The Future of Analytics - Report Example

The Future of Analytics The Future of Analytics Part Presentation This study evaluates the trends and key elements which might face Mize Auto Service main areas where operations, based on marketing, are conducted in three years’ time. The report focuses on giving a summary or an evaluation of all the main key metrics that have a relationship with the organization. These key elements were statistically analyzed and all the expected changes likely to happen to the organization over the next three years. The report will present the analyzed data providing all supporting facts needed for the validity of the report. First, new customer gain is the first measuring trend that was analyzed. New customer increase was used by the company to find out the amount of clients expected over the next three years. The investigation was conducted and the data obtained represented the number of customers and the number of active customers in the next three years. A sample data was then obtained from the collected data and analyzed with the help of a pie chart using the sample of the data obtained. From the chart obtained, the increase rate in the number of customers is much higher than the decrement rate. A pie chart was drawn to analyze the sampled data of the customer gain. Diagram 1: A pie chart showing the change of customer gain in time. From the above observation, the research shows that the new customer gain might reduce in time up to three year time. On the other hand, the level performance and the complexity of the strategies of marketing used by the organization may rise. Over the three year period, various factors are likely to influence the increment of the customer gain. These factors include; assessment of risks, uniform improvement in business and technology. Here, the number of customers at the beginning of this period will be nearing the number of customers at the end of this period. The research shows that the most likely element to be observed in this metric analysis is uniformity in amount or change of customer gain all through the three year period. According to the research, it was found that the strategy of marketing in the company was improving with time until the change in the number of customers attracted to the company is constant. Evidently, the customer gain will be expected to improve over the next three years due to the change in certain factors that influences it (Farris, 2011, pp210). Churn rate is the second metric that was used by the company to predict the fate and the change of the company in terms of improvement of the company and the marketing strategies. Churn rate was used to show the ratio at which Mize Auto Spares was expected to lose the customers in the run of the three year period. A bar graph was plotted to analyze the data obtained from this investigation. According to the plotted graph, the churn rate was observed to decrease gradually from the starting year 2015 to the end of 2017. This means that churn rate will be expected to decrease in the course of the three years period. The graph below was plotted to analyze the obtained data. Diagram 2: A graph showing the relationship between churn rate and time period. The graph displayed a negative value in year 2017, thus, indicating no loss of customers in that year. However the expectation of the company was that there will be increased customer gain. After careful evaluation of the trends of market and marketing strategies in the company, Mize Auto Spares concluded that the number of customers will be expected to increase until the loss of customers in the company will end. The evaluation further related the marketing strategies and other operations in marketing to the evaluation and investigation of the organization in terms of churn rate metric. In addition to this, the evaluation in terms of churn rate metric, analyzed and showed the expected improvement in numerous departments of the company. They include the operations of quality of products, the experience of the customer, others services offered in the company would be expected to improve resulting to decrease in the loss of customers. Generally, from the analysis based on churn rate, the expected trend by the company over the three-year period,is the rise in the strategies of marketing, which was to increase the customer gain, instead of decreasing the loss of customers. From the results observed, it was expected to have a gradual decrease in the number of lost customers. Finally, the other data obtained and collected to show the expectations of Mize Auto Spares Company in three year period. The data was represented and analyzed in terms of retention rate (Frozen et al., 2011, pp 730). A graph was then plotted representing the customer difference against the period of years. The graph predicted inconsistency in the rate of retention during the three-year period. Clearly from the graph plotted, the rate of retention is highest in 2016 and lowest in 2017. In 2015, the retention rate is higher than in 2017 but lower than in 2016, thus, an inconsistent rate of retention. Diagram 3: A graph of customer difference against retention rate The company concluded from the results and the trend obtained from the retention rate that inconsistency of the values predicted that the variation of the number of customers would be caused by the preferences of the customers, their needs, and their preference. The changes in customer’s tastes determine the change of retention rate. From the analysis, the diversity of products of the company is expected to increase over the three-year period. In order to increase the retention rate, the company found that the improvement, and the change in the strategies of marketing, was meant to honor the preferences and the needs of the customer as well as involve them in the entire process of marketing (Frosen et al., 2011, pp 725). In conclusion, after going through the entire evaluation and investigation process, Mize Auto Spares organization expected various changes in the three metric terms that were determined by numerous factors involved in the company, strategies of marketing to be used. However, the company also discovered that the effect of this factors depended on how they