tag:econsultancy.com,2008:/topics/data-analytics Latest Data & Analytics content from Econsultancy 2016-08-26T14:41:05+01:00 tag:econsultancy.com,2008:BlogPost/68234 2016-08-26T14:41:05+01:00 2016-08-26T14:41:05+01:00 10 splendid digital marketing stats from this week Nikki Gilliland <p>Before we begin, don’t forget to download the <a href="https://econsultancy.com/reports/internet-statistics-compendium" target="_blank">Internet Statistics Compendium</a> for extra insight.</p> <h3>New series of GBBO generates 42 tweets per second</h3> <p>With the new series of the Great British Bake Off kicking off this week, Blurrt has delved into how the nation reacted on Twitter.</p> <p>With 9,126 mentions, there was an affectionate flurry of tweets for Mary Berry, while Paul Hollywood received 5,545.</p> <p>In total, the show generated 150,379 tweets, with the most influential coming from the likes of Fearne Cotton and Zoella. </p> <h3>The Independent grows audience by nearly 50% since becoming digital-only</h3> <p>Since becoming a digital-only news brand, the Independent has added 6,646,000 readers to its audience, growing its total by 46% year-on-year.</p> <p>Successful coverage of the Rio Olympics has contributed to this surge, with a story about a Syrian refugee competing as an athlete garnering over 160,000 engagements on Facebook.</p> <p>With more paid subscribers of its Daily Edition app as well as readers overall, going digital has proved to be a resounding success for the publication.</p> <p><img src="https://assets.econsultancy.com/images/0007/8475/iStock_97105255_SMALL.jpg" alt="" width="750" height="499"></p> <h3>Online customer retention rate at record high</h3> <p>During the period of May to July of this year, the active online customer retention rate reached a record high of 36.4%.</p> <p>This is according to data from IMRG and Capgemini, which suggests that online retailers are focusing on retaining existing users rather than attracting new ones. </p> <p>Down 9% on the same period last year, the average selling price per item also reached its lowest rate in over three years.</p> <p>This is thought to be due to heavy discounting as many retailers competed with Amazon Prime Day.</p> <h3>Half of the most shared Olympics ads of all time are from Rio </h3> <p>Data from Unruly has revealed that recent ads by Channel 4, Nike, Under Armour and P&amp;G are included in the list of top ten Olympic ads of all time.</p> <p>With 1.46m shares, Channel 4’s ‘We’re the Superhumans’ comes in at number two in the list, making it the most-successful ad from Rio.</p> <p>Pipping it to the top spot with a total of 2.44m shares, making it the most popular of all time, is P&amp;G’s 2012 ad ‘Best Job’.</p> <p>The below chart tracks how Olympic ads compare with the average global ad – specifically relating to the reasons why people share them.   </p> <p><img src="https://assets.econsultancy.com/images/0007/8476/Olympics.png" alt="" width="780" height="469"></p> <h3>Online popularity of VR and AR rises 548% since January 2015</h3> <p>The latest <a href="http://www.slideshare.net/adobe/2016-adobe-digital-insights-gaming-report" target="_blank">Digital Insights report</a> by Adobe has revealed that online mentions for augmented reality and virtual reality devices has grown significantly in the past 18 months, with a 548% uplift on Twitter.</p> <p>The HTC Vive has been the most-talked about device, ahead of the Microsoft HoloLens, Oculus Rift and the hotly-anticipated PlayStation VR.</p> <p>Despite the popularity of VR within gaming, a similar uplift is yet to be seen from marketers.</p> <p>While the space remains less crowded, it appears to be the ideal time to experiment with the technology.</p> <p><img src="https://assets.econsultancy.com/images/0007/8477/2016-adobe-digital-insights-gaming-report-6-1024.jpg" alt="" width="780" height="438"></p> <h3>Record-high for use of contactless cards</h3> <p>According the UK Cards Association, contactless payment cards were used to make more payments in the first half of this year than in all of 2015.</p> <p>Compared with £7.75bn spent between January and June last year, Brits have spent £9.27bn via 1.1bn contactless transactions in 2016 so far. </p> <p>This means that contactless accounted for 18% of all card spending in June, with this figure being expected to increase.