Customer relationship management (CRM) software could allow firms to divide up their marketing budget more effectively, an expert asserts.
Barbara Lewis and Dan Otto, co-founders of MarQuant Analytics, tell DestinationCRM.com that the successful analysis of historical data and marketing experimentation can determine market response curves and optimize the use of their resources.
They suggest that the information businesses already retain can allow firms to determine which of their activities, such as direct marketing, produce the best performance.
"No longer are marketing budgets left in the realm of guesswork or percentages of dollar figures or target amounts. Marketing budgets can and should be optimized to achieve the company's goals," they state.
It is essential that data quality is achieved, as appropriate information is the "cornerstone" of econometric analysis, they tell the news provider.
President and founder of WiseAnalytics Lyndsay Wise recently told b-eye-network.com that data quality is essential for the successful deployment of business intelligence efforts.