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    1 Week-2-Slides - Iyengar

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    rishi
    1) Descriptive analytics involves systematically collecting and interpreting customer data to aid decision making. It links the market to the firm through information needed for actionable decisions. 2) There are three main types of descriptive analytics: exploratory research which develops initial insights, descriptive research which generates data on customer characteristics, and causal research which tests solutions to clearly defined problems. 3) Descriptive research techniques include surveys, scanner data, web and mobile data which provide information on customer demographics, purchase behaviors, media consumption and more to help segment customers.

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    1 Week-2-Slides - Iyengar

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    rishi
    74 views49 pages
    1) Descriptive analytics involves systematically collecting and interpreting customer data to aid decision making. It links the market to the firm through information needed for actionable decisions. 2) There are three main types of descriptive analytics: exploratory research which develops initial insights, descriptive research which generates data on customer characteristics, and causal research which tests solutions to clearly defined problems. 3) Descriptive research techniques include surveys, scanner data, web and mobile data which provide information on customer demographics, purchase behaviors, media consumption and more to help segment customers.

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    1) Descriptive analytics involves systematically collecting and interpreting customer data to aid decision making. It links the market to the firm through information needed for actionable decisions. 2) There are three main types of descriptive analytics: exploratory research which develops initial insights, descriptive research which generates data on customer characteristics, and causal research which tests solutions to clearly defined problems. 3) Descriptive research techniques include surveys, scanner data, web and mobile data which provide information on customer demographics, purchase behaviors, media consumption and more to help segment customers.

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    © All Rights Reserved
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    Download as pdf or txt
    74 views49 pages

    1 Week-2-Slides - Iyengar

    Uploaded by

    rishi
    1) Descriptive analytics involves systematically collecting and interpreting customer data to aid decision making. It links the market to the firm through information needed for actionable decisions. 2) There are three main types of descriptive analytics: exploratory research which develops initial insights, descriptive research which generates data on customer characteristics, and causal research which tests solutions to clearly defined problems. 3) Descriptive research techniques include surveys, scanner data, web and mobile data which provide information on customer demographics, purchase behaviors, media consumption and more to help segment customers.

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    of 49

    DESCRIPTIVE CUSTOMER

    ANALYTICS
    Raghu Iyengar
    Associate Professor of Marketing

    WHARTON ONLINE

    What is Descriptive Analytics?


    Descriptive Analytics - links the market to the
    firm through information.

    Descriptive Analytics - information needed for


    actionable decisions.
    Descriptive Analytics - principles for
    systematically collecting and interpreting data
    that can aid decision makers.
    WHARTON ONLINE

    Descriptive Analytics

    Types of Descriptive Analytics

    Exploratory
    Research

    Descriptive
    Research

    (Ambiguous Problem)

    (Aware of Problem)

    Our sales are declining


    why.

    What kinds of people are


    buying our products? Who
    buys our competitors
    products?

    WHARTON ONLINE

    Causal
    Research
    (Problem Clearly Defined)
    Will buyers purchase
    more of our product with
    a change of our website?

    Descriptive Analytics

    Exploratory Research
    Develop initial hunches or insights

    Usually a first (and an important) step in understanding


    a broader managerial problem

    Provides broad guidelines of what to test more


    rigorously

    WHARTON ONLINE

    Descriptive Analytics

    Focus Groups
    Rationale: in-depth probing, unstructured
    discussion, ability to observe dynamics
    Format: 8-10 individuals, 1 moderator, about 1-
    hr long, incentives for participants
    Common Uses: Product concept, ad copy,
    survey design
    WHARTON ONLINE

    Descriptive Analytics

    Internet Communities (MROC)

    WHARTON ONLINE

    Descriptive Analytics

    Internet Communities (MROC)


    Enhances engagement with customers
    6 months to 1 year long
    Shorter deadlines are possible

    aha moments

    Kraft 100 calories snack pack

    Caveat: ROI can be hard to determine!