</p> <h3>Consumer interest increases in BMW and Chevrolet thanks to Olympic ads</h3> <p>According to new data from Edmunds, investment in advertising during the Rio Olympics has paid off for car brands BMW and Chevrolet.</p> <p>BMW saw consumer interest rise 12% in the first week of the Games and 7% in the second.</p> <p>Likewise, Chevrolet saw a 6% lift and 2% in the respective weeks. To calculate this data, Edmunds’ team compared traffic in the four weeks’ prior the Olympics. </p> <p>While it's not unusual for major sports events to drive traffic, the Olympics consistently drew consumers back throughout its two-week period.</p> <p><iframe src="https://www.youtube.com/embed/K9CnqEQWkZI?wmode=transparent" width="640" height="360"></iframe></p> <h3>Parents go online for back-to-school technology</h3> <p>New research from Bizrate Insights, a division of Connexity, has revealed how mums are leaning towards online shopping for certain back-to-school categories.</p> <p>While basic school supplies are still bought in brick and mortar stores, 45% of technology devices are said to be bought online.</p> <p>In terms of the type of technology, schools are said to influence decision-making by 29%. This is in comparison to gear (e.g. backpacks and lunchboxes) which is largely chosen by children themselves.  </p> <p><img src="https://assets.econsultancy.com/images/0007/8478/connexity.JPG" alt="" width="736" height="420"></p> <h3>More consumers subscribing to multiple video-on-demand services</h3> <p>Data from Futuresource Consulting has found that there is a high overlap of subscribers between Netflix and Amazon Prime in the UK, US and Germany.</p> <p>Around half of Netflix subscribers in the UK and the US also subscribe to Amazon Prime, with 30% of US respondents saying they use both on a regular basis.</p> <p>The research also shows that Amazon Prime is gaining in popularity, with one-third of UK Amazon account holders having a subscription to Prime.</p> <h3>Worldwide ecommerce sales near $1.9tr</h3> <p>According to a forecast from eMarketer, global ecommerce sales are expected to grow 23.7% to $1.91trn in 2016.</p> <p>This will account for 8.7% of all global retail spending.</p> <p>eMarketer also predicts that ecommerce sales will account for $4trn of the total retail spend in 2020 and to make up 14.6% of retail spending that year.</p> <p>Much of this growth is likely to come from China, where ecommerce sales are expected to reach $899.09bn this year.</p> tag:econsultancy.com,2008:BlogPost/68231 2016-08-26T14:22:00+01:00 2016-08-26T14:22:00+01:00 Five ways to utilize your data to increase sales Shaun Haase <p dir="ltr">Only <a href="http://www.technologyreview.com/news/514346/the-data-made-me-do-it/">0.5% of data available is used</a>, as the sheer amount and complexity of the data intimidates companies.</p> <p dir="ltr">Many believe that only large enterprises have the resources to utilize big data, yet small businesses can easily take advantage of it as well.  </p> <p dir="ltr">Making sense of this information can be overwhelming, but once you discover a way to integrate it into your own decision-making process, you’ll quickly realize the myriad of new sales opportunities that are now at your disposal. </p> <h3 dir="ltr">1. Analyze old data</h3> <p dir="ltr">Your historical sales data holds valuable information that can be leveraged to improve sales efforts at each stage of the funnel.</p> <p dir="ltr">By identifying which sales tactics work best, you’ll be able to gradually refine your approach and improve conversion rates each time.</p> <p dir="ltr">In order to do this, gather all of your data from past leads, opportunities and sales transactions and input them into <a href="https://econsultancy.com/reports/the-role-of-crm-in-data-driven-marketing/">a CRM software</a>.</p> <p dir="ltr">With all of your historical data stored and organized in one place, you’ll be able to analyze which strategies worked best for each customer or product segment.</p> <p dir="ltr">Historical data can also be used to improve sales forecasts, allowing you to identify high-value targets and better allocate potential opportunities and new leads.</p> <p dir="ltr">Having your sales team concentrate on only the most promising opportunities will rapidly increase the efficiency and effectiveness of your sales efforts.</p> <h3 dir="ltr">2. Optimize pricing</h3> <p dir="ltr">Pricing can be one of the biggest challenges of introducing a new product.