Quantzig, a leading analytics and advisory firm that delivers customized analytics solutions, has announced the completion of their article on the five best sales and marketing analytics techniques for managers to identify new markets and audience niches.
Companies across industries have realized the growing importance of data analytics when it comes to improving sales and marketing effectiveness. However, not many companies have been able to leverage their sales and marketing analytics capabilities and build a positive growth plan for their company. Many factors such as untrained employees and lack of domain expertise can be held responsible for this. As a result, businesses are failing to achieve the desired business impact from their efforts. This has compelled companies to transform their sales and marketing analytics techniques to identify new markets, new audience niches, and areas for future development.
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“Business journals, newspapers, annual reports, product brochures, and marketing activities are an effective way of gathering data on competitors. However, leveraging customer feedback to understand the services offered by competitors are a great way of analyzing competitors,” says a market expert from Quantzig.
Why is marketing analytics important?
Market size analytics
Determining market size and potential is crucial for any business. It gives accurate insights about the market demand for their products and services. However, businesses need accurate sales analytics templates to estimate their market size and analyze the sales volume.
Quantzig’s analytics solutions have been helping companies across the globe to make informed business decisions.
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Unmet needs analytics
The prime aim of businesses is to address the needs of customers. Sales analytics metrics help businesses to identify the unmet needs, which could be met to increase customer satisfaction and revenue. Various sales analytics tools and factors such as product reviews, qualitative surveys, focus groups, and interviews help companies to identify the customers’ requirements.
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Market trend analytics
Market analysis is a crucial factor for analyzing the growth of businesses. It helps companies to evaluate the growth, stagnancy, or the decline occurring in the market. However, companies need to execute various business experiments or scenario analysis to understand the complete market dynamics. Market trend analytics help businesses to determine the exact situation of the market. It is crucial for companies that are looking to expand or venture into new markets with new or revised products and services.
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