    WHARTON ONLINE

    Descriptive Analytics

    Types of Descriptive Analytics

    Exploratory
    Research

    Descriptive
    Research

    (Ambiguous Problem)

    (Aware of Problem)

    Our sales are declining


    why.

    What kinds of people are


    buying our products? Who
    buys our competitors
    products?

    WHARTON ONLINE

    Causal
    Research
    (Problem Clearly Defined)
    Will buyers purchase
    more of our product with
    a change of our website?

    Descriptive Analytics

    Descriptive Research
    Generates data describing the composition and
    characteristics of relevant groups
    Typical managerial questions
    What are the characteristics of our customers
    What is our share of wallet

    This can be done via


    active data collection
    passively observing behavior (unobtrusive)
    WHARTON ONLINE

    Descriptive Analytics

    Active Data Collection

    Surveys

    Self-reports of several types of consumer behavior

    WHARTON ONLINE

    Descriptive Analytics

    Surveys
    Used by every Fortune 500 company
    Regularly used for gathering customer attitudes,
    satisfaction scores, purchase habits
    Data can be used to help segment customers

    WHARTON ONLINE

    Descriptive Analytics

    Companies

    WHARTON ONLINE

    Descriptive Analytics

    Full Service

    WHARTON ONLINE

    Descriptive Analytics

    Mobile Surveys The Next Frontier

    WHARTON ONLINE

    Descriptive Analytics

    Mobile Surveys
    Allow you to capture customers reactions in-situ rather
    than being retrospective

    The questionnaire can be tailored based on location


    and context.

    Caveat: Marketers should be careful not to hasten


    customer fatigue

    WHARTON ONLINE

    Descriptive Analytics

    Net Promoter Score (NPS)


    How likely is it that you would recommend [your
    company] to a friend or colleague?
    0- 10 Scale
    Promoters Score of 9 -10
    Passives Score of 7-8
    Detractors Score of 0 -6.
    NPS = Percentage of Promotors Percentage of
    Detractors

    WHARTON ONLINE

    Descriptive Analytics

    Self - Reports
    Store purchases

    WHARTON ONLINE

    Descriptive Analytics

    Self - Reports
    Word-of-mouth dynamics

    WHARTON ONLINE

    Descriptive Analytics

    Passive (Unobtrusive) Collection


    Scanner Data
    Media Planning
    Radio
    TV
    Social media

    Web Data
    Mobile Data
    WHARTON ONLINE

    Descriptive Analytics

    Scanner Data
    Grocery business plus health and beauty aids
    The Data Chain

    80-100 CPG manufacturers


    60-100 Major warehouse and distribution centers
    30,000 supermarkets
    80,000,000 households

    The Data Cube


    Geography x Product x Time x Variable
    G x P x T x V> 10,000 even for one category

    Aggregation (regions, SKU groups, temporal)

    Revolutionized the field of Marketing in the early 1980s


    WHARTON ONLINE

    Descriptive Analytics

    Scanner Data

    WHARTON ONLINE

    Descriptive Analytics

    Why do people pay so much?


    Completeness:
    Linking aggregate sales movements to marketing instruments
    Ditto (and more) at the individual level
    Obtaining a richer set of performance measures beyond market share
    Timeliness:
    Getting the data within a window that allows for meaningful
    managerial action
    (i.e., less than the old lag time of 8 weeks or more)
    Accuracy

    WHARTON ONLINE

    Descriptive Analytics

    Managerial questions
    Impact of promotions:
    Who buys our products on promotions?
    Are customers borrowing from their future purchases?
    Will cherry pickers become loyal?
    Impact of displays:
    Which type of displays (e.g., end of aisle) work better?
    Within

    and Across Category :


    Which categories are substitutes / complements?

    WHARTON ONLINE

    Descriptive Analytics

    Problems of Scanner data


    Misses out on convenience stores, and some big retailers
    (Whole Foods, Aldi, Trader Joes)
    Cannot make causal statements
    Dont know behaviors and psychographics
    Dont know the exact set of choices faced by the
    consumer at the time of decision.

