implement strategies that will help them to increase business revenue.
Let’s look at 6 ways to increase revenue in 2020 with market intelligence data.
You can start by identifying the segments with maximum consumer attention and determine their buying patterns. The key is to understand your buyer’s shopping behavior, product preferences, and average amount spent per checkout.
Such insights will help you to understand your consumer behavior better and answer questions such as:
With limited resources and delayed stock deliveries, it is not feasible to concentrate on your entire product and brand offerings. Now more than ever, every resource needs to be used effectively to produce, market, and sell the inventory that is trending the most in the market right now. You should plan and target your efforts on trending segments to cut down on costs and reach revenue goals faster.
To be able to do this, you need to have answers to questions like:
This is probably the best time to revisit your older buyer personas and revise them according to changing market demands. By doing so, you will identify new buyer profiles that didn’t exist in the market before, but are increasingly growing now.
An example of this would be the group of 30-40-year-old people who preferred going to the gym pre-pandemic, but now they are buying and setting up workout equipment at their homes. To identify and target new opportunities in your market segment, you should answer questions such as:
In such challenging times, organizations cannot afford a loss, whether it is losing sales to competitors, failing to meet client expectations, or inventory investments going to waste.
So, it is appropriate to play safe and identify factors such as:
Whitespace analysis can lead you to discover new opportunities within a crowded market segment. You can start by analyzing various buying patterns of your own customers and other potential buyers in the market. Look for unnoticed segments in the market that can be utilized to address buyer pain points or gain more traction than competitors.
See if you can answer questions such as:
Consumers have certain expectations from leading brands and retailers to help them adapt to the challenges posed by the pandemic. So, it is important to be vocal about how your brand is operating and helping its consumer-base in these difficult times. See how your brand can position itself in the market right now with certain pricing and promotional strategies to ensure economic growth and customer loyalty.
You can answer questions such as:
Pre-pandemic, market giants based their marketing, sales, and pricing strategies on experience and intuition. But after the pandemic hit, entire industries are hit by uncertainties regarding annual business revenue. It is more important than ever to utilize machine learning and artificial intelligence technologies to become data-driven and implement sales and revenue plans based on near-time market trends.
An ML-enabled market intelligence platform deep crawls market data and covers thousands of data points, brands, and categories stocked at major retail stores in both in-store and online channels to give you near real-time, accurate, granular reports.
Previously published at https://pricingexcellence.com/2020/07/how-revenue-analytics-will-empower-your-teams-in-2020/
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