Posts filed under 'Analytics and Big Data'
Marketing is very powerful tool that every business model has to deal with, either a small or giant, tech or non-tech, online retail or offline retail. Until you are not spreading your business name, you’re not doing business. The Brand of the business depends on the effective use of marketing strategies, people shouldn’t know you by your name, but by your business brand. Let’s take a look at various marketing techniques.
1. Direct Marketing - Direct Marketing deals with spreading your business by interacting with customers/business executives, face to face. It can be very effective as you are talking with your direct contact inperson, expressing your feelings and emotions that he/she can get very straight idea about your model. It can even be time consuming process as a single meeting can be minimum of 2 hours.
2. Outbound Marketing - Outbound Marketing is what most of them opts for. It gives an opportunity to cover nice number of audience and getting some of them as your loyal customers. It can be implemented by brochures, pamphlets, newspapers ads, etc. You are forcing end customers to view your ads and may create a feeling to go for it. This is an expensive technique as it requires some of your money power to be invested.
3. Inbound Marketing - Its bit reverse process of the previous one. In this form, you have to let your customers reach you for the need of product, instead you approaching them. This process starts in very slow manner but when expands rapidly, you have created a good brand of your business. It can be implemented by Search Engine Optimization(SEO), word of mouth, desperate customer need, etc. This is very inexpensive technique as you are not investing much in spreading your word, customers themselves are doing on behalf of you.
4. Social Media Marketing - A very niche, booming and effective technique that most of them now-a-days are going for. There is no need to prove the previous line as 95% of World Population are engaged at least 2 hours daily in one of the Social Media Site. It can be implemented via some social platforms like Facebook, Twitter, Pinterest, Linkedin, Google+, etc. This technique can be implemented in both the ways; expensive way where you have pay for ads, or in inexpensive way where you can use the platform with limited resources.
5. Newsletter Marketing - A very old and effective technique that most of them are using as their default marketing strategy. Nothing more has to be done here, simply create a mail database in thousand numbers and start sending them the newsletters covering all the stuffs of your business, product, service, etc. But yes, newsletters requires a very useful information that should attract the end customer to open it, read it and redirect them to your website directly. Newsletters can be represented in informative way, graphical way, hybrid form, etc.
6. Article/Magazine Marketing - Don’t get confused with Outbound and this one, both are logically same but physically different. In this one, you can’t cover a large number of audience as Article/Magazine Subscribers are very few compared to newspapers. But, the customers that you’ll get here would be mostly above middle class and professional & luxuries in nature. The company creditability increases highly as you are making a good relationship with the genuine customers and even the cost of publishing is bit higher.
7. Promotional Marketing - One of the great and effective way to attract the customers to your product/site/business is Promotional Marketing. Everyone knows 85% of customers will see the price first then the actual item, whether its branded good quality item or average one. This technique targets 3P/4P of Marketing, that are, Promotion-Price-People. Promotions are the only thing creating a very cut-throat competition, no matter you are able to make Profit or Loss, but what you get is good number of traffic. This can be done by using discounts, deals, offers, coupons, stock clearance sale, etc.
8. Viral Marketing - This type of marketing relies on the message of a marketer being spread quickly through various social networks in order to increase brand awareness. The name viral marketing stems from the rapid spread of viruses in general. Typically, a viral marketing campaign will not last as long as other marketing efforts, but if a company can come up with a good idea for viral marketing and reach the right people, it will become highly successful in a short amount of time.
9. Mobile Marketing - Even this form is emerging along with Social Media/Internet Marketing techniques. As mobiles(smartphones actually) are very common to see in every individuals hand, marketer is targeting a large number of audience. It can be done on all of the Mobile OS platforms and many manner. Showing ads while playing games, showing related apps while downloading one, direct SMS of your new product, etc. There can be even scenario where user can mostly neglect your ad if it doesn’t suits to his/her requirement, and that’s the reason it has to be done in very effective manner giving at least 10% clicks of the target.
10. TeleMarketing - A very expensive way to show your business/product to end consumer is this form of marketing. This includes TV ads and it requires a lot of financial capability and that’s the reason why only big companies go for it. This technique can’t be adopted by mid-level or start-up firms, in-fact it shouldn’t be adopted. The way of displaying your ads is the main thing to concern here, by hook or by crook, you have to convince your consumers that why your product stands out from others, and its done.
