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According to a new study from the CMO Council—entitled "Predicting Routes to Revenue"—only 5 percent of marketers say they have mastered the ability to adapt and predict the customer journey and what actions will derive maximum value. The study is based on insights from more than 150 senior marketing executives surveyed primarily across North America and Europe during the fourth quarter of 2015 and was conducted in partnership with Pegasystems, a provider of strategic business applications.
Marketers looking to deliver exceptional customer experiences are increasingly turning to personalization as the key driver to maximize customer value. But this will require redefining data's value and primary role, moving away from using data as a vehicle to calculate past performance metrics and into a critical tool to uncover new, real-time insights about customer behavior—including how customers react to different trends, news, offers, deals, product promises, promotional prompts, recommendations, social commentary and personalized messages.
HSBC, one of world's biggest banks, is trialling a new consumer mobile app using real-time analytics and 'nudge theory' to help its 17 million customers better manage their finances. Nudge theory is the idea that indirect suggestions and alerts can encourage individuals to make better decisions. For example, a mobile notification from HSBC which tells the customer they spent over £100 on coffee in the last month might encourage them to spend a little less on hot beverages.
Purple WiFi, the cloud-based marketing and analytics WiFi software company, today becomes Purple, the intelligent spaces software company, to better reflect the organisation’s wider scope of focus.
Since 2012, Purple has been changing the WiFi landscape starting with easy to access social WiFi for the customer and a range of WiFi marketing and analytics tools for venues to enable better understanding of, and communications with, their customers.
Purple has worked with flagship customers, such as Molson Coors, Legoland, Jaguar, United Wireless Arena, City of York and TUI to evolve its offering beyond WiFi analytics alone to encompass a wider range of data elements within a venue, as more objects become connected to the internet.
As a result, Purple is in a fantastic position to take the lead in visualising data about any physical space, pulling in all sorts of data points, including sensors, security cameras and even overlaying weather data onto purchase pattern data. When this is combined with the information already available through WiFi data, Purple plans to be able to help brands to predict behaviour.
With Big Data technologies having matured and become more accessible, many technology companies are looking to identify and introduce new data-driven products and services. In doing so, companies must understand the unique characteristics of these offerings and the context in which they will be sold, delivered, and consumed. This consideration can often be unfamiliar and underestimated, because it is often significantly different from traditional products and services deployments that companies are familiar with. These differences stem from a handful of characteristics that are unique to data-driven products.
On the opening day of the Melbourne-based grand slam, staff from the Australian tennis body and its 23-year technology partner, IBM, detailed the advanced and predictive analytics, cloud and mobile platform technologies being used for fan interactions this year, all of which illustrate the way data has become the lifeblood of engagement.
Like many marketing teams looking for ways to better meet consumers and customer expectations, content is a driving force for Tennis Australia and this year’s improvements all showed an emphasis on delivering real-time, insights-based editorial.
A groundbreaking neuromarketing study shows that direct mail continues to play an important role in the marketing mix, stimulating 70% higher brand recall and driving consumers to act. Commissioned by Canada Post and conducted by leading neuromarketing expert Diana Lucaci, the study used research-grade technology to measure the emotional responses of people interacting with digital and physical ad campaigns. The study is the largest of its kind ever conducted and focused on the essential elements of media effectiveness, including ease of understanding and persuasiveness. "In a data-driven world, this study reminds marketers that consumers are, ultimately, humans and their emotions are a driver in their path to purchase," said Diana Lucaci, the founder and CEO of True Impact. "The effectiveness of tangible pieces on the brain is undeniable and understanding when and how to blend physical and digital throughout marketing can work to create the best customer experience."
The next time you tuck into a restaurant pizza, your enjoyment may owe as much to data crunching as to cooking. The ingredients, the ambience, the pricing, the location - all these elements will have been finessed thanks to clever analysis of mounds of data. This is because computing power and the range of available data sets have increased so much we can now make business decisions based on hard evidence, not gut instinct or guesswork.
91.2 percent: That is the device connection accuracy within the Tapad Device Graph, according to Nielsen, a leading information and measurement company. Earlier this year, we commissioned them to make an independent assessment of a sample of our data set. Today, they confirmed the results. After reviewing and analyzing a portion of Tapad data, they concluded that 91.2 percent of the time, we accurately identified related devices.
