First up, we have an article published in Business2Community by Rebekah Richards on predictive analytics in evaluating leads. BTW, if you’re interested, I have a proprietary algorithm developed for culling leads from your email marketing program that’s very effective.
What Are Predictive Analytics?
Predictive analytics is when you make an educated guess about something based on historical data. In marketing, predictive analytics makes assumptions about how easy a lead should be to convert based on available data. It has evolved into hundreds of data points that can be analyzed by software products. Now much more educated guesses or “predictions” can be made by these intricate software solutions.
Predictive analytics credited for increased digital spend
A recent report from Juniper Research shows that global brands are planning to spend around $200 billion on digital marketing this year. This is a 15 percent increase from the amount spent throughout 2014 on digital marketing. Juniper Research provides research and analytical services to the global hi-tech communications sector, including consulting, analyst reports and commentary on the industry. The new report, “Digital Marketing ~ Don’t Discount Loyalty,” is currently available to download from the new Juniper Research website.
Predictive analytics has also enhanced the allure of digital marketing for global brands. Massive amounts of online data generated through consumer activities on websites and social media. Global brands can use predictive analytics along with this data to tailor advertising and product promotion to a specific customer while they are still browsing the brand’s websites. Digital marketing can be used for so much more than simply increasing product awareness or foot traffic to retail stores and many global brands are starting to realize the immense potential of an effective digital marketing campaign.
Next, we have a post from CMS Newswire about the recent release of Treemaps by Google. While Treemaps were made part of Adwords last year, this year, Google extended the tool to all websites and apps.
Google Analytics Treemaps
Google has recently introduced a new treemap feature in its analytics reporting suite.
Treemap visualization allows the user to quickly highlight the largest influence of a data set.
For those of you who have never heard of a treemap, fear not. Chances are you’ve seen one before and just didn’t realize it.
Treemaps have become popular in recent years. Much of it has to do with the way they can simply display correlated data.
Treemaps appear as a large rectangle divided by smaller rectangles just like a pie chart. Each rectangle represents a dimension, while the size and color of each rectangle is dependent on a given metric.
A benefit of treemaps is that they accentuate correlations into a single visualization. When the color and size of the rectangles are mapped, patterns emerge that would be difficult to spot in other ways, thus highlighting if a certain data element is particularly relevant.
Because rectangles are sized according to the data, the visual hierarchy of segments can be understood when the treemap appears in the corner of a screen. That can be useful when viewing a report in a tablet.
Next, we have a series of new analytics tools aimed at niche markets. Variety highlights a startup trying to make sense of big data in the entertainment space — specifically Broadway.
Big data for Broadway
The company, Arts & Analytics, timed the launch of its new software, PatronLink360, to coincide with the League conference, which brings into New York a wide swath of theater-industry players from around the country. As part of the software’s kickoff, Gallagher will moderate a May 14 panel at the road conference about baby boomers and digital usage.
PatronLink360, offered on a software-as-a-service licensing model, aims to help theaters and producers boil down complex patron data into easily comprehensible nuggets of information, steering them toward customers with similar purchase patterns or toward a promising crossover demographic. The software, which visualizes data in a simplified dashboard layout (pictured above), has been used in beta over the last few years at the Denver Center for Performing Arts, the Blumenthal Performing Arts Center in Charlotte, N.C. and the Lyric Opera in Chicago.
CEO Lee Gallagher, the IBM alum who founded Arts & Analytics in 2012, touts the fact that, unlike most precision marketing tools, PatronLink360 was crafted by and for people in the performing arts industry. The goal, he added, is to attract business thanks to the software’s ease of use and affordability.
Quantas is also getting into the data arena with a new data product for the travel industry.
Red Planet provides travel analytics
The new digital marketing business created last year by Qantas Loyalty, which is known as Red Planet, has already signed up 15 corporate clients including Avis, NAB, Bankwest, Hilton, Athlete’s Foot, Super Retail Group, American Express and Dymocks to provide it with media, analytics and research services.
Now it is poised to assemble the 100,000-strong research panel to be available exclusively for the clients of Red Planet to help it target consumers for their businesses. The panel will be drawn from the airline’s 10.6 million Frequent Flyer members. The 100,000 strong panel will be divided according to specific industries or other client preferences, with 100,000 new members added to the Frequent Flyer program so far in 2015.
“You can imagine the benefits that (the new panel) will bring to our client base where they are actually trying to get deep insight into consumers and consumer preferences,’’ Qantas Loyalty chief executive Lesley Grant told The Australian ahead of the airline’s annual strategy day this week.
Teradata tackles the balance between individualization and creepiness in an address by CMO Lisa Arthur.
Personalization and stalking
CMO Lisa Arthur spoke to leading marketers at ONE: Teradata Marketing Festival 2015, the company’s 16th annual customer event being held this week in Las Vegas. In her keynote, “The Power of Individualized Marketing,” Arthur challenged marketers in this era of data-driven solutions to find and maintain the right balance between data use and abuse, between greed and common sense, and between what the company wants and what’s really preferred by the customer.
“Brands that exercise restraint and leverage individualized insights can truly know their customers based on first-hand experience as well as digital and social interactions, and this creates a tremendous competitive advantage,” Arthur said. “These brands are allied with their customers in trust-based, mutually meaningful interactions, a true one-to-one value exchange we call ‘Individualized Marketing.”
“Right now, marketing is technology-dependent, out of balance and not ‘human’ enough. Some call it ‘personalization,’ but sadly and too often, marketers are losing sight of the actual person,” Arthur explained. “Personalization has turned into ‘insert name here’ and the same offer or communication for millions. What marketers need is an integrated marketing approach that enables them to capture the critical customer moments and connect the dots wherever information lies to create a clearer picture of the individual.”
Fortunately, the emergence of sophisticated digital marketing and analytic technology capabilities like the Teradata Integrated Marketing Cloud make it possible to leverage customer data from all available sources to power marketing insights and drive more relevant interactions, resulting in better brand experiences and more effective marketing outcomes.
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Hausman and Associates, the publisher of Hausman Marketing Letter, is a full service marketing agency operating at the intersection of marketing and digital media.