Data Analytics insights made easy!
18 May, 2018
Better customer relations, heightened employee productivity, and multiple revenue sources- these are some of the benefits you can lay your hands on, the moment you breathe a new life into your ‘over the hill’ business intelligence (BI) strategy.
Decision-making, fuelled by insights, has always been the source of strength for organizations to climb the ladder of competitive advantage and stay relevant in the business.
And the constant evolution of BI is the single biggest window for such insights.
For most of the business organizations, the word ‘business intelligence’ rings the bell of statistical summaries and outdated reports.
But under the stale humdrum surface of BI await keen valuable business insights for those who are ready to revamp their business intelligence strategy and take their business forward riding on the bandwagon of modernization.
For those smart business leaders, here is how BI can help their organization bounce back in 2018:
1) Embedding BI enhances employee performance
Often, employees get confused deciding which direct business report to consider while taking the strategic business decision for the organization.
Here, comes in BI that can change your course to the right track and enhance employee performance like never before- by bringing in real-time reports and predicting the trend.
BI can also help employees complete their tasks at hand in an efficient manner, within time restraints.
2) BI triggers better customer service
An unhappy consumer means a business issue, and this does not stay under the wraps for long, especially in the online world.
To prevent spreading such a negative impression like a wildfire, it is imperative to detect it before things go wrong, and only with BI this is possible.
By evaluating data and building easy-to-use tools for end users, BI can easily do a sentimental analysis of the social media trends for a brand and prevent the unhappiness to occur.
3) Infusing BI into other platforms
Technically speaking, using BI tools require a lot of expertise and skills; hence, it is relegated to IT departments.
Since BI has the ability to embed with other platforms, it is possible to build any number of web applications and benefit the business to a great extent.
4) BI Multi-Cloud approach
Data security, the biggest hurdle in the path of large-scale cloud adoption, is a thing of the past with the new BI tools of 2018.
This year may be the perfect time for your business to get a hold of this technology, as it allows data to be stored both in the cloud and on the server of your organization.
5) Data insurance with BI
Over the years, usage of data has been on a steep rise and is expected to grow in the days to come.
Data is a crucial asset for every business; hence, it becomes a necessity to protect it from the wrath of breaches.
And when the question is about cyber security, BI plays a pivotal role. Joining hands with AI, BI guarantees to secure business transactions like never before.
BI capabilities are far fetching
No longer business owners doubt the capabilities of BI solutions since time has borne testimony to the efficiency of this modern day approach.
Now business leaders enquire about the latest advancements in the BI department for the growth and development of their organization.
If you are putting BI into effect for the very first time, or just updating your company systems and shifting to a new one, SPIN is guaranteed to be the ideal choice for you.
With expertise in strategy creation and consulting services, SPIN will be beside you at every step of your journey.
All you need to do is, log on to www.spinanalyticsandstrategy.com, today!
20 Apr, 2018
One of the most widely accepted impressions about web traffic is that only Google is the search engine that can help to achieve the highest ranking.
This observable fact, however, is open to a lot many questions.
Since more and more people are looking for data and information on Google, the credibility of this search engine is hitting the roof.
So when it comes ranking a new website, where should you divert all your focus? Any guesses?
You guessed it right. Google. But, that’s old school.
Time has come to do things differently, with a bit of elegance and smartness.
What is the problem with Google ranking?
There is no questioning on Google’s artistry and adroitness-it is clear, open and impactful. And if AdWords is used, it will boost the ranking to reach heights never anticipated.
So where lays the problem?
The problem lies in the fact that Google constantly changes its routine and its algorithms nearly 500-700 times a year.
Those are big numbers and can leave you midway with nowhere to go.
Relax! Where there are problems, the internet has solutions for it.
Solutions other than Google
Believe it or not, there are solutions other than Google which actually works and does not burn a hole in the pocket. Such solutions include:
• Billions of Facebook users– With more than 1.7 billion monthly users worldwide (and counting), Facebook is entitled to make a huge impact on your business.
So, it makes complete sense to advertise your business on this mammoth platform.
You can link your website to your Facebook page and along with it; you can link your blog, consultation offer and can share it with others.
• LinkedIn will get you the spotlight– Tagged as one of the most important social media tools for online engagement, publishing on LinkedIn has its own merits- it drives huge traffic to the website.
This tried and tested method only works when apt and relevant content is shared across.
The more people like your content, the more sharing will take place.
• SlideShare works too– Known in the social media fraternity as an information-sharing platform, the content shared in this platform constitutes to nearly 40 different categories.
Hence, it can be concluded that in SlideShare you can find data about almost anything on this planet, in various forms such as PDF, PowePoint, Keynote, etc.
With more than 80 million users, SlideShare serves as an essential key to drive traffic to your website and make you a contented business owner.
Dependency on other channels besides Google
Google is the big fish in the ocean of social media networking and there is no denying to it, and together with AdWords, this key player leaves its mark forever.
But it is not for everyone, especially those who are running short of funds.
But ranking on Google is necessary to keep the business alive and kicking.
Hence, only with the help of the above-mentioned options, can you make your brand visible and generate leads without shedding your cash.
And that’s the bottom line.
06 Apr, 2018
It is often said that the true value of analytics and data can be measured only with relevant means like consistency and precision.
By assembling Google Analytics in the best way possible, you will be endowed with high data integrity (that is accurate and precise) and hence, take confident business decisions that can turn the tables for you.
Why all the hype about Google Analytics?
Google Analytics has set the aurous standard in the field of analytics and serves as a touchstone to gain optimum insights.
Being one of the most reliable web analytics tools in the market the expectation is usually high from it.
Incorrect setting of Google Analytics is common
Odds are that you may have been using or have used Google Analytics once in your lifetime; you just do not know the scores.
Those who are using the tool consciously, it is quite likely that their accounts are not organized properly, as witnessed in most cases.
Hence, it is quite possible that they are missing out on valuable information from the analytics program that can have deepening impact on their businesses.
Bottom line- An incorrect and improper setup of Google Analytics can lead to business decisions that are loosely based on imperfect data and wide of the mark information.
Here the few options to set Google Analytics for you in the right manner:
1. Google Tag Manager
The good news is, this is a free tool and hence it is music to the ears of all small and large business owners. This tool rules out the need for a developer update for the tracking codes every time you configure, add or remove tags for all the prominent Google spin-offs like AdWords, Analytics and more.
With the effective use of Tag management, you can dispense with the need for a webmaster. And if that’s not all, Tag management scales down the number of errors too, while deploying tags.
Isn’t that great!
2. Assembling the goals
Bounce rates and page views are some of the most dominant yet basic analytics tools assumed to provide information required to pep up business growth, but the metrics that actually helps the business to spread its wings are the ones that count.
Form leads, newsletter signups, ecommerce transactions, downloads and phone calls are actually the most significant metrics that you should keep a track of, but the point is Google Analytics will not display their performance on its own-iIt needs manual configuration.
3. Ensure Google Analytics code used for every page
It is of utmost importance to ensure that Google Analytics code is applied to each and every page of your website.
4. Facilitate the Demographic and Advertising Reporting features
It is highly recommended to enable these features in Google Analytics, since a deeper insight into customer behavior always adds to the list of assets for the company.
Add to its credentials, as a user you will also be thrown open to strong remarketing lists that are provided through the AdWords remarketing tool.
5. Link your account to Google AdWords and Google Search Console
There are large amounts of valuable data lying, which can be accessed only if the account is linked. Hence, it is highly recommended to link your Google account with Google AdWords and Google Search Console
Proper setting of Google Analytics is the need
With a positive thought, the above-mentio0ned guidelines are expected to help you get started with your analytics account or tweak it (if you require).
Laying adequate focus and emphasis on such practices will help you kick-off with Google Analytics with the data that can contribute towards the best business decision for your online business and marketing campaigns.
If you are still not sure how to set up Google Analytics for the best business decisions and marketing campaigns of your business, contact SPIN today to find the answers.
15 Mar, 2018
Future holds in its kitty some steadfast lure for everyone, be it a common man or a corporate house. So, being prepared for the future is not only a smart move but the best move indeed.
The unremitting expansion of data with time has compelled businesses to place data at the very centre of every strategic business decision, to safeguard a bright lucrative future. In a bid to stay ahead of the pack in the days to come, businesses are using Predictive Analytics to make use of unending growth opportunities.
“Without big data analytics, companies are blind and deaf, wandering out onto the Web like deer on a freeway”.
Over time, Predictive Analytics has gained its glory, thanks to its multiple applications. Time and again, the concept of Predictive Analytics (which is also called as Advanced Analytics) has been linked with one of the most popular trends-business intelligence.
Whether they are linked or not, is a different story altogether, but their motto is unanimous: provide benefit to the company and its clients.
So what is Predictive Analytics?
It refers to the effective amalgamation of machine learning, historical data along with Artificial Intelligence to take the most feasible hunch about the business possibilities of the future.
The historical data collected is added in a mathematical model that gives assent to key patterns and trends in the data. In the next step, the model is used for the current data to figure out what will happen in the future.
Here is the workflow of Predictive Analytics for a better understanding.
Access and explore data- Process the data-Develop Predictive models-Merge analytics with systems
Prescriptive Analytics – commonly used terms with Predictive Analytics
Companies that have effectively integrated Predictive Analytics tag Prescriptive Analytics as the next lucrative frontier to approach.
Questions may arise as to how both the terms are inter-linked.
The answer to this lies in the fact that while Predictive Analytics gives a vivid picture of the possible future, Prescriptive Analytics reels off how to respond in the best way possible, in tune with the prediction.
How Predictive Analytics exercises its duty?
1. The first and foremost step of Predictive Analytics is to figure out what are the questions you wish to be answered, based on the past data.
2. The second step includes figuring out if you have the right data to answer the questions you have asked.
3. The third step includes training your business system to learn everything from your data to forecast outcomes.
4. Plan your modules
5. Use your forecasts and insights in your line of business applications for priceless outcomes.
Does your business need Predictive Analytics?
Irrespective of the fact that there are end numbers of aspects in a business that needs special attention, Predictive Analytics is worthy enough to find its fit in almost every bit of an organization.
Here are few pointers to start-off with:
• Customer Relationship Management (CRM) – Predictive Analytics models can be applied to enterprise applications like CRM, to figure out proper messages to target the customers in the days to come. By predicting the next likely move of the customer, you can spend your messaging dollars effectively.
• Marketing- Using Predictive Analytics it is possible to determine the taste and preferences of the customers based on past data and previous history. This will help to schedule the future course of action for the company to retain more customers and increase productivity tenfold.
• Healthcare- With the help of Predictive Analytics, it is possible to predict the patterns in patients suffering from chronic disorders like diabetes, asthma and other illness, and thereby take preventive measures.
• Manage risks- Using Predictive Analytics effectively can help businesses to sketch a roadmap for the company. By predicting future outcomes and possibilities, Predictive Analytics can help organizations to cut down risks significantly.
Let’s start predicting
Companies that have deployed Predictive Analytics in their business operations have flourished beyond expectations, in comparison to the ones who are still playing with the thought of it.
Comprehending customers better by tapping on their requirements, and customizing the content as per the needs can do wonders for a business, and Predictive Analytics is the key to it.
Well-informed use of Predictive Analytics helps organizations to be aware of market forces and secure their dominance in today’s competitive world. All in all, predicting the future outcomes guarantees one important fact- substantial gain for the business and its clients.
Still, think Predictive Analytics is a bit confusing for you? SPIN is here to clear all your doubts.
07 Mar, 2018
Without a doubt, dashboards stand as the very foundation of any application that comprises of data, which is prevalent in every application these days.
The essences of dashboards are built on the fact that end users must be empowered to get the insights they want, without parting away from the application already in use.