were to apply the three analytics. Part 2 Using marketing metrics in Mize Auto Spares Company is effective in the improvement and the development of the company. The three metrics are used by the company to evaluate the marketing strategies and the customers change in a number over the three year period range. The company used the three metrics and gathered sample data of the company progress in the three years, which were gathered and collected differently depending on the type of metric used. The data were then sampled by the company and analyzed using different statistical analysis. The analyzed information is then easy to interpret. The interpretation evidently gives the future marketing information of the company specifically in the three-year period. The metrics used tends to be effective for the company and especially the marketing department. There are numerous ways in which the three metrics are effective in the company and relevant in marketing and marketing strategies of the organization, as discussed below. The metrics are useful to the company because they help the marketers validate the budget which leads to revolution and growth of Mize Auto Spares. In addition to this, they use it as a way of justifying and showing the relevance of marketing in the organization. The metrics are important since they analyze and interpret the information of the company showing the importance and relevance of having marketing department in the development and growth of the organization. In Mize Auto Spares Company, the metrics help the marketers to interact and serve the customers to their satisfaction. The organization has developed through marketing and the use of the metrics in evaluation since the marketers has attracted customers and increased the stakeholders of the business. Mize Auto Spares has approved marketing as a purpose of the business. The operation performance from metrics has made it easy for the company to support marketing and hold all the company’s fate and future in the marketing department. Clearly, the metrics as used by the organization to evaluate marketing strategies, have improved the quality of production in the company. The company, being aware of the future and the trend of the company in three years’ time, has made the management in the organization to do everything in their will to reach the future status or change any bad suture expectancy of the company. As a result, the management has realized the importance of the marketing department and has laid all their concern on them. The marketing department has been increased and divided into several marketing departments. Finally, the organization has been able to employ other strategies such as customer satisfaction. The metrics analyze the number of customers expected in the three-year period. The quality of goods provided by the company to their customers is as well measured using these metrics. The metrics educate the management of the company on various techniques of fully satisfying the customer. One of the major key element of satisfying the customer is by providing good service to them. The other technique used in satisfying the customer is providing good quality products to (Gibson, 2012, pp 115). The goods produced by the company should be able to attract the customer and be of the customer’s taste and preferences. Another way of satisfying customers is providing quality service to the customers. The employees and the clients handling the customers should be well trained, be able to express themselves and speak fluently in multiple languages. Also, only trained and skilled personnel will be able to handle their customers politely. The future trends and changes in the company can be managed and supervised. This is possible because the organization is using the metrics measures to evaluate all the strategies in the company. For instance, the retention rate metric is observed to be inconsistent over the three year period. The organization can use these measures to change the inconsistency of this metric. This change can only be possible if the customers are fully satisfied. The company should ensure providing satisfactory products to the customers. Satisfactory products include the taste, needs and the preferences of the customer (Gibson, 2012, pp 127). By providing these elements to the customer, the company should have ensured that they have given quality products to the customers. The difference in the number of clients should not change the future of the company since the management can determine the future of the enterprise. In addition to this, the management can also decide to enhance the expected future of the enterprise. For instance, the churn rate metric is expected to reduce gradually after three years. The decrease in the churn rate parameter might lead to the development of the company in terms customer experience, service and quality of the product. The customer experience might help reduce the loss of clients. In conclusion, the company should continue employing the metrics of analysis in order to determine the methods of customer satisfaction. In this case, it should manage the customer service such that they feel satisfied, in order to reduce customer loss. It is, therefore, evident that the company can manage, supervise or monitor the trends and any future changes after learning the expected future of the organization. References DeBruyne, M., Hubbard, K., & Marketing Metrics. (2000). Marketing metrics. Cambridge, MA. Divis 2013. Farris, P. W. (2010). Marketing metrics. Pearson Education India. Farris, P. W., Bendle, N. T., Pfeifer, P. E., & Reibstein, D. J. (2010). Marketing Metrics: The definitive guide to measuring marketing performance. Pearson Education. Frösén, J., Tikkanen, H., Jaakkola, M. and Vassinen, A. (2009) Marketing performance assessment systems and the business context. European Journal of Marketing, Vol47 (5/6), pp715-737. Emerald. Frösén, J., Tikkanen, H., Jaakkola, M. and Vassinen, A. (2013) Marketing performance assessment systems and the business context. European Journal of Marketing, Vol47 (/6), pp715–737. Emerald http://dx.doi.org/10.1108/03090561311306688 Gibbons, R. (2010). Handbook of organizational economics. Princeton, Princeton Univ. Pr. Read More