A company wants to launch a new product in the market, what does it need other than a great product is the data to back its every decision, to make the product successful and profitable in the market. Banks, credit card companies and other lenders analyze customer data quite often as well. 2. Marketing optimization – This course teaches how to collect the data on the customer base, including their purchasing decisions and response towards a particular product.
It is increasingly challenging to devise a cost-effect incentive to target the right customer to convince him to stay with the company. Example: A sports store has a limited marketing budget to target customers. This led to the development of elementary accounting, which helped people to keep track of money, and also helped them to take decisions where money was involved.
The cost incurred for the purpose of production is taken into consideration by cost accounting coupled with a detailed market evaluation to comprehend if the product will do well if introduced into the market. Look at the data from customer will help you with details such as how much time to take and how much respond within your customer expected response times.
Unearned revenue is that which is collected from customers by any business, but hasn’t been earned yet. The secrecy of company data is also strengthened, as the financial work is done at a totally different location. These selling and distribution overheads are mainly the expenses on promotion and marketing related activities.
Even if the company has increasing sales for a period of say, two years, the rise or drop in the profit margin is what they should really be looking at. This will provide an accurate indication of improvement in their operations and profitability. For example: if analysis reveals that many customers have churned from a particular area last month and further investigation has identified that there are frequent call drops (disruptions in service) in that exchange (or BTS area).