But, the problem is, how to make customers available clean actionable insights from large quantities of information?
Displaying the data in a format easily understood by all and a visually attractive look (which will be a feather in the cap) is the perfect answer for that.
A faulty, poorly designed dashboard can cost you your ‘revenue-generating’ customers altogether.
Here are some of the primary reasons why users are drifting away from your dashboards so frequently:
A cluttered layout-
In a dashboard design, one should refrain from overdesigning. Make the content simple and the visual elements should be attached only to special places.
The aim is simple- to come up with a visual hierarchy, showcasing the content displayed on your dashboard.
Using single font is highly recommended, but amalgamating regular and bond fonts will generate incredible visual effects.
Colours and shapes should not divert the attention of the customers, instead should help them absorb the information easily.
Off the topic data-
Your company’s dashboard is your online face to talk to your customers, who are in need of data that can help them to take a strategic decision.
The purpose is simple- to provide the users with the information they require and nothing additional.
It is necessary to trim down large amounts of data into easily comprehendible context that is possible for the reader’s brain to process.
Add to it, if the dashboard is relevant it can enable the reader to take the best decision possible.
For instance, while designing a dashboard for the sales team, it is best to exclude marketing and sales metrics on the very same page, since it will only puzzle the users and will keep them away from data correlations they actually require.
Selecting the wrong colours-
While designing a dashboard, the first mistake people are likely to make is to choose the wrong colour.
Right use of colour makes gives the right impression and speaks about your message more clearly.
In a dashboard, colours should only be used to highlight something that is of utmost importance. For better results, it is advised to use fewer colours for visualization purpose.
Natural colours should be used to display basic information, while for the important outliers bright colours should be used.
So to conclude
Dashboards are visual representations of the real performance of your organization.
It is because of their usability, efficiency, and the fact that they assist you to take the best actionable decision makes them a mandatory inclusion in business.
So, taking care how a dashboard is projected, is something that needs a special mention.
But if you are one of those, who still find it difficult to manage things when it comes to dashboards, SPIN is just a call away from you.
We are happy to help you. Contact SPIN today.
21 Feb, 2018
Given the huge repute of Net Promoter Score (NPS), it is quite inevitable to wonder whether to go with the flow and adopt it as a business function just like others or let it pass by.
But, if everyone is vouching for it then there must some truth about it.
There are a number of customer service goals you can dish out for your company, but there is nothing like Net Promoter Score that can woo you with its impact. Especially, when it comes to expanding your brand awareness that can lead to repeat sales, NPS is second to none.
Here is NPS for you
To put it simply, it is the loyalty metric of a customer that defines the allegiance of the buyer towards a product or service.
Favored by almost 70% of the Fortune 500 companies in the world, NPS is welcomed with open arms on account of its competency to predict growth and retention.
The purpose of NPS kicks-off with a single statement- On a scale of 0-10 how likely would you recommend [company name] to a friend or colleague?
Those who offer a higher score are called promoters, while the ones with low scores are detractors.
So basically NPS = Promoters – Detractors
Why NPS can look up to Artificial Intelligence (AI)
Like any other metric, NPS is the sum total of how a company behaves towards its clients on a regular basis. This clears the air that AI can be used in certain business activities that shape customer experiences. For instance:
• Quick discovery of the Detractors– Apart from NPS, there are other ways to detect signs that certain customers will never offer a high score. Using AI, data can be pulled out from various non-traditional sources to find out how many times such customers have engaged with marketing materials and whether a survey form was ever filled or not. This move will not change the NPS score for you but will give you an idea what to expect from a particular customer.
• Helping promoters to promote– One of the ‘not so good’ aspects about NPS is that it is filled in a hard copy format, which makes it next to impossible to share the experience with friends and families. Now imagine AI offering tools for recommendations that you can share with everyone (via social media and blogs), like pre-written posts. Things will be easier done then ever said.
• Changing Passives into Promoters– Those who give out the rating of 7-8 are typically Passives, and their opinion do not hold much weight, hence are excluded from the final score. These people typically fall under the category of safe group, but AI enables companies to enhance the experience of these customers and turn them into potential promoters.
NPS also impacts sales
When it comes to increasing sales, all other business functions become secondary. There are three feasible ways by which NPS can impact sales, include:
• Business plan- When you use your NPS data in a bid to leverage it and use the information to design your business plan that represents customer sentiments and has everything that the customer wants you to include or take care, your product/service is bound to be a hit.
• Restoration- It is important to know how your clients look at your brand so that you can make the necessary changes, NPS is a must. With the help of NPS data, you can dwell inside the mind of your customer, get a peek-a-boo about their experience and journey, and integrate the data in the sales pitch.
• Career Path- NPS data can impact your sales career in a good way. Imagine you have all the data from NPS like how a customer wants the product to be delivered, what they are looking for in a brand, and you can integrate those points in your sales pitch. Result-rise in sales and a promising career.
To conclude with
Easy to inject into your brain and straightforward, NPS offers a touchstone to appoint your workforce in your customer experience agenda. Taking as long as 15-18 seconds to complete the survey, NPS offers you valuable data with which you can build an extension of your sales force with clients who are keen to recommend you to others.
If you want to make the most out of NPS, connect with SPIN and let us use our magic wand to vanquish all your worries in the wink of an eye.
17 Feb, 2018
Fear it or embrace it, Artificial Intelligence is the revolution that has taken the world by storm, promising to unveil the miracles of modern technology.
On a very basic level, Artificial Intelligence (AI) is the effective use of computer algorithms in a bid to imitate human intelligence to reason, learn, and take strategic decisions.
And SPIN Analytics and Strategy has the requisite expertise to throw the dice and take that every analytical decision which can turn your company into a revenue generator.
What is AI? SPIN helps you to understand
AI is that area of computer science, which focuses on the creation of intelligent machines for the utmost technological usage. Simulation of human intelligence makes machines smarter than their archaic counterparts.
So how does SPIN contribute in your approach to avail benefits of analytics for your business? Here is how.
Using its expertise in the business, SPIN offers valuable insights about your line of work to create practical and applicable solutions that can not only address the looming challenges of your company but can also make a difference.
Result– A booming business with streamlined operations and improved processes that has met its three major goals- reduced expenses, increased profit and enhanced risk management.
SPIN’s take on AI is second to none
SPIN has the most ethical approach towards the usage of Artificial Intelligence that helps it to stick out in the crowd. The competition is severe and the search for accurate data is consistent, hence, SPIN ensures to analyze data accurate to identify the most lucrative business opportunities for you.
The door is open for any organization willing to lay foundation in the market as the most ethical user of AI, however, the only barrier that stands in the way of its goal is the factor of ‘trust and transparency’. For any company, to achieve that ‘ethical’ status, it is a long way, but for SPIN, the long route is already covered a long time back.
What makes SPIN so special?
Be it analyzing business opportunities like identifying untapped customer segments or anticipating the impediments that hinder the business growth down the road, AI is at the very core of SPIN and its base of operation.
But how we do it at SPIN? That is the curiosity, which needs detailed answering.
Our approach towards AI is categorized under two aspects- Operations and Marketing
IT Operation Analytics
At SPIN, be rest assured that your online business will turn into a profit centre, riding on the bandwagon of our profitable descriptive, predictive and prescriptive analytic insights. From predicting complex issues and coming up with countermeasures to automation engines, at SPIN your concern is our top priority.
A quick look at the three different types of analytical solutions SPIN offers to its clients.
Descriptive– Using data mining and data aggregation SPIN resolves immediate problems like cost optimization.
Prescriptive– Using forecast techniques and statistical models SPIN predicts the future for optimum resource allocation.
Predictive-Using simulation algorithms SPIN automates the workload and detects complex issues at the same time provide remedial measures.
The below-mentioned analytics models used by SPIN to pacify its clients are a feather in its cap.
• Root Cause Analysis- Analyzes the structure and pattern of IT infrastructure to aid the users to identify minute, rare, and completely unknown causes of the system anatomy in the days gone by.
• Problem Assignment- Finds out how problems can be resolved
• Best-of-breed Technology- Analyzes the structure and pattern of IT infrastructure to aid the users to enhance the loyalty of the information used in operational tasks like application runtime architecture topologies, service dependency maps, network topologies, etc.
• Service Impact Analysis- Analyses the impact of the multiple root causes, so that the resources can be used to rectify the fault.
• Control of Service Performance and Availability- Forecasts the future system states and the big blow of those states on conduct and productivity.
• Actual time application behaviour learning- Comprehends the behaviour of application based on usage pattern and stores it for further analysis in the near future
A well-known term among the analytics fraternity, Marketing Analytics comprises of data from your website and also from other points of supply like social media, email, and offline events.
The team of Marketing Analytics at SPIN understands the importance of such data, provides accurate data about campaign performance, attribution models for efficient measurement, and locates the right targets with the help of advanced models.
With certified marketing experts by our side, we help in the following areas:
• Customer Lifetime value- Customer Life Time value is tagged as one of the most decisive data, to come to the conclusion how much to ante up per acquisition. SPIN team chips into your Customer Life Time value by providing the accurate data to beef up the annual revenue and increase ROI eventually.
• Marketing Attribution- Attribution aspect helps in comprehending and allocating credit to the acquisition channels that lead to conversions. SPIN teams collaborate the models that suit best for a particular business and offers its clients a customized attribution model.
• Propensity Models- Identifying the leads that are most likely to convert to customers is a tough nut to crack. But, with SPIN’s team (that evaluates customer data and customer onsite and offsite behaviour to envisage the purchase probability) you get to know which lead will convert to a customer and thereby increase your ROI.
• Segmentation- It is the process of segregating a market into different customer segments. SPIN offers segmentation solution in various domains like Retail, Healthcare industries, e-commerce, and Payment Technology, to help its clients figure out who are its customers and how to reach them.
There are a number of providers in the market today, but the reason why you would choose SPIN over any is that it aids financial and business leaders to not only face the challenges but also reformulate it.
Converting data into actionable insights with ease is what SPIN takes pride at, and will continue to in the days to come.
17 Feb, 2018
Question for all, what do you think is one of the most stereotypes yet prevalent practices common among the big guns of the industry?
It’s market intelligence- a booming business function that has roped in all the world-class brands with its competency and diversity.
Time has come for companies to get the real picture of today’s business challenges and accept the harsh reality that no longer yesteryear’s business approaches will map with present day’s can of worms.
In Simplest terms
On account of every day changing scenarios, speeding up with your competition and keeping a tab at the state of the industry has become wheels within wheels. Albeit, this cannot be avoided since it is one of the most vital aspects to operate a business, the changing time calls for new moves, or shall we say ‘market intelligence.’
In recent time, gathering market intelligence has spread its wings to analytics, in a bid to provide a top-class approach to your business model and projections. The sole reason for this change is that market intelligence delivers a much more widespread view of your overall business.
Companies like SPIN lay emphasis on digital marketing intelligence to leave a strong footprint on every relevant app, website, and device. Comprehending every minute aspect of the digital behaviour is the need of the hour, and SPIN prioritizes digital behavior like no one.
How Companies totally go for market intelligence?
When you search the term market intelligence in popular sites, say Linkedln, nearly 200000 results will pop up, fixing you up with a roadmap for your pursuit.
Most companies have a group dedicated to this business function to dig deep into the following crucial aspects:
• Competitor intelligence
• Insights and business analytics
• Business planning and strategy
Joining hands with AI
Market intelligence and AI has the relation same as coffee and sugar has-one complements another. Using AI, marketers can navigate through their digital path with ease. Analysis processes and data collection that previously held no weight can be turned meaningful with machine learning, and hence it is an another cap in its feather.
Only by customizing AI with marketing intelligence can you reap the benefits of AI. As an individual marketer, getting an in-depth knowledge about you consumer will help you share content that is more relevant, track campaigns development, and enhance the overall consumer buying experience.
