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Monthly Archives: May 2017

Guide to Business Analytics

Some Types

Descriptive Analytics:

This describes the current state of a company by tracking key metrics and determines trends from the current dataset.The aim of this type of analytics to determine what has happened.

it provides primary data processing method to proceed further.
It also analyses how the data looks like currently and identifies future behavior.

For ex. a location bar chart for a travel company which wants to target customers by location.

Predictive Analytics:

It is the most important and advanced analytics which creates models for the prediction of a particular event or performance of a particular product by using historical and current data sets.

it is generally an area of data scientist and data analysts who build predictive data models using the advanced algorithm, regression analysis, time series analysis, decision tree.

It has become more important with big data and financial companies have been the prominent user of it, to determine events before they occur.

Example: Multiple regression is used to show the relationship (or lack of relationship) between age, weight, and exercise on diet food sales.

Prescriptive Analytics:

It determines the best solution for a particular problem when the different set of solutions are presented.

It also provides decision options by processing new data to improve the accuracy of predictions and decision options.It is the mix of data science and management science which provides the best route possible for a particular path.

Example: A sports store has a limited marketing budget to target customers.

Application and Uses:

It provides insights into the key decisions of the company in various domains which help the company to gain an advantage over its competitor.

• It leverages the analytics to generate more profit for the company and improve its performance.
• Businesses all over have been using it to determine and improve their optimal resource allocation, supply chain optimization, inventory management, employee performance, project Completion rate, Skill Map, Improve their Product portfolio etc.
• Two key areas are Business Intelligence and Statistical Analysis.
• In statistical analysis, the statistical algorithm is applied on data to predict the performance of a service or a product.

Marketing to Millennials

Born between the early 1980s and the early 2000s, Millennials share common attitudes toward technology, data privacy, and rewards that may change the way you market. Keep these facts in mind when making your marketing plan:

* Millennials consider friends to be their most reliable source for product information. As many as 95% of Millenials rely on friends for product advice.

* Online advertising doesn’t cut it for Millennials. 94% of them don’t find advertising credible.

* Information exchange for a deal works half the time. 51% of Millennials will give a company information if they get some kind of incentive in return, and 56% will share their location in return for coupons from a local company.

* Incentives for social media connections work. Approximately 65% of Millennials will follow a brand on Facebook or Twitter for a coupon or discount.

* 5 out of 6 Millennials connect with brands they like on social media.

* Millennials are the most well-educated group of young adults in U.S. history. 1/3 of 26-33 year olds have a college degree.

* Over 85% of Millennials own smartphones, and they touch their phones an average of 150 times a day.

The most important thing to remember about Millennials is that they don’t identify as a group. If you treat them like individuals with shared experiences, you will get much farther with your marketing message than if you lump them into one group and assume everyone in the generation thinks identically. Many millennials don’t care to conform to the standards of a traditional nine to five environment. They don’t necessarily conform to the suit and tie wardrobe and prefer more casual settings. If you sell to them like they are individuals who are more than capable to learn on the fly and handle an assignment, than people who need to be told what and how to more forward, you will reach more of this market.

Learning, independence, and creativity are keywords to keep in mind when talking to that a millennial.

Props in Marketing

Create Connection

The prop that you have selected must be connected logically with your target market. This requires a seamless workflow and clear marketing strategy because if the pros do not match with the advertising theme, it will give an awful experience.

Execute Your Props Campaign

Once you are done with what you have planned for props, advertising campaign, it’s time to execute. Display your ad at different places that you have decided and make sure it is placed in a same way across all targeted points.

Analyze Results

After you have executed your strategy, now you need to closely analyze the results. Assess that to which extent your audience has attached with the props and the message is delivered as you had planned. If it is like that, you are successful in your job and if not then it’s time to go through your plan and find out flaws to correct them.

Advantages of Using Props

Following are a few advantages of using props in marketing or advertising campaign:

Make Memorable

Use of props makes your message looks creative and thus makes it memorable by making it distinguishable from the others.

Create Realistic Thing

This is the primary attribute of a prop that it makes anything look realistic. It gives life to the objects that you have used.. Props are also a part of visual advertising that uses Graphic Design to make it more valuable.

It Grabs Attention

If you use props with creativity, it definitely attracts the people by holding their attention. If you have set the objective of increasing awareness, props can help you a lot.

To Add Fun

Props also help to make your message fun loving by adding life to it. It all depends upon the idea behind the marketing message that how you can use props to create fun.

Marketing Mistakes to Avoid

BREAKING PROMISES

Coming up with an effective company promise or slogan is not difficult. However, consistently following through with this promise can be a challenge for some companies. Companies who offer promises and raise expectations of their customers only to disappoint will quickly develop a reputation for themselves.

OPERATING A CAMPAIGN BASED ON BAD DATA

Data that you gather about your customers holds high importance when you are designing your promotions. If this data is wrong, you may end up spending large amounts of company money with little results from consumers and a low ROI. According to Econsultancy, inaccurate data affects 88% of companies with an average company losing 12 percent of its revenue.

Data is usually gathered from control groups. Within these control groups, some data will show that certain promotions drive encourage positive consumer engagement and high returns on investments. Often companies will push to create promotions that appeal to these groups of consumers and will lose focus on other groups. However, some companies have found that although the data shows high engagement among certain groups of consumers, the audience’s willingness to convert and actually make purchases is very low. Thus, the idea of not putting all your eggs in one basket applies to the world of advertising campaigns.