Next-Generation Predictive Analytics

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This research was designed to investigate predictive analytics practices and needs and potential benefits. It is not intended for use outside of this context and does not imply that organizations are guaranteed success by relying on these results to improve the results of analytics. Moreover, gaining the most benefit from predictive analytics requires an assessment of your organization’s unique needs to identify gaps and priorities for improvement.

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OTHER ARTICLES

GOVERNMENTS LEVERAGING BIG DATA INNOVATIONS TO TACKLE CORONAVIRUS

Article | April 2, 2020

The outbreak of coronavirus has taken many countries under its hood. Most of them are suffering from economic loss and a higher mortality rate. Amid this, governments are in a great dilemma how to handle the circumstances around the falling economy and upsurging coronavirus infections. In order to get better hold onto situations across their countries, they are moving towards innovative technology adoption. Out of all the new-age technologies, big data and data analytics can serve with a great opportunity, where governments across various nations can understand the outbreak analytics.

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Data-driven Content Marketing for 2022

Article | April 2, 2020

In this data-driven age, marketers have access to all the necessary information about their customers. There are different tools they can use to capture the exact data required for specific campaigns. We have come a long way from mass broadcasting campaigns. Growth in digital marketing has given rise to pinpointed targeting. The marketing industry is still accepting and learning data technology. However, there is more importance given to the content creation side of things when there should be a clear balance between data-driven efforts and content. It can be challenging to re-route pure content creator’s attention to data marketing, but it cannot be ignored for long. It is no longer enough to rely on gut instinct and ‘good content’. The rise in popularity in data-driven marketing has been lead by the revolution in big data. Big data has enabled massive amounts of data to be collected, analyzed, and organized, which helps in creating a personalized customer experience. Since the start of the Covid-19 pandemic, more and more people have started to spend time online. As a result, online user behavior has changed in just a matter of months rather than years. Data-driven marketing efforts can also help marketers to maximize their success as their results will now be data-backed with metrics that will change the way they conduct their business online. We have highlighted the steps you need for successful data-driven marketing. 5 Steps to Take for Successful Data-Driven Content Marketing Layout Objectives For any campaign to succeed, it is imperative to have a list of attainable objectives. You can set these objectives by studying historical data and know-how your marketing campaign will perform. For a successful content marketing strategy, make sure to concentrate on raising brand awareness, retaining current customers, and tracking sales. If you're not putting out relevant content in relevant places, you don't exist. Gary Vaynerchuk, -American entrepreneur, author, speaker, and Internet personality. Customize Campaigns for Target Audience Before you create any data-driven campaigns, know your customers well. Then, with the abundance of data at your fingertips, you can easily create personalized campaigns for them. Figure out and solve any problems they may be facing, if they need any solution, what they’re looking for and where. Creating user profiles will help you avoid targeting generalized strata rather than help you be more precise in your marketing efforts. Regular Content Optimization One of the best ways to ensure successful marketing results is through content optimization. Google algorithms are constantly changing. So what’s ranking on the first page today may not always rank the same next day. Set campaign-specific KPIs and work towards achieving those targets. Use different tools to track whether your campaign is working according to your goals or needs some serious upliftment. Keep running SEO audits on your pages regularly to keep your content in the best shape possible. Content Repurposing Repurposing content is the oldest trick in the book to gain a higher ROI on your existing content. For instance, if you have an article published on your company’s website, adapt that blog into an infographic and publish it on various social platforms. Content repurposing will help you boost your SEO, reach a broader and newer audience, help drive traffic to your website, and raise your brand’s awareness. Track Analytics Every platform has a different reach. Use your platforms according to the KPIs you have set for your business. For example, Twitter can help you raise your brand’s awareness, while LinkedIn will help you generate leads. Different platforms will have different metrics you will need to track. There are online tools available that help marketers track metrics. Each of these metrics will help you to achieve your marketing objectives. Final Thoughts In today’s competitive market, content marketing will have to be data-driven. The data-first approach will help you and your business in reaching the maximum number of people. In addition, a performance-oriented approach will ensure the success of your campaigns. Investing in high-quality marketing technologies will help you get balanced, data-driven, and goal-oriented results preparing you to become a content marketer ready to take on any challenges. Frequently Asked Questions What is the future of content marketing? Data-driven content marketing strategies can help marketers to maximize their success as their results will now be data-backed with metrics that will change the way they conduct their online business. What are the top content marketing trends for 2022? 1. Layout Objectives 2. Customize Campaigns for Target Audience 3. Regular Content Optimization 4. Content Repurposing 5. Track Analytics How is content-based marketing a proven strategy? Content-based marketing is a marketing strategy designed to attract, engage, and retain target audience. This works by creating and sharing relevant content such as articles, podcasts, infographics, videos, and other content marketing materials. This approach lays down expertise, helps brand awareness. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What is the future of content marketing?", "acceptedAnswer": { "@type": "Answer", "text": "Data-driven content marketing strategies can help marketers to maximize their success as their results will now be data-backed with metrics that will change the way they conduct their online business." } },{ "@type": "Question", "name": "What are the top content marketing trends for 2022?", "acceptedAnswer": { "@type": "Answer", "text": " A. 1. Layout Objectives 2. Customize Campaigns for Target Audience 3. Regular Content Optimization 4. Content Repurposing 5. Track Analytics" } },{ "@type": "Question", "name": "How is content-based marketing a proven strategy?", "acceptedAnswer": { "@type": "Answer", "text": "Content-based marketing is a marketing strategy designed to attract, engage, and retain target audience. This works by creating and sharing relevant content such as articles, podcasts, infographics, videos, and other content marketing materials. This approach lays down expertise, helps brand awareness." } }] }

