What is it?
Marketing is a discipline that relies heavily on mathematics and statistics. Some market analysis tasks are straightforward and easily accomplished, while others are substantially more complex and require specialist knowledge and expertise. At 2CV we have a huge breadth of experience in consumer data research and in analysing market research data to solve your marketing problems. We call this Data Science.
...for econometric research | The sales of your product or service vary week by week, season by season, and may well trend over time. Our expertise in econometric research can reveal the influence your marketing decisions have had on your sales, both from a volume and a value perspective. The outputs from our work are many and include estimates of price elasticity, the ROI of recent campaign initiatives, and the impact of competitor marketing activity. Consumer research based on Data Science is about taking these results and using them to inform and optimize future campaigns and ensure your sales targets are achieved.
...for consumer research | Data from quantitative research originates from interviewing hundreds, sometimes thousands, of people. Clearly such data collection comes with associated costs in terms of time, effort and resources and we want to extract the maximum commercially relevant information. Data Science is about identifying patterns in your data and turning these into recommendations that will give you a competitive edge in your markets. We regularly contribute statistical expertise to projects requiring consumer segmentations, choice based conjoint exercises, key drivers analyses (of customer experience for example), pricing research, and much more.
...for fun | We like to think about Data Science more generally. We love the opportunities our discipline gives us for lateral thinking and creating novel solutions to difficult problems. We read around our subject, write occasional points of view articles, and even contribute our expertise to research projects beyond marketing.