We are thought leaders in  consumer insights & analytics

Some of our recent musings

Time spent on social media

In 2014 average daily time spent on social media was 101 minutes. Five years later (2019) it has jumped by 40% to 143 minutes and continues to grow at a very rapid pace. Here is an interesting chart of how social media is taking over the lives of people. This has profound implications for both content providers in social media as well as the apps that are driving the use of social media.

Asking The Right Question: 

The power of analytics 

Optimizing growth and profits in today’s complex and highly competitive environment is an extremely challenging task. Companies struggle to find the right answers to business problems because they are frequently asking the wrong question. Intuition based on business experiences  is still the driving factor in decision making, leading to wrong solutions being developed for the wrong problems. In the age of big data, demanding customer expectations and increasingly  aggressive competitors, companies should move from traditional & simplistic analytics and reporting solutions that provide a snapshot of the past (hindsight) to solutions that provide an accurate picture of the present and a prediction of future trends (foresight).

As a result, predictive analytics is one of the most powerful approaches companies can use to compete and win in the marketplace. The process involves understanding what happened, what is happening, why it is happening, what will happen next and ultimately how do we solve it ? Success in a competitive world will depend on a company’s ability to amass, assimilate and act on torrents of data (both structured and unstructured). Management needs insights and predictive and prescriptive analytics built on a platform that is agile, adaptable and fast. 

Value of Twitter

At Prescriptive Insights we had done a study that showed that close to 90% – 95% (depending on the use case) of Twitter content is noise with no meaningful consumer / audience insights. As such we always advise our clients to be wary of making decisions based on data from Twitter. Now a different research done by Pew highlights another major problem with Twitter insights – most of the tweets are generated by a small core group of users.

Analysis of Data Sources

There is widespread perception that social media source like Twitter, Facebook and Instagram have a lot of value as it pertains to product feedback from consumers. Using our propreitary ‘Insights Value ‘ indicator, we come to the conclusion that companies should focus more on Review Sites rather than some of the social media platforms.

Connect The Dots

Predict audience value for your social media campaigns

It is very easy to obtain metrics on campaigns executed on different social networks –  Impressions, Reach, Clicks, Likes, Shares, Views, Mentions, Tweets, Retweets, etc. All these metrics can be classified into the broad categories of Customer Awareness & Customer Engagement. But how does one translate this into ROI and in turn actionable insights.

To solve this problem, Prescriptive Insights has developed  Audience Value, a composite metric that incorporates all the awareness and engagement measures and scores the marketing effectiveness of a social campaign. As part of generating Audience Value we also identify the following:

How are the social communities segmented?

What are the profiles and attributes of these social segments ?

What is the sentiment affinity towards the campaign ?

Who are the influencers in these segments ?

What is the impact of the campaign on sales ?

And many more……..

Social Media Strategy

Even though there is a lot of discussion about Social Media analytics and leveraging social media data, at present most companies do not optimize all the touch points of social media. People tend to look at social media more as a data source for understanding customer  sentiment rather than a platform where companies can initiate and engage their constituents in highly effective conversations. To leverage the value of social media, we feel that companies should focus on the following:

1. Identify all Social Network Connections (Twitter, Facebook, Google+, You Tube etc.). Data mine social media conversations and dialogue and identify customer and consultant sentiments across key attributes – Brand, Products, Price, Direct Selling Opportunities etc.
2. Translate customer sentiment into social and operational strategies.
3. Develop and implement real time and near real time messaging – sales and marketing responses to customer experiences.
4. Optimize branding across all social media access points (Twitter, Facebook, LinkedIn, You Tube etc.)
5. Develop vibrant online communities – facilitate sharing of best practices and brand experiences.
6. Identify primary influencers in social space. Develop marketing and sales strategies targeting the influencers.

Optimize Field Salesforce operations

We breakdown the sales and marketing processes into its core components

Optimize Acquisition

Identify new market opportunities to acquire new sales leaders and customers

Generate Leads

Increase leads conversion

Optimize On-Boarding

Generate personalized action steps for new sales leaders

Identify and leverage key drivers of performance for the first 90 days

Increase Productivity

Develop upsell and cross sell strategies to increase average order size

Match strategy to sales leader & customer segments and profiles

Increase Retention

Generate Early Warning Indicators of churn

Customize & optimize sales & marketing strategies for each sales / customer segment

Enhance Pricing Discipline

The digital revolution has enabled consumers to be become highly informed and sophisticated about price differences between suppliers. Our advanced Artificial Intelligence models enable companies to analyze up-to-date pricing movements of competitors and incorporate them in price optimization & marketing mix models. Our solution allows companies to exercise more pricing discipline by tracking pricing actions in the marketplace across thousands of products and integrate key data into pricing models that help answer three key questions:

  1. What are the emerging price trends in the marketplace ?
  2. What are customers willing to pay?
  3. Is the pricing policy optimized?

Deliver World Class Customer Service

Our Artificial Intelligence platform enables companies to significantly enhance their customer service effectiveness by:

1. Synthesizing all incoming and outgoing communications into meaningful themes and identifying reasons for contact.

2. Understanding drivers of customer experience and highlighting areas of risks and opportunities

3. Assessing agent performance across all key areas of customer interaction and identify opportunities of firct contact resolution

4. Identify gaps in agent knowledge, training and coaching. 

5.  Identify emerging trends & pain points across the customer journey

6. Quantifying impact of problem resolution

Test and Learn

At Prescriptive Insights, we have developed a robust methodology for designing and conducting sales and marketing experiments. Our methodology consist of :

1. Determine parameters on which TEST group need to be selected e.g., the objective could be to select TEST populations that are nationally representative

2. Select optimal TEST group that meet the objective e.g., those that are most nationally representative as a group

3.  Determine campaign lifts required for statistically significant results

4. Measure campaign lift

5. Decide if campaign should be executed nationally, and in which areas/ segments to maximize returns

6. Work with stakeholders to formulate a campaign execution plan

Contact us for a free consultation with one of our domain experts