</p> <p dir="ltr">Pricing too high can drive customers away, yet pricing too low can erode your profit margins and even customer perception.</p> <p dir="ltr">In addition to external research (e.g. tracking the competitive landscape and market opportunity), carefully analyze past transactions and your customer base.</p> <p dir="ltr">Using data from your CRM (or similar analytics software), segment your customers by different price points to help narrow down the ideal price range based on each group’s price tolerance, behavior and demand.</p> <p dir="ltr">Combining both internal and external data points arms you with the necessary insights needed to determine an optimal pricing structure for maximum sales potential.</p> <h3 dir="ltr">3. Refine your messaging</h3> <p dir="ltr">Customers have their own set of attributes and require communications that are tailored to their specific needs, preferences and desires.</p> <p dir="ltr">Most businesses do this by creating <a href="https://econsultancy.com/blog/62303-how-to-effectively-segment-your-data/">customer segments</a> based on a wide range of attributes such as geographic location, age, sex, marital status, etc.</p> <p dir="ltr">But how do you determine which message works best for each customer segment?</p> <p dir="ltr">By A/B testing the various elements of each message, you can analyze how customers respond to different headlines, offers, images and copy to find that works best.</p> <h3 dir="ltr">4. Visualize the data</h3> <p dir="ltr">Raw data can be confusing to interpret and time-consuming to sift through, especially when you have a large amount of it.</p> <p dir="ltr">Instead, visualize the data through centralized dashboards that provide a constant stream of information.</p> <p dir="ltr">One example is <a href="https://www.geckoboard.com/">Geckoboard</a>, a dashboard app that displays real-time data in a visual and dynamic manner, making it simpler for teams to reference relevant data when making critical decisions.</p> <p dir="ltr">Sales teams can easily use this visual data to track progress and monitor any relevant metrics.</p> <h3 dir="ltr">5. Create compelling case studies  </h3> <p dir="ltr"><a href="https://econsultancy.com/case-studies/">Case studies</a> are an effective way to inform potential customers of your capabilities and recent accomplishments; they highlight real world examples and serve as facilitators when closing new deals.</p> <p dir="ltr">Web apps such as <a href="http://sketchdeck.com/">SketchDeck</a> can pull specific data points into case studies to effectively communicate value to your customers.</p> <p dir="ltr">Beyond incorporating core data points, be sure to include visual elements such as charts and graphs that clearly highlight the key points and benefits.</p> <p dir="ltr">Keeping your case studies brief and concise with visual data will help you create impactful selling points.</p> <p dir="ltr">Extracting value from your data takes some time and effort, but once you do, the benefits are endless.</p> <p dir="ltr">Regardless of the size of your business, learning to incorporate data into your sales processes will not only help you become a much better decision maker but also drive revenue growth.</p> <p dir="ltr"><em>To learn more, check out Econsultancy’s range of <a href="https://econsultancy.com/training/courses/topics/data-analytics/">data and analytics training courses</a>.</em></p> tag:econsultancy.com,2008:BlogPost/68207 2016-08-19T14:27:00+01:00 2016-08-19T14:27:00+01:00 The 10 greatest digital marketing stats we've seen this week Nikki Gilliland <p>As always, you’ll find further insight in the <a href="https://econsultancy.com/reports/internet-statistics-compendium">Internet Statistics Compendium.</a></p> <h3>Half of UK retailers are struggling to connect in-store and online</h3> <p>According to research from RetailMeNot, 59% of retailers cite a lack of visibility across channels as the biggest challenge they face today.</p> <p>Despite 92% of large retailers selling online, nearly two-fifths are still failing to provide consistent pricing across the board.</p> <p>With the recognition that a more consistent experience is needed, 42% of businesses are said to be restructuring in order to integrate in-store and online teams. </p> <h3>27% of consumers display no brand loyalty</h3> <p>A <a href="http://dma.org.uk/infographic/talking-the-consumers-language-retail-infographic" target="_blank">new infographic</a> from the DMA has highlighted the four different types of loyalty that consumers feel towards brands.