Actionable Marketing Analytics using Spotfire

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1 Actionable Marketing Analytics using Spotfire It is an exciting time to be in marketing! Today the combination of vast new sources of information and data plus powerful analytic tools to extract insight from that data means that an analytic-savvy marketer can propel his company forward in ways not possible just a few years ago. TIBCO Spotfire is an especially powerful tool for the marketer: with Spotfire, you don t need to be a data scientist or computer wiz to tame data and develop insights. With Spotfire you can seize new business opportunities and avoid risk with unmatched speed and flexibility using interactive dashboards, visualizations, and predictive and event-driven analytics on any device. WHY SPOTFIRE? Powerful inter-connected visualizations easily reveal big picture market views and facilitate communication between marketing teams. Spotfire sets the standard for visualization-based predictive analytics. Powerful geo-spatial layering functionality can accurately position locations on a map chart. Drag and drop business modeling using state-of-the-art techniques provide sophisticated, self-service business intelligence to even novice users. Powerful and easy to create visualizations reveal the Pareto Principle, a distribution reflective of the purchase patterns for most companies customers. The ability to create custom visualizations allows you to look at your business the way you think about your business. Availability of R s huge library of procedures for clustering (K-means, hierarchical, affinity, etc.) and other analytics help you gain actionable insight from advanced analytics. TIBCO Enterprise Runtime for R (TERR), which is built into Spotfire, delivers unrivalled speed on top of enterprise-class stability without sacrificing any of R s flexibility. Spotfire s experienced marketing analytics specialists can be leveraged to provide analytic frameworks, Spotfire templates, or professional consulting for advanced analytic projects. Spotfire customers have exploited these powerful Spotfire capabilities to perform many types of marketing analytics. This document showcases what is possible with Spotfire customer use cases.

2 DATASHEET 2 CUSTOMER SEGMENTATION Marketers seek to understand customer segments to gain insight into business opportunity and simplify marketing strategy. Segmentation can be based on geography, industry, company size, other firmographics, purchase patterns, etc. Often the challenge is to generate a small enough number of segments that a strategy can be broadly understood and practically implemented. BENEFITS OF CUSTOMER SEGMENTATION The application of customer segmentation can lead to increased revenue. Customer segmentation can: Inform new product-based loyalty offers Guide the development of marketing campaigns Serve as the engine for linked-purchase promotions Provide better market sizing data for planning and business strategy STORE SEGMENTATION Stores vary in clientele, location type, channel, and product mix sold. Each store serves a micro market and is limited by channel and available products. Store segmentation can provide a meaningful framework for adjusting strategy to best serve micro markets. A comprehensive store clustering process will take into account historical product sales by category, channel, neighborhood demographics, and makeup of customer segments. Inform in-store marketing Provide better market sizing data for planning and business strategy PREDICTIVE ANALYTICS: PROPENSITY-TO-BUY Propensity-to-buy (P2B) scoring grades the likelihood that a customer will purchase a particular product or service. The purchase could be from your company or a competitor and is usually relative to a time period, such as within the next six months. The scoring model can be based on the customer s segment, past purchasing patterns, and exogenous factors such as economic conditions. Scores can be used to optimally focus sales and marketing efforts on the best target customers. BENEFITS OF PROPENSITY-TO-BUY SCORING P2B scoring can lead to higher return on marketing activities and greater return on marketing investment (ROMI). It can: Provide very specific targeting of marketing offers Supply a basis for focusing marketing campaigns Guide planning for future product development and business strategy BENEFITS OF STORE SEGMENTATION Store segmentation can lead to better use of store resources and reduced cost ratios. It can: Simplify store planning strategy Optimize use of aisle/counter space

