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

This section contains articles submitted by site users and articles imported from other sites on Marketing Intelligence

Intent Data: Connecting right buyers to sellers

The prospect's intent is demonstrated by the frequency of searches on a particular topic from that particular account. Such data is called "Intent Data" .External Intent data( Third -party providers) and Internal data ( CRM and Contact Form) are the sources for such data. It eliminates all the guesswork and saves time by looking out for companies which are researching for our goods and services and then providing them quality content. Till now only 17% companies make use of advances marketing techniques such as intent data. Such knowledge will be a competitive advantage. One of the main advantages is targeting different buyers in the same organization. Overall it would generate more sales.Read more at : http://www.business2community.com/big-data/reach-buyers-matter-intent-data-01851493#d6OimfSHLPcfr9gb.97

 

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Fitness Trackers: The story of a fast downfall

Fitness trackers were believed to be the next big thing about consumer accessories after smartphones. As we all know, smartphones have a high range of capabilities that includes their competency to measure basic fitness parameters, like counting of steps, number of calories burnt etc. Several companies took advantage of this growing fitness consciousness by launching bands, watches and other wearable gadgets that in addition to tracking their basic parameters also track the critical measures in activities such as cycling, hiking and swimming. The market of these fitness trackers had seen massive growth until 2015. However, the growth reduced drastically in 2016. Based on this highly staggering drop in sales, analyst purchases downgraded their prediction for 2017. Read more at:  https://www.blueoceanmi.com/blueblog/fitness-trackers-market-analysis/

 

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Modern Marketing Strategies

The 4Ps of marketing by Neil H. Borden: Product, Price, Place, Promotion have been the cornerstone for decades. However, technology and innovation have led to just as powerful and as a game-changing new strategy- the new 4Ps of marketing.
Digital marketing has been failing as savvy customer now know how their private data is collected, used and benefits businesses in profiling customers. The new approach consists of the following 4Ps-
1. Permission: Consent for collecting data and being responsible for its usability for building trust.
2. Preferences: Let customer control their marketing channel.
3. Profile: Ask the customer about their preference rather than profiling them which actually hurts the customer.
4. Persona: Allow the customer to tell their own details and needs.
Read more at https://www.digitaldoughnut.com/articles/2017/may/the-new-4p-s-of-marketing

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Artificial Intelligence in India

AI or Artificial Intelligence is the hottest sector in India with lots of innovation across sectors. With China is leaping ahead in the AI race on many levels (research papers, R&D, investment and even policies) India is only now waking up to the benefits of AI. If India wants to participate in the AI revolution, then it needs a policy that brings together Indian academicians, researchers, labs, private players and investors on the same platform. Read more at: http://analyticsindiamag.com/india-stand-ai-race-vis-vis-china-us-rest-world/

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Success Secrets in Emerging Markets

According to the authors, the returns on emerging market investments have been disappointing for Multinational corporations, primarily, because • They import their domestic models into emerging economies.

• Winning emerging economy, consumers involve a change in mindset, capabilities, and allocation of resources.

• Failure of going down the socioeconomic pyramid.

Obtaining Market Intelligence of one market section before entering the market might not be useful because of the higher internal heterogeneity of these rapidly changing emerging economies. Market intelligence methods and approaches differ among countries. A frequent adaptation of product lines and operating models to changing consumer behavior and market conditions is the key to success in emerging economies. Read more at: http://sloanreview.mit.edu/article/mastering-the-market-intelligence-challenge/

 

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Social media as a part of marketing strategy

Nowadays, social media is a part of marketing strategy. But, before planning for a social media campaign, we need to think whether this type of campaign is needed or not. We must think about six points before going for a social media campaign. They are: 1. What are we trying to accomplish? 2. Who are we trying to Reach? 3. What channels can we use? 4. Is There a realistic potential to establish two-way communication? 5. What channels Can we use? And 6. What is the cost? Read more at: http://it.toolbox.com/blogs/insidecrm/do-you-need-a-social-media-program-76621

 

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Why CRM plays a major role in impacting sales ?

CRM is the major contributor of many businesses, but sometimes it turns out to be an inefficient and expensive sales killer. The truth behind this is most CRM platforms aren’t intended to help the end users who work with them day in and day out that is your sales representative. Most of them waste time in doing manual data entry. When there is poor execution of CRM, the organization has an insufficient picture of how it is selling its products. The data we are seeing is incomplete and possibly misleading. To know more, please read the following article: http://www.business2community.com/big-data/4-reasons-big-data-failed-impact-sales-01787213#R6gklCOP8mL83XgS.97

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How to successfully start an online retail business

Nowadays we can start an e-commerce online retail business a lot easier than ever. Thanks to the internet which helps us to start our business with very little overhead or fixed cost and if we go with the trend that is creating something that people want then we can make much out of it. Here are some tips for starting a successful online retail business: We should create a business plan that should clearly show the route to achieve goal or success.

