Marketing Automation and Analytics
- What is marketing?
- Marketing is the process of making products and services to known to the market place.
- The four Ps of marketing are product, price, place and promotion.
- GOAL : Deliver the highest possible brand impact at the lowest cost.
Business Intelligence (BI) VS Business Analytics (BA):
BI is basically what is happening to your business. It is used for visibility.
Data Warehousing and visualization dashboards are enablers of BI. While BA is why it is happening; what is likely to happen in future.
It is used for investigation, prediction and prescription. Data Analytics and Data Science are enablers of BA.
Types of Analytics:
There are three types of analytics:
Descriptive: Analytics that help you understand how things are going.
Predictive: Analytics that help you forecast future performance and results.
Prescriptive: Analytics that suggest a prescribed step or action.
Predictive Analytics for Marketing and Sales Success
What is Predictive Analytics?
Predictive Analytics is the analysis of data by using statistical algorithms and machine-learning techniques to identify the likelihood of future outcomes based on historical data.
Predictive analytics is a process that creates a statistical model of future behavior.
It's an area of data mining concerned with forecasting probabilities and market trends.
Our predictive analytics services can be used for a variety of applications, from product suggestions to customer acquisition and retention.
We worked with Possible to produce a prediction or Audi purchases and repurchases over a period of time.
1. Fill the pipeline for fast-growing, high-performing sales teams.
2. Optimize go-to-market activities.
3. Lower your customer acquisition cost.
4. Prioritize outbound efforts.
5. Determine the best upsell and cross-sell opportunities within your current customers.
Realtime Content Marketing Architecture:
Predictive Analytics is no longer the sole domain of data scientists. As predictive analytics software is getting easier to use, it's no surprise the technology is being adopted across industries.
Some of the major domains using Predictive Analytics are banking, e-commerce, HR, retail, transport, healthcare, IT industry among many others.
Which Marketing Automation Cloud should you choose?
Adobe, Oracle, Marketo, and Salesforce are leading the marketing cloud charge in enterprise.
Over the past few years a new trend of marketing technology consolidation has emerged, which has seen a small number of technology giants buying up complementary digital marketing solutions to form stacks of cloud offerings.
What are the advantages of selecting a marketing cloud?
The benefits are actually fairly clear; supplier relationship management is time consuming. It's much more efficient for a Marketing Director to manage fewer, and perhaps only one, supplier relationship.
In theory, marketing clouds also allow data to be shared more readily across the different elements of your digital suite, enabling improved access to and analysis of your customer data.
If you invest in multiple solutions from the same cloud there may also be cost advantages that you can realize.
What are the disadvantages of selecting a marketing cloud?
There's a reason why marketing clouds are sometimes called walled gardens. Switching away from them is a much harder thing to do than swopping out a single, best of breed point solution.
Improved integrations are potentially an important benefit, but in truth the clouds have been formed through acquisition, so relatively few components are purpose built to share data.
What if the cloud's solution doesn't contain a feature that you need? Should you compromise what you need just to continue using the same suite of products?
What is Marketing Automation ?
Are you looking for ROI from Marketing Automation Technologies ?
we're here to help
According to a marketing research company, CMOs at top-performing companies indicate that their most compelling reason for implementing marketing automation is to increase revenue (79%) and get higher quality leads (76%).
- How marketing automation can help improve marketing and sales alignment
- The added insight into ROI and sales funnel health gained through implementing marketing automation.
- 3,500 marketing technology products are available to date-- an 87% increase over 2015's 2,000 products.
- The latest investment data from reliable sources shows that over $25 billion (TCO) has been invested in marketing technology companies to date and there's been $2.41 billion of materialized ROI on these marketing technology investments to date.
- Business objectives might include increasing revenue, improving profitability, lowering customer acquisition cost, increasing customer lifetime value, achieving better customer conversion rates, improving lead quality, shortening conversion time and supporting an account-based sales model, among other things.
- 'How much are we spending in marketing to acquire a new dollar in bookings?' Then consider and try to calculate, how technology will drive efficiencies, scale, improved reporting or some other higher-order goal. Use ROI models to prioritize your tech investment options.
Innovations in Marketing
Marketing Mix Modeling - MMM Algorithm
How to spread the budget? What campaigns? Pricing strategy?
Marketing mix modeling is a classic, top-down approach.
Mix models integrate historical data for a brand, typically marketing spend and activity, plus conversion and sales data.
Models may account for external forces such as weather, economic conditions, relevant news events, and more.
Mix modeling helps marketers to:
- Measurement of effectiveness by marketing drivers.
- Identify brand's volume growth and decline drivers.
- Quantify base versus incremental sales.
- Determine relative importance & estimates elasticity of different drivers.
- Explain what is driving year over year change in sales.
- Determine the key competitive levers that impact/interact with own brand.
- Build a framework for marketing investment decisions for short term.
- Determine an optimal realistic investment plan for the future.
Most mix models continue to be best suited for annual or quarterly planning, rather than adjusting marketing plans on the fly.
Attribution Modeling Algorithm
Attribution modeling is a rapidly evolving approach, born in the digital age. This bottom-up approach tracks marketing touch points at the individual or household level and relates them to sales or other digital conversion events. The rapid growth of attribution modeling arises from its ability to help marketers
- Customer Purchase Latency: How long does it take a customer to purchase?
- Channel Investment Analysis: Where should the most money be invested in?
- Review performance of digital marketing initiatives far more quickly than in other methods, supporting adjustment and optimization in real time.
- Evaluate and better align tactics along the digital path to purchase.
- Explore marketing synergies among digital channels that would not be visible without a very granular view.
- Support a holistic marketing optimization process
BIG DATA and Predictive analytics in REAL TIME MARKETING
Real-time marketing (RTM), the strategy and practice of reacting with immediacy in digital channels to external events and triggers, has been steadily growing in use and popularity.
An expanding array of tools and digital channels (e.g., social media and listening capabilities) has made real-time accessible, in theory at least, to virtually every marketer.
As digital channels become increasingly more real time, all marketing organizations must consider to what degree they will function in real time.
Benefits of RTM span the business and consumer.
It supports the individual on the one end, through hyper personalization, customization, surprise and delight.
The right message at the right time. This is the ability to reach audiences with timely engagement throughout the customer journey, greater relevance, resonance and personalization
Create a more accurate profile of your target consumer(s).
Predict consumer reaction to marketing messages and product offerings.
Personalize those marketing messages and product offerings.
Optimize your production and distribution strategy.
Create and use more accurate assessment measures
Perfect digital marketing and campaign-based strategies.
Retain more customers less expensively and Obtain product insights, among other tactics.
How RTM is integrated with the larger content and brand strategies
RTM's role across the organization (e.g., Customer Service, Sales, HR, etc.)
Deep training around the brand identity, voice, vision, risks, affiliations and programs
Which channels will support RTM, which will not, and why
How the RTM program will be measured and optimized
The role of agencies and technology vendors (if applicable).
Guidelines, guardrails, roles, triages, response time requirements
How to manage workflows based on RTM's role across the organization, as well as when triaging to other functions
Sample scenarios of how customers, the crowd and media could respond to RTM
How to leverage measurement and reporting to plan and act in real time
Best practices using technologies supporting RTM
Resources (e.g., contacts, phone numbers, vendor support, etc.)