Tag Archives: data analytics

Data Analytics Can Help Predict Consumer Behavior

8 Feb

As we know, forecasting how consumers will behave is big challenge for marketers. In essence, what are we — as shoppers — going to do in the future? Thus. let’s see how data analytics can help predict consumer behavior.

As described by Techopedia. We extract and sort data to learn and assess behavior and patterns. And techniques vary according to a firm’s requirements.”

At this point, take a look at these prior posts on the topic:

 

Data Analytics Can Help Predict Consumer Behavior

To better grasp how analytics can help predict behavior, read on.

Because of big data, we have a simpler prediction process. As we noted last year:

“eMarketer published a Big Data Roundup for 2017. And it concluded that ‘Most key goals of marketers are rooted in big data. This includes targeting and customer relations, attribution, and AI. eMarketer has articles, insights, and interviews. To help you understand why and how marketers put these  data sets to work.”

Now, Dot Com Infoway (DCI) produced an analytics infographic. With it, marketers can better use analytics to predict behavior:

“Predicting behavior is a big challenge for marketers worldwide. And though it has always been hard, today it is harder. With consumers exposed to new technologies, products, and even new wants!”

“Thus, the infographic explains the importance of analyzing behavior. And with graphics, it shows behavior of an average online buyer. Along with sites where consumers share feedback. Next, the infographic lists steps in making a purchase. Also, it informs about the  buying behavior process. At the end, it explains predictive modeling.”

To learn more about data analytics, click the infographic. If you do so, you will see lots of good info on this topic. And the read is worth the time!

 

Data Analytics Can Help Predict Consumer Behavior
 

How Good Is Your Web Site

24 Jan

Here’s an important question: How good is your Web site? And the answer depends on setting criteria to measure. As well as monitoring Web site results. That’s our topic for today.

Related topics we’ve written about include:

 

Background: Bloggers and Analytics

Before addressing the question of how good is your Web site, let’s look at the use of Web site analytics.

In an ideal world, analytics about our Web sites should be essential. After all, we should want to know how well our site is doing. AND which type of content does best? AND which type of content does worst.

Virtually all large firms use data analytics to assess their sites. In addition, they do so regularly. On the other hand, many smaller firms don’t use analytics much. If at all.

Why is this? After all, Google and WordPress provide free analytics tools. And they are easy to use.

Each year, Orbit Media does in-depth research on 1,000+ bloggers. And one of its topics relates to analytics. Thus, these are some findings:

  • “Analytics aren’t fully embraced yet: Nearly 7 in 10 bloggers don’t always check content performance.
  • More bloggers are data-driven: A greater percentage check results every time. Over the last three years, there’s an 18% increase in those who ‘always’ check analytics.
  • In fact, most bloggers do check analytics: 56% ‘usually’ or ‘always’ check the results of a given post. That number hasn’t changed much over the last few years.
  • Yet, some bloggers don’t seem to care: 1 in 5 bloggers don’t even have access to Analytics or hardly ever look at results.”

This chart provides a good summary of Orbit’s most recent take on analytics.

How Good Is Your Web Site? Using Analytics
 

How Good Is Your Web Site ?

If it is essential to measure Web site quality and performance, what exactly should we measure?

According to Orbit Media’s Content Marketing Metrics — 10 Easy Ways to Measure Effectiveness, these factors should be reviewed:

  1. Website traffic
  2. Subscriber growth
  3. Search rankings
  4. Time on site
  5. Social media followers
  6. Social media shares
  7. Links and Authority
  8. Clickthrough rate (CTR)
  9. Leads
  10. Feedback

And these factors are described in the following infographic:

 

Big Data Challenge: Measuring Marketing ROI

12 Dec

As we know, big data is a big deal. And it’s challenging too. Hence, we turn to a big data challenge: measuring marketing ROI.

If you have followed Evans on Marketing, you aware that we have reported regularly on big data. So, take a look at these examples:

 

Big Data Challenge: Measuring Marketing ROI

Even today, measuring marketing is hard. And this is with the availability of big data.

With that in mind, Malinda Wilkinson, writing for Business Group asks this question. “Marketing ROI: Big Bucks Or A Total Bust?” Consider these observations:

“Are your campaigns driving big bucks or a total bust? That’s the most important question we have as marketers. To determine this, you have to connect the dots. And unlock the value of the data. However, depending on the current state of your data, you may not even know where to start. When it comes to your metrics, most marketers likely fall into one of these three categories.”

You don’t track anything. People fall into this category because they don’t know what to track or how to track it. Also, they also may not have the right tools to best monitor and report metrics. Unfortunately, when you’re not tracking anything, it is hard to determine what’s working well. And if your marketing investments are worth it.”

You track the wrong things. You might track some metrics. But the real question is – are they the right metrics to track? To answer, be sure data are relevant, meaningful, and unbiased. The goal of metrics is to enable better decisions and improvements that drive your business forward.”

You track everything but are overwhelmed by the amount of data. Do you have so much data that you can’t make heads or tails of it? That is information overload. In this case, you track all the data. But you don’t know how to isolate key information and focus on what will move the needle.”

 

Tips to Measure Marketing ROI

To measure marketing ROI properly, Wilkinson offers these tips:
  1. “Set goals based on business objectives.”
  2. “Identify what data you need to track progress against those goals.”
  3. “Make sure data are meaningful.”
  4. “Define your metrics.”
  5. “Assess the current state of your data.”
  6. “Invest in an analytics tool.”

Click the image for further discussion of the tips.

 

Big data is a big deal. And challenging too. Hence, we turn to a big data challenge: measuring marketing ROI.
 

Thinking About a Career in Data Analytics?

22 May

As we know, data analytics and big data are extremely important to millions of companies around the world. So, it is pretty clear that new jobs in data analytics are opening every day. If you are an analytical person, think of the career possibilities.

According to Dataconomy:

“The importance of big data and data analytics is going to continue growing in coming years.  Professionals in this field can expect an impressive salary, with the median salary for data scientists being $116,000. Even those who are at the entry level will find high salaries, with average earnings of $92,000. As more and more companies realize the need for specialists in big data and analytics, the number of these jobs will continue to grow. Close to 80% of the data scientists say there is currently a shortage of professionals working in the field.”

Many who are working in the field today have more than one role in their job. They may act as researchers, who mine company data for information. They may also be involved with business management. Around 40% work in this capacity. Others work in creative and development roles. Being versatile and being able to take on various roles can make a person more valuable to the team. Being willing to work in a variety of fields can help, too. While the technology field accounts for 41% of the jobs in data science currently, it is important to other areas too. This includes marketing, corporate, consulting, healthcare, financial services, government, and gaming.” [Red signifies marketing-related opportunities.]

 

Infographic Source: Dataconomy

 

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