Posts Tagged ‘business intelligence’
Posted by Kavita Jaswal on December 16th, 2015
In today’s need-based society, consumer wants are at the forefront of marketing and advertising plans. But ever since the economy crashed in 2008, consumers want to buy a company’s goods or services, but don’t want to pay a lot for them. Enter the Collaborative Economy or Sharing Network, which allows individuals to share goods and services with each other. This new business phenomenon has changed the way consumers use products and services, especially automobiles and hotels, because why buy something, when you can rent it?
The Collaborative Economy, which houses companies, such as Airbnb© and Uber,™ gives individuals the ability to simply tap their phone to request, book and confirm a product or service. This economy has formed seventeen billion-dollar companies and has increased 25 percent in 2015 alone.1 It would be hard to deny the simplicity of booking your vacation with another individual instead of booking your stay online, going through a third-party vendor, or, dare I even say, calling in your reservation. Airbnb is available in over 34,000 cities and 190 countries, scoring a value of $25.5 billion.2
Gone are the days you hail a cab and wait in hopes that a car will drive by without that “occupied” light on. Uber has taken the idea of a personal driving service and the relative lower fare of a cab and combined the concept to create an in-expensive alternative that appears with a click of the “submit” button. Even with competitors edging into the mix, they are staying ahead of the game being “valued at more than $50 billion.”3
These are just a few examples of successful Collaborative Economy companies, and, it is safe to say there are plenty more out there. The landscape of product and service offerings has changed with the continued emergence and use of technology, and the rising trend of peer-to-peer offerings is just another wrench thrown into the competitive environment of organizations.
Posted by Mallory Green on September 16th, 2015
For the last few years, many thought that email was on its ninth life. Social platforms began taking the world by storm and continue to soar today as Twitter® reported that its users send more than 500 million tweets per year, and Facebook® has quadrupled in value.1 But email’s pulse continues to beat and, as data-driven marketing becomes increasingly more popular, “email is the ‘glue’ for communications across the customer lifecycle.2”
Email addresses are the web’s identification system and, for many websites, viewing purchasing history or account balances all starts with an email address. With each click of the mouse, organizations are learning more about customers and assigning data to their email. So now instead of pushing out generic emails, marketers can use the data collected to analyze their customers’ behavior and provide them with more relevant content.
By adapting a marketing automation platform, marketers can house all of their data in one location with information being added seamlessly as customers interact with their business. With all that data in one place, marketers can create automated email campaigns based on pre defined triggers that target customers based specifically on their engagement history, such as:
Welcome messages. Schedule a message to trigger every time a new email address is obtained.
Content marketing messages. Gather and analyze data around content pieces. Take note of what content customers are reading and sharing. This will help determine where they might be in the customer journey or what topics they are interested in, which enables marketers to reach them with relevant content.
Follow-up messages. As customers interact with businesses, they may download a white paper, make a purchase, attend a webinar or abandon a shopping cart. These are all opportunities for marketers to follow up and ask about their experience, offer related information or provide recommendations.
Inactive resends. Testing done through Harland Clarke Digital, focusing on a variety of clients in a variety of industries, found that resending a message can improve engagement and increase render rates. Use this opportunity to resend messages to those who haven’t engaged. Remember to keep an eye on unsubscribes and understand that not every message, list and segment should receive an inactive resend.
Creating automated marketing emails is a great way to alleviate some of the work that goes into creating and sending messages, especially for one marketer. Not only are these types of emails essential in leading customers to their next point of conversion, they help encourage continuous, two-way communications.
Posted by Neeraj Gaur on September 1st, 2015
Marketing automation platforms are complex and new offerings are appearing on a regular basis. Despite a vast number of these software platforms, the adoption has been quick, and businesses and companies are enjoying the streamlined benefits that these software platforms provide.
The benefits of using marketing automation are numerous. Chief among them are improved lead management in the form of scoring, nurturing
and segmentation, as well as email and campaign management. Experts say mastering these functions through marketing automation will enhance efficiencies and help streamline the marketing and sales process. Ultimately, once marketing automation systems are implemented and integrated into CRM platforms, measurable results and granular insights about how to engage with prospects and customers follow.
Let’s highlight some main benefits on how these platforms can help improve efficiency within your organization:
1. Marketing automation is a huge timesaver.
The ability to create complex campaigns and posts far ahead of time and using a calendar feature for scheduling enables you to create one month’s or even one year’s worth of campaigns ahead of time and have the automation do the rest of the work.
2. Marketing automation enables you to really reach all your individual customers versus manually segmenting the database.
