Question: Descriptive Analytics Some of the analytics that could be tracked are the total number of new customers acquired per month, the average dollar amount of

Descriptive Analytics Some of the analytics that could be tracked are the total number of new customers acquired per month, the average dollar amount of purchases, or measures of changes in variables of interest (such as percent increase or decrease in the number of new customers who fill out style profiles for a given month compared to the same month in the prior year).

Diagnostic Analytics As an online company, there is a rich set of analytics provided by search engines like Google to help determine the effectiveness of search-based advertising. Other analysis can be done on the placement of banner ads appearing on relevant websites. This analysis can help determine which investments have had the highest return and should be either continued, expanded, or discontinued.

Predictive Analytics Stitch Fix could use this approach to try to determine which email marketing message is the most likely to get prospects to sign up for the companys service. They could also try to predict which phrase would be most effective in getting a prospect looking at the Stitch Fix website to engage with an online chat representative.

Prescriptive Analytics The company could use this approach to consider how adjusting the level of spending on different marketing communication channels (such as print ads, television commercials, online video ads, online banner ads, and social media ads) will impact one or more marketing outcomes related to marketing communications spending (key outcomes might be total sales of products or services or changes in market share).

Discussion Question

Basing answers on my company of choice, a small local custom cabinet company with currently only 2 employees

1. Which type of marketing analytics approach(es) discussed in this chapter would be best suited for establishing the value of personalization for the organization you have selected to examine this quarter and why these are important to the sustainability or growth of the company?

2. Does your selection align with what you think are the big goals for the company? Explain

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