What’s in it for your company?
Making a marketing plan is no sweat for any business, but making an effective one makes all the difference and injecting marketing intelligence is the only key.
Data can only be worth it when it is analyzed and turned into a valuable insight. Taking the helping hand from machine learning data analytics, information regarding customers can be converted into specific ads or can be used to understand the behaviour and trends. Once the analysis of such data is complete, marketers can bank on it to meet their objectives.
A word of caution-only with a clear understanding and integrating digital resources into your marketing endeavors can you cash on this booming business function and prevent from falling short to the hype.
How SPIN cuts you a smooth deal?
Entering in your forte with all-inclusive information from the entire company, SPIN takes a strategic integrated action across all the business functions, to achieve breakthrough growth as its concluding move.
SPIN also focuses on visual content. As per records, more than 1 billion images are shared online almost every day. Such images have information that can turn the tables for your marketing efforts. SPIN uses such images to identify customer trends for particular subjects in a bid gain insight, and hence offers visual market intelligence.
At SPIN, we know how keen you up to up your game and we know to play it with the right types of equipment.
12 Feb, 2018
They say a potent and an efficient process forms the basis of every organization that has tasted success ever. Considering how time and technology has changed in the last few years, sustaining an efficient business process is not a walk in the park.
This is where Artificial Intelligence (AI) steps in and changes the whole game.
Note: John McCarthy was the one who first conceived the concept of Artificial Intelligence in the year 1955.
By identifying the objects, grasping their usage patterns, and reacting to speech patterns, AI not only makes our life pretty easy but also chips in with its professional touch by comprehending the preferences of customers in detail.
Result- The industry and business are impacted severely. Witnessing the spurt in AI usage within personal and professional boundaries, over time manufacturing, energy, retail, and healthcare industries have picked up the tab and poured their money in AI, in a bid to reap the benefits of this exalted technology.
And that’s how the world rolls.
Linking Process Improvement with AI
To put it as simply as possible, AI is the capability of machines to perform like human beings (something similar to Siri or Alexa). In other words, AI is designed to make a process or a course of action a pushover, an untroublesome activity.
With machines getting smarter with the induction of AI, process improvement reached new levels. Consumers came across the concept of a ‘virtual personal assistant’ who can carry to completion tasks such as scheduling appointments, taking down notes, or even ordering goods for them. (Life is easy, life is good!)
But why did AI had to step in to improve process in the first hand?
Narrating plays a significant role in process improvement and its implication has far-fetched impacts. Thus, the knowledge collection cannot rely on the memories of the stakeholders that are on the thin ice.
Add to it, often people have information but are unable to report it, and even reporting frequently witness gaps that lead to ambiguousness.
Curtains up here comes AI.
Process improvement is a course of action that includes assembling information about how a particular process is presently running. Squeezing in AI in a process can help supervisors, who are at the helm; spot the patterns, narrate the present scenario, and spell out the key signals in the process.
Add to its list of credentials, combining AI with a process also leads to optimum planning and reasoning moments, leading to a transformation of group inputs into personalized process models. Banking on these knowledge libraries, AI can make strides and perk up the workflow of an organization, pushing it to heights never imagined.
A real-life instance
You must have ordered pizza from Domino’s, maybe 100 times in your life, but did you know that this billion-dollar venture uses AI to makes things far more convenient for you?
With the introduction of a voice, command from a Smartphone to order a pizza, go through a menu or locate an order has only upped the sales for the company.
Bottom line- AI, at the very core of its foundation is intended to make people and customers very happy. Converting data that is unstructured into something that is more proper and easy to understand, (something that is called predictive information) is what AI stands for.
How AI helps process improvement?
AI has left a lot to the imagination for its future impact. For instance, AI is intended to aid medical clinics to diagnose health issues and go through X-rays with the help of a Smartphone, electric components at home to get charged automatically and energy savings setting new standards, sufficing everyone.
Strategically speaking, AI can improve process by:
• Providing excellent customer service
• Hiring the right talent
• Enhancing the customer retention approach
• Uncovering potential anomalies
• Assessing brand exposure
The future of workforce is AI
AI is not brought to the platter to replace human efforts. It is a tool, a machine to make human efforts easy. Although one cannot turn a blind eye to the fact that automation is the primary factor to run a business efficiently, the whole concept of it is still under wraps for many.
However, one thing is crystal clear, though AI is adept in analyzing and predicting, it is the humans who make the informed decisions based on the analysis.
30 Jan, 2018
Business operation without Artificial Intelligence (AI) is much the same as the case of a burger without cheese. If the magical ingredient is missing, the right impact is way past reality.
If your company is one of those few unlucky ones where AI has not stretched its wings, it’s high time to rethink your business strategy. Prosperity, competitiveness, and productivity, if these three are your agenda’s for your organization in the global economy, you need to turn to AI to get that drift.
But business has already incorporated AI in its professional approach, just the awareness is missing.
How AI changes business?
From conducting tasks on a regular basis helping business to strengthen its base to automation of email and understanding of consumer behaviour if AI calls the shots for your business crucial trending business insights is what you will get.
Even, companies who are still miles away from AI, more than 80% of them are using AI-powered services. Such services include:
• Automatic writing,
• Reporting and communications,
• Predictive analysis
• Voice recognition.
Word in the market
As per pundits and market experts, AI is going to give a paradigm shift to the business trajectory, giving it a complete overhaul. The below table will give a brief idea about the things AI will change in the near future.
By 2021, more than 80% of customer interaction will be automated, sounding as humanly as possible.
By the end of 2020, customer digital assistants will be the only point of interaction between the client and company.
5 billion connected devices will use AI as support systems by 2021.
50% of mobile interactions will be managed by AI agents by 2020.
AI and business operations-real life scenarios
1. Using of AI in business production allowed Reynolds Aluminum to tone down forecasting blunders by nearly 2%, which resulted in cutting down of 1 billion pounds in inventory.
2. SCI systems saved nearly $180 million using AI to trim down the inventory
3. Hyundai Motors used AI to cut back their delivery time by more than 19%, thereby broadening their inventory returns.
Can you afford the risk?
It is up to you not to use AI for your business operation if you think that it is over-exaggerated. But hold on, before you finalize your decision, for there are some factors which you will be devoid of if AI is not implemented at the core.
Lack of apt market intelligence
Google News Alert is old news and whiffs of 2008. Businesses these days require every last minute information about the market and relying on usual search engines used by a dedicated team of researchers is old school.
Only with the use of AI can millions of useless data from the internet can be filtered to suck out the relevant business information. The kind of extensive business intelligence company owners seek, no more such data is glued on Google search results.
Only AI has the power to deliver the apt data to the decision makers, giving a competitive advantage over others.
Drop in sales
No matter how good the quality of your product is, you can surely go out of business if your lead generation and sales numbers goes for a toss, and that is quite inevitable, given the competitive nature of almost every industry these days.
This is where Conversica comes in, an AI sales assistant that holds serious skills to send mailers to the potential clients, till the customer gives a nod and expresses his desire about the product, at which point the conversion will be taken over by a human personnel.
With rising work pressure and the inability of the human mind to process so much data and information at the same time, especially when it comes to accounting management, it is the business which takes the hit.
Only with the use of AI technologies can this painstaking task can be done with ease.
To be clear on this perspective, say you are a start-up in the industry; AI platforms like SMACC will do wonders for your business like reading invoices, preparing them, reminding when to send them and also providing a deep insight about the key metrics of the business.
The closing line
Organizations that did not comply with the changing Internet age suffered a backdrop and went out of business, irrespective of their steep product quality, for instance, Nokia. Avoiding the usage of AI today not only buffets the efficiency but also compels the business to fall behind in the rat race.
An entrepreneur is considered smart if he incorporates AI technologies in even the most mundane tasks, to make the most of the new innovations and take the business to the next level.
Are you that entrepreneur? Connect with SPIN and become that smart entrepreneur you deserve to be.
29 Jan, 2018
Although Artificial Intelligence (AI) has gained its relevance to human life via Hollywood movies, and earned its reputation as the bearer of doomsday for the humankind, (especially the Terminator series, which portrays the calamitous side of machines that wreck havoc), in real-world existence and in all sensibility, things are pretty ‘different’.
Whether you have noticed or not, AI is all around you, all you got to do is put your glasses on and just keep your eyes open.
For instance, the recommendations for new books or movies from Netflix and Amazon based on previous preferences, digital assistants found in smartphones (like Microsoft Cortana and Apple’s Siri), Google Now that helps drivers find the best way to their destination, are all nothing but AI. Never knew how AI has become a part of our life, isn’t it?
Speaking from a commercial standpoint, AI can simply be put as a futuristic trend that smart marketers adapt to dig deep into the taste and preference of the customers and cash on their penchant. In a bid to establish industry authority, designate AI as the important decision maker of your company and rake in the moolah for sure.
AI is creating waves
If you go by Forbes research, by 2019 AI will be the core of operation for marketers all over. But why this trusted belief has emerged?
For any online marketer these days, there are two major hurdles to cross before marking their presence in the industry.
1. Operating and enhancing the productivity in marketing operations
2. Distributing customized and relevant experiences in every channel
Those who are in the business are familiar with the depth and intricacy of such hurdles, and that is why they give their consent and vote to investments in marketing automation for organizations to hit it big.
Facts and figures
Market reports from all over the world confirm the usage of AI by big brands in almost every industry to connect more deeply with customers and fill that buyer-seller gap. Going by this speed, the top-notch industry heads corroborate that by 2019, the total investment in AI will reach somewhat to $31 billion.
Walking on the same path, Accenture states that the economic growth will hit an all-time high by 2035 (almost doubling it) and labor productivity will perk up by 40%.
If we go by popularity quotient, AI has become a commonly used term on account of IBM Watson, the cognitive engine program that combines machine learning and natural language. Usage of Waston across 45 industries in the present era testifies the weightiness of the tool on a broader dais.
Companies using AI
Not everyone is a big fan of Watson. USSA (an insurance and financial service company) uses EVA, its online virtual assistant as its AI counterpart.
BMW, the renowned automobile company, sticks to the expert guidance of AI to get one step better in customer satisfaction. Its AI version can find destinations with the car, find the best route available, and schedule trips.
KLM, the Netherland-based air carrier company use AI as the means to reach out to its customer and establish a bond, to answer the 60000 staggering people had.
Why need AI for Social media marketing?
For every marketing professional, the growing importance of social media is an everyday fact to ponder. Like it or hate it, the essence of social media cannot be denied as most of the (potential) customers lie there.
Emerging as the most convenient tool for customers and brands to interact, social media has its own share of glitch to talk about. Every day, thousands of Facebook posts and Twitter upgrades come up for big organizations, and this has looming concern for small entities. So is automation the solution?
Even automation has its own cutoff point, and to dodge this drawback of technology, AI comes in. The power to map out the engagement options for customers on social media is what separates AI from the rest.
AI pushes marketing beyond limits
The journey of marketing begins with SEO, content promotion and other forms of earned media that can lure customers to your site and set off the buying process.
AI and other propensity models along with it is typically used at this stage to pull in more customers with the rope of rich engaging experience.
AI can make strides for your marketing maneuvers by:
Generating smart content
Tagged as one of the important aspects of marketing, content is something that needs special care and the guidance of an expert. Although AI content writing programs are unfit for any political advice or blog posts, they can give shape to a human-sounding editorial. Wordsmith is one such program that produces more than 1.4 billion such content pieces like market data, yearly reports etc.
Delivering improved targeting
Every proficient marketer would agree on the fact that targeting is the most significant aspect of your online marketing campaign, since it directly impacts the ROI estimated, and the ad, the landing page and almost everything else is secondary.
