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Marketing in Motion
Marketing practice is rapidly changing. This topic explores the latest trends in marketing communications, digital and mobile marketing, social media, community / tribal marketing and value co-creation.
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Rescooped by Joachim Scholz, PhD from Marketing Trends
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Good data: The secret ingredient to good analytics

Good data: The secret ingredient to good analytics | Marketing in Motion | Scoop.it
Welcome to the CMA Blog. All marketing-related topics are fair game: branding, strategy, online, offline, marketing trends, technology, direct marketing, market research...and more.

Via Karl Michaud
Joachim Scholz, PhD's insight:

By Karl Michaud

 

In Marketing: An Introduction, Gary Armstrong states, “Digital technology has also brought a new wave of communication, advertising, and relationship-building tools . . .” – but the results are only reliable as the databases. Jan Kestle’s, Good data: The secret ingredient to good analytics, published on-line by the Canadian Marketing Association delves into the perils of using social media tools and other high tech solutions for marketing when the quality of the database is suspect.


Kestle questions the data from the National Household Survey, which has replaced the mandatory long-form census form. Kestle argues that this data that marketers rely upon has gaps and biases, which marginalizes the data for determining target audiences - this allows Kestle to pitch her company and existing product lines at Environics Analytics. She cites the old adage – garbage in, garbage out, in that regardless of the complexity and definition in any particular marketing model, if the baseline data is flawed, then so too are any generated results.


Marketing: An Introduction focuses on defining the marketing process, understanding the marketplace, and designing a marketing strategy. Kestle is correct in concluding, “. . . the need for quality data will render marketing analytics worthless—no matter how sexy the software or vibrant the visualization tools.” Her article underscores the importance that the data that marketers use to devise their strategies must be current and relevant if their models are to predict the desired outcome, “... to create value for customers and to capture value from customers …” (Armstrong Page 1).


Too often we use models for analysis without truly understanding the inherent risks and weaknesses of the model – flash over substance. Market segmentation and targeting will only succeed if not only the model employed is relevant, but also the underlying data is accurate.

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Karl Michaud's curator insight, January 23, 9:56 AM

In Marketing:  An Introduction, Gary Armstrong states, “Digital technology has also brought a new wave of communication, advertising, and relationship-building tools . . .” – but the results are only reliable as the databases.  Jan Kestle’s, Good data: The secret ingredient to good analytics, published on-line by the Canadian Marketing Association delves into the perils of using social media tools and other high tech solutions for marketing when the quality of the database is suspect. 

Kestle questions the data from the National Household Survey, which has replaced the mandatory long-form census form.   Kestle argues that this data that marketers rely upon has gaps and biases, which marginalizes the data for determining target audiences - this allows Kestle to pitch her company and existing product lines at Environics Analytics.  She cites the old adage – garbage in, garbage out, in that regardless of the complexity and definition in any particular marketing model, if the baseline data is flawed, then so too are any generated results.

Marketing:  An Introduction focuses on defining the marketing process, understanding the marketplace, and designing a marketing strategy.  Kestle is correct in concluding, “. . . the need for quality data will render marketing analytics worthless—no matter how sexy the software or vibrant the visualization tools.”  Her article underscores the importance that the data that marketers use to devise their strategies must be current and relevant if their models are to predict the desired outcome, “... to create value for customers and to capture value from customers …” (Armstrong Page 1).

Too often we use models for analysis without truly understanding the inherent risks and weaknesses of the model – flash over substance.  Market segmentation and targeting will only succeed if not only the model employed is relevant, but also the underlying data is accurate.