Amazon has expanded its one-hour delivery service for Prime members to parts of central London. An update to the Prime Now app notes the services is now “available in selected London postcodes”. This is the first foray for Prime Now outside the U.S., some six months after the service first launched — which is a rather more speedy international expansion schedule than Amazon’s usual playbook.
Prime Now’s London coverage area appears to be limited to zone 1 — or parts of zone 1 — at this stage. Postcodes I tried from further afield (zone 2 and zone 3) were not yet supported; but a postcode in London’s Southwark (zone 1) returned an affirmative that Amazon can ship a selection of products there in an hour. An in-app note on coverage adds: “We’re branching out as fast as we can”. Londoners can check amazon.co.uk/primenow to see if it delivers to their postcode yet.
NCR, the 130 year old retail innovator, has unleashed its Retail ONE platform to invigorate and digitally enable retailers while providing frictionless shopping experiences for consumers. When it comes retail and keeping customers happy, you quickly discover its an art, with some companies able to create a stunning retail experience, others still learning and some with no idea whatsoever.
That is, at any rate, my own personal experience having worked in retail and hospitality, and having simply been a customer of countless retail outlets - like everyone else!
And just as life and humanity is very diverse, so too are all the retail experiences out there, right down to all the legacy retail hardware and software solutions that have been implemented over years and decades.
Generally speaking, there were four approaches to visualizing these stacks:
Clustered by marketing function (e.g., lead management, analytics, content, PR) Organized by flow in the buyer’s journey (e.g., awareness, lead conversion, nurturing, sales conversion) Organized as a “layer cake” architecture, with platforms as foundation and specialized components added on top Diagrammed as a “circuit board” of how components are connected together, mostly around data flow
You can’t attend an ecommerce conference without one or ten sessions on “omnichannel” on the agenda. Like big data, it’s a buzzword that leaves many mystified, and a complex business issue that takes strategy and technology to do right.
As we approach 2015, how much “omnichannel” integration is table stakes to deliver a consistent customer experience, and what does it take to make it fly?
Multichannel vs Omnichannel
In the early days of ecommerce, traditional brick-and-mortar and catalog retailers added transactional websites, becoming “multichannel” retailers. For many, the online “channel” functioned as its own entity with its own systems, even with its own P&L competing against the retail division. Some even outsourced ecommerce – notably Target and Borders, who let Amazon run their online stores for years before taking control in-house. Regardless of the model, online and in-store customer experiences were completely separate.
In recent years, the “multichannel” concept has morphed into “omnichannel,” these buzzwords often used interchangeably – but they’re not exactly the same concept. If you want to get etymological, multi means “more than two” and omni means “every.” You can operate in as many “channels” as you want, but you’re not an omnichannel business unless there is an interconnectedness between every touchpoint from the perspective of the consumer.
Leanplum started out as a mobile A/B testing service, but over time, the company has morphed into a mobile life cycle solution for marketers as it added new features to its platform. Last year, for example, Leanplum launched its marketing automation service with personalized messaging after it raised a $4.8 million Series A round.
Today, it is launching an update to its messaging platform and it is making it easier for developers and marketers to easily modify an app’s user interface on the fly, without having to resubmit it to an app store.
“With mobile life cycle marketing you need to drive app engagement throughout the whole customer journey,” said Momchil Kyurkchiev, CEO and co-founder of Leanplum. “It’s great to be able to optimize a push notification to effectively re-engage users with your app, but it’s even more powerful to also have the experience they arrive at be personalized and optimized.”
It’s always been an oversimplification that the size of the data should be the dominant focus of the “big data” opportunity. The first wave of big data adoption solved the general execution of large amounts of data in batch, but it didn’t solve the far more interesting throughput, speed and latency problems that enterprises are wrestling with. And that’s where we are today – the new focus is moving towards speed, and you’re starting to hear the concept of “time-to-analytics” (the time from ingesting of data to actually getting value out of it in terms of human interaction and synthesis with analytics) driving the CIO-level discussions around big data architecture decisions. Here are the hottest technologies and concepts that I see right at the middle of this fast data discussion.
Information can never exist without data. Having data does not mean you have information, or better said, having data does not mean you have accurate and timely information. Therefore, just as a business needs to be well-designed to function, so does data. Since the introduction of Google’s BigTable, data technology is being redefined. Data is flowing into companies in a velocity never seen before. For example, as the chief architect at Medidata Solutions, I must think about the volumes and complexity of data created in clinical trials and how we can help our customers extract real insight from Big Data. With so many moving pieces, how can companies create effective enterprise data architecture while moving business at full speed?