New ways of implementing rules and logic enable you to create restrictions on how your customers do and don’t get separated. The idea is having your customers receive messages that are relevant to their individual needs.
3. Marketing automation also makes the most of your existing staff resources.
An automated solution with a single staff member operating it would have the ability to execute an array of campaigns with varying complexity and connect with many more customers than would be possible manually.
4. Marketing automation enables you to implement and maintain consistency.
If you are manually posting for social media channels, such as Facebook® or Twitter®, the automation aspect kicks in, so you do not have to worry about the effort of posting. Also, you can tweak the settings to have posts automatically scheduled for certain times and days. The idea here is to have new posts and tweets, so the activity is fresh and noticed by visitors who understand you are engaged in your business.
5. Marketing automation software provides detailed reporting.
With detailed reports, an automated marketing solution can keep track of each email campaign, Facebook post, text message or whatever it is that you are doing. The robust solutions available on the market today provide detailed graphs, statistics and other data that you can analyze to optimize future campaigns.
By adopting a marketing automation platform, not only will your marketing efforts become much more manageable, but also you can gain deeper insight into your customers’ engagement patterns. As marketing automation popularity increases, adoption by businesses from every industry continues to spread.
Posted by Kavita Jaswal on August 26th, 2015
In today’s digital world, marketers can reach consumers and target prospects through multiple channels. As consumers engage with your products and services via email, social media, your website, etc., each communication brings consumers one step closer to becoming potential leads. But, many marketers struggle with the next step — targeting those consumers with relevant information once their interest on a product or service has turned from interest to intent. Through data management and targeted messaging, organizations can identify, target and communicate with potential leads who are ready to buy.
The amount of information and data that is out there and available to organizations can give insight into more consumer information. Using reporting tools, marketers can take that collected data and turn it into digestible information that can lead to a better understanding of the consumer and where he/she is in the buying process. Once consumers are in a particular segment of the buyer journey, organizations can target their communications directly to those who have the intent to purchase.
Campaign automation coupled with data intelligence allows organizations to effectively communicate with and provide relevant information to consumers who are ready to buy. By creating targeted messages that give leads up-to-date, relevant information on their chosen product or service, organizations can effectively ensure their potential customers are being communicated with appropriate information in real-time.
The emergence of new technologies have given organizations the ability to identify and target potential leads that have indicated more than just an interest in the product or service being offered, they have shown an intent to purchase. Organizations have the ability to collect and analyze data from a variety of sources to discern where the consumer is in his/her buying journey. Using intelligent reporting and automation, companies can put more targeted efforts into intent marketing.
Posted by Mallory Green on June 2nd, 2015
We utilize technology in ways that make it unique to our lives. Then, we mold it until it becomes the perfect accessory to our every day activities. If someone is an avid reader, his/her tablet becomes a reading device. If a person is a trail runner, there are countless apps he/she can download to a smartphone to track distance, speed, calories, etc. And the more these apps are used, the more data that is collected based on that person’s interests and behaviors.
But even if all of this information was available in your customer database, would you know what to look for in order to put it to the best use? A Forrester Research study said, that most companies are only looking at 12 percent of their data.1 So the question is… what potential insights are these businesses missing within the 88 percent they aren’t analyzing? Whatever it is, it’s not the data’s fault it wasn’t noticed before. People, not machines, are the ones who analyze and track these interactions.
If I’m a 45-year old female who lives in the suburbs with her three kids, dog and husband, does that mean we can assume all 45-year old females in the same situation think and act like I do? The data might tell you that there are broad similarities, but are we looking close enough to notice the steps that were taken by each individual person that lead to a desired action? If someone left the customer journey early, when, why and where did we lose him/her? How can we use success stories to improve results across the board?
With the ever-changing digital landscape, it’s not about counting, finding the numeric pattern or the value of x, it’s more important to look at the bigger picture and ask the right questions leading to deeper meanings and insights. The numbers don’t create meaning; they just kind of point us all in the right direction. It’s up to those analyzing those numbers to put on their thinking caps and put their critical thinking skills to the test.
The key to understanding and effectively using all that data you have is finding the right formulas that work for your business and ensure there are processes in place to test these formulas regularly. Just because something works for you today, doesn’t mean it will give you the same results one year from now. Marketers and analysts must adapt with technology and trends. The numbers alone won’t give you that “a-ha” moment, but the data along with critical thinking will.
1. Shilmover, Fred. (20, May, 2015). “Forget Big Data-Small Data Is Where The Money Lies.” Datanami. http://www.datanami.com/2015/05/20/forget-big-data-small-data-is-where-the-money-lies/