</p> <p>While 40% of consumers are ‘active loyals’, i.e. people who stay loyal to brands for both special and routine purchases, 27% are ‘active disloyals’ – displaying no brand loyalty at all.</p> <p>In general, disloyalty is said to increase with the value of items, meaning that consumers are more likely to shop around for expensive products like technology and furniture.</p> <p><img src="https://assets.econsultancy.com/images/0007/8275/brand_loyalty.JPG" alt="" width="574" height="384"></p> <h3>Twitter suspends 235,000 accounts in six months</h3> <p>Twitter has announced that it has suspended 235,000 accounts in the past six months due to violation of its policies relating to terrorism and the threat of violence.</p> <p>With 313m monthly active users, Twitter is struggling to control the amount of terrorism-linked accounts on its platform. </p> <p>Daily suspensions on the platform are up 80% on the previous year, bringing the overall number of suspensions since the middle of 2015 to 360,000 in total.</p> <h3>A third of people use only their mobile to make purchasing decisions</h3> <p>Research by xAd has highlighted how crucial mobile is in the path to purchase. </p> <p>In a survey of 1,500 consumers, 39% cited a smartphone as the most important tool used to research a product.</p> <p>What’s more, 29% admitted that it was the only tool they used to make a purchasing decision.</p> <p>With 56% of consumers buying immediately or within the hour after researching, the ‘always on’ nature of mobile means that marketers need to place more focus on engaging consumers in the right time and place. </p> <p><img src="https://assets.econsultancy.com/images/0007/8274/mobile_purchasing.JPG" alt="" width="755" height="414"></p> <h3>Failure to achieve targets is top reason for SEO agency terminations</h3> <p>According to a <a href="https://artios.io/why-seo-agencies-really-get-fired/" target="_self">study by Artios</a>, the biggest cause of businesses dropping SEO agencies is a failure to hit long-term targets, with this accounting for 29% of all terminations.</p> <p>25% of terminations are said to be due to a lack of transparency around methods, closely followed by out-dated SEO techniques causing 15% of dismissals. </p> <p>The study also found the longer the relationship, the more mutual the ending - after three or more years, ‘friendly terminations’ are the most common parting of ways.</p> <p><img src="https://assets.econsultancy.com/images/0007/8276/SEO.jpg" alt="" width="780" height="239"></p> <h3>Visits to online retail sites up 2.6% this back-to-school season</h3> <p>Data from Hitwise, a division of Connexity, has found that the 2016 back to school season has been the biggest ever for the top online retail sites.</p> <p>Compared to the same time last year, visits were up 2.6% in the run up to August 13th, equating to around 100m more online shopping visits so far.</p> <p>Hitwise also revealed the hottest products for kids, with the most sought after including Pokémon backpacks, the iPad Pro and Yeezy trainers.</p> <h3>Heavy discounting leads to highest online sales growth in 20 months</h3> <p>Figures from the IMRG Capgemini eRetail Sales Index show that online sales grew +19% year-on-year in July, making it the highest yearly growth since November 2014.</p> <p>Heavy discounting from retailers across the board is said to have contributed to the surge, with the average basket value of goods purchased online falling from £80.52 to £78.39 in a single month.</p> <p>Out of the best-performing categories, clothing and home and garden came out on top, with a period of sunny weather encouraging us to spend online. </p> <h3>35% of organisations believe technology is key to understanding customers </h3> <p>Our latest report, <a href="https://econsultancy.com/reports/secrets-of-elite-analytics-practices/" target="_blank">Secrets of Elite Analytics Practices</a>, delves into the relationship between customer analytics and business results. </p> <p>The research found that organisations of all maturity levels agree technology is a massive contributing factor for success. </p> <p>When asked what they believe has had the greatest impact on better understanding customers, companies with both elite and average analytics capabilities cited having the right technologies for data collection and analysis.