AY1718 T2 Group21 Motivation & Objectives
The establishment of Brainsmith was done to enable parents, teachers, and educationists to empower children using the best and most advanced learning tools and methods.
Brainsmith has attached tracking modules to all their online advertisements. As a result, the company has collected variegated amounts of substantial data - but has not utilised this data for further analysis to improve the business.
With as many as 300 clicks per day, Brainsmith is enjoying increasing brand awareness in this niche market, in a geography with strong growth potential. However, they are unable to convert them into purchases, resulting in a low conversion rate.
They also have a relatively large ad spend, and a thriving potential market with excellent quality products – all of which are goldmines waiting for the correct information and analysis so that better policies can be implemented for increased sales and profits, as well as created most amount of buzz.
Hence, our client and the team believe that early optimisation and quick outreach to tap into the market could help with a long-term steady growth in sales. Identification of the potential in the markets from this point forth, will help to achieve the goals of the retention and conversion rates that the company wishes to achieve.
Brainsmith has been operating for over two years but their website conversion rates have been lower than industry average. Using customer behaviour patterns and purchase data - we hope to help identify website traffic patterns in order to identify possible methods to help the company increase their conversion rates.
Our sponsor, as a high-level summary, wishes to understand their difficulties in terms of online visibility, customer retention and conversion rates on the website.
By utilising the data that we are expecting from:
- The traffic on their website, through all of their placed trackers at each tab and intra-website hyperlinks within their website,
- Possible text-mining on related other e-commerce sites they use for sales,
- And the relevant data from all of their marketing endeavours on social media,
This project hence, has set out the following objectives:
A. In relation to retention and conversion rates and their direct website sales:
1) To understand customers’ browsing patterns upon entering the website and the duration they spend navigating the pages
2) To analyse customers’ behaviour on the site and explain the reason for leaving the site
3) To understand how to improve retention rates on the site
B. With respect to their online visibility:
1) To understand the key terminologies and buzzwords that attract the target demographic to perform the call of action of either opening the website, or to click and buy
2) To be informed about the avenues most popular, and the kind of marketing collaterals that get most traction and churn
C. A summary of costing and demand analysis:
1) To get a fair understanding of what products are moving the fastest with which demographic
2) To analyse and minimise the merchant and holding time and costs, as well as find the key product or product category to lay more emphasis on, based on the trackers on the website and their expected sales