Excerpts – Bruce Jones
July 2nd, 2013
Are you looking for new apps to download for your Android device? Here’s a list of our favorite Android apps for May 2013. You will find everything from gaming to personal finance to apps that will protect your personal data.
1. Fruit Ninja – Gaming
To start, use your finger to swipe through new game and classics, fruits will automatically be thrown up in the air and you will need to slice them as fast as you can. Fruit Ninja me seem like a simple game at first, but the speed picks up and bombs are thrown into the mix. Whatever you do make sure you don’t try to slash through the bomb, otherwise game over! Fruit Ninja is a fun and addictive game. You can download Fruit Ninja from the Google Play Store here.
2. Pulse News – News Info
Back in April, it was announced LinkedIn acquired Pulse mobile-news reading app for $90 million. Pulse News app will take the latest from news sources you add and will present them in a easy-to-ready mobile format. Pulse News is similar to Flipboard, and lets users browse stories by source or subject. It can be customized to your liking, and there’s a search function which allows you to search for your favorite sites. This app makes reading news on the go simple and easy. If you find a story that really caught your attention you can save it by hitting the star in the top right hand corner. You can also share articles through LinkedIn, Facebook, Twitter, email and SMS. You can download Pulse News from the Google Play Store here.
3. Pandora Internet Radio – Entertainment
Pandora is an internet radio app that allows users to create customized stations based on their favorite artist, band, or song. You can also indicate if you like a song, and Pandora will program the station accordingly to your likes. Pandora is a great way to discover new artists and genres. When you register with the app, your profile will be public, unless you decide to make it private. You can download Pandora Internet Radio from the Google Play Store here.
4. Vault-Hide SMS, Pics – Privacy & Security
If you’re looking for an app that will protect your photos, videos, SMS message and call logs, you may want to check out Vault. Vault can hide everything from work-related messages to unflattering selfie pictures you don’t want anyone to get ahold of. Personal data is encrypted and can only be seen if a correct password is typed in. Some other beneficial features of Vault include making private contacts invisible and being able to make Vault icon disappear so no one can see that app exists on your device. You can download Vault-Hide SMS, Pics from the Google Play Store here.
5. Mint.com – Personal Finance
With Mint, you can keep all of your personal finance accounts into one place, so its easy to manage your money while you’re on the go. Track your spending, create budgets, and save more money. If you end up losing your device, your app is passcode protected. You can logon to mint.com and deactivate your device access straight from your profile page.
Download Mint app from the Google Play Store here.
-presented from a research and post by Karen Tumbokon
June 17th, 2013
After spending these many years in educating oneself, the one and only ultimate goal is to get a Job…! But how to get it and why most of them are not getting it? Is it the recession hindering or competition is tough? All these question’s answers point to one thing- Same Resume Content.
Recession and Competition inversely varies each other, balancing it is bit difficult. The thing that only matters is: How your resume stands different from others? A very simple answer lies in Tech & Skills part. That’s what you have to do, upgrade your Resume with one of these booming tech domains and see the difference. Let company approach you, you don’t have to approach them…..!
1 . Mobile OS – Trend has been changing so dramatically that now you won’t find silly Mobiles in everyone’s pocket, most of them are using Smartphones, Tablets, iPad, etc, and world is pivoting towards it. It’s all about Android, IOS, Windows, Blackberry, etc. The functionality and graphics provided by these OS’s are simply awesome! Learn the tech, develop an App and launch it to the App Store and you are in the market and if you really bombard the market, one of the Mobile developing companies will hire you…..!
2 . E-commerce – Who cares to go to the shops and purchase a thing? Everyone wants to relax at home, view the product on site, compare it, place an order and they’ll deliver to your doorstep. That’s what E-commerce means and its growing and growing day by day. Learn various E-com technologies like, Magento, WordPress, Prestashop, etc,. Develop a basic E-commerce site for yourself and launch it or highlight in your resume about your knowledge or start a service base program with your friends where you can develop an E-commerce website for others.
3 . Social Media Marketing – Everyone is aware with Social Media like Facebook, Twitter, Google+, Linkedin, Pinterest, etc,; Most of them are aware with Marketing like sales, product, etc,; But very few are aware with a thing called Social Media Marketing. This is the field where all companies are going for, Marketing via Social Media in most inexpensive way. Who wants to pay 1000 bucks for advertisement where it can be achieved by 10 bucks. Get familiar with and try implementing instead of surfing it.
