Price Optimization
A branch of advanced analytics which makes predictions regarding future events using combination of historical data, Data mining techniques, statistical modeling, and Machine learning algorithms. Using Predictive analytics organization can observer trends, patterns and also identify risk and opportunities.
Price Optimization
- Satisfied customer
- Retention of customers
- Improving customer loyalty
- Things to implement for maximum customer satisfaction
- Popularity of the product or services
- Growth of organisation over time
- Repeat business
- Customer acquisition rate
- Need of Customer
- Better decision process
- Improvement required region
- Regions where accuracy is achieved
- Customer satisfaction rate
- Year on year growth of Revenue
- Return on investment
- Determining profitability of an expenditure
- Understanding how well your business is doing
- Areas of improvement to achieve the required goal
Retail
- Average sales for every foot of sales space
- Measure the store management efficiency to increase the revenue
- Identify trends over time and analyse staff performance
- Rate of conversions over a period of time
- Identify the reasons for the visitors who didn’t make a purchase
- Increase sales by improving the inventory quality and customer service
- Sales per Employee by Time
- Make smarter decisions about either cutting back on workforce or ways to increase productivity and efficiency
- Implement strategies to improve sales
- Trace the Gross and Net profit by Time Period
- Determine the reasons why the gross profit changes from period to period
- Improve profitability by finding ways to increase the net profit
- Trace the Gross and Net profit by Time Period
- Determine the reasons why the gross profit changes from period to period
- Improve profitability by finding ways to increase the net profit
Marketing
- Total spend on marketing by time period
- Viewing marketing as a growth center instead of a cost center
- Improving understanding of each department’s organizations goal
- Identify the cost of acquisition of a customer
- Estimate of how much your new customers are costing you
- Measure the revenue impact of a marketing campaign
- Track the different sources of lead generation
- Identify the most effective source and plan campaigns accordingly
- Optimize your most profitable sources
- Find out the Return on Investment on the marketing spend
- See how different sources affects the ROI
- Justify marketing spend and budget allocation for ongoing and future campaigns
- Recognize leads that has a high probability of turning into a customer
- Figure out what should be the right amount of bid for various segments of paid traffic
- Qualified leads saves both time and resources
