Friday, May 4, 2007

Something about Marketing Analytics

One of my friend called me today and asked about my job profile at Fair Isaac. I said, I work as a consultant in Marketing Analytics within Fair Isaac Analytic Consulting Group. He was quick to ask me, "which major Retail Chain is your client?" My answer was simple, we have a few retail chains as our clients but currently I am doing an Insurance Company project. He was surprised!!!
I have quite a few of such experiences.

Last month I was having a discussion with one of my friend working for another analytics company. He asked me what we do in Marketing Analytics apart from building response models.

These two incidents make me think seriously. I see two myth surrounding around Marketing Anslytics space :
1. Marketing Analytics applies only to Retail Chains.
2. Marketing Analytics is all about building Response Models.

We actually do a lot more. Marketing Analytics team at Fair Isaac helps clients across different industry segments including Financial Services (Banking, Insurance), Retail, Healthcare, Telecom, Food Processing etc. The services provided are customer segmentation and profiling, Pre-Market Offer Testing, Predictive Scorecards (Response and Risk) etc. along with Strategy Consulting. For these services tools used are Model Builder for Predictive Analysis, Segmentation ART Module, ClusterBots, MarketSmart for Acquisitions, PMOT etc. [Each of these tools are proprietary Software of Fair Isaac Corporation].

The areas where Marketing Analytics help to make better business decisions can be:
1. Target Marketing
2. Cross sell decisions
3. Advertisement Selection
4. Sensitivity Analysis
5. Market Basket Analysis
6. Yield Management
7. Campaign Management
8. Marketing Mix Management
9. Brand Loyalty Metrics
10. Portfolio Management
11. Brand Positioning
...... etc.

Customer Segmentation and Profiling is one of the best bet Fair Isaac has, and is ahead of any other competitors. Most competitors still use objective segmentation and non-objective segmentation to find business relevant segments and natural segments. But Fair Isaac has gone one step ahead finding business relevant natural segments. We often call these as customer segments. A segment is a cluster of naturally similar customers having similar business dealing with the client. Thanks to ClusterBots. The segments are then profiled to make the solution less technical which is easily interpreted by business managers.

Fair Isaac's Marketing Analytics team is very experienced and has worked with many leading companies of the world in many verticals. Most of the Fortune 500 companies seek help of this team to form their marketing strategy. It helps its clients to take better tactical decisions to remain ahead of their competitors.

Want more about Fair Isaac Marketing Analytics Team. Click here.

(The writer is not the official speaker for Fair Isaac Corporation. These are just his personal views.)

12 comments:

archana said...

Hello Bhupendra, I happened to be here in your blog spot,it was well written and had some queries so if you dn't mind can you give me your contact details so that I can give you a call? I hope you won't mind..
Looking forward to hear from you.

Anonymous said...

Hi Bhupendra...came to know about your Analytics Blog thru Orkut.
I was going thru this particular blog of yours regarding Marketing Analytics.I have a question.
What would you say should be the essential components of a customer profile considering profiling is done to help the sales team achieve a big deal with the company.Say for example a S/W company is eying big Application deal..so how should one go about creating the company profile.
Would appreciate a reply on this.
Thanks in Advance!!
Rishi

Le_Plan said...

To Archana:
You can get me at khanal.bhupendra[AT]gmail.com or call me at 9901988577.

Le_Plan said...

Rishi:
I am not sure whether you are talking about about creating profile of own company for others to view or profile a client for better marketing. My understanding is the second one.

Profiling a company is different from profiling group of companies. In my post on Marketing Analytics, I was talking about profiling the segments (not individuals). While there are lots of potential customers in the world, based on various factors they can be segmented. The factors could be demographics, business potential, likelyhood of acceptance of the product, earlier work relationship etc. This will help for better target marketing and thus increase the return on investment.

Hope this answers your query. If not, please mention it with detailed probelm. I will be happy to have more discussion with you.

Cheers

Giri said...

Hi Bhupendra,
It was very interesting to read a "pureplay" marketing analytics blog. I have for long been trying to see analytics being discussed this way. Came to your site through Google Blog search. I work for a marketing analytics company as well and would be very interested in discussing about segmentation. Will write in greater detail to your gmail id.

Looking forward to some interesting discussions.

Le_Plan said...

To Giri:
Hi Giri, I am happy to read your comment. I am actually interested in segmentation and I want to educate people about segmentation (and MA in general). We can work together in this regard even though we represent competitor companies.

Please mail me.

Bhupendra

Naresh said...

good article....

Naresh said...

It is a good article

Ashutosh said...

Hi Bhups...well written article..When we talk about marketing analytics, we r talking about th market as a whole,its behaviour n strategy taken by th organizations to diffferentiate it..So,you have truly said that it just do not relate to retailing bt also apply to different industries too...

Le_Plan said...

Naresh and Ashutosh:
Thanks for stopping by my blog and giving your views.

-- Bhupendra

abhi said...

Hey Bhupendra,

It is really interesting and same problem is faced by lots of Business developer who works for analytical companies.

Well I found some more interesting blogs, shared by Mr. Ajay Kelkar who was heading HDFC. I think this will put some more insights on our understanding. Please check this out - http://blog.cequitysolutions.com/

Asheesh said...

Hello Bhupendra. Good insight. Like Abhi said, I checked Mr. Ajay Kelkar and Swami's blog and website. Have a look and you should find this interesting too...
blog.cequitysolutions.com

Great place for those interested in the best and latest in Marketing Analytics and Customer Relationship Management.

Asheesh

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