All organizations regardless of industry have a perennial chasm between analytical data warehouses and operational applications. It’s not anyone’s fault, it’s just an example of how technology had been unable to meet the different data volume and latency characteristics at reasonable price points, until now. Of course, it doesn’t have to be this way, and given the obvious benefits to be accrued from greater insights, it absolutely shouldn’t be this way. In today’s business environment, a new breed of data-driven applications (DDA) makes it much easier for operations and analytics to be combined seamlessly in a single application. A closed loop ties back analytic-derived insights, that are directly relevant, to the execution of specific business tasks. But getting to that point requires a change in data management philosophy, and that in turn will only come when we understand the problem.
It's no secret that today's hyper-connected world has revolutionized marketers' reach and interaction with consumers. But when it comes to driving action, marketing's endgame, are all channels created equal?
To find out, leading neuromarketing research company True Impact Marketing partnered with Canada Post to conduct the largest study of its kind to date. Brain imaging and eye-tracking technology were used to “see” into the brains of people interacting with physical (direct mail) and digital (email, display) advertising media.
People are browsing more on mobiles than a year ago but spending less on each order and are less likely to buy, while a drop in overall conversions online shows retailers must fight growing competition with better website optimisation.
Digital Analytics is a relatively new industry, and if compared to the lifespan of a human being, it really is probably still a pre-teen at this point. I have had the pleasure of spending most of my career in Digital Analytics; although, when I started back in 2005, it was web analytics and it was mainly based on analyzing website log files. So even though it has definitely advanced in both technology and sophistication over the past ten years, it is definitely not an adult by any means. With that said, I sometimes wonder what the future of digital analytics looks like, how much more sophisticated it will become and how it will be utilized in 10 years.
With a current value of $15bn (£9bn), the UK online grocery market is already the second largest in the world with it set to reach an estimated $28bn (£17bn) by 2020, according to latest IGD research. .
At $41bn (£26bn), China is the world’s largest online grocery market but the UK leads other major economies such as Japan, the US, and France (see table below) and is set to for strong growth over the next few years. IGD sees time-pressed shoppers increasingly using mobile technology driving global demand for online grocery shopping.
Joanne Denney-Finch, IGD Chief Executive, said: “The UK online grocery market continues to rapidly develop and will achieve impressive growth to reach $28bn (£17bn) by 2020. This is being driven by shopper demand as well as new retailer innovations to make buying groceries online more convenient. The UK has always been a leader in online grocery, with both retailers and shoppers keen to embrace new technology, and we expect this to continue.
Omni-channel fulfillment is arguably today’s hottest supply chain topic. My colleagues and I have written a number of blog posts on individual case studies on this topic. Here is a case study on an anonymous major US retailer that likely has a store location near you. How do your fulfillment operations compare to this leading retailer’s? I will refer to this anonymous retailer as “Retailister.”
Digital identity is increasingly unwieldy. An ever-growing collection of emails, usernames, passwords and profiles are hard for consumers to manage and challenging for marketers to make sense of. The value exchange of services rendered for sharing identity data is also in constant flux. Technologies like wearables, biometrics and the internet of things (IoT) could serve as points of convergence for digital identity to make interactions more personal, contextual and valuable—if consumers are willing to adopt them en masse, according to a new eMarketer report, “Digital Identity: How Tomorrow’s Connected Life Could Help Solve Today’s Fragmentation Issues.”
The role of the marketer is drastically changing as technology becomes a critical part for how practitioners do their job. The channels by which customers interact with brands are exploding, as is the underlying connective tissue of analytics, content, acquisition and more. Hundreds of technologies enable marketers to identify and target customers, while personalizing the entire experience. However, with more tools comes greater uncertainty about which to invest in and implement.
Marketers are now required to understand and build powerful best of breed technology stacks, and formulate the strategy to integrate these tools with key business objectives. This is a burdensome and confusing task, which is why we created the Growthverse.
It's only Wednesday, but it's already been quite a week in the world of digital marketing. So, we've curated the most intriguing statistics from the space in just the last few days—and they're not all about #CallMeCaitlyn, either. Check them out.
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