SigmaWay Blog

SigmaWay Blog tries to aggregate original and third party content for the site users. It caters to articles on Process Improvement, Lean Six Sigma, Analytics, Market Intelligence, Training ,IT Services and industries which SigmaWay caters to

The Right Metrics Required For Analytics In Business

Converting analytics to action is a nightmare as it is fraught with problems, of which, not the least is the political nature of organizational decision-making. When it comes to ROI, we see lots of organizations taking on the analytics bandwagon and are happy to have more insight into which pages, and segments are driving returns. A host of digital tools can transform data into pretty dashboards to help improve ROI.

Overall, businesses do a great job of monitoring, understanding, and utilizing ROI information–translating it into effective actions. These relatively simple metrics guide managers on which messages, segments, products, and channels are working their best, allowing them to tweak strategy in order to improve market performance and intelligence. Still, sometimes issues of data quality and politics impede implementation of the right actions based on available data.


Read more at: 
http://www.business2community.com/digital-marketing/translating-analytics-action-right-metrics-right-time-01702969#LDbDrcQKbELE1vEd.99

 

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How Social Media can help in increasing ROI?

People spend more time on the social media nowadays. So, marketers are targeting their customers on the social media platforms. As a result, organizations having a social media presence are generating greater ROI. Social Media is a new communication channel that presents the combination of communication and information. With the integration of powerful search engines, people use it as a source to search for information. Organizations can also check what people are saying about others. Marketing is about your presence at the place where your potential customers can be present. Salespeople are a source for news for their clients on these social networks. There has been a decrease in the budgets for marketing with the help of social media, without affecting the marketing strategies. Read more about this at: : https://www.siliconrepublic.com/business/2016/02/16/social-media-marketing-investing-roi-imi

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Marketing Measuring Metrics

The purchasing decisions taken by the customers are more often the result of online reviews and various comparisons. After buying products they themselves become reviewers and express their views on web about the product. This significantly impacts the reputation of the product and hence the company. This expands marketing horizons, thus its measure can't be only limited to ROI (Return on Investment). Work of marketers is not limited to being just creative. It is important for them to be contributing employees to the organization. Testing of the marketing strategy should be done. All the influencing factors should be kept in mind. The marketing team should be aware of when to measure. Read more at: http://bloomreach.com/2016/01/measuring-marketing-roi/

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How to increase ROI for ERP implementation

According to an ERP Report, most ERP implementations fail because they cost more than expected and/or take more time than expected. Eric Kimberling (Managing Partner of Panorama Consulting Solutions), writes in his article about how to focus on driving ROI for  ERP implementation. Read more at-  http://it.toolbox.com/blogs/erp-roi/the-five-ways-to-achieve-roi-in-erp-70598

 

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Use of CRM software

Many companies implement CRM software, but, they don’t have a plan which leads to poor ROI. In order to get the best out of CRM, companies must identify their needs, must have a step by step plan, train the users, and manage the quality of data obtained. Read more at: http://it.toolbox.com/blogs/insidecrm/how-to-effectively-use-crm-software-69919

 

 

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Social Media Marketing Increases Digital Marketing

Changing attitude of the young generation along with urbanization in India is driving the expansion of digital marketing in the Asia hugely. Noticing such changes, digital ad spending is also increasing gradually. Increasing use of mobile is enhancing marketing by helping product research work better.  Smartphone has penetrated regions in Asia Pacific like never before. This increases the usage of mobile app which indirectly increases mobile internet ad spending as marketers are benefiting. Western marketers are also looking to move into this region as they can have better social measurement. They focus on the impact of social on key business objectives. Digital marketing increases in countries like India, China that grow into true economic powerhouses with increasing ROI. Read more about it by Stuart Found (Global Digital Events Manager) at: https://channels.theinnovationenterprise.com/articles/how-is-digital-marketing-expanding-in-asia

 

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4 Exercises to Get your Data in Shape

Annual marketing data benchmark report reveals that around 84% of marketing database are non-functional, 64% of records do not include a phone number and only 35% of emails were identified to be functional. Undoubtedly, this will take the profits on a downward flight. Larisa Bedgood in her post on Datamentors tells us 4 ways we can bring the data to shape and extract higher revenues.

