Promotions are one of the four basic elements of the market mix (apart from Product, Place and Price) and are used extensively by organizations to improve their sales and brand visibility. However, promotions can be expensive and hence their effects need to be understood really well to ensure proper return on investment.
Optimizing promotions requires a clear understanding of what works and what doesn’t, and this can only be done by analyzing their performances over a period of time as well as comparing with other similar promotions.
Promotions should raise customer awareness of a product, generate sales and create brand loyalty. The following Demo Day video gives an introduction on how we can use data to start analyzing promotion effectiveness with the help of a dashboard made using Microsoft’s Power BI.
Watch the video below:
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