Usage of AI in marketing helps in easy targeting via:
• Education level
• Family status
• Place of employment
Recommending chatbots to answer
Using chatbots in daily business operations is the best way to relate AI with marketing. Chatbots are nothing but virtual assistants that do all the necessary talking with customers to build faith.
Usage of chatbots gives owners the confidence to complete vast amounts of work in no time and perk up the productivity level.
Enhancing the user experience
Although voiced with different schools of thought about using AI to enhance customer experience, the intention has been the same.
Usage of AI as a part of marketing strategy enables the users of the website to provide with more vivid visual experience and the confidence of being relevant to the ever-changing technology.
Improves online recommendations
Using predictive analytics Flipkart, Netflix, and other such portals come up with suggestions to enable the users to derive the best from their subscription. This is one of the most common usages of AI over the years.
In tune with this, Under Armour, one of the well-known apparel companies that use AI to combine the data of its customers and delivers some of the best fitness and nutrition based products for the mass.
The bottom line is- AI intends to make life easier with smart adaptive technology. AI is nothing but ‘aggregate wisdom’ that is emerging as the heart of modern-day marketing since it keeps a tab on customer experience.
Generating crucial insights for better targeting, analyzing what customers want beyond sentiment analysis and the possibility to talk to customers 24/7 in the most humane way possible is what raises the bar of AI at the marketing level.
It’s an era of self-driving cars or talking to AI customer representatives over a call. Technology has taken a big leap in the last few years and with it the scope of marketing. The only way marketing promotions and annual revenue can walk hand-in-hand is by the use of AI in the best possible way.
25 Jan, 2018
As true as it gets, with time rise of social media has only changed the course of business of all sizes, especially how they interact with customers.
Instead of giving complete attention to the touch points of marketing and sales process, companies are now diverting their full attention on using social technologies to step-up their ongoing relationship with customers and visitors.
And thanks to all mighty, it is paying off well.
But why customer engagement on a website has gained so much limelight in recent times?
The answer to this question lies in the fact that companies who prioritize customer engagement and leave no stone unturned when it comes to keeping a customer hooked on to the landing page, without doubt, have more loyal customers than anyone.
Better, if customers engage with a brand online, the retention and investment of the company’s products’ spike up to 35 percent. How about that!
And the most tried-and-tested method to drive zillion visitors to your website is the universally accepted approach- ‘a marketing campaign’.
Visitors should stay longer. But why?
There are some visitors who leave without clicking again, while others click on a few things before taking a leave. And then there are others who spend a lot of time on your website- marketers target these types of visitors to meet organizational goals and a bring a smile on the face of the company owner.
The more people spend time on your website, the more it is evident that your website is in the good books of many. Likewise, if visitors abandon your website and take a walk, it is crystal clear that something somewhere needs urgent fixing.
Visitors who abandon your website are directly proportional to jacked-up bounce rate. The math is simple- the more visitors leave your website, the higher the bounce rate will be. This, eventually, impacts the conversions and the annual profit margin goes for a toss.
Customer engagement: important for all
Typically, most Business-to-Business and Business-to-Consumers have their interest vested in knowing how many visitors interact with their particular website.
Quite a number of B-to-B online companies depend on offline sales after a customer has browsed through the company’s website. On the other hand, most B-to-C sites experience visitors who just browse through the website but do not make any purchase.
The bottom line- knowing the number of visitors to a website can actually help to strategize a marketing plan for the best for both B-to-B and B-to-C companies.
Impressive tricks to engage customers
Everyone is looking for the answer to the tough question- how to make customers/visitors spend more time on their website. To win the battle of customer engagement, one needs to be a die-hard follower of the below points that can do wonders in nick of time, for a website owner.
The answer to the universal question-how to engage online visitors starts with:
Live Chat: Tagged as a very profitable method that is in the saddle, live chat is known to step-up user engagement on a website significantly.By resolving every query in an instant, this one service solves every query of a visitor, giving him/her the confidence to become a potential customer.
Social Media Tool: Adding social media share buttons on a website page not only encourages a customer to share their learning with everyone else but also used their own network (of Facebook, Linkedin, Twitter etc.) to perk up the website traffic.
Amazing content: ‘Content is king’ is a universal concept but has a different meaning altogether. Uploading average content in bulk would not make any difference (other than loss of time and money), rather uploading meaningful quality content is what that makes the difference. A customer is hooked on to your website only when the content is engaging enough.
Reviews: Customer reviews hold significant weight in every marketing channel. Especially, for an e-commerce website, good reviews about a product can severely up its game in the industry.
The final say
When a customer is more engaged with your business they represent your business via social media, videos, blogs, and word of mouth too. Along with a proper advertising campaign targeted at specific customer segment, proper customer engagement is a mandate to build the backbone of your online business.
To put it simply, as a site owner your objective should be to make the visitors stay long enough on your website to see what you are offering.
24 Jan, 2018
Odds are awfully good and in favor of an online marketer these days, if web analytics forms an essential part of his digital marketing toolkit. Taking into consideration web analytics acceptance on a large scale basis in the digital market, it is quite likely that the tool he/she is using is none other than ‘Google Analytics’. Period!
It is a stated fact one can be sworn into that where there is Analytics involved, there are insights waiting to come out.
When you are aware of the sources of your website traffic, you can make a very calculated move next time. Surveying the traffic sources bisected by channels can provide a helping hand to business to conclude if channel-specific marketing proposals are profitable or not.
This leads to the most troublesome question – how to draw insights from Google Analytics and make the most of your analytical approach?
This article is the answer to that question.
Questions to be answered
How to use Google Analytics insights as a deterrent when it comes to dealing with business challenges? How to use this essential data to augment the performance of your website and achieve your online marketing goals?
These are some of the most obvious questions related to analytics that needs to be answered for sure. The answers to these questions are hidden behind the veil of Google Analytics, as it has tons of data and information about your particular business and clients.
Interpreting this essential data before making your next marketing move is the key to enable your business growth bloom at jet speed. Sounds nice, isn’t it?
Insights you need
Analytic stands for analysis and not just reporting.
Holding this phenomenon true, we are going to focus on four important types of reports to draw significant insights from Google Analytics, even though there are nearly 100 reports available in the tool. The four significant reports include:
Audience- report that provides information about the visitors
Acquisition- these reports state the source from where visitors are coming
Behavior- these reports reveal the activity on your website, including every page
Conversions- these reports state how many visitors are converted into leads and subscribers
A quick look at the reports
This essence of this report is that it gives clear information about the visitors to your website.
What good is this information?
For starters, this report from Google Analytics gives information about the visitors to your website. All you need to do is go to the Audience>Mobile>Overview section to get complete information about mobile visitors, the percentage of users using mobile, and the possibility of such visitors to become leads.
The need- Say you wish to build a phone-friendly version of your website. Data from Audience report will reveal what percentage of visitors to your website are using mobile phones for their approach.
The breakdown- If the percentage of mobile users is more, it is highly recommended to come up with a mobile version of the website, and vice-versa. The information from Audience report can save a lot of unnecessary expense, at the same time encourages investment on the right track.
This report answers the questions as to from where the visitors to your website are coming.
What good is this information?
Suddenly you get to know that your website is receiving a lot of traffic. As happy as you will be, the curious version of you who has an acute business acumen, would like to know from which channel most of the users are arriving at your website. This report is designed to answer such questions.
All you need to do is go to the Acquisition> Social> Network Referrals, and you will be enlightened about the visitors from social networking sites, and their session duration on any particular page of your website.
The need- Say, you wish to make your presence felt more in the social media circuit, in a bid to generate more subscribers, traffic, and leads. Data from the Acquisition report will reveal significant numbers that will clear the air as to from which social media site visitors are coming in bulk and are most engaged.
The breakdown- As per the analysis of the Acquisition report, social media contributes a majority of the traffic. If any particular social media channel throws open maximum number of visitors who have subscribed to newsletters or turned into potential clients that channel will be considered useful for the website.
This report provides a clear picture of what visitors are doing on the site, along with the performance of different pages on the website.
What good is this information?
Say you wish to know what visitors are doing on your particular website, or which page is being visited the most, and your intention is to change the navigation of your website. Behavior report from Google Analytics will give you a detailed idea about which items in your particular website have engaged people the most, and whether you should change the navigation or not.
The need- Out of the total number of clicks on the website, Behavior report clearly declares the number of hits received by each page. This helps to decide how the navigation of the page should be.
The breakdown- As per the Behavior report, only certain page of the website receives the maximum views by the visitors. Any move, related to navigation, design or development of such a page depends on the Behavior report, in a bid to prevent any adverse impact on visitors footfalls.
This report spills the beans about your marketing endeavors
What good is this information?
Say you seek more information in the Contact Us form, from the visitors. Based on the pre-conceived notion that more information from people provides better opportunity and potential leads, you made your marketing move. Data from Conversion report will reveal whether your particular marketing move turned the tables for you or not.
The need- Using data from Conversion report clearly signifies whether the marketing move for your website worked or not. From point-wise detail to numbers, Conversion report reveals it all.
The breakdown- Using Conversion report data reveals how your marketing move shore up the sales per annum. The report also highlights multiple touch points across numerous devices for your website and updates you about the success or failure of your experiment.
The difference between good and bad marketing is the approach. If the marketing move is taken depending on the four essential attributes of Google Analytics, success is pretty much sure if not guaranteed. The point is what you take in and eventually pour out when the time comes.
10 Jan, 2018
Analysis is in a very sweet spot these days, as every responsible organization owner is on the run to track his marketing efforts and approaches-the sole aim being to track the ROI (return on investment).
Isn’t it what we all work for, day and night, to witness a hovering ROI for our efforts?
Measuring your marketing return on investment for every penny you invest from your pocket will take you a step closer to catch on the effectiveness of marketing campaigns.
Better and faster information will be at your hand’s reach and shaping up your marketing budget will not be a rocket science anymore.
The result- ability to anticipate the number of new customers you will have every year.
So what’s marketing ROI (in brief)
For starters, it is nothing but the eagerly awaited ‘return on investment’, and one of the most built-in and genetic goals of any business organization is to provide enough thrust to their ROI so that it can soar as high as possible.
Point to note: The success ratio of any business cannot be determined without measuring marketing ROI; regardless of the widely believed notion that turnover alone is the adequate indicator to determine the progress of any company.
Need is the driving force: The need to be aware of the channels that are bringing in the sales (in full swing) is the driving force to determine the marketing ROI, and only an A to Z analysis can spill the beans. Keeping a track of the ROI for the different types of investments made is not just a smart move but a necessary one too.
Take for instance- Suppose you are using social media marketing strategies as a part of your marketing campaign but it is yielding negative ROI, then by changing the strategy you are taking the best foot forward towards the growth of your business.
A detailed analysis leads to a better marketing strategy and steps up the ROI.
Making sure it’s not a negative ROI: Tracking your marketing ROI lets you know whether it is a negative one or not. Just like any life-threatening ailment, negative ROI can be brought to a screeching halt at natality.
A negative ROI indicates a loss of investment and the business is going downhill. The solution is simple- change your marketing campaign, and replace it with a new one.
For instance, if you have been running a PPC campaign and now all of a sudden your business is running into a loss, it’s a clear indication for a serious facelift and change. A better marketing campaign is all you need.
P.S- No one likes to lose money.
Ward off useless marketing approaches: Confusion, though, is a state of mind, but is inevitable when options are many. Too many marketing campaigns available in the market today are likely to make you scratch your head out of sheer confusion.
Marketing ROI comes out as a rescue to figure out what kind of promotion will do wonders for you. For instance, say you are in a competitive industry, and you wish to opt Adwords as your marketing campaign like every other competitor, it can be a major setback. To make a mark, one should always think out of the box and in this case opting PPC campaign instead of Adwords will be the most sensible move of the century.
