Tag Archives: analytics

The Consumer’s Path to Purchase by Category

22 Aug

We know that consumers shop differently for various goods and services. But we can always learn more.

Millward Brown Digital recently produced a report entitled “Demystifying the Consumer Journey?” A free download is available with a simple login.

The chart below summarizes the average length of a shopper’s journey (in days) and  the level of involvement accompanying a purchase decision (in other words, how hard the consumer was willing to work to make a purchase decision). Millard Brown concluded that:

“The risk of making the wrong decision is a powerful thing. When a wrong decision could result in significant financial loss or impact personal safety, consumers invest more time and care in the decision-making process. As a result, the average journey length for an auto purchase, for example, is nearly 10 times longer than that of a beauty purchase.”

“A ‘marketer-centric’ approach to budget and resource allocation is often the easiest option. However, by placing the consumer at the center, marketers can tailor budget allocations to the digital touchpoints that drive real consumer action.”

 


 

An Oracle Infographic on the Internet of Things

5 Jul

With the rapid advancement of technology around the globe — and our expanded use of connected devices — the Internet of Things (IoT) is here in full force, and major IT companies are acting accordingly in expanding their client offerings.

But for those who are unfamiliar with or unsure about the concept, what exactly is the Internet of Things? According to TechTarget:

“The Internet of Things (IoT) is a system of interrelated computing devices, mechanical and digital machines, objects, animals, or people that are provided with unique identifiers and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.”

 
Here is an interesting infographic on the IoT and its importance from B2B giant Oracle.

 

When Are Small Data Best Used?

29 Jun

Over the past few years, many companies and analytics experts have become greatly enamored with “big data,” now that such data are  easier to collect and analyze. [For example, see 1.]

Nonetheless, there still remain many instances when “small data” can be quite useful.

Consider these observations from Jessica Stillman, writing for Inc.:

“Ask Google how many people are searching for the term ‘big data’ and you’ll get a graph that resembles a steep mountainside. The concept has become incredibly hot over the last few years and it shows no signs of cooling anytime soon. And why not? Every day, our devices spew out an incredible amount of data on our behavior, preferences, and relationships. What could be wrong with our newfound obsession with combing through numbers for profit-boosting insights and previously unnoticed correlations?”

“The trouble according to Martin Lindstrom, author of Small Data: The Tiny Clues That Uncover Huge Trends, is when we overuse data to the point that we forget to actually talk to people. In an interview with Knowledge@Wharton, Lindstrom argues that what he terms ‘small data,’ i.e. face-to-face conversations with actual, real-life customers often in their own homes, is a more reliable source of great business ideas than massive databases and sophisticated number crunching. ‘I think it’s fair to say if you take the top 100 biggest innovations of our time, perhaps around 60 percent to 65 percent are really based on Small Data,’ Lindstrom claims, citing breakthroughs ranging from the idea for Snapchat to the resurgence of Lego as examples of the fruits of small data.”

 
Click the clever image to read more from Stillman.

CREDIT: Getty Images

 

Multimedia View of 2016 Most Valuable Global Brands

27 Jun

The 2016 BrandZ most valuable global brands report by WPP’s MillwardBrown is now available.

This year, a lot of FREE information about valuable brands is presented online, in addition to what is shown visually in our post. To access these other materials, click the links provided below the three visuals we highlight.

When you have finished looking over all of these materials, click here for a fun quiz.

 

The infographic reveals a lot of information about the 2016 report in an easy-to-read format. Click the image for a larger version.


 

The full 2016 report (141 pages) may be accessed by clicking on the image.


 

Here is a video on the fastest-rising brands.


 

Other information about global brands:

 

Expert Insights on Auto Industry Disruptions

22 Jun

Automotive News regularly runs an EY Automotive & Transportation Insights page from the EY consulting firm, “featuring videos, insights, opinions, thought leadership, stories, and better questions from EY to help automotive leaders in business build a better working world.”

Below is a six-minute video seminar — featuring Julia Steyn, General Motors head of urban mobility and Dr. Chris Borroni-Bird, Qualcomm vice-president of strategic development). They focus on the factors causing disruption in the auto industry and how automakers can evolve given the trend toward mobility.
 
 

 

TV Interview on Database Marketing

21 Jun

This television interview of Hofstra University’s Professor Joel Evans (from the Zarb School of Business) recently appeared on Fios1’s Money & Main$treet program. The interview was conducted by host Giovanna Drpic. It deals with several aspects of database marketing — from a small firm perspective.
 

 

A Product Management Infographic

27 May

What are the biggest challenges facing product (brand) managers?

Recently, the 280 Group conducted a comprehensive survey of product managers: “The results contain data from over 850 Product Managers and Product Management team leaders about the biggest challenges faced in their organizations. The final report also includes recommendations for how to avoid the most common challenges faced.”

Click the image for a larger version of the infographic. And click here, to download the full report. [You must provide a working E-mail address. The report is free.]


 

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