• Choose a creative business structure which includes tax benefits, requirements and how to legalize with government.

• Start a self-storage which will lower your cost of rent.

• Make a catchy website and make sure it includes all the information like store name, location and contact information for the betterment of customers.

• You should provide a convenient price chart and description of all products.

• Make your ordering process easy.

• Last but not the least show your policies of return, refund and warranties so that customers don’t jump to some other site.

Read more at: http://www.business2community.com/ecommerce/7-tips-starting-successful-online-retail-business-01798247#OCvXfd1Det8hkZMy.97

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Customer experience and tech stack up

A long-term customer experience (CX) strategy is built in the entire organization because the strong correlation between customer experience and financial returns is seen. This involves redesigning. The first step to delivering an enhanced customer experience is to bring these various systems and data of customer experience together. Here are some fundamental approaches which need to be further enhanced to building a simple, integrated stack with Contact Center, CRM and e-commerce systems. The first being clean split, contact center systems handle routing and interactions whereas e-commerce and CRM systems bring transaction data and profile/customer journey data. Now the digital divide wherein Contact Center systems and CRM bring in engagement data - Contact Center handles all voice interactions and CRM handles digital interactions whereas e-commerce brings in transaction data. Lastly pragmatic beginning in which CRM is the only system of engagement for limited digital channels, such as email and chat while e-commerce brings in transaction data. Read more at: http://www.incontact.com/blog/tech-stack-deliver-enhanced-customer-experience/

 

 

 

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How to improve your company’s image

Business developer's role is to develop your organization's revenue and profit. The four basic rules to increase revenue are:

1. Increase relation with more number of clients,

2. Increase your fees,

3. Retain your existing clients,

4. Buy different companies.

 Your sales person should be given training time to time despite of the past training and initial knowledge due to changing market scenario. If the company is not doing well, then you can follow some basic rules about how to improve your growth through better interaction with your clients and grow faster.

Read more at: http://www.business2community.com/business-innovation/company-best-class-average-laggard-01778358#qxC2O2djpW5Xv2J4.97

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Is adding Analytics skills to Marketing: A Win or a Loss?

Many studies have concluded that analytic skills are beneficial for making business strategies. A sentiment analysis helps to highlight the role of marketing execution and performance to a company's success. A top vital component to accomplishing development relies upon how well marketing impacts client engagement and empowers the organization to tap new markets. Both of these require strong information and analytical skills to change the examination into business experience.  A study uncovered that high performing organization gives high priority to analytical skills and how they have helped them to analyze the market which made them win. To know more, please read the following article by Laura Patterson (marketing practitioner, consultant and dynamic speaker) at:

 http://www.business2community.com/marketing/make-sure-adding-analytics-skills-marketing-win-01763227#FcBIx0lUk9me8xeV.97

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Customer 360 View : A Stumbling Block to Effective Business Decision Building

Very often a customer 360 view can be dangerous and distracting as it sets the organization of the track by providing it a false goal to pursue and diverts it from pursuing financially rewarding initiatives. As a consequence, business acquires a constant monitoring stage with their data and analytics investment. Customer 360 view data is not actionable until you don't apply analytics and you can't apply analytics until you know the business problem organization is wanting to address. A more active approach would require focus on identifying the decisions that an organization is trying to make about customers and validate, justify and prioritize those decisions. Read more at : http://www.datasciencecentral.com/profiles/blogs/the-danger-of-pursuing-customer-360-view

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Building Your Digital Banking Platform : A Brief Guide

The growth and development of digital financial services or modern banking platforms as we see today is a continuous evolutionary project unlike traditional software projects , it doesn't have a beginning or end.To maintain a competitive edge, an organization must consider the following : User Experience : Every single cent of investment in well designed customer experience would generate a huge rate of return.

Simple Personal Finance Management : A large proportion of banks still cannot offer 100% online account opening facility which shows the potential in this area. Banks should tread carefully and do not rush just for the sake of winning the competition in the market.

Bots and Data :  Bots can hold intelligent conversation with your customers using natural language. Integrating bots on your financial platform would help you to achieve competitive edge.

Context : Banks should aim at varying the channel of their services according to the product. Users are more likely to access content on their mobile phones and  banks must take this fact into account.

Modern day banks need to adapt these changes and at the same time take care of current trends and experience of the competitors, Simply cherry-picking best solutions doesn’t guarantee long-lasting success.