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Top 6 Marketing Analytics Trends in 2021

Article | April 2, 2020

The marketing industry keeps changing every year. Businesses and enterprises have the task of keeping up with the changes in marketing trends as they evolve. As consumer demands and behavior changed, brands had to move from traditional marketing channels like print and electronic to digital channels like social media, Google Ads, YouTube, and more. Businesses have begun to consider marketing analytics a crucial component of marketing as they are the primary reason for success. In uncertain times, marketing analytics tools calculate and evaluate the market status and enhances better planning for enterprises. As Covid-19 hit the world, organizations that used traditional marketing analytics tools and relied on historical data realized that many of these models became irrelevant. The pandemic rendered a lot of data useless. With machine learning (ML) and artificial intelligence (AI) in marketers’ arsenal, marketing analytics is turning virtual with a shift in the marketing landscape in 2021. They are also pivoting from relying on just AI technologies but rather combining big data with it. AI and machine learning help advertisers and marketers to improve their target audience and re-strategize their campaigns through advanced marketing attributes, which in turn increases customer retention and customer loyalty. While technology is making targeting and measuring possible, marketers have had to reassure their commitment to consumer privacy and data regulations and governance in their initiatives. They are also relying on third-party data. These data and analytics trends will help organizations deal with radical changes and uncertainties, with opportunities they bring with them over the next few years. To know why businesses are gravitating towards these trends in marketing analytics, let us look at why it is so important. Importance of Marketing Analytics As businesses extended into new marketing categories, new technologies were implemented to support them. This new technology was usually deployed in isolation, which resulted in assorted and disconnected data sets. Usually, marketers based their decisions on data from individual channels like website metrics, not considering other marketers channels. Website and social media metrics alone are not enough. In contrast, marketing analytics tools look at all marketing done across channels over a period of time that is vital for sound decision-making and effective program execution. Marketing analytics helps understand how well a campaign is working to achieve business goals or key performance indicators. Marketing analytics allows you to answer questions like: • How are your marketing initiatives/ campaigns working? What can be done to improve them? • How do your marketing campaigns compare with others? What are they spending their time and money on? What marketing analytics software are they using that helps them? • What should be your next step? How should you allocate the marketing budget according to your current spending? Now that the advantages of marketing analytics are clear, let us get into the details of the trends in marketing analytics of 2021: Rise of real-time marketing data analytics Reciprocation to any action is the biggest trend right now in digital marketing, especially post Covid. Brands and businesses strive to respond to customer queries and provide them with solutions. Running queries in a low-latency customer data platform have allowed marketers to filter the view by the audience and identify underachieving sectors. Once this data is collected, businesses and brands can then readjust their customer targeting and messaging to optimize their performance. To achieve this on a larger scale, organizations need to invest in marketing analytics software and platforms to balance data loads with processing for business intelligence and analytics. The platform needs to allow different types of jobs to run parallel by adding resources to groups as required. This gives data scientists more flexibility and access to response data at any given time. Real-time analytics will also aid marketers in identifying underlying threats and problems in their strategies. Marketers will have to conduct a SWOT analysis and continuously optimize their campaigns to suit them better. . Data security, regulatory compliance, and protecting consumer privacy Protecting market data from a rise in cybercrimes and breaches are crucial problems to be addressed in 2021. This year has seen a surge in data breaches that have damaged businesses and their infrastructures to different levels. As a result, marketers have increased their investments in encryption, access control, network monitoring, and other security measures. To help comply with the General Data Protection Regulation (GDPR) of the European Union, the California Consumer Privacy Act (CCPA), and other regulatory bodies, organizations have made the shift to platforms where all consumer data is in one place. Advanced encryptions and stateless computing have made it possible to securely store and share governed data that can be kept in a single location. Interacting with a single copy of the same data will help compliance officers tasked with identifying and deleting every piece of information related to a particular customer much easier and the possibility of overseeing something gets canceled. Protecting consumer privacy is imperative for marketers. They offer consumers the control to opt out, eradicate their data once they have left the platform, and remove information like location, access control to personally identifiable information like email addresses and billing details separated from other marketing data. Predictive analytics Predictive analytics’ analyzes collected data and predicts future outcomes through ML and AI. It maps out a lookalike audience and identifies which strata are most likely to become a high-value