Econometrics uses mathematical and statistical methods to understand and model economic or research data. This includes ‘big data’ gathered from your in-house systems or research. In-house data could include sales, price, and promotion or media impacts or expenditure. Research data could include customer attitudes, behaviour, purchasing or purchase intent.
Using statistical and other research methods we obtain and then analyse ‘big data’ to understand causes and effects. In particular we create algorithms (mathematical formulae) to explain the relationship between data. We’re also able to do this by customer segment or type. We’re then able to create ‘what-if’ models to predict sales and profitability. All ensures more informed investment and strategic decision-making.
When is econometrics useful?
- To understand ‘true’ sales drivers and effects, for example the effect of different products, prices, promotions including media impressions on demand.
- In order to predict the effect of marketing plans on sales or profitability.
- To make more informed investment decisions.
What we offer
- Bespoke secondary research and quantitative research, econometrics analysis and ‘what-if’ modelling.
- Full service research and strategic marketing to add extra value and also help realise new opportunities.
- Powerful data analytics and presentation.
How can we help you
Follow this link for help to write a market research brief and then get in touch for a free consultation.