Suggested by Josh Climans
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4 Ways to Measure Your Social Media Success - Forbes

4 Ways to Measure Your Social Media Success - Forbes | Marketing in Motion | Scoop.it

Companies big and small have been hesitant to incorporate social media as part of their IMC strategy. The major reason for this is because most business owners and CEOs have difficulty measuring the success of their investment in social media in terms of ROI. This has resulted in the rise of social media analytics, to allow companies to take advantage of all of the data that is collected on various social media platforms. There are many companies including IBM, Adobe, and Salesforce.com that offer comprehensive solutions to allow companies to improve their social media presence and gather insights from customers in order to improve their performance. However, for most smaller and mid-size companies, these solutions are too expensive. This article gives 5 more affordable solutions to allow companies to more effectively measure their success resulting from the use of different social media. (Josh Climans, 05995759, COMM335-2, social media, analytics, article)

Joachim Scholz, PhD's insight:

This article can also be connected to the trend of accountability of marketing spending. Higher investments into online and social marketing (as well as other communication tools like direct marekting) is in part due to this trend.

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Cen Xun's curator insight, September 26, 2013 12:27 AM

Social media’s influence is more and more important in today’s marketing, and how to analysis if your business success on social media? This article is talk about 4 useful tools to measure is a social media business success or not, they are all free and very useful.

GOOGLE ANALYTICS is use to track the activity viewers of your website in real-time. And not only account the number, but also tell you how they find your website and how long the stay and which content is more popular. It is a good tool to help you find the shortage of your website and change it immediately

KLOUT is good tool, very easy, you just need to signed up and it could tell you how many people influenced by your website or other social media through last 90 days, and how stronger they were been influenced, you can clear to see if you social media influence raise or down.

WILDFIRE’S SOCIAL MEDIA MONITOR could help you easy to compare the twitter and facebook numbers include followers and check-ins number of your competition.

MY TOP TWEET is a tool to let you check which of your top 10 tweets got the most retweet, its useful to taught you what kind of content use for your business.

Use those easy tools to monitor your social media business, you could easily find out which idea works and which not, and also good experience for your new business. 

Emily Zhang's comment, September 26, 2013 1:42 AM
I agree with CenXun's insight. Social media do take a big influence in today's marketing. Social media is very important and it is not only connect people together but also can create consumers' loyalty and trust.
Wenzi Liu's comment, September 26, 2013 3:33 AM
I agree with Cen's insight, i believe that social media is an imoportant tool for marketing nowadays because it is being widely used among consumers. It is a platform for consumers to understand more about a product of a brand either from the company or experiences from other consumers, therefore I believed that brand should use social media effectively because it allows it to communicate with consumers.
Suggested by Jake Housdon
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Mixpanel Launches Revenue Analytics To Track The Lifetime Value Of Your Customers | TechCrunch

Mixpanel Launches Revenue Analytics To Track The Lifetime Value Of Your Customers | TechCrunch | Marketing in Motion | Scoop.it

San Francisco based analytics startup Mixpanel, whose mission is quite simply “to help the world learn from its data,” has sent ripples through the tech and digital marketing community today with the unveiling of its brand new revenue analytics dashboard.

Mixpanel, an outspoken critic of what its Founder calls “bullshit metrics,” has really walked the walk with this one. Its new technology provides mobile and web-based businesses practical and actionable metrics, from which they can gain valuable marketing insights.

 

With a mere glance, the new dashboard allows businesses to monitor vital revenue based metrics. Most notably, the average lifetime value of its users, and average revenue generated per user.

 

Better yet, the dashboard allows businesses to segment these revenue metrics based on the source of its customers. Managers can literally see how valuable customers acquired through a particular means are. Businesses can discern, with more precision than ever, how to best use their marketing dollars. 

The insight here, if you're doing a lot of business on the web, investing in Mixpanel's analytics services will allow you to have your fingers on your customers' wallets... 'er pulses rather.

(Jake Housdon,06204670,Comm335-2,segmentation,insights,analytics,testing effectiveness,article)

Joachim Scholz, PhD's insight:

Again, this scoop connects to the growing need of marketers to be accountable for their spending. Social media and other online tools have the potential to be much more precise in targeting and much more transparent in terms of spending effectiveness. It is good to see that the social media world is growing up in this regard.

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