ROI is like a fortune forecaster: No one can account for that unseen future that holds who knows what uncertainty, only ROI is an exception, since tracking and measuring it can give a quick look down the road. Data of years and months help to make informed decisions based on what already came to light.
Marketing doesn’t have to be guessing-game for all you know. With ROI, you can make informed decisions and avoid making mishaps in the days to come. You walk this path and you save thousands of dollars on wrong business moves.
ROI data coupled with business acumen is the best bet today for all investors.
Keeping a track of the ROI may not be on your to-do list, but it is unavoidable. Tracking your invested money will help you derive more customers and keep the money flowing into your business. This will keep your business up and running.
Now sit back and think- is spending few hours a week to track your marketing ROI worth? Your answer probably lies with the sales figures and revenue accumulated every year.
07 Jan, 2018
The scene from Terminator 2 must be still fresh in everyone’s mind when a budding Jon Connor tells the T-800 the famous expressions from the 90’s such as “Hasta la vista, baby” and “No problemo”. This is something close to what is going to be discussed in this article-Sentiment Analysis.
For almost all online marketers on the make, the number of Twitter Follows and Facebook Likes trot out about their influence on the social media podium. However, these do not vouch for the engagement of fans and viewers.
Enters Sentiment Analysis that adds meanings to the thousands of Likes and Follows, marketers boast about so much.
Sentiment Analysis- in simple terms
Cut to the bone, Sentiment Analysis is all about the examination of the suggestions and comments people post on social media sites (like blogs) and networks. Rather than just analyzing the mere words, Sentiment Analysis lays its emphasis on the follower’s outlook towards a particular brand with the help of elements such as emotion, context, tone and few more.
The feedback (feelings and opinions) of the followers and consumers left on the sites are very crucial to determine the future prospects. In addition to it, such sentiment data is also fundamental for marketers to perform the analysis.
Importance of Sentiment Analysis-Quick look
Understanding of Competitor’s Products
Whenever a product is intended to release in the market, it is first tested in the social media domain. Good or bad, people talk about the product online and give a brief outlook on it. In regard to this, Sentiment Analysis gives a heads up to companies about their competitors as well as the rookies preparing to make an entrance into the industry.
Enhance Customer Service
The likeability quotient of Sentiment Analysis for marketers is always reaching new heights, since it offers a deep acumen of customer’s present and future preferences, opinions, brand attachment, likes and dislikes for a particular product or service.
Riding on the bandwagon of this valuable information of likes and dislikes, an efficient online marketer devises the engagement methods and customer service techniques to trigger positive feedbacks and ward off negative ideologies.
Business Intelligence increases
Endowing the company with more than adequate data about the target audience has been a feature of Sentiment Analysis that has been on the side. A detailed Sentiment Analysis will aid the marketers to spread its wings and reach the targeted audience, comprehend their views and ideas and get an upper hand.
To get an adequate leg up in the domain of online marketing, Sentiment Analysis aspect cannot be ignored. It helps the marketers to emphasize certain aspects and include or exclude marketing materials that may not impact as anticipated, after Sentiment Analysis.
Online marketers, endowed with a mammoth social media universe to keep an eye on, generally go for an automatic Sentiment Analysis solution which focuses on natural language processing; however, humans are the ideal tool so far. This phenomenon can be quoted as true, since machine language is not at par with humans in understanding subtleties of language, text-speak language (OMG, ROFL), sarcasm, etc.
04 Jan, 2018
The world is changing by leaps and bounds. Gone are the days of 80’s and 90’s when marketing a product had only three rooms to maneuver- newspaper, TV, and radio.
Time to cherish the digital marketing age, where measuring the metrics and other relevant analytical data is not just a snap but a paramount move towards success.
Why: The dire need to measure and dole out the digital marketing efforts as competently as possible has elevated tenfold?
Answer: The answer being the changing business landscape that is evolving like a shot.
Measurement is not a fallacy or a false notion, but a poignant and thoughtful step-by-step calculation that makes marketing a science. For too many, including those with whom you have worked with, marketing is a redundant expense, which can only be afforded when:
• The budget can put up with it
• Necessary to outshine a competitor launching a similar product/service
Such a pre-conceived notion about marketing has prevailed on account of unpredictable return on investment.
Call it luck or hard work; your particular advertisement can be a big hit, filling your kitty with thousands of potential clients, or it can be a seeming dud and just add up as a complete waste of time and money.
Risk is inevitable.
That is why Measure Marketing Metrics.
Imagine you are blessed with a team of highly talented online marketers for your project, somewhat the best of its kind. On top of it, you have already cooked up a well-documented marketing plan and everything is in sync, waiting to be executed.
News flash: Your marketing strategy is not ready yet. All the available elements are duly required, but without the magical component, your marketing plan will fall like a house of cards. The magical ingredient is measurement- it is imperative to evaluate your selected marketing metrics to chalk out the effectiveness of your efforts, and eventually shooting up your return on investment (ROI).
The enduring list of Metrics
To be more exact and precise, there are more than hundreds of statistics, numbers and analytical combinations that can provide a deep insight of your marketing endeavors and customer feedback, however, not every one of them is going to do the trick for your marketing strategy.
Having said that, there are 14 key metrics that are universally applicable for measuring the digital marketing effort, and here goes the list.
1. Total number of visits
What- The total number of visits in your website, especially the landing page, provides the idea how your particular marketing campaign is doing.
Why- Your website is the main target for viewers and clients, especially the landing page. Calculating the total number of visits on your website will confirm its possibility, for a pay-per-click campaign and the traffic it’s driving.
Note: If the number of visits drops significantly within a month, it calls for immediate probing of the marketing channels, to rule out the cause.
2. Total number of new sessions
What- A useful metric originating in Google Analytics, which provides the marketer with the information of the total number of new and recurring site visitors.
Why- This metric gives a quick understanding if your particular site has the magic to glue the customers once visited and compel them to visit again, as well as how successful it is to reach out to new clients.
Note: If you change the content or anything of that importance in your website and the ratio of reappearing customers to new visitors face a steep decline, it’s a clear sign that the website is losing its charm and needs a facelift.
3. Bounce Rate
What- This metric displays the percentage at which visitors, who can be potential clients, jump from your website to another one, before exploring further.
Why- Typically, the bounce rate is expected to be near to the ground, since the more number of times a visitor spends on a particular website, the more it is likely to transform the visitor into a potential client.
4. Channel-oriented traffic
What- Found in Google Analytics, channel-specific traffic will divide the traffic based on their source.
Four main channels to focus on:
I. Direct visitors- These are visitors who type the URL in the browser and visit the website.
II. Referrals- Such visitors arrive after getting a reference of the URL from another website or blog.
III. Search- Such visitors usually have a query and arrive at your website looking for answers
IV. Social Media- For those websites who have a social media existence (which is quite common these days), visitors drop into their website from social media platforms.
What- Considered as a vital metric that is put to use to evaluate the overall profit earned on account of all the marketing efforts.
Why- Conversions is always considered as a proven success in the eyes of an efficient online marketer. In tune with this, low conversions are signs of bad offerings, uninterested visitors, and poor design.
6. Cost per conversion
What- Based on how you describe the conversion this metric is called as cost per referral or cost per lead. However, the overall metric is highly significant since it eventually concludes your margins.
Why- A high cost per conversion can eventually result in a conversion to turn downbeat if the cost exceeds the net income.
7. Lead to close ratio
What- It is a perfect measure of the sales success and a limited manifestation of your marketing endeavors, however, it is vital to comprehend the total ROI (Return on Investment).
Why- In the absence of an adept and adequate sales follow-up, leads acquired via marketing are not of any use at all.
What- Unanimously viewed as the single most crucial factor for any marketing campaign, ROI (Return on Investment) metric exhibits the profitability quotient. ROI is calculated by comparing the cost per lead against the lead to close ratio and evaluating that figure against your average customer value.
Why- A positive ROI signifies a successful marketing plan, while a negative ROI indicates the imminent need for fine-tuning of the marketing strategy.
9. Click-Through Rates
What- In case of paid ad campaigns and email marketing, measurement of CTR (click-through rates) is significant.
Why- In a PPC campaign, an unexpected higher CTR can considerably reduce the cost per click, while a lower CTR can drive costs significantly higher.
10. Mobile Traffic
What- With the rise of mobile use in the market, it will be considered as a careless attitude not to monitor mobile visitor metrics, in order to understand this segment of customers and step-up your conversions.
Need to know- You need to take care of the following aspects when it comes to mobile traffic. Such aspects include- the percentage of traffic that is mobile, the browsers and devices used, their source (organic, social, or direct) and what type of content are they accepting.
11. Minimum time on site
What- This metric answer the questions such as- is your site reaching the customers, are you interacting with them and are they spending enough time on your site?
Why- Generating too many page views does not end your task. Strengthening the level of confidence of your customers on your brand and how they look forward to your developments is what matters. For a bigger picture, this metric is used together with page views and bounce rate per visit.
12. Keyword Ranking
What- Keyword ranking performance metric evaluates the keyword rankings of your site and analyzes how diligently your SEO efforts are taking organic search traffic to your particular website.
Why- This metric gives a complete overview of keywords used and to be used. It indicates whether your website has the capability to up your game and enhance your ranking or score on new keywords. In this context, SEO plays a major role, which points out other essential factors, required for the success of the website.
13. GCR metric
What- Goal Competition Rate (GCR) metric evaluates the total number of people that achieve a particular goal, like signing up for a mailing list.
Why- Considered as an important aspect of the purchase funnel, GCR is a marketing metric that normally exhibits the conversion rate from the awareness stage to consideration stage.
Note: For website optimization, GCR metric is used.
14. Rate of return for visitors
What- When it comes to measuring customer engagement for a website, this metric perfectly suits the need. A higher rate of return for a particular keyword or set of keywords is a reason strong enough to focus more strongly on those visitors.
Why- Contemplating that visitors browse the web just like they do in stores is a reason strong enough to focus on those return visitors. It is often seen that keywords with a high rate of return visitors typically impact the sales cycle.
Routinely checking all the above-mentioned metrics will ensure that your digital marketing campaign is on the right track. With time, you can alter and modify your approach and strategy, closely examine which tactic works wonders for you, and eventually, a sturdy and sound marketing strategy that can generate adequate leads for you and wrap your marketing costs resulting in significant profits will come into play.
Still wondering which metrics to use? Join hands with Spin Strategy and Analytics and put a nip in the bud of your woes.
15 Sep, 2017
This is an important question that applies to industries, and the answer that many companies are ultimately coming up with is analytics. As more and more data is being collected every day, and more and more consumers are demanding increased convenience, it is becoming clear that there is a huge opportunity in analytics for all businesses.
According to recent studies, companies using data analytics are already witnessing big success from the insights they’ve obtained. There is a 92 percent satisfaction rate among executives, and 75 percent of companies cite growth as the key value of analytics. This also makes measuring marketing success as easy as possible.
Let’s take a look at how some real companies are using data and analytics to their advantage.
General Electric (GE) places sensors in many of its machinery products such as gas turbines and jet engines, to collect performance data. The resulting information helps the company identify opportunities to improve working processes, and reliability and also point out marketing measurement strategies required. These insights are expected to boost productivity in GE’s U.S. operations by 1.5 percent and save enough money to raise average national income by as much as 30 percent over a 20-year period.
American Express takes historical transactions, measures them against hundreds of variables, and filters the results through predictive analytics models to understand and forecast consumer behavior. This process gives them a proactive advantage over traditional hindsight reporting and provides them with measurable results. In their Australian market, they are now able to predict 24 percent of the accounts that will close within four months, allowing them to target at-risk account holders with retention efforts.
