3 Effective Uses of SPSS to Boost your Startup's ROI

Startups, Strategies, Analytics and ROI

When it comes to ROI; characteristically, it is a number game. Thus, an analytic approach is a must-be-there component of your growth strategy. After all, the essence of approach says it all – ROI.

Entrepreneurs seek divergent strategies and tactics to boost their startup’s ROI; but, the most basic and simplest factors often elapse. In addition, no strategy can be considered effectively implemented unless it targets right market segment, catering the needs and priorities at the right time to efficiently meet the demand that shall eventually lead to customer satisfaction – delight.

No organization in corporate world can survive without business analytics. Marketing analytics and corresponding strategies are used in divergent contexts; though, it is the most competent technique to analyze the impact of your newly implemented strategy – allowing you to compare a new approach with a preceding one – eventually bringing you a step closer to be acquainted with your startup ROI.

Marketing Analytics and SPSS

Made available for the use and to be benefitted from since 1970s, SPSS is one of the sophisticated data modeling and analysis software upholding marketing analytic standards. SPSS facilitates not only strategy formulation process but also allows marketers to effectively gauge the impact of contemporary approach and whether the decision of embracing change was feasible.

Facilitating marketing research approach and practices adopted by an organization, SPSS endorses new possibilities derived from raw data accessed through primary data collection sources. Many believe that SPSS and its uses are limited to surveys – common mistake. SPSS and its implications are way beyond that.

Thus, adaptation of SPSS and its implication as an analytic approach is significantly recommendable approach to startups. Here are 3 effective uses of SPSS to boost your startup ROI.

1. SPSS Implication in Exploring Demand

The most efficient way to explore demand trends and customer preferences is to confront your target market and just ask them. A recommendable approach in this regard is a survey. There are different forms of survey facilitated by divergent ways of execution. Nevertheless, in this digital era, online surveys are adequate to recommend.

These surveys can be conducted by using different data collection instrument. Since you are dealing with the masses, a questionnaire is reliable to opt. Comprising different questions referring to the variables shaping your marketing strategy; questionnaire extracts all the information you need – if designed wisely.

This information can be processed via SPSS using divergent analytic techniques which will help you find answers to your customer preferences and demand dilemma. Furthermore, confronting your target market directly will leave a fine impression – a significant contribution to brand loyalty and recall.

2. SPSS Facilitating Market Segmentation

Market segmentation is one of the basic marketing strategy formulation ingredients you all are familiar with. It is an approach that allows you to classify your target market in smaller chunks representing diverse characteristics – allowing you to target a particular segment specifically with respect to related dimensions, priorities, needs or other classification factors.

There are divergent variables used in a market segmentation strategy: demographics, psychographics, brand loyalty and so on. These variables and their sub-variables help an organization choose right strategy for right market segment.

There is strong relationship between adequate strategy implementation with respect to a particular market segment and ROI. Thus, the significance of this approach can’t be denied. SPSS facilitates this process through a statistical technique called “Cluster Analysis”.

Cluster Analysis is an analytic and data-driven approach strategically formulating the data into clusters (segments). It not only helps you classify the raw information in a strategic format but it also tells you any association among clusters formed based on similarity. In addition, it also helps you explore strong members in each cluster along with the weak links.

Think of it like this. Imagine your startup facilitates online trade of vehicles – operating as a third party intermediary. Honda Accord, Toyota Camry, Honda Civic, Nissan Altima, Ford Fusion and Toyota Corolla are the brands currently available. Cluster Analysis analytically predicts which segment prefers a particular model of a car. It also forecasts possible reasons or preferences facilitating such choice of a particular segment.

3. SPSS and Outcomes of a Strategy

Through SPSS you can gauge the impact of your marketing strategy with respect to the expected return. There are different factors taken into consideration at the time of strategy formulation and implementation such as customer preferences, buying behavior, income level, social classification, previous use experience, brand loyalty and so on.

These factors cumulatively provide a rationale for an efficient strategy. Nevertheless, no strategy is effective unless it accompanies expected ROI. Changing strategy isn’t an easy process. A reliable strategy is formulated after months of research and intense hard work of marketers along with other concerned personnel.

Imagine your firm has been working on brand awareness/recall, thinking it will boost sales volume and enhance your startup’s profitability. You have been working on different social media platforms – incorporating affiliate and email marketing tactics as well. Possible time to carry along this strategy is a year.

How will you measure performance of the strategy implemented? Perhaps, the comparison between your expected and actual sales volume you would say; the smart and simplest way to know if the strategy performed; yet, not totally accurate.

You used three different variables to implement your strategy: social media marketing, email marketing and affiliate marketing. What if one among three performed outstandingly? What if, considering that particular variable and solely relying on it can be the game changer?

SPSS can help you in this regard. Through. Regression Analysis, you will not only be able to gauge the impact of your strategy on startup’s performance; but, this analytic approach will help you identify the positive or negative relationship between the concerned variables (mediums used to generate effective brand awareness/recall and sales volume). Thus, it will facilitate you to focus on the variable that performed and disregard the one that didn’t.

Final Words

SPSS has divergent uses. It is not just a tool to analyze your research findings; but, you can bring it into play, diversely. It is a game changer in marketing and business analytics, facilitating pre and post-strategy upshots. Presented above are 3 effective uses of SPSS to boost your startup’s ROI; however, the use of SPSS can’t be confined to that.