• Begin with Data Assessment

• Establish Business Processes to ensure data quality

• Establish an ROI to fund new marketing database initiatives

• Implement a data management solution 

For more on this click the link http://www.datamentors.com/blog/dont-lose-revenue-bad-data-4-tips-whip-your-marketing-data-shape

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Big data in increasing ROI of an enterprise

The quality of big data is more important than the quantity of big data. Three types of data a company should be stressing on:
1. Social data- Marketers are now focused on estimating the number of followers of the company website, and its products now that there are ample opportunities to share the knowledge of their products in social platforms like, Facebook, LinkedIn and Pinterest.
2. On-line IDs- Data has taken marketing to a whole new level. Data can be collected and used to personalize messages and send offers through mediums most preferred by consumers. This is often done by connecting off-line data with on-line identities.
3. hard-to-find data- Enterprises produce large quantities of data everyday as a by-product of their day-to-day business transactions. Many companies, realizing the benefits of monetizing these data assets are making it available to other firms and the fact that the data has already been mined and sourced, adds value to the whole procedure.
Read more at:

http://www.business2community.com/big-data/3-big-data-types-will-increase-roi-01257959

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Big Data in Entertainment Industry

Big data is completely transforming the way we look at business. Analytics is being used to foster growth in every industry. The entertainment industry uses predictive analysis to forecast the box office collections, gauging the success of the movie before they even start shooting it. Production houses can use big data to plan strategic release dates and to retain consumers by analysing patterns derived from the data. By collecting data from the social media sites, they can formulate plans based on consumer sentiments as to what kind of music, casting, genre, are in trend thereby increasing the ROI and giving improved entertainment to the end user. Read more at: http://analyticsweek.com/how-big-data-is-changing-the-entertainment-industry/

 

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Utilizing predictive analytics to make business decisions

Predictive analytics make use of statistical or machine-learning techniques to analyze current and past facts to predict the future. Companies, by using predictive analytics, can make better and decisions at low-cost. Predictive analytics can help companies to get an idea of every possible event, thus allowing for risk management and calculating potential ROI. Using predictive analytics, companies can remove politics from the decision-making process. There is a growing awareness among companies about predictive analytics and companies that adopted this method have reported success and increased ROIs. Optimizing predictive analytics to produce better choices leads to decision modelling. Through decision modelling companies can gain insight into how predictive analytics can add value and how ROI can be measured. Read more at:https://channels.theinnovationenterprise.com/articles/making-faster-decisions-with-predictive-analytics  

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Advertising in social media

Social media is no more just the place to catch up on old school friends and college buddies; it is now being used for diverse activities. People, nowadays, are using social media to look for products and services, research and review companies and ask for recommendation from friends. Social media has now become the place for branding, opening channels of communication with customers, building loyalty, being transparent and establishing goodwill. Reaching out to customers is far less expensive on social media enabling marketers to achieve higher marketing ROI. Digital marketing has replaced traditional marketing techniques as consumers these days are more tech savvy and active on social media. Read more at: http://www.business2community.com/social-media/social-media-advertising-roi-01247591

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Business Value With Social Media Data

A firm needs to build a firm base that gradually can destroy others. The amount of information produced by social media platforms is an excellent way to measure a business’s both real and potential value. 56% of marketers named the ‘inability to tie social media to business outcomes’ as the central challenge to measuring ROI from social media. Gauging customer demand prior to launch using social media helps minimize risk, especially for entrants. Social media data can be correlated with an organization’s KPIs to know their impact upon one another indicating its usefulness. Allowing big data analytics capabilities to the social media platform helps firms to cross-reference social data to other data streams from their business. Read more about this article at: http://channels.theinnovationenterprise.com/articles/social-media-analytics

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Need for marketers to standardize: A study

Marketers need to think creatively for building an effective and creative campaign. On the other side, they have to give returns on investments. So, marketers are feeling stressed. To improve the performance of the marketers, they need to make standardization a priority across their organization. Standardization is an essential practice to improve the performances and gives long-term benefits. Scott Vaughan (CMO of Integrate) in his article at marketingland.com, discussed about five areas where marketers should start standardizing are:
• Process
• Data
• Key technology systems
• Metrics and Benchmarks
• Team Expectations
Read more at: http://marketingland.com/marketers-time-stop-standardize-130267

 

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New Role of CFOs in this digital era

