data

With new technologies come great opportunities

New technologies have changed many aspects of the way any business operates today and this change occurred very fast. In today's world, in an ever-evolving commercial and social landscape, Businesses need to anticipate technological change and adapt to it in a very short time. This applies to all areas.

Data Today

Data analysis is crucial for today’s business. Knowing your customers due to well analysed data offers fantastic opportunities. Data visualization enables decision makers to see analytics presented visually and to identify new patterns. User- & data centered design starts by setting objectives and goals. It sets the foundation for strategy, design, content, and information architecture (IA).

Maintaining excellent quality data is essential. Data cleansing or data cleaning is the process of detecting and correcting (or removing) corrupt or inaccurate records from a record set, table, or database and refers to identifying incomplete, incorrect, inaccurate or irrelevant parts of the data and then replacing, modifying, or deleting the dirty or coarse data.

Administratively, incorrect or inconsistent data can lead to false conclusions and misdirected investments on both public and private scales. Data cleansing ensures that the customer data is used in the most productive way. (Source: www.wikipedia.org)

Analytics & Research

Analytics is the discovery, interpretation, and communication of meaningful patterns in data. Especially valuable in areas rich with recorded information, analytics relies on the simultaneous application of statistics, computer programming and operations research to quantify performance.

Existing data can be a great starting point to help understand where there are gaps of knowledge when reviewing a research brief and to define target groups required for a project.  This information will give you the behaviour  and the base to dive deeper into the drivers of these behaviours. Ultimately, data analytics resources can help give scope while designing a research study and can make defining the universe of required participants for either quantitative or qualitative projects more relevant.

Market research can provide insightful components to these analytics-based segments thus enhancing their value to the organization.  Combining data analysis and research will help validate hypotheses and will open the door for more synergies with customer experience, brand awareness/perception, and profit forecasting. (Source: www.the-cma.org)

quotes

  • Turn data into information and information into insight.

    Carly Fiorina

  • Don’t just measure. Back it up and break it down.

    Lloyd Tabb
strategic-models-metrics

Marketing Analytics

From increasing customer expectations to an always-on approach to brand engagement and the inexorable rise of real-time engagement via mobile and social media, marketers face a fast changing and challenging environment. Understanding marketing analytics allows marketers to be more efficient at their jobs and minimize wasted marketing investment. There are limitations to aggregated data, including web analytics. Instead, organisations need to put a robust data foundation in place and look closely at the value of journey mapping, golden pathing and affinities analysis. Analytics provides a comprehensive set of visual and intuitive dashboards to focus in on key metrics and improve operations.

Market Research

Market research should be designed to help you and your business become more competitive and profitable. Here are some questions you might consider when designing your market research. Is there a need in my market that my company can fill? Are my products and services meeting the needs of my customers? Am I pricing my products and services effectively? Qualitative research tries to uncover the reasons for behaviors, attitudes and motivations. Marketing research can give a business a picture of what kinds of new products and services may bring a profit. When you conduct marketing research, you can use the results either to create a business and marketing plan or to measure the success of your current plan.

market-research

The Future of Analytics

Until 2020, the amount of digital data produced reached around 40 zettabytes, which means that there will be around 5,200 GB of data for every person on Earth (source IDC).

The majority of data then will be produced by machines while exchanging informaion over data networks. which would include e.g. data from sensors or smart devices. For now only a small part of the data being produced has been explored for its value through data analytics. IDC Research estimates that by 2020, 33% of all data will contain information that might be valuable if analyzed. In a quote from a IDC report in April 2014 it is been said that from 2013 to 2020 the digital universe is going to grow by a factor of ten. From 4.4 trillion gigabytes it is today to 44 trillion. It more than doubles every two years.

Companies in the top third of their industry, in the use of data driven decision making, are on average 5% more productive and 6% more profitable than their competitors. McKinsey showed that a typical marketing budget could be cut by 15 to 20% and still not lose marketing ROI. So these are some big effects and big impacts that marketing analytics can have on firm performance.

In 2020, data will continue to take the center stage for all marketing activities. Find out who your target customers are, how to reach them and how to optimize operating models to meet their needs.

Well executed marketing programs drive up both revenue and profits. Build the most effective customer segmentation capabilities and apply customer insights across your business.
Read on “6 trends shaping the future of data analytics“

about

About

I have been navigating the ever-changing media landscape for many years and my role as responsible creative carried me through many different markets of the world providing me with insight and substantial marketing knowledge.
As of today I am able to announce that I proudly received the
MicroMasters in Marketing Analytics
in Berkeley’s graduate level program.
The MicroMasters is a career-focused program which provides deep learning in this specific career field of Marketing Analytics.

My area of expertise includes Marketing Analytics, Marketing Research, Pricing Strategy, Product Development & Product Marketing.

If you are in search for assistance in marketing analytics, please feel free to contact me, by filling out the form below, or by contacting me directly via email at mike@michaelthomaswolff.com.

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Thank you for your interest. I hope the content of my blog is useful to you.

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