</p> <p><img src="https://assets.econsultancy.com/images/0007/8281/analytics_practices.JPG" alt="" width="699" height="595"></p> <h3>High-performance ads deliver an average of 180% ROI</h3> <p>Analysis by <a href="http://www.warc.com/Pages/ROI/ROIHome.aspx" target="_blank">Warc</a> has shown that the average profit from high-performing advertising is 1.8 times the initial investment. </p> <p>This data comes from the Warc database which includes figures calculated within the first year of a campaign.</p> <p>As a result, it does not take into account the long-term return, with the total predicted to be much higher as time goes on.</p> <p>In fact, the long-term payback is said to be twice as high as the short-term.</p> <h3>China predicted to become the world’s biggest retail market</h3> <p>It is already the largest in terms of ecommerce, but according to eMarketer, China is set to surpass the US to become the single biggest retail market in the world. </p> <p>Research suggests that total sales will increase 13% to reach $4.886 trillion in 2016. In comparison the US is set to grow at just 2.6% to reach $4.823 trillion.</p> <p>Over the next four years, this gap will widen even further, as China’s retail sales value is forecast to stand at $7.086 trillion by 2020.</p> tag:econsultancy.com,2008:BlogPost/68107 2016-08-19T11:17:00+01:00 2016-08-19T11:17:00+01:00 Q&A: TotallyMoney.com on its customer-centric approach to financial services Nikki Gilliland <h3>In one sentence, describe the product/service your company offers.</h3> <p>Essentially, TotallyMoney.com helps consumers get a fairer deal when applying for credit.</p> <p>We offer personalised search results, ranked according to what the best credit product is for them.</p> <h3>What sets TotallyMoney.com apart from other comparison sites?</h3> <p>Our company is driven by a passion for making the credit market fairer for consumers. We're independent and unbiased and on a mission to help every UK credit card holder save money.</p> <p>It’s amazing to think that 15m people have never even checked to see whether they're eligible for a better credit card deal - if they had the same attitude to comparing credit as they do to switching car insurance or energy provider they could be saving a fortune.</p> <h3><img src="https://assets.econsultancy.com/images/0007/7343/alastair_douglas.jpg" alt="" width="600" height="400"></h3> <h3>Without vast TV spend, how do you optimise your media mix to stay competitive?</h3> <p>We're a lean, agile business, and we take a data-driven approach to our marketing. We measure the performance of every campaign we build and follow an iterative cycle of improvement. </p> <p>We move quickly in the market to explore new opportunities across all channels - building, measuring and most importantly learning quickly is more important than whether individual ideas or campaigns succeed or fail. </p> <p>To stay ahead of the competition, we're starting to tap into the possibilities that <a href="https://econsultancy.com/blog/64743-predictive-analytics-machine-learning-and-the-future-of-personalization/">machine learning</a> and big data can offer.</p> <h3>You place a lot of focus on producing long-form content – how do you measure its success?</h3> <p>Our <a href="https://econsultancy.com/training/courses/topics/content-marketing-and-strategy">content marketing</a> is about building brand awareness and connecting with our target audiences.</p> <p>By taking a creative approach to the subjects of value for money and better decision making, we've overcome the inertia and resistance to personal finance topics. </p> <p>We've moved out of the personal finance sections and into the lifestyle pages of national publications. We measure success by the coverage we receive and the interest and interaction we see.</p> <h3>How is the business adapting to the rise in mobile use over desktop?</h3> <p>We adopted a mobile-first approach to product development and marketing over two years, and we first saw visits on mobile phones eclipse desktop visits in October 2014. </p> <p>Today, more than 70% of consumers use our service on mobile phones with another 10% using tablets.</p> <p>We've invested in understanding the challenges of context and interaction on mobile devices and refined the user experience accordingly.</p> <h3>What do