customer and which customer strata has the highest likelihood of churn. It also gauges people’s interests based on their browsing history. With better ML models, predictions have become better overtime, leading to increased customer retention and a drop in churn. According to the research by Zion Market Research, by 2022, the global market for predictive analytics is set to hit $11 billion. Investment in first-party data Cookies-enabled website tracking led marketers to know who was visiting their website and re-calibrate their ads to these people throughout the web. However, in 2020, Google announced cookies would be phased out of Chrome within two years while they had already removed them from Safari and Firefox. Now that adding low-friction tracking to web pages will be tough, marketers will have to gather more limited data. This will then be then integrated with first-party data sets to get a rounded view of the customer. Although a big win for consumer privacy activists, it is difficult for advertisers and agencies to find it more difficult to retarget ads and build audiences in their data management platforms. In a digital world without cookies, marketers now understand how customer data is collected, introspect on their marketing models, and evaluate their marketing strategy. Emergence of contextual customer experience These trends in marketing analytics have become more contextually conscious since the denunciation of cookies. Since marketers are losing their data sets and behavioral data, they have an added motivation to invest in insights. This means that marketers have to target messaging based on known and inferred customer characteristics like their age, location, income, brand affinity, and where these customers are in their buying journey. For example, marketers should tailor messaging in ads to make up consumers based on the frequency of their visits to the store. Effective contextual targeting hinges upon marketers using a single platform for their data and creates a holistic customer profile. Reliance on third-party data Even though there has been a drop in third-party data collection, marketers will continue to invest in third-party data which have a complete understanding of their customers that augments the first-party data they have. Historically, third-party data has been difficult to source and maintain for marketers. There are new platforms that counter improvement of data like long time to value, cost of maintaining third-party data pipelines, and data governance problems. U.S. marketers have spent upwards of $11.9 billion on third-party audience data in 2019, up 6.1% from 2018, and this reported growth curve is going to be even steeper in 2021, according to a study by Interactive Advertising Bureau and Winterberry Group. Conclusion Marketing analytics enables more successful marketing as it shows off direct results of the marketing efforts and investments. These new marketing data analytics trends have made their definite mark and are set to make this year interesting with data and AI-based applications mixed with the changing landscape of marketing channels. Digital marketing will be in demand more than ever as people are purchasing more online. Frequently Asked Questions Why is marketing analytics so important? Marketing analytics has two main purposes; to gauge how well your marketing efforts perform and measure the effectiveness of marketing activity. What is the use of marketing analytics? Marketing analytics help us understand how everything plays off of each other and decide how to invest, whether to re-prioritize or keep going with the current methods. Which industries use marketing analytics? Commercial organizations use it to analyze data from different sources, use analytics to determine the success of a marketing campaign, and target customers specifically. What are the types of marketing analytics tools? Some marketing analytics’ tools are Google Analytics, HubSpot Marketing Hub, Semrush, Looker, Optimizely, etc. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "Why is marketing analytics so important?", "acceptedAnswer": { "@type": "Answer", "text": "Marketing analytics has two main purposes; to gauge how well your marketing efforts perform and measure the effectiveness of marketing activity." } },{ "@type": "Question", "name": "What is the use of marketing analytics?", "acceptedAnswer": { "@type": "Answer", "text": "Marketing analytics help us understand how everything plays off of each other and decide how to invest, whether to re-prioritize or keep going with the current methods." } },{ "@type": "Question", "name": "Which industries use marketing analytics?", "acceptedAnswer": { "@type": "Answer", "text": "Commercial organizations use it to analyze data from different sources, use analytics to determine the success of a marketing campaign, and target customers specifically." } },{ "@type": "Question", "name": "What are the types of marketing analytics tools?", "acceptedAnswer": { "@type": "Answer", "text": "Some marketing analytics’ tools are Google Analytics, HubSpot Marketing Hub, Semrush, Looker, Optimizely, etc." } }] }

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DRIVING DIGITAL TRANSFORMATION WITH RPA, ML AND WORKFLOW AUTOMATION

Article | April 2, 2020

The latest pace of advancements in technology paves way for businesses to pay attention to digital strategy in order to drive effective digital transformation. Digital strategy focuses on leveraging technology to enhance business performance, specifying the direction where organizations can create new competitive advantages with it. Despite a lot of buzz around its advancement, digital transformation initiatives in most businesses are still in its infancy.Organizations that have successfully implemented and are effectively navigating their way towards digital transformation have seen that deploying a low-code workflow automation platform makes them more efficient.

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