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iKnowtion Announces Release of Enhanced Incentive Optimization Solution
Analytically-based Offer Optimization Engine Enables Marketers to Maximize the Use of Incentives to Drive Sales
BURLINGTON, Mass. – December 4, 2008 – iKnowtion, a marketing and analytics consulting firm that helps Fortune 1000 companies optimize the impact of marketing expenditures, today introduced the next generation of its Marketing Optimization Results Engine (MORE)™ toolset, which enables marketers to optimize the use of targeted incentives to drive sales.
Originally introduced in 2002, MORE™ enables marketers to differentiate price incentives to individual customers based on their profiles and previous spending habits, thereby improving sales and reducing overall incentive expense. Employing various models and optimization techniques, MORE™ provides users with the flexibility to optimize marketing programs from multiple perspectives. For instance, MORE™ can assign a range of incentives to maximize unit sales for a given budget or, alternatively, maximize profit for a given sales target. Users specify their goals and constraints and MORE™ finds the best solution.
This latest system release allows nontechnical marketing end users to rapidly design and execute multiple optimization scenarios using a new graphical menu-driven, point and click interface. Beyond its enhanced ease of use, the system has also proven to produce highly accurate results, based on comparisons of predicted and actual outcomes.
“While the use of price incentives to drive short term sales is prevalent in a number of industries, it’s surprising how many organizations have not moved beyond a mass, one size fits all approach to offering price incentives,” said Bill Duffy, founder and managing partner of iKnowtion. “For many of these marketers, the leverage gained from even a small improvement in pricing efficiency can make a much greater impact on the bottom line than simply reducing the marginal cost of the marketing expense.”
“Since we first developed MORE™, we have seen our clients dramatically change the way they design incentive-driven marketing programs using this toolset. What was once a resource intensive process for clients that provided few alternative choices for them has, with MORE™, quickly become a precise data and technology-driven scenario simulation capability that both increases the efficiency of the campaign planning process and the effectiveness of the overall marketing effort,” added Duffy.
The company believes that marketers in the automotive, retail and telecommunications verticals will benefit tremendously from the capabilities MORE™ provides, given the significant use of price incentives in those industries.
About iKnowtion
iKnowtion is a marketing and analytic consultancy that helps Fortune 1000 companies optimize the impact of marketing expenditures from demand spending to customer focused initiatives. iKnowtion’s industry knowledge and expertise, combined with a comprehensive and proven analytic approach provides businesses with the marketing insights and analytical engines required to dramatically improve business results. Global leaders in automotive, financial services, retail and consumer goods rely on iKnowtion to help increase market share, boost customer loyalty, and optimize marketing spend. Founded in 1999, the company is headquartered in Burlington, Massachusetts.
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