4 . Cloud Computing – Cloud is very cutting edge technology in the market and still most of them doesn’t know about it. Amazon, IBM, Eucalyptus, etc., played a major role in Cloud Computing. You want to access a resource from point A to B Cloud will help you, want to download in a faster way Cloud will help you. Still India is yet to flood with this concept as it is quite expensive and rare thing to implement and execute., but future is in and within Cloud.
5 . Big Data– The name itself suggests what it is, it’s like Big Dam storing trillions gallons of water….! On any field or domain, one has to deal with data storage and manipulation and it never decreases. Big Data has already influenced the market on very large scale. Facebook, Google, EMC and most of them are on this side of Big Data. Master in it and go for it.
May 21st, 2013
(excerpted from Harvard Business Review article on Advertising Analytics dated March 2012)
HBR has an interesting article on Analytics 2.0 which is driving advertisers and brands to fine-tune their effort allocations to the various media mix. Presented below is the crux of the article by the author Wes Nichols, CEO of MarketShare, an Analytics firm in LA, USA.
Until now, the advertisers are measuring ROI using swim lane tactics, which means that media spend on one channel is measured for ROI independently – it has to do with revenue attribution due to direct impact of that media channel advertising. In reality, the media is more complex, the various media have impact on each other which causes complex mixed media effect on consumer purchase decisions. Eg a TV spot on a Toyota Camry car may lead a user to dish out her smartphone to google search the Camry. The Google search shows a sponsored ad by a nearby Toyota dealer as well as it may lead the user to a sponsored YouTube video ad which plays the motion picture of the car ad. The user is thinking about Camry but purchase decision is still forthcoming. Later when the same person is driving down the highway, she notices the billboard advertising the Camry. She remembers the sponsored dealer ad and decides to drive by that dealer. This concludes in a purchase decision to buy the Camry.
In the above scenario, each media channel has an impact on each other and it is hard to attribute revenue to one or more media channels directly. As a result, firms do not know how much to spend on various media channels and how these channels cross-impact each other.
Such analysis of one data campaign revealed that swim-lane measurement grossly underestimated the revenues attributable to social-media marketing and display advertising while overestimating PR and paid-search revenue. For firms like Ford, which have a $1 billion advertising budget each year, such analysis is crucial to derive maximum bang for the advertising dollars.
Statistical models that reveal the effect of advertising on consumer behavior and business results must account for hundreds of variables related to market conditions, marketing actions, and competitive activities. A software analytics engine uses those models to attribute each variable’s effect accurately, to optimize the marketing mix, and to guide spending allocation. Data on consumer response and business outcomes feed back into the engine, allowing marketers to fine-tune their cross-media spending in real time.
Analytics 2.0 requires that advertisers assign an elasticity factor between each impacting media – eg Paid search will have an elasticity factor due to TV ad spot and also from other media channels. So each media format is assigned an elasticity factor from every other factor that is likely to impact it, this is referred to as Assist factor. Such factors can include non-media factors like weather, competitive advertising, unemployment rates and like. This leads to a complex cross-dependency scenario across a wide gamut of factors. From here, the advertiser has to assign revenue attribution to each media factor followed by optimization and finally budget allocation. Optimization involves war gaming various scenarios across the factors in question to arrive at optimum marketing conclusions. Finally, this leads to re-balancing budget allocation to achieve the maximum efficiency marketing scenarios.
Factors -> Attribution -> Optimization -> Allocation-> Consumer Response -> Business Outcomes …….. -> Attribution again
The Business Outcomes influence the Attribution in real time so it is a constant feedback loop.
HBR gives the case study of Electronic Arts (EA) which used the above cycle of Attribution, Optimization and Allocation to increase it’s ad spend efficiency dramatically for the launch of it’s new Battlefield 3 online game. It seems that EA was placing heavy emphasis on TV spot ads for its game launches but these were having only a marginal impact on the success of games sales. An Analytics study led EA to shift advertising dollars to online and paid search, and the game launch revenues improved remarkably for EA.
For the full HBR arcticle, click here.
May 20th, 2013