3 DATASHEET 3 PURCHASE SEQUENCE AND BUNDLING ANALYSIS Customers typically fall into patterns of purchase behavior that can be described by purchase sequencing and product bundling. Understanding patterns can help you promote the most appropriate next product for purchase, illustrated by the tactic used by online retailers: Customers like you have also bought... But for companies that offer many products, the possible combinations grow exponentially, which makes a next-purchase program challenging to implement. Visualization can greatly help with this analysis, which is part science and part art. BENEFITS OF PURCHASE SEQUENCE AND BUNDLING ANALYSIS Purchase sequence and bundling analysis can lead to increased revenue. It can: Identify purchase combinations that warrant focus Be the basis for a next-purchase offer program Aid the communication of offer promotion programs TARGETING Targeting is the application of segmentation, propensity-to-buy scoring, and purchase pattern analysis to get the biggest bang for the buck by focusing marketing programs and sales efforts on the right prospects. In addition to missing good opportunities, poor targeting can result in a negative impact on brand perception if a customer is repeatedly spammed with inappropriate offers. Provide offers and promotions at the optimal time for a customer Provide marketing teams with focus and orientation around specific customers WALLET MODELING A customer s wallet for a particular product is how much they are expected to spend on that product category in a given year. This expected expenditure can be modeled using total addressable market inputs from industry analysts together with the same kinds of inputs that go into propensity-to-buy models. BENEFITS OF WALLET MODEL ANALYSIS Wallet models can lead to higher return on marketing activities and greater ROMI. They can: Provide actionable customer-level wallet share data Provide for very specific targeting of marketing offers Reveal market share for a region, vertical, or other segment Align planning around macro views of the market and customer segments BENEFITS OF TARGETING Targeting can lead to higher return on marketing activities and greater ROMI. It can: Enable a marketing organization to look at its interactions from the customer s perspective

4 DATASHEET 4 ATTRIBUTION ANALYSIS Attribution analysis gets at the question of what marketing activity or combination of activities actually makes a targeted customer respond or raise their hand. Typically a customer may be exposed to a company or product as a result of many marketing activities ( marketing mix ). But which activity or activities induced the response? A subset of this analysis focuses on the multiple offers that are presented to a customer via the web including the company s web sites, search engines, third-party sites, etc. BENEFITS OF ATTRIBUTION ANALYSIS Attribution analysis can lead to higher return on marketing activities and greater ROMI. It can: Guide the development of a more optimal portfolio of marketing campaigns Reduce costs by eliminating marketing events and activities that are redundant Help a marketing organization adjust to and optimize web marketing MARKETING OFFER/CAMPAIGN OPTIMIZATION Marketers typically have far more marketing program ideas and offers than can or should be implemented. Traditionally the decision about what types of marketing activities to pursue in a given quarter is based on gut instinct and the judgment of seasoned marketers; It is not typically a datadriven exercise. Inevitably some activities will be far more effective than others. Marketing organizations can benefit greatly by taking a more data-driven approach based on an understanding of the past performance of similar marketing activities. Guide the development of a more optimal portfolio of marketing campaigns Free up marketing personnel for critical marketing activities A/B TESTING A/B testing is a powerful and dynamic learning approach that many marketing departments employ. Key to its success is the development of appropriate sample sizes and performance measures. By comparing time series plots and measuring the significance of observed differences, a marketer can learn what is working and what is not. Uplift models can identify subgroups that respond differently and that should receive different messages. This analysis can inform a more intelligent messaging strategy. BENEFITS OF A/B TESTING A/B testing can lead to higher return on marketing activities and greater ROMI. It can: Increase the effectiveness of overall marketing campaigns Identify which programs to discontinue to improve overall program impact Increase customer satisfaction with the offer experience BENEFITS OF MARKETING OFFER/ CAMPAIGN OPTIMIZATION Marketing offer/campaign optimization can lead to higher return on marketing activities and greater ROMI. It can: Empower marketers to use data to augment their instincts and make mid-quarter corrections

5 DATASHEET 5 SALE/DISCOUNT OPTIMIZATION Sale/discount optimization is the application of segmentation, propensity-to-buy scoring, and purchase pattern analysis to focus discounting efforts on the right prospects at the right time. This classical optimization problem involves identifying the right level of discounting that will generate a sale without forgoing too much revenue. The process of segmenting customers into elasticity bands will provide the mechanism for offering different discount levels to different segments. BENEFITS OF SALE/DISCOUNT OPTIMIZATION Sale/discount optimization can lead to higher return on marketing activities and greater ROMI. It can: Enable a marketing organization to look at its interactions from the customer s perspective Provide for offers and promotions at the optimal time for a customer Provide marketing teams with focus and orientation around specific customers LEAD MANAGEMENT ANALYSIS The marketing consulting firm Sirius Decisions has promoted a waterfall business model that has become very popular. This model represents the stages to produce a booked deal. It provides a framework on which to assess every lead and includes certain measurements, primarily conversion rates between the stages, which can be used to evaluate current operations and compare against industry benchmarks. There is a gap between the reporting of these results and the adjustments that management needs to make in operations. Good business visualization will help teams to gain and communicate insights. Help identify best practices in various teams Provide a framework and insights that improve communication between teams LOYALTY IMPACT Turning Customers into Fans. That s the goal for many companies building loyalty. Many companies are investing heavily in loyalty programs to make it happen because loyal brand advocates are like gold. But how should this investment be assessed? There needs to be a clear understanding of the impact of the investment. How much more are loyal customers spending? How often do they shop with us? What activities are contributing to loyalty? What is the optimal investment in loyalty? Proper analysis will help teams gain these insights. BENEFITS OF LOYALTY IMPACT ANALYSIS Loyalty impact analysis can lead to greater ROMI. It can: Provide a clear understanding of the value of a loyalty program Support justification for increasing investment in a loyalty program Demonstrate the increased customer satisfaction from loyalty BENEFITS OF LEAD MANAGEMENT ANALYSIS Lead management analysis can produce increased revenue. Using Spotfire, it can: Provide a common, holistic view of the business Help marketing and sales teams diagnose lead management problem areas

