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Marketing Mix Modeling: Benefits & It’s limitations

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 Marketing is a key business function to help differentiate products and services in today’s competitive global market. Businesses spend a fortune and pay attention to their budget towards growing, building, and maintaining relationships with their customers. It is imperative for retailers, manufacturers, consumer goods, banks, hospitals, etc. to optimize their marketing spend. What is Marketing Mix Modeling? Marketing Mix Modeling (MMM) is a technique used by businesses to analyze the effectiveness of their marketing campaigns. By identifying which marketing drivers are most effective, decision-makers can optimize their marketing budgets, identify areas of inefficiency, and gain insights for long-term planning. Additionally, MMM allows for the simulation and forecasting of sales, providing businesses with a simulated environment to test the impact of changes to their marketing spend. However, MMM has some limitations. The ...
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What is multi-touchpoint attribution, and how can it be used in marketing?

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  Multi-touchpoint attribution (MTA) is a technique used in marketing to identify and attribute success with a product or service.   Multi-touchpoint attribution   enables businesses to understand how different touch points — from customers’ initial interactions through to follow-up interactions — impact customer engagement and overall customer satisfaction. By understanding where customer spends their time, businesses can better cater their services to meet their needs and expectations. Attribution theory: What are the different attribution models, and why do they matter? Multi-touch attribution models weigh the various touchpoints in a customer’s journey and can be used to help you understand how your brand appeals to them. The most important touchpoints can be identified using a variety of different models; here are four of the best-known multi-touch attribution models listed below to get you started: Linear Attribution Model:  Linear attribution is an even-weight...
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8 Effective Ways to Enhance your College Enrollment Process: Virtue Analytics

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 The landscape of higher education is always shifting. Students and their needs change as quickly as our eyes blink. There are more learning opportunities now than there were previously. One thing that all successful admissions teams have in common is that they exceed their enrollment goals. They all offer a comprehensive enrollment system that is adapted to the needs of today's students.   Here are some excellent methods for enrollment management in higher education . If an institution follows these suggestions, it’ll have a better chance of beating out its competitors.           1. Concentrate on the appropriate digital channels You've probably heard a million times that internet channels can help increase student engagement and enrolment. And this is something that a lot of colleges and universities are doing. For example, in the United States, schools spend $1.65 billion on paid advertising. It also implies that ...
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Strategies that make your strategic enrollment management planning successful : Virtue Analytics

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The college experience isn't the same as it was 10 years ago. The higher-education administrators are working to increase the diversity of gender and ethnicity within the classrooms. They're also utilizing technological advances to improve retention as well as the general college experiences for the students. These dramatic changes in higher education have taken enrollment management to a new level. To stay on top of the economic and social changes that are being wrought by the younger generation of students in higher education, managers must upgrade their strategies for student enrollment. While different campuses have different needs, adopting some of the fundamental strategies mentioned below can help college administrators manage the enrollment process more efficiently.   Focus on Realistic Goal-Setting The first step in achieving success in managing enrollment is to establish realistic goals for enrollment. Because goal-setting is an abstract task, enrollment manage...
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How does Data Analytics Services help your Business?

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  Companies use data analytics all around the world to help them make informed decisions and can help to predict what will happen in the future. We can make these analytics possible through the use of data collection, storage, and processing. It can also identify trends and patterns within extensive sets of information. Companies can use this knowledge to make better strategic business decisions, leading to improved productivity and increased profits. Can also increase efficiency. For example, if your company sells products online, you may determine the best time to send out emails about sales promotions. Or maybe you could use it to determine which customers are likely to buy a particular product at any point in time. What is business data analytics? Business analytics is analyzing data to solve business problems. Businesses use this information to make better decisions about what products to produce, how to market them, and how to allocate resources. Business analytics is also us...
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Net Price Calculator & Its necessity.

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 According to the research published by Michael and Robert in 2008, the cost of college is an essential consideration for students and their parents when choosing an institution. The cost of education, in particular, is a deciding factor for students from economically poor backgrounds. Only 60% of students complete a college degree within six years of beginning their studies. In order to make college affordable for everyone, the government introduced the net price calculator   What is Net Price Calculator?   The net price calculator is a tool that allows students and their families to estimate the cost of attending a particular college. This includes both the direct costs (tuition and fees) and the indirect costs (room and board, books and supplies, transportation, and other personal expenses). To use the Net Price Calculator, students will need to provide some information about their family's finances and academic records.     How is it ben...
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Analytics in Retail Industry - Virtue Analytics

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Retail is one of the most important industries in today's economy. By using retail analytics, businesses can receive in-depth insights on several topics, including customer buying patterns and preferences, demand forecasting and inventory management, store layouts and market-basket analysis, and price optimization.     Retail scenarios: the power of data and its application There are numerous potential situations for displaying an effective data analytics solution in retail operations, including tailored promotions and experiences, and demand forecasting. Here we are discussing some scenarios where you can use analytics in a retail business to maximize your profit.   Store Layout Planning Retail store layout planning influences the customer experience and improves sales and customer satisfaction. Analytics helps retailers improve the merchandise display and attract more customers.     Inventory optimization Retail analytics tools can hel...
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