New in-market initiatives such as changes in pricing, discounts, merchandising, channels, marketing creatives and messages have the potential to drive revenues and growth. However, they also have the potential to carry a high risk of failure which can be an expensive proposition. Therefore, it is important for companies to understand the effectiveness of marketing initiatives on a smaller and more cost-effective scale in order to predict the likely consumer response and business impact.
Analytic Edge’s Test & Learn tool utilizes a matched panel methodology to generate a comprehensive analysis of the impact of planned marketing initiatives. The methodology uses advanced algorithms and a simple three-step process to match a control panel of stores (or markets) similar to test stores (or markets), and then run tests to quantify the impact of new in-market initiatives. Companies can use the results to make more informed and low-risk decisions on whether or not the planned initiatives should be rolled out widely.
Key Features & Benefits
- Flexible Test & Learn Tool: Analytic Edge provides a ready-to-use, intuitive and customizable desktop tool with modules for Matching, Visualization, Modeling and Reporting to help quickly evaluate the impact of planned in-market initiatives. The tool is designed for Matched Market, Controlled Store and Matched Panel testing and is flexibly designed to allow one-to-one, one-to-many and many-to-many matching algorithms as well as matching on quantitative and qualitative variables.
- Full Service or Do-It-Yourself Engagement Models: The solution can be offered as a full-service option for companies that prefer to outsource the process, or can also be offered as a do-it-yourself solution with adequate training and back-end support.
- Reduces Risk from New Market Initiatives: Test & Learn helps companies avoid expensive mistakes by understanding the probable impact of new initiatives with less risk. Analytic Edge’s experience in matched panel analytics allows for wider scope of control market identification. The solution also has the ability to read impacts at a store level while controlling for extraneous noise.