    WHARTON ONLINE

    Descriptive Analytics

    Media Planning - Radio

    WHARTON ONLINE

    Descriptive Analytics

    Media Planning - TV

    WHARTON ONLINE

    Descriptive Analytics

    Managerial Questions
    Who is watching what show?

    How is the viewership pattern changing over


    time?

    TV viewership Ad Spend
    WHARTON ONLINE

    Descriptive Analytics

    Social Media Analytics

    WHARTON ONLINE

    Descriptive Analytics

    Managerial Questions
    Audience engagement for a campaign

    Brand mentions as compared to competitors

    Sentiment analysis

    WHARTON ONLINE

    Descriptive Analytics

    Web Data

    WHARTON ONLINE

    Descriptive Analytics

    Web Data

    WHARTON ONLINE

    Descriptive Analytics

    Web Data Individual companies

    WHARTON ONLINE

    Descriptive Analytics

    Managerial Questions

    WHARTON ONLINE

    Descriptive Analytics

    Mobile Data

    WHARTON ONLINE

    Descriptive Analytics

    Managerial Questions
    Is customer search on the mobile platform different
    from the desktop?

    What information to show customers based on their


    location?

    Location-based coupons

    WHARTON ONLINE

    Descriptive Analytics

    Types of Marketing Research

    Exploratory
    Research

    Descriptive
    Research

    (Ambiguous Problem)

    (Aware of Problem)

    Our sales are declining


    why.

    What kinds of people are


    buying our products? Who
    buys our competitors
    products?

    WHARTON ONLINE

    Causal
    Research
    (Problem Clearly Defined)
    Will buyers purchase
    more of our product with
    a change of our website?

    Descriptive Analytics

    Correlation and Causation


    Correlation = relationship between two variables
    Causation = one variable producing an effect in another
    variable
    Correlation Causation

    WHARTON ONLINE

    Descriptive Analytics

    Causal Inference: Three Requirements


    1) Correlation
    Evidence of association between X and Y

    2) Temporal antecedence
    X must occur before Y

    3) No third factor driving both


    Control of other possible factors
    WHARTON ONLINE

    Descriptive Analytics

    WHARTON ONLINE

    39

    WHARTON ONLINE

    Descriptive Analytics

    3 Factors Necessary for Causation:

    1) Correlation
    storks and babies in same house

    2) Temporal antecedence
    3) No third factor driving both

    WHARTON ONLINE

    Descriptive Analytics

    3 Factors Necessary for Causation:


    1) Correlation
    storks and babies in same house

    2) Temporal antecedence
    storks baby

    3) No third factor driving both

    WHARTON ONLINE

    Descriptive Analytics

    3 Factors Necessary for Causation:

    1) Correlation
    storks and babies in same house

    2) Temporal antecedence
    storks baby

    3) No third factor driving both


    Houses warmer with pregnant women
    WHARTON ONLINE

    Descriptive Analytics

    Several companies help with A/B Testing

    WHARTON ONLINE

    Descriptive Analytics

    Mobile A/B Testing

    WHARTON ONLINE

    Descriptive Analytics

    Pricing

    WHARTON ONLINE

    Descriptive Analytics

    Managerial Questions
    Website optimization
    Mobile App design

    Customized design
    One to one marketing

    WHARTON ONLINE

    Descriptive Analytics

    Summary - Types of Marketing Research

    Exploratory
    Research

    Descriptive
    Research

    (Ambiguous Problem)

    (Aware of Problem)

    Our sales are declining


    why.

    What kinds of people are


    buying our products? Who
    buys our competitors
    products?

    WHARTON ONLINE

    Causal
    Research
    (Problem Clearly Defined)
    Will buyers purchase
    more of our product with
    a change of our website?

    Descriptive Analytics

    What is Marketing Research?


    Marketing Research - links the market to the
    firm through information.

    Marketing Research - information needed for


    actionable decisions.
    Marketing Research - principles for
    systematically collecting and interpreting data
    that can aid decision makers.
    WHARTON ONLINE

    Descriptive Analytics

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