Twiddy and Company is a family-owned business that manages vacation rentals on the Outer Banks of North Carolina. It took years of customer data that was buried in spreadsheets to launch a data analytics project to better understand their challenges and make better decisions. The resulting insights helped them to adjust their pricing structure, target better consumers, and identify vendor efficiencies. With an initial investment of just $40,000, the company has increased its inventory by more than 10 percent in three years, and cut costs by 15 percent.
As you can see, you don’t have to be the size of GE or American Express to take advantage of data analytics. It has the power to help you gain insights into challenges and opportunities you might not have realized existed.
While the idea of data analytics can seem intimidating or daunting, don’t let it discourage you from investigating the possibilities. Look at it as an important tool to help you address your bigger concerns – understanding what your members want.
Contact SPIN to see how you can start using data and analytics to improve your business!
31 Aug, 2017
Analytics has become one of the most talked about aspects of marketing. Although analytics is used in many areas, from measuring marketing effectiveness and logistics to sales optimization and more, we will be talking about analytics as it applies to website traffic.
Without measurement of website analytics, marketing measurement game is all about guesswork. By analyzing the data, experts are able to better develop and implement an overall marketing measurement strategy. But which are the top website analytics you should be measuring?
1.Number of Visitors: This is the number of people that visited your site during a specific timeframe. Unique visitors represents the count of individual people that visited your site regardless of the number of times they have visited. So if Person 1 visits your site once and Person B visits your site 4 times, then you will have a total of two unique visitors and six total visits. It is important to track the number of visitors because this represents the size of the audience that you are reaching.
2.Bounce Rate: A “bounce” is when somebody visits your site but then immediately clicks the back button or closes your page. This usually means that the user did not find what they were looking for on your site or they decided to leave. Reducing bounce rate is critical. Every lost visitor is a lost opportunity.
3.Referrals: Referrals help you understand where your traffic is coming from. Referrals track users as they click on links in search engines, on other blogs, and other websites that lead them to your site. Understanding where your traffic is coming from is the key to understanding how your work in promoting your business is doing.
4.Conversion Rate: Conversion rate is the percentage of people who achieved a goal on your site. Goals could be anything from completing a purchase, filling out a contact form, or viewing certain pages on your site. A conversion rate is an ultimate measure of how successful your site is. If a site has a low conversion rate, it could either be that it is attracting the wrong kind of visitor or the site is not effective at convincing visitors that you have the answer to their problem.
Every business can greatly benefit from website analytics and SPIN is here to help. Contact us today!
14 Aug, 2017
Many have come to the consensus that big data has revolutionized the business world, but what comes next? Will data and analytics continue to grow and evolve? What technologies will develop around it? Or will big data quickly become a relic just like many trends before it? Well, let’s take a look at the expert predictions of what will come in the future for data and analytics.
There is no question that in the future larger and larger volumes of data will be generated, especially with the increasing use of handheld and internet connected devices. Along with growing volumes of data, ways to analyze data will improve. New tools are being generated and will continue to grow. Many are working on tools that allow data to be analyzed without the need for an analyst.
Prescriptive analytics will be built into business analytics software. In the future, many of the business analytics software out there will include intelligence where it is needed. In addition, real-time streaming insights into data will be a big advantage for many. Users will want to make use data in real time to make decisions instantly.
With the uprise of data and analytics, there will be huge challenges surrounding privacy. Privacy controls and procedures will have to be clearly laid out and explained. More companies will begin to appoint a chief data officer (CDO). Autonomous agents including robots, autonomous vehicles, virtual personal assistants, and smart advisers may also emerge.
In the future, more companies will begin to drive value and revenue from their data. Businesses who do catch on to the power of data and analytics are projected to see billions in productivity benefits over their competition.
Only time will tell how data and analytics will evolve in the future. The most important take away is that the future of data and analytics is indeed growing bigger and brighter. With this exponential growth, those companies that ignore the importance of data will be left further and further behind.
20 Jul, 2017
The truth is that analytics is no longer one of those technologies that are “nice to have.” Analytics now has a very high, cross-functional adoption across a number of industries and enterprises. Senior executives are understanding the need to invest in the people, processes, and technologies that empower insight-based decision making and decision automation to keep pace with their peers, let alone leapfrog the competition.
In March of 2017, Dun & Bradstreet and Forbes Insights conducted a survey exploring the current state of analytic adoption among executives in the U.S., Canada, the U.K., and Ireland. Of those surveyed across business functions, 27% cited skills gaps as a major obstacle to their current data and analytics efforts. More than half of the organizations surveyed use outside partners for some or all of their analytics needs. In fact, 55% of those companies reported working with third-party partners to address the lack of skills. This strongly indicates a need for skilled data analysts across the enterprise spectrum. Sixty percent of respondents who use outside partners stated that internal staff did not have the bandwidth for the analytics needs of their companies. Bringing in outside partners with analytics as a core competency enables organizations to scale up and scale down while adding critical capabilities.
In addition, they found that the demand for data insights appears to be almost evenly distributed across a variety of industries. Manufacturing leads the pack with the most demand but is closely followed by technology, retail, financial services and insurance.
Sophisticated analytics adoption seems to be taking some time, as 40% of companies surveyed are still using basic technology like dashboards and spreadsheets for analysis and reporting. This suggests that much of the analytics work being done today remains fairly basic.
Anticipatory analytics techniques have only been implemented by 15% of respondents, while predictive models that integrate internal and external data have been implemented by only 17% of respondents. This indicates that there is some competitive upside for companies that get ahead of competitors and start basing future business decisions on more sophisticated data sets and analyses. Sophisticated analysis requires robust applications and high-performance data environments, and many companies have yet to make those investments. Exacerbating the situation is the difficulty of finding analytical talent with the sufficient skills and experience to create models and queries in order to make the most of advanced analytical applications.
Surprisingly in this business environment, where big data and analytics are being heralded as the new gold rush, only 45% of all companies surveyed are doing analytics at all—with 39% using a combination of internal and external resources, and 16% actually outsourcing the entire function.The primary drivers of the outsourcing decision, revealed a desire to have access to proven talent and best practices. In fact, 55% of the companies that outsourced felt their partners were delivering a superior work product, and 52% of them felt that outside providers helped them compete more effectively.
If you are ready to outsource your analytics, contact SPIN to see how we can help you!
07 Jul, 2017
Data is taken and analyzed effectively in order to bring to light what a business is doing very well, not so well, and what can be improved. However, there are some issues that come with interpreting data to make decisions in a business. It is not always as straightforward as it may seem and there surely are some things to avoid.
Overconfidence in Data: Overconfidence can be bad when it comes to implementing actionable plans that result from collected data. Being familiar with a business decision, the abundance of information gathered, and the fact that we have already taken action by analyzing data can all create a scenario of overconfidence. Unfortunately, this scenario of overconfidence will most likely result in failure. The more familiar we are with a decision, the more confident we tend to feel about it. With that said, if the data results in a brand new campaign that we have never implemented before, it could feel as if it is something we can handle although it would be the more difficult option. But it is always wrong to assume. Data can give us the impression that we have a lot of information given to us, however not all of it may be meaningful enough to create the results we need. Data should result in new ideas outside of what we already know. If not, we may be suffering from overconfidence.
Causation vs. Correlation: One of the most important things to avoid in data collection and analysis is not taking into account the difference between causation and correlation. Causation states that X occurs because of Y. Correlation only points at a relationship between X and Y. For example, there can be a correlation between high revenue and social media engagement, but that doesn’t always mean that the social media engagement is the cause of high revenue. By not making decisions on false causations, the correct decisions and actionable plans can be made based on the data.
Data is collected for a reason and only provides a benefit if the analysis is done correctly. By taking into account the issues that could skew decision making, businesses can ensure that they are moving in the right direction.
26 Jun, 2017
By now, many businesses are realizing that timely, relevant, and actionable data is the key to a successful digital transformation. Leaders agree that big data analytics holds the key to their future, potentially changing the way their company does business over the next three years. Many are currently implementing or have plans to initiate projects to generate greater value from existing data within the next year. However, many are still finding it hard to improve data management and analytics practices to fully unleash the power of big data.
The pace of business is only accelerating and the challenge to capture, process, and analyze growing volumes of data is becoming increasingly harder. Traditional manual processes no longer hold up. In addition, other pain points with unstructured data, data access, and analysis present major challenges. The inability to effectively find and govern data can have a debilitating effect on any business. Fragmented data impedes real-time insights, puts business decision making at risk, and ultimately endangers successful data-driven digital transformation.
Those who are serious about their data-driven business are laying a foundation for the next phase of big data: intelligent data management, which leverages machine learning and other artificial intelligence techniques to accelerate core data management and governance processes. A critical step to intelligent data management is integrating data sources and curating the data in a manner that is repeatable and scalable to support data-driven business.
Leveraging emerging technologies such as machine learning helps improve what has largely been a manual, time-consuming process. While machine learning capabilities don’t supplant data analysts and other data management experts, the technology will make them significantly more productive, by teaching standard tools to make intelligent recommendations and to automate data management tasks. This is a crucial step toward handling big data at scale and for accelerating delivery of data-driven insights. Machine learning, as part of a big data program, can help automate tasks that are impossible to do at human scale, including creating data quality rules, anomaly detection and notification, bursting to handle spikes, and self-healing operations.
Big data analytics is transformational for companies, and artificial intelligence techniques can deliver just the right boost to data management and governance practices to help cement a competitive edge. With help on getting started, contact SPIN today!
19 Jun, 2017
Marketers agree that social media marketing with analysis can be the game changer in every business.
However, agencies and businesses find trouble discovering the right ways to take their social media campaign ahead. The most important step of any social media strategy is to keep a track of the analytics while you are using social media to boost your business performance.
Analytic platforms can offer a wealth of information and long-term support, which can be a direct ticket to digital marketing success. In order to grow your business with social media analytics you need to consider these conversions:
Engagement Rate: Social media analytics gives you an in-depth view of the target audiences and the platforms they are active on. Once you find a specific pattern of content attracting the readers, you can relocate your resources on this particular pattern. Optimize the content to encourage the overall engagement while maintaining the brand reputation. You can push the most engaging content to a wider section of the audience by sharing it in groups. Similarly, you can go for social media ads focusing on a particular type of content. For best results, utilize your best content, give it the taste of a remarkable ad or create an entire campaign on this content.
Demographics: In social media understanding, the audience demographics can change the scenario. Reaching the right audience at the right time has been the biggest challenge for marketers, but if you could get the up-to-date data, it can help. You need to understand that each business has their unique set of customers with totally different taste. Even if you have two different types of products, you cannot expect the same customers to opt for both the products only because it belongs to the same brand. In the same way, different customers can have different preferences of social media sites.
Post-Performance Tracking:Social media analytics can analyze which type of post is working well for your audience and which is not. Which post gets more traffic and engagement and the ones, which are not, liked by your audience much. What might be trending today may not be there tomorrow, and that’s why you need to be regular with the performance tracking. You can only reuse the content that is performing well and can even give them a visual form. The main motive should be entertaining your audience in a way that is unbeatable. Once you succeed in the process, your visitors will directly convert into your regular customers.
Social media is becoming an important aspect of the business, nowadays. SPIN is here to help you make sense of all your data and boost your social media campaigns.
12 Jun, 2017
Most organizations recognize that being a successful, data-driven company requires skilled developers and analysts. Fewer grasp how to use data to tell a meaningful story that resonates both intellectually and emotionally with an audience. Marketers are responsible for this story; as such, they’re often the bridge between the data and those who need to learn something from it, or make decisions based on its analysis. Marketers can tailor the story to the audience and effectively use data visualization to complement a narrative. We know that data is powerful. But with a good story, it’s unforgettable.
