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

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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New Trends In Content Marketing

Content marketing is an important part of any business and is always changing from time to time. Every business house must follow the content marketing trends which helps you to know about the latest changes to the landscape, as well as what competitors might be doing to reach your audience. Roee Ganot (expert in the fields of SEO, analytics, social media and conversion optimization), writes in his article about the top five content marketing trends of 2017. Read more at: http://www.business2community.com/content-marketing/2017-top-5-content-marketing-trends-01758847#4KejdYfiMqB7AECp.97

 

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Stages of customer lifecycle

Customers have a life cycle like products. If marketers can understand customers, they will have better profitability. The stages are: Reach & Awareness – Customers become aware of the company, Acquisition - Here company can identify the specific prospect by collecting information such as name and address on them and entering it into the CRM database, Conversion – In this stage, a company converts a prospect into a customer which includes the initial sale, Retention – Here first time customers are converted into continuing customers , and Advocacy – this is the final step in the life cycle where regular customers  are converted into advocates for your company and its products. Read more at: http://it.toolbox.com/blogs/insidecrm/customer-lifecycle-and-crm-75251

 

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All About Brand Perception

Brands are an important part of any business and brand perception is equally important in today’s business world. Companies always want to ensure a positive brand perception among their target consumers, but they don’t control brand perception—consumers do.  According to a research, it was found that 45% of brand perception can be attributed to what a company says and how it says it. Companies must monitor brand perception with the help of some tools. Read more about  the importance and tools of brand perception at: http://www.business2community.com/branding/brand-perception-matters-companies-can-measure-01734675#zovVqLQb4MdUrqrl.97

 

 

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New Trends in SEO

The search engine optimization or SEO is changing with time. What was true for 2013 or 2015 is not true in 2017 as many things changed on the Internet. Author Avinash Nair in his article writes about some positive changes that are going to make SEO better in 2017. They are- There will be a variety of content for SEO. Now we will see a blend of art and technology. There will be mobile optimized sites. Marketers will invest in a reliable SEO tool which will monitor your backlink profile regularly and dismiss unnatural links. Social media platforms will help as search engines and it will increase and optimizing for voice search will be another trend in 2017. Read more at: http://www.business2community.com/seo/seo-trends-seo-2017-look-like-01732992#WIStzFGaZqogrrgp.97

 

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Qualities Of A Data Scientist.

 

Data Science is one of the hottest job of the 21st century. But is it easy to be a data scientist , and the answer is it’s not hard. But here are some of the things that one need to avoid to be a bad data scientist :

 

  • Focus on tools rather than business problems :

Yaa tools do matter, but what is even more important is the problem you are working on, it should be the basis of all your decisions.

 

  • Planning communication last :

Communication helps in getting various insights about our ideas and hence help in improving our approach to handle a particular problem.

 

  • Data analysis without a question / plan :

Data without a plan or motive is useless and we often end with more of the things we don’t need than the things we really need.

 

  • Don’t read enough :

This is a mistake that everyone makes, to be updated with the recent development tends helps in constantly improving our skill set and hence benefits the organization.

 

  • Fail to simplify :

Data Scientist generally fail to maintain the core idea behind their product and hence end upwith something which is much complicated for the end users.

 

  • Don’t sell well :

The job of data scientist doesn’t end with creating the product , he must know how to sell it, how to reach to the end users.

You can read more at http://ucanalytics.com/blogs/6-worst-mistakes-for-data-scientists-and-how-to-avoid-them-explained-with-quotable-quotes/

 

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Implementing Self Service BI? Ask these Questions.

Implementing Self Service BI? Ask these Questions.

Data driven decisions are a must in today’s world. As technological progress is being made every second, the reliance on BI is also increasing. Now people are moving on to Self Service BI. But the question is: Are they making better decisions as a result of it or are they failing in its implementation? 

Daan Pepijn, in his article at cmswire.com has listed down six critical questions that lead you towards right implementation of Self Service BI in your business. These questions are:

1.       Do you have the right data sources?

2.       Do you have the capability to warehouse your data properly?

3.       What analytics solutions do you have on hand?

4.       How well does your BI solution integrate with existing platforms?

5.       Is your reporting mechanism both powerful and easy to understand?

6.       Does your BI solution enable better compliance?

 
Do ask these questions before implementing your BI solution, because, correct implementation has the power to yield an ROI of $10.66 for every dollar spent.

 

To know more, please visit the following link:

http://www.cmswire.com/information-management/essential-building-blocks-of-an-effective-self-service-bi-strategy/

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Upcoming trends in digital marketing

It’s almost time to say goodbye to 2016 and welcome 2017. Justin Wilson (Digital Marketing consultant based in Manchester, UK) in his article explores the trends to look out for during the next twelve months. They are: Display Ads Evolve, Augmented Reality Will Be Back, Content Marketing Gets Tougher, Internet of Things will be important in digital marketing. Read more at: http://www.business2community.com/digital-marketing/2017-digital-marketing-trends-01731208#jv46d5b2dDxdfCIC.97

 

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How new marketing models are replacing the traditional method

Traditional marketing methods like blogs and emails are replacing newer methods like conversation between businesses and customers. Traditional marketing is a one-way communication, from the company to the audience. But, in the new marketing model, the customer is an active part of the conversation, sharing insights and information with the marketer and then the model is patterned. Read more at: http://it.toolbox.com/blogs/insidecrm/changing-patterns-of-crm-75113

 

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