6 DATASHEET 6 RECOMMENDATION ENGINE A recommendation engine can powerfully apply a company s transactional data. It informs a store clerk what product(s) to offer a customer who is buying or has bought. In addition to product, recommendations can be based on customer type (segmentation), time of year, and seasonal promotional considerations. Proper analysis will reveal the wisdom of the masses, the idea that the buying patterns of thousands of customers reveal intelligence and logic that can serve as the basis for guiding the next customer. Sophisticated retailers have been mining this intelligence for years. BENEFITS OF A RECOMMENDATION ENGINE A recommendation engine can provide clear guidance to store representatives and save the time of the clerk and customer. It can: Inform a store clerk what product to offer a particular customer based on what they plan to purchase Improve customer satisfaction based on better targeting of offers Help improve inventory management PREDICTIVE ANALYTICS: RETURN ANTICIPATION Your business can reduce the costs associated with product returns by anticipating them and actually preventing some of them. Predictive models can be developed that correlate customer attributes and buying behavior with product returns. The results can flag purchases with a high likelihood of being returned. The return costs and predictions can identify opportunities to interact with a customer using an offer that will avoid a return and its associated costs. Directly improve the top and bottom line Increase customer satisfaction SENTIMENT ANALYSIS The sentiments that customers share about your products and services through social media, s, and customer support logs is incredibly valuable information. Content analytics has advanced such that text instances can be assessed in terms of sentiment and topic. The result is a rich set of some of the most important information available about your customers and your products. In our fast moving world, opinions and topics of interest can change quickly, and a company s ability to monitor trending topics and sentiment can be a tremendous competitive advantage. BENEFITS OF SENTIMENT ANALYSIS Sentiment analysis can lead to a richer understanding of the issues important to customers and helps optimize the time and efforts of marketing, customer service, and product development teams. Sentiment analysis can: Provide the marketing team with new campaign ideas Help customer service teams better plan their response to specific issues Guide product development teams to make product changes that customers value BENEFITS OF RETURN ANTICIPATION Return anticipation can lead to a reduction in returns and reduced cost ratios. It can: Help manage store inventory

7 DATASHEET 7 TRADE AREA ANALYSIS The trade area is the primary geographic region that a store serves. It s important to understand the type of customers reflected in the demographics of a store s trade area to determine the optimal product inventory and general marketing strategy. A business can study trade area demographics of stores individually or as part of a broad store segmentation exercise. A rich map-based analysis can aid in the communication and adoption of a trade area strategy. BENEFITS OF TRADE AREA ANALYSIS Trade area analysis can lead to increased revenue. Using Spotfire, it can: Identify the profile of a store s clientele Determine a store s segment and aid in strategic planning Assess the overlap with the trade area of a competitor s store Inform a more optimal product inventory strategy TIBCO Spotfire 281 Summer Street, 3rd Floor Boston, MA US EUR spotfire.tibco.com TIBCO Software Inc. (NASDAQ: TIBX) is a global leader in infrastructure and business intelligence software. Whether it s optimizing inventory, cross-selling products, or averting crisis before it happens, TIBCO uniquely delivers the Two-Second Advantage the ability to capture the right information at the right time and act on it preemptively for a competitive advantage. With a broad mix of innovative products and services, customers around the world trust TIBCO as their strategic technology partner. Learn more about TIBCO at , TIBCO Software Inc. All rights reserved. TIBCO, the TIBCO logo, TIBCO Software, Spotfire, and Turning Customers into Fans are trademarks or registered trademarks of TIBCO Software Inc. or its subsidiaries in the United States and/or other countries. All other product and company names and marks in this document are the property of their respective owners and mentioned for identification purposes only. 12/08/14

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