Week 1

Interesting things learned:
1.) Lather, rinse, towel - how processes are so important
2.) The intricate skills needed thinking wise in order for marketing analytics to be beneficial
3.) Barriers and catalysts

Questions:
1.) How do you determine what metrics will be important or directly related to revenue?
2.) What happens if A/B testing is not a successful approach?
3.) How many metrics should be in your portfolio?

What I have learned this week:
Marketing analytics is vital to the success of a business. In order for a company to be able to change for the better they have to put in the work to find out the specifics of making their company function. Marketing analytics is a process of its own and has many steps that require certain skills and proficiency. It is a way of measuring a company's success and failures which can then be used to transform the company. In order for this process has a whole to work, it must be done efficiently and effectively. There are some difficulties that come with this territory. It is hard to know what metrics are to be used because there is a vast number of them and they each have their own duty. You do not want to chose a metric that is not measuring something important because it will be a waste of resources and time. In order to navigate through the metrics to find the ones with the most promise you must focus on your overall objectives and measure the efficiency and effectiveness. Most, if not all, businesses have one main objective and that is to increase revenue/sales.With this in mind you want to chose the metrics that will revolve around cost effective increase of a company's money. Once the metrics are chosen you can then use them to acquire the data and then analyze. This is where a team will compare the data and find a finalized set of changes that need to occur. Now these improvements can be put into motion. A major thing to look at after putting these metrics into motion is to look at the company's culture. Culture is so important in setting a company apart from others as well as excelling within the company itself. The culture of a company if what leads to efficiency and effectiveness, both in terms of productivity of goods/service being provided and the inner workings of the employees. This is where barriers and catalysts come in. Barriers are ways the company are working that can be detrimental to success and catalysts are what causes the company to excel. There are four critical skills that are catalysts for a company; analytical ability, technical ability, understanding and communication. These skills are what makes the perfect worker that will be a huge part of the company's success. Having these skills is hard to find in an employee but that is why there are different groups and teams within a company where those with common skills can work together to attack certain problems. Analytics are huge in all of these departments and is what pushes a company to perform at it's best.

Comments

Post a Comment

Popular posts from this blog

Week 3 Recap

This week we talked about the intricate aspects that go into the lather, rinse, repeat process. This process is important in outlining how to get the most effective outcome without wasting time or money. We used the article about how publicity and advertising spending effects a companies performance to help go through the process. The first aspect of the process is figuring out the problem, how the data can solve that problem, and where you can get that data. In terms of the article, the problem was finding what is more effective or what out weighs the other, publicity or advertising spending. To find how the data can solve this problem we had to go through the metrics. These metrics included corporate brand attitude, sales revenue, corporate reputation, profitability, and firm value. We found out that these are not actually the metrics but the avenues or routes taken to get the right metrics. Sales revenue is obviously the monetary value, the corporate reputation is a scaling system (...
Read more

Class 2 Chapter 9

Interesting: 1.) The three typical uses of segmentation are finding similar members, making modeling better, and using marketing strategy to attach each segment differently. In terms of the first, this is when you find homogeneous members or finding those that are alike then seeing how they differ in term of satisfaction. When improving modeling you have to run a separate regression model for each segment and find the difference in the affect of the independent variables. When trying to attack the segments with marinating strategies you have to look at sensitivity. If a customer is sensitive to a certain subject it will change exactly what approach you will take compared to other segments. 2.) The four P's of strategic marketing; partition, probe, prioritize, and position. Partition is the act of dividing the market in to sub-markets to avoid the "one size fits all" concept. Probing is the aspect of finding more data but creating more variables. Prioritizing is the act ...
Read more

week 5 class 1

Interesting: 1.) First Moment of Truth (FMOT) is the decision to purchase. Second Moment of Truth (SMOT) is the actual use of the product. Zero Moment of Truth (ZMOT) is the online research action. Third Moment of Truth (TMOT) is sharing your experience of the brand with others. 2.) Customers will soon be able to search for products by image, voice, and gesture; automatically participate in others’ transactions; and find new opportunities via devices that augment their reality. 3.) To create similarly friction-less experiences, some companies have created 24/7 digital “window shops” to test product ideas and customer interactions and collect rapid feedback without the need for additional labor or inventory. Questions: 1.) How do companies let their customers know what e-WOM is credible and what is not? 2.) How do companies transition into a central data mart? 3.) What is the most cost effective way to get "scrum teams" and new information systems?
Read more