Companies must understand that data will be remembered only if presented in the right way. And often a slide, spreadsheet or graph is not the right way; a story is. Executives and managers are being bombarded with dashboards brimming with analytics. They struggle with data-driven decision making because they don’t know the story behind the data. Marketers can make that data more meaningful through the use of storytelling.
Stories are meaningful when they are memorable, impactful and personal. People respond to messaging when it’s delivered either with statistics or through story. When data and stories are used together, they resonate with audiences on both an intellectual and emotional level. Stories, particularly those that are meaningful, are an effective way to convey data.
Most captivating storytellers grasp the importance of understanding the audience. They might tell the same story to a child and adult, but the intonation and delivery will be different. In the same way, a data-based story should be adjusted based on the listener. For example, when speaking to an executive, statistics are likely key to the conversation, but a business intelligence manager would likely find methods and techniques just as important to the story.
Good data visualizations can also enhance a story. Good data visualization does a few things. It stands on its own; if taken out of context, the reader should still be able to understand what a chart is saying because the visualization tells the story. It should also be easy to understand. And while too much interaction can distract, the visualization should incorporate some layered data so the curious can explore.
By rethinking the way we use data and understanding our audience, we can create meaningful stories that influence and engage the audience on both an emotional and logical level. Contact SPIN today to see how you can begin writing your story!
31 May, 2017
Business Intelligence is not one single piece of software, but instead, it is an umbrella term that includes best business practices, software, infrastructure and any other tools that help optimize decision making and enhance performance.
When it comes down to it, business intelligence is about information analysis. A database pulls together information from the different parts of your business, then applications convert that raw data into reports, charts, and other analytical tools to provide insight. Business Intelligence can be applied to see how well sales efforts are going, to help assess the efficiency of manufacturing processes, to measure staff performance, and pretty much to analyze any aspect of your business.
Business intelligence provides a spectrum of broad range analytical applications. The technology is not just about gathering intelligence but about making sense of data in a way that can be quickly grasped. This is done through visualization applications for creating infographics and designing charts. Business Intelligence also offers dashboards and performance scorecards. Information is displayed in this way because key performance indicators and business metrics are much easier to understand when displayed as visualized data.
Business intelligence allows businesses to make better decisions by accessing big data, and cloud computing has leveled the playing field. Even small companies that don’t accumulate a large volume of data can derive considerable benefits from better analytics. Initially, only large businesses could afford the cost of using Business Intelligence software because of the cost of the software itself and the infrastructure to run it on. Today, even small firms with sales under $100,000 a year, can use and benefit from Business Intelligence.
Whether you are looking for a BI consultant that will take you through the entire Business Intelligence process, or you just need help project by project, SPIN can help!
The experts at SPIN know what it takes to make BI work for your business. From developing a concise and proactive BI strategy to delivering a proven solution, we can address the full range of your businesses’ needs. Contact us to get started today!
27 May, 2017
In today’s business, having the right kind of insights is crucial for success. But some brands are taking analytics a step further by not only relying on it to make sound decisions when opportunities present themselves but making it the absolute core of every impactful business decision.
So what are other companies looking at, and how can you ensure your company is leveraging every aspect of analytics? Read on to find out.
Perhaps the biggest and most telling difference between top performing companies and their lagging counterparts isn’t just in how many different ways they use analytical data, or what data sources they pull from, but their entire approach to the concept of analytics as a whole.
The best performing teams have their entire executive team embracing the use of analytics as part of the company culture and not just a one-off thing managed by a handful of marketers.
Top businesses understand that having the right tools and technology to analyze the data they’re given is a smart strategy, which is why top performers have indicated increasing their analytics-related marketing spend by 50% over the next two years. It’s worth noting that they are over six times more likely to invest heavily in analytics tools, training and people than their competition.
In addition, top performers are more likely to react in a timely manner based on the insights they receive from their analytics. They follow a predictable pattern of drawing details from all types of data, including emails, transactional info, log files, social media, partner data, and much more.
And many of these high-performing teams aren’t leaving mobile analytics out in the cold either. Although still in its infancy compared to broader analytical applications, mobile analytics adoption is growing just as quickly as mobile adoption itself, and companies who know how to put this data to work are out-maneuvering the competition. Top performing companies are 3.5x more likely to put this information to good use.
Your competitors are using analytics to succeed and you should too. Contact SPIN today to see how we can help you with everything from analytics to business intelligence and database management!
23 May, 2017
Operational Analytics is a mix of disciplines that support the seamless flow from initial analytic discovery to embedding predictive analytics into business operations, applications, and machines. The impacts of this analytics are then measured, monitored, and further analyzed to circle back to new analytic discoveries in a continuous loop.
However, the analytics field has not seen this type of industrial rigor around moving analytics into business operations. Organizations that wish to achieve competitive advantage through analytics need to cross the chasm between traditional ad-hoc analytics and Operational Analytics. Here are the best practices of Operational Analytics
Analytic Discovery: The Operational Analytics ecosystem starts with business discovery projects that are evaluated, planned, and executed with eventual production in mind. Without purposeful review and planning, analytics e orts can stall and fail to deliver on the promise of the insights they derive.
In a mature analytics environment, Analytic Discovery is supported by IT through “discovery zones,” which harness all forms of data and provide tools that enable rapid integration of data for analytics into IT platforms. The discovery zone also enables data manipulation for exploration and derivation of new attributes for analytic modeling. By providing an IT-hosted discovery zone, the business gets the power and flexibility it needs, while IT maintains security and traceability of company data.
Analytic Production & Management: Operational Analytics supports a more seamless bridge between Analytic Discovery and Analytic Production using common data, metadata, and tools between the two domains. This includes defining governance processes that ease the transition from discovery to production; managing models in a model-management application that supports versioning, documentation, and performance tracking; and centralizing models, leveraging them across a variety of business applications to create consistent tools supporting the business strategy.
Consistent hosting of models lets multiple applications leverage these models. This provides scalability and reuse of analytics and also leads to a consistent execution of intelligence across the organization touch points. Once these models are used in production, they are formally tracked, measured, and maintained to ensure their ongoing effectiveness.
Decision Management: Organizations need a clear understanding of the decision process and “fit-for-use” data available to support that process. Creation of a formal Decision Management and business rules framework streamlines the decision process and enables governance of proper business rules to the analytic processes. It also ensures repeatability and traceability of decisions—and that model delivers the proper decision support at the right time and in a consistent way across the enterprise. Use of Decision Management software can automate decisions enabling greater scale, consistency, and speed with which decisions are made.
Application Integration: The core best practice of Application Integration is ensuring your organization has the right tools mix with the appropriate level of integration, whilst simplifying business applications.
To meet scalability and modularity requirements on demand, one of the key best practices is to incorporate service-oriented architecture (SOA). This ensures changing business scenarios and varied requirements of business applications from analytical engines are well handled.
The best practitioners also centralize some of their key analytical models with common solution frameworks, enabling open integration with multiple applications and platforms, and an enterprise-level deployment of analytical models.
Information Delivery: While analytic information must be delivered through rich analytic tools and powerful data analysis applications, the demands and expectations of today’s information consumers require rethinking how information should be delivered. Among the key capabilities that are needed: The ability to take action quickly based on delivered information puts the user in control, enabling the user to convey a meaningful data-driven story. Simple and actionable information delivered to connected devices provides the right information, at the right time, in a mobile interface. New interfaces for requesting and querying information—for example, voice and intelligent search. More intuitive forms of information delivery quickly convey meaning through visualizations and infographic interfaces. Role-based design and delivery, along with a clear understanding of decision-making processes, leads to more active information delivery methods
These capabilities will create higher demand for a well-designed user interface (UI) and other human factors related to Information Delivery, beyond the feature-rich and complex interfaces that will still be required by power users.
These put together to make up the best practices of Operational Analytics.
Sources:“Operational Analytics 10 Key Process Areas to Exploit Analytics for Business Results.” Operational Analytics: 10 Key Process Areas to Exploit Analytics for Business Results – Business White Paper (Business White Paper/4AA6-3046ENW.pdf). HP, n.d. Web. 13 May 2017.
08 May, 2017
A database management system is important because it manages data efficiently and allows users to perform multiple tasks with ease. The system stores organize and manage a large amount of information within a single software application. The use of a database management system increases the efficiency of business operations and reduces overall costs.
Database management systems are important to businesses and organizations because they provide a highly efficient method for handling multiple types of data. Some of the data that are easily managed with this type of system include: employee records, student information, payroll, accounting, project management, inventory and library books. These systems are built to be extremely versatile.
Without database management, tasks have to be done manually and take more time. Data can be categorized and structured to suit the needs of the company or organization. Data is entered into the system and accessed on a routine basis by assigned users. Each user may have an assigned password to gain access to their part of the system. Multiple users can use the system at the same time in different ways.
For example, a company’s human resources department uses the database to manage employee records, distribute legal information to employees and create updated hiring reports. A manufacturer might use this type of system to keep track of production, inventory, and distribution. In both scenarios, the database management system operates to create a smoother and more organized working environment.
Here at SPIN, our team has a proven track record of helping businesses just like yours with database design and management services. We build your business by creating new efficiencies in your daily operations. We only employ Highly Skilled Database Administrators who utilize Best-in-Class Monitoring Tools. From flexible engineering to custom database design, our experts deliver secure data management solutions for your company or organization. Contact us to get started with your database management system today!
24 Apr, 2017
In this day in age, customers want experiences, not just transactions. Customer engagement is the primary driver of growth going forward, and analytics is the number one way to gain insights into the needs of your customers. Analytics helps bridge the gap between providing a basic service to actually solving your customer’s real problems.
Many buyers admit that they are willing to pay more for a better customer experience. They are looking for a service dedicated to solving their major problems in an efficient way. This means that the focus must turn from revenue extraction to value creation. A value must be offered to the customer. Value requires laser-focus, and that’s where analytics steps in.
With analytics, you can monitor usage data to assess the customer experience. Track acquisition channels to observe where customers are coming from and if they’re converting. Furthermore, you can learn about your buyers beyond the usual demographics, like annual revenue, location, and company size. Leveraging big data to better understand and act upon customer behavior, forces you to think differently not only about what data to keep and how long to keep it, but also which data you should begin capturing. With all this data you can begin understanding and predicting your customer’s behaviors and continue improving your customer engagement strategy.
Customer engagement is nothing new, but here at SPIN we can help you approach it differently with the use of analytics. Our team can use data to gain valuable insights into your buyer’s habits and preferences. We can create unmatched value for the customer experience. If you are ready to begin improving your customer engagement strategy, contact us to get started today!
21 Apr, 2017
There are a number of different ways for any business to increase retention and conversions. However, before doing that it is vital to figure out which metrics you should be trying to improve. Here is a list of some of the most important conversion metrics to track:
1. Traffic Sources: There are three primary sources of incoming traffic. They are direct visitors, search visitors, and referral visitors. Direct visitors are those that visit your site by directly typing your URL into the address bar. Search visitors are those that visit your site based on a search query. Referral visitors are those that visit your site because it was mentioned in a different site or blog. It is important to have traffic from each source, but every source has different rates of conversion. It is important in this case to measure how much each traffic source is converting and deal with them individually.
2. New Visitor Conversion: A new visitor and a returning visitor interact differently with your site. In order to improve new visitor conversions, it is important to determine their first impression of your site and focus on how that can be improved.
3. Returning Visitor Conversions: When you have returning visitors to your site it is important to know why they are returning and if they converted on their first visit. If they did not convert on their first visit, you want to know why and how you can get them to convert on their second visit. Even if they did not convert for the first time, it is a very good thing that they returned to your site for the second time.
4. Interactions Per Visit: Even if you have visitors that do not convert, it is still very important to monitor their behavior while they are on the site. You want to know what your visitors are doing on your site, how you can get them to do more if it, and how can you change these behaviors to conversions. All of these interactions are very important can lead to increased conversions on your site.
