Enjoy a few words on customer listening from Richard Branson! For entrepreneur extraordinaire Richard Branson, customer satisfaction is best derived from the minds of customers. “Listen, Listen, Listen” says Branson. Innovative ideas and methods to better meet your customers expectations are no more than a few questions away. Customer satisfaction occurs when a buyer perceives..
What do physics and marketing have in common? Dan Cobley of Google is passionate about both. He brings these concepts together using Newton’s second law, Heisenberg’s uncertainty principle, the scientific method and the second law of thermodynamics to explain the fundamental theories of branding and the importance of measuring marketing success.
Companies have finally realized there is value in data and have launched major BI initiatives in their organizations. But most companies are making a colossal mistake in how they are approaching this challenge because they fail to realize data does not equal information. A Data Warehouse infrastructure and Business Intelligence tools allow business users to query against existing data, but it is only analytics that enable business users to go beyond the current boundaries of that data. Analytics is done by people and these people can look outside of the current data limitations in an organization and can even look outside the company walls for answers. OC Marketing Analytics has partnered with data management consulting company, Zendeux, that offers solutions based on data quality and establishment of data structure rules and KPI consistency. OC Marketing Analytics then applies ‘Business Intelligence’ tools from cutting edge providers like IBM’s SPSS and Big Data Platform to find new and actionable insights. Click Post Title to Learn More.
Online businesses must establish a trustworthy brand to engender a comfort among customers, which paves the way to repeat business. OC Marketing Analytics founder, Ray Benedicktus has published three articles in A-level marketing research journals, two of which explore consumers’ online trust beliefs. These articles examine the effects of brand, physical store presence, customer ratings,..
Market segmentation models can be designed to meet a wide variety of goals. If executed properly, market segmentation leads directly to important cost saving and revenue opportunities. Following are the most common benefits of market segmentation. 1. Achieve differentiation. How can you make your brand or product stand out in an increasingly noisy marketplace? By..
Harvard Business Review contributors Patrick Spenner and Anna Bird discuss how marketers still rely too much on instinct over consumer driven customer-intelligence in Marketers Flunk the Big Data Test. The big-data explosion is driving a shift away from gut-based decision making. Marketing in particular is feeling the pressure to embrace new data-driven customer intelligence capabilities. No wonder a strong appetite for data is one of the most sought-after qualities in new marketers.
After three years of development, consumer research and brand name testing, Honey Bunches of Oats cereal hit the market. This week the OC Marketing Analytics blog tells the story of how Vernon J. Herzing and his daughter Kimberly conceived the great tasting cereal, how Post Cereals settled on the perfect mixture of flakes and sweetness, and why we know one of the top selling cereals in America today as “Honey Bunches of Oates.”
The nation’s youth may have unique tastes in clothes, TV shows and video games, but they all share the connection of having mobile devices that never leave their sides. Texting, apps and Facebook Chat are frequent activities for Millennials and our panel provider network has tapped into this phenomenon. With nearly 20,000 mobile respondents under the age of 18 that can be contacted via their cellphones and tablets, a new and important respondent community is at your fingertips.
Every sane company executive would raise their hand and say they believe having loyal customers is a key to business success. But what are executives really doing about it? Most will point to their customer care training or CRM system and say, “That’s how we take care of loyalty here.” Some will also point to their monthly newsletter or discount program to demonstrate their efforts. All of these are good attempts. However, when competitors can easily mirror such activities, one-way communications is simply not enough.
Three principles should guide you in your efforts to create greater loyalty and engagement within your organization.
As social media becomes a more expansive space and tool, companies are starting to track consumers’ comments about their brands. However, the tools used to track dialogue and measure online brand strength are equally powerful in assessing strengths and weaknesses of competitors. Social media monitoring tools such as Alterian SM2, Radian 6, and Trackur enable..
Analytics can be an extremely helpful tool for marketers when it comes to proving the value of marketing investments and overall performance. However, not all analytics are alike. Usually, when marketers think of analytics, things like time-on-site and number of unique visitors come to mind. Those are important things for marketing to track. However, that doesn’t really provide an accurate picture of how marketing is performing. That’s because those are related to web analytics, not marketing analytics.
On Monday, we shared a typical retail service encounter and how a seemingly harmless $5 service charge can actually detract from value perceptions. We suggested instead a customer-centric policy, one which (as outlined below) would cost the company only 33 cents per redemption, build loyalty, and reinforce perceptions of service quality excellence. Today, we follow up with the rest of the story. What did Performance Bicycle lose in terms of Customer Lifetime Value and what would the ROM be if they invested the 33 cents in only a few customer relationships.
I have recently witnessed several performance improvement opportunities, one of which is described in this week’s blog. A service policy failure resulted in directly observable negative financial impact for a chain of specialty retail stores. The service design and pricing gaff not only resulted in an experience that was not satisfactory for the consumer, but also a readily quantifiable loss of revenues and profits and poor brand management for the company. The issue is discussed first in terms of Value Perceptions and on 7/5 in terms of Customer Lifetime Value.
Cyber Monday now spans almost an entire week. With long lines, bad weather, and full bellies, shoppers are increasingly choosing the convenience of the digital world over brick and mortar stores for their gift shopping. OC Marketing Analytics Resource Partner, Luth Research, has recently released a new software to measure online shopping habits. This software, ZQ Intelligence™, offers unique insights into customers’ digital lives, including their online shopping habits over the extended holiday shopping period.
Just 3% of 835 business owners surveyed earlier this month by The Wall Street Journal and Vistage International said Twitter had the most potential to help their companies. Professional-networking service LinkedIn topped the survey, with 41% of respondents singling it out as potentially beneficial to their company. Sixteen percent picked YouTube, and 14% chose social network Facebook. The findings illustrate the challenges facing Twitter in demonstrating to small-business owners the benefits of using the short-messaging service to reach customers. Twitter says it is just beginning to court small businesses, which make up the bulk of U.S. companies, and are an important revenue source for many tech giants, including Google.
OC Marketing Analytics is a proud sponsor of the 2012 Integrated Marketing Forum taking place on 11.1.12 at the Chuck Jones Center for Creativity in Costa Mesa. All registered guests will be entered to win a $28,500 integrated marketing package and @AnalyticsOC will be one of the presenters. Register for the 2012 Integrated Marketing Forum and gain insights around the major challenges facing marketers today, solutions to integrate your marketing efforts, and successful marketing strategies driving the greatest ROI.
Marketing executives at companies across Southern California are working to do more with smaller staffs. Meanwhile, the breadth of marketing skills necessary is testing the capabilities of traditional advertising agencies. A group of marketing veterans announces the creation of a new type of agency in Southern California born to solve both problems, delivering a wide range of business expertise in a method that lets these companies choose exactly the skills they need for any project.
CMO.com Highlights Analytics Usage in “Big Data Analytics a Mystery to 4 in 10 Businesses.” 42% of businesses are unfamiliar with big data analytics, according to August 2012 survey results from Mzinga, Teradata Aster, and The Center for Complexity in Business at the University of Maryland’s Robert H. Smith School of Business. Another 34% claim they..