80% (including tangible assets) of a business total corporate value on the S&P500 index, now only count for 20%. Now, intangible assets such as data, talent and intellectual property has become the hallmark. In this competitive world, the CFO needs to allocate their entire budget in digital technologies. CFOs need to become leaders and guide business during digital transformation. According to Gartner, "intangible assets are the core competency value of any business." And they need to rebalance their investment portfolio. According to Shailender Kumar (MD of Oracle India), data and access to the data are the most valuable intangible assets for businesses today and cloud helps organizations to get the most from the data. Organizations need to rethink on their ROI measurement procedure. They need to develop new metrics, risk and performance measures in order to measure ROI. To know more about the CFO role in cloud and digital technologies, please follow this link: http://www.financialexpress.com/article/industry/companies/data-talent-and-ip-are-key-to-a-companys-market-worth/78557/

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Artificial intelligence: A Glance Into The Future

Artificial intelligence (AI) is important nowadays. Marketers and advertisers need to understand that without the help of AI, it is difficult for any business to sort through all the data and then take day-to-day strategic decisions, and ensures that there is no wastage and thus increasing ROI. Marketers also use AI to look at a customer’s past behavior and predict what they are going to be interested in future.  But, the main risk is that many of the jobs that require human attention may be performed better, faster and even cheaper in the future by robots or AI software systems. Read more at: http://digitalmarketingmagazine.co.uk/digital-marketing-data/unlocking-the-potential-of-data-through-artificial-intelligence/1723

 

 

 

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Customer Experience: A Modern Approach

The most important thing for a company is dealing with customers and their experiences. Companies need to be more customer centric and must have a modern approach towards creating a global customer experience across all channels. There are three things which marketers can do to ensure modernization: utilize cloud technology, leverage customer data effectively and make language and culture a priority. Cloud technology enables organizations to optimize multi-channel customer experiences from any device, understand brand health and product perception in real-time and is easy to implement and also improves ROI. Organizations can predict buying  pattern by understanding and analyzing customer data. To know more, follow Paige O'Neill (Chief Marketing Officer at SDL)’s article link at: http://digitalmarketingmagazine.co.uk/customer-experience/three-steps-for-modernising-enterprise-customer-experience/1696

 

 

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Social Media Marketing Mistakes

Nowadays, social media is important for any successful digital marketing strategy. ROI of social media marketing can be a great tool for optimizing web presence. Gary Dek (Blogger), writes in his article link about how to avoid social media marketing mistakes, and ways to ensure campaign’s success: http://www.business2community.com/social-media/10-social-media-marketing-mistakes-businesses-must-avoid-01143556

 

 

 

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How To Generate ROI From Ecommerce Analytics

Many online retailers nowadays are using big data to personalize their consumers’ shopping experiences which in turn increased their revenue and brand loyalty. Tracey Wallace (Managing Editor, Bigcommerce), writes in her article link about how to increase repeat customers, average order value and, increase your online store revenue: : http://www.socialmediatoday.com/content/data-insight-action-4-ways-generate-roi-ecommerce-analytics

 

 

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Reasons To Include Personalized Marketing In A Business

According to a research by Formstack, it was found that 88% of marketers know that a customized web experience can boost their ROI, but only 6% plan with personalization in mind. They also found that personalized emails boast 25% higher open rates and 51% higher click rates. Veronica Maria Jarski (Opinions editor and a senior writer at MarketingProfs), writes in her article about why businesses should include personalized marketing in 2015. Read more at: http://www.marketingprofs.com/chirp/2015/26743/why-personalized-marketing-will-dominate-in-2015-infographic

 

 

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Email Marketing Campaigns

Small businesses can generate ROI if they integrate email marketing with client engagement platforms. These tools are applications that can be integrated into a business website, email campaigns, or social marketing software – enabling clients to interact with a business from anywhere at any time. Some examples of these tools are online payments, online scheduling, file sharing, electronic forms and signatures, event registration, surveys and more. If email marketing is done in a right way then it can generate ROI and increase customer engagement.  To know more, follow (Ran Oelgiesser, Chief Marketing Officer of vCita)’s article link: http://digitalmarketingmagazine.co.uk/articles/boosting-email-marketing-campaigns-with-client-engagement-platforms-and-scheduling-tools/1236

 

 

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