5. Cost Per Conversion: Cost per conversion is probably one of the most important metrics to track. If your costs per conversion are very high, it won’t matter that you have high conversions and high value per visits. Always keep your costs per conversion in mind when trying to increase conversions.
6. Bounce Rate: The bounce rate is the rate at which new visitors visit your site and immediately click away without doing anything. A high bounce rate means that your site is not optimized or you have weak or irrelevant sources of traffic.
All of these metrics are very important to track in order to be successful. Here at SPIN, we can help optimize each of these metrics and get you on your way to increased conversions. Contact us today!
17 Apr, 2017
Data lakes and data virtualization are both approaches to data management. However, each has its own advantages and disadvantages. Let’s take a look at both to see which could be a better approach to take.
In its simplest definition, a data lake is a storage repository that holds a large amount of raw data in its native form. A data lake can be used to investigate, explore, archive, and refine data. Data lakes are becoming much more useful as there are now so many data sources that companies can use to make better business decisions such as social networks, online news, review websites, and weblogs. All these data sources result in rapidly increasing data volumes that can be analyzed.
Data lakes work similar to a body of water where water flows in, fill a reservoir, and then flows out. The incoming flow represents the multiple raw data archives including emails, spreadsheets, and social media content. The reservoir of water represents a dataset where analytics can be run. The outflow of water is the analyzed data.
The benefits of a data lake are endless. Data lakes allow a place of storage for unlimited amounts of long-term data in any format. They can also store data that may or may not be used later. With data lakes, all types of data, whether structured or unstructured, can be integrated. Data lakes allow for data exploration and discovery.
The disadvantages of a data lake are that they are not good for quick and easy analyzing. It is not ideal for returning queries back very fast. Also, data may not be clean and it may be hard to find the quality or the lineage of the data.
Data virtualization is more of an agile data integration approach that many uses to gain more insight from their data. With data virtualization, you can respond faster to the changing analytics or BI needs and save over data replication and consolidation. Data virtualization provides instant access to all the data you need, when you need it, the way you want it. With this approach, it is easy to gain more business insights by leveraging all your data.
However, data virtualization should not be used at all times. Depending on which situation you are approaching, sometimes consolidating data in a warehouse would work much more effectively.
Here at SPIN we can assess your requirements and guide you as to which approach suits you better and help with implementation. Contact us!
04 Apr, 2017
These days, no matter which aspect of marketing you are interested in, there is a tool to help you measure it. With the power of analytics, we are now faced with a tremendous amount of data to pull insights from. Many times it is hard to make sense of all these metrics alone. The value of marketing analytics comes when these metrics are contextualized. They are translated from numbers into insights, learnings, and next steps in your marketing strategy.
The first step is to understand what each metric means. It is one thing to say that you have a 5.7% conversion rate, but it is much easier to understand that for every 100 clicks on your ad, between 5 and 6 of those people became a customer. When data is contextaulized you begin to create a story. With contextualized data forming a clear picture, you begin to see how your marketing strategy is affecting conversions, sales growth, and other KPIs. With this you can easily make informed decisions about where to invest your time and budget regarding your marketing strategy.
Once you have these analytics, it is time to use them to drive your marketing strategy. It is important to let go of your prior beliefs and listen to what the data is telling you. Once data tells you how things are, you can test new tactics and theories. After testing, go with the best approach for your marketing strategy and watch your business thrive.
If you are ready to begin integrating analytics into the marketing strategy for your business, contact SPIN today!
24 Mar, 2017
Imagine ‘Company A’ keeps sending you emails about their product. You’re upset. Not because you have received this marketing email before, but because you have already bought the product they are trying to sell you. You would think that big companies should know better and at least send you something you would really be interested in buying instead of blasting you with poor marketing strategies.
Companies like this are not impressing their customers and in turn, are not selling. They are not investing in customer intelligence and are missing a huge opportunity to acquire and retain customers. Using customer information and analytics more effectively can enable detailed insights, better customer experiences, and improved sales.
Competition for a customer’s attention has intensified. It is no longer effective to hit everyone with a one-size-fits-all message. It is important to understand each customer and market intelligently. With all the data and insights available, SPIN is able to effectively identify when and where marketing campaigns should be applied. From constantly monitoring data to re-evaluating and adjusting relevant information, SPIN measures everything and transforms it into data.
Marketing analytics includes data not only from websites, but also from valuable sources like email, social media, and even offline events. The SPIN Marketing Analytics team provides insights into the campaign’s performance, they identify the right targets with advanced attribution models for effective measurement. We manage customer segmentation, customer lifetime value, propensity models, marketing attribution, A/B testing and campaign analytics.
If you are ready to start applying effective and intelligent marketing campaigns for your business, contact us to see how we can help!
13 Mar, 2017
Conventional media, such as television, radio, and newspaper, only allowed for one way transmission of information. Users could consume information from the media but could not share their own views on the subject. That is until social media came into play and gave the user the power to interact with the information put out there. This new, two-way communication has created opportunities to help better interact with users and, if used correctly, can be used to optimize business.
Social media analytics has to do with analyzing data on social media sites in order to make better business decisions. Data can be gathered from blogs, forums, and popular social media websites such as Facebook, Twitter, Instagram, etc. This data is analyzed by converting the qualitative data to quantitative data with the use of text mining and NLP techniques. Mining to find the customer sentiment in all the data gathered through social media can help support marketing and customer service activities. Social media analytics can also help amplify the presence of the business, help effectively run social media marketing campaigns, get feedback on products and services, and track the public opinion for a particular product or campaign.
Social media has empowered customers to speak out about their experience with a product or brand. It is not only essential but beneficial for a business to assess what is happening online regarding their business.
Any business with proper social media analytics will be able to find out what their target customers are talking about. They can spot trends, themes, and pain points. They can track sentiment, either positive, negative, or neutral, regarding their own products or that of competing brands. They can discover where customers and competitors are spending their time online, whether it be on certain social media platforms, blogs, or forums. With social media analytics, businesses can find key influencers in their niche market, build a community of brand ambassadors, determine threat areas to the company, and identify areas in the business process that may need improvement. They can evaluate the effectiveness of marketing campaigns and check what type of content is performing best.
Using social media analytics can definitely increase the ability to grow any business. If you are ready to explore how social media analytics can help you, contact SPIN today!
06 Mar, 2017
Companies compete vigorously with each other each day to attract new customers, retain the ones they have, and ensure their loyalty. But this is not an easy task, especially when consumers are more informed than ever and the environment is becoming more competitive.
In today’s age, consumers have smartphones with internet access. They consult every specific detail of the products and services they want to buy. Consumers can compare prices or even make purchases from their smartphones themselves, even while still on the floor of a store. It is a fact that mobile technology and access to digital information are transforming the way consumers buy and the experience they expect to receive from brands. It is no doubt that customers have evolved.
While mobile connectivity has given rise to new ways of buying, it is also creating opportunities to interact directly with customers and do so in a more personalized way.
New consumers are now taking control of their shopping experience because they know what they want and the approach they want to have with a brand. These consumers have immediate access to information from companies, their products, prices, and availability. They also have the means to share their decisions and perceptions about the brand in virtually real time.
The loyalty of new consumers is short-term, and this is due to the influence of their networks of thousands of friends with whom they are connected through social networks more than by the marketing strategies of the companies they are buying from.
Given this scenario, companies are aware of the importance of better understanding their customers, their preferences, their buying behaviors, and what they are saying about a brand. At the same time, they are developing the ability to use all this information to make decisions about what products to launch, how, and when to promote and sell them.
Through analytic solutions, it is possible to have a complete view of each customer, their preferences, their tendency to buy certain products or services in real time as well as their history of transactions and interactions with social media. Analytics can combine all relevant information from online and physical channels.
Similarly, analytics offers the ability to predict customer behavior. In particular, through the use of descriptive analytics the main factors that influence customer satisfaction, long-term relationships, and increased sales can be identified.
From the use of analytics, marketers and promoters can produce targeted campaigns more quickly, and able to influence purchasing trends in their favor. Ensuring that the marketing and promotion processes are based on clean, accurate and updated data that allow them to make strategic decisions to achieve greater profitability
Do you know exactly what your customers want? How can you make sure they get it? Are your campaigns coming to the right customers and having the expected results? SPIN Analytics & Strategy can help you answer these and other questions! Contact us today to get started.
27 Feb, 2017
There are different stages involved in the customer lifecycle, from when they are first acquired up through referral. It is important to remember that conversion happens at every stage of the customer lifecycle. By optimizing each lifecycle stage, you will begin to see increased user engagement and flow from one stage to the next. Your business will see free trial users turned into paying customers and loyal customers turned into vocal brand advocates.
Read on to see how each stage of the customer lifecycle can be optimized.
1. Acquisition: In this first stage, the main goal is to turn a lead into a customer. In this stage, many will not convert right away. They are mainly there because they are looking for help with the specific need they have at the moment. It is important to focus on creating stronger conversion funnels at this stage. It is your job to quickly let your lead know that you can help and guide them towards conversion on your most relevant solution. Knowing your types of customers at this stage, how they got to you, and what the solutions they are looking for, will help create effective conversion rates during the acquisition stage.
2. Activation: The activation cycle begins right after a lead converts into a customer. However, it does not end there. New customers need to find value in your product and service in order to optimize growth. The best way to optimize during this stage is to engage your new customer. This can be done in steps and calls-to-action in order for your new customer to get the whole user experience and become fully immersed in your business. It would be of no benefit to acquire your customer and have them leave before they can see how valuable your product or service can be for them.
3. Retention: In this stage, you now have a fully activated customer. You need to keep your customer engaged so they continue to gain value from your product or service and have them remain a loyal customer. Driving customer engagement is important to prevent customer fallout. The main goal in this stage of the customer lifecycle is to optimize calls-to-action and user flow in order for customers to have an enjoyable experience and keep them on board.
4. Revenue: It has been proven that 80% of your future revenue will come from only 20% of your existing customers. This revenue can come from product upgrades or up-selling. Offering this to customers who have already grown their customer lifetime value could be one of your biggest opportunities. At this stage, business growth depends on how well you can nurture and convert your existing customers into buying more.
5. Referral: At this stage, you have a loyal customer but want to focus on having your customer base recommend and bring in new leads. A social media share button, an email invitation, or simply asking customers to talk about you are all important points to focus on in order to optimize conversions at this stage.
Understanding which stage of the lifecycle your customer is in is vital. It is also important to know what key factors to focus on in each stage to better optimize conversion. SPIN is experienced and ready to help your business thrive. Contact us today to see how we can help you!
18 Feb, 2017
Customer segmentation is an important tool for any business. A business can not move forward without a clear idea of its likely customers and their needs. However, complicated segmentation research can make things messier. We can make customer segmentation simple and help your business reach its greatest potential.
It is important to first understand what customer segmentation really is. Segmentation is dividing a customer base into groups of individuals that are similar in specific ways relevant to marketing, such as age, gender, interests and spending habits. Segmentation research covers a range of tools that define the important differences between groups of customers. These differences matter and reveal how, what, and how much customers are spending. Segmentation research can reveal unmet needs or provide insights about how to approach different people differently for the same brand or product.
In any segmentation research, it is important to first explore and define the customer’s buying behavior. By understanding how different customers behave in different segments, it is possible to forecast revenues and profitability. We can also prioritize the customers that make the biggest difference to the business.
Next, it is important to measure additional information that provides insights to why customers behave differently. By understanding the differences between customers on a variety of levels, segmentation research can help bring important similarities into focus.
The benefits of customer segmentation for your business are endless. Not only can it help with product development and customer experience, customer segmentation can serve as a way to forecast revenue growth, track brand perception, and organizing sales functions.
If you are ready to begin customer segmentation modeling for your business contact us today!