Read more at : http://dataconomy.com/2017/03/choosing-digital-banking-platform/

 

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User Generated Content Marketing

User generated content(UCG) marketing is any type of content that has been put up by unpaid contributors in the form of pictures, videos, tweets etc. rather than the brand itself. It has proven to be a great tool to increase customer engagement. Around 76% social media users think UGC brand is more trustworthy. People who actively participated in UGC campaigns are in the age groups of 25-54. Moreover, sometimes videos created by users on YouTube get 10 times more hits than the actual brand. Even in the digital age word of mouth referrals are the best kind. A successful UGC campaign Increase authenticity, app engagement, app reach and brand loyalty. Read more at : https://www.entrepreneur.com/article/289838

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5 Ws’ of Winning Data Strategy

According to a study, it was found that 78% enterprises agree that data strategy, collection and analysis have potential to fundamentally change the way their business operates. The sole aim of an effective data strategy is to utilize this potential . The 5 questions that one need to answer before building a data strategy are : WHAT is Data Strategy?: It is a strategy that allows you to have a comprehensive vision across the enterprise.

WHY do we need a Data Strategy? :You need a data strategy to find correlations across multiple disparate data sources, predict customer behavior, predicting product or service sales

WHEN should I start or have a Data Strategy?: Answer is NOW.

WHO in our organization should drive this Data Strategy?:Chief Data Officer

WHERE do we start with Data Strategy?:It depends on how the organization is structured , it’s recommended to start it in some business unit.

 Read more at : http://dataconomy.com/2017/01/data-strategy-part-i/

 

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Renovating Sales and Marketing Practices using B2B Ecosystem 

Managing Customer relations and increasing need of collaboration to build profitable business has led to the development of digital B2B ecosystem, which is a community of system working together to serve the needs of customers. These systems allow segmentation of audience and delivering a customized experience to each group. Some components of the B2B ecosystem are Enterprise Resource Planning System, Customer Relationship Management System, Product Information Management System, Order Management System, Marketing Automation System etc. A well-equipped system help marketers to Use Customer Insights to Cross-Sell, Optimize the Order and Reorder Processes, Better Manage Content ,Facilitate Lead Nurturing. In a well established B2B system Sales and Marketing collaborate to have a real time access to latest customer information. You can read in more detail at : http://www.datasciencecentral.com/profiles/blogs/how-b2b-ecosystems-big-data-can-transform-sales-and-marketing

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How to retain customers through email marketing

Email marketing is the best way to turn one-time shoppers into loyal, long-term customers and that’s the reason why 80% of brands rely on it to drive customer retention, and another 56% of them say email marketing is the most effective way to reach retention goals. It is proved that email marketing is perfect for driving retention and the following reasons support that. They are: 1. Welcome emails, Cart Recovery emails, Loyalty emails and post purchase emails. Read more at: http://www.business2community.com/email-marketing/drive-customer-retention-email-marketing-01779908#mkYEibx0bsjCD70R.97

 

 

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Winning Data Strategy using Industrialized Machine Learning

 The first block to build a winning business strategy is to create a map based on business value of the question and approximating how much time would it take to get high quality answers to that question. The idea is to break the business questions into groups that corresponds to real time data systems. It allows you to focus on a specific system at once to build a strong strategy and optimize the sequence in which each sub question needs to be answered depending upon its current business value. A pattern of actions for data strategy begins with a hypothesis and collection of relevant data followed by building models to explain the data and evaluating its credibility for future predictions. The entire process is achieved on an enterprise scale digital infrastructure using Industrialized Machine Learning (IML). This approach can have a huge impact on natural resources and healthcare industries as well.

Read more at : https://blogs.csc.com/2016/07/05/how-to-build-and-execute-a-real-data-strategy/

 

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Essence of Qualitative Research

Global markets are becoming more complex each day, and therefore, it has become essential for business intelligence teams to apply advanced methods for data interpretation. They believe that only the decisions based on quantitative data can be justified. Although there are some ways quantitative research may go wrong, the truth comes out only when you meet people, talk to them, involve them in creative exercises.

Read more at: http://www.dataversity.net/science-big-data-art-interpretation/

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Building Consumer Intelligence System

It has been evident that a great customer experience is one of the signs of a healthy business model. Machine Learning and Data Analytics are playing a fundamental role in building consumer intelligence systems. It is important to capture data and there is no single magic source to collect data. Telecoms are making billions by selling data. You need to ensure that the data is relevant to business. Once you have the right data, you are ready to model, design and engineer and deploy your 360-degree customer view platform and achieve the enhance customer experience for your organization.

You can read more at: http://www.datasciencecentral.com/m/blogpost?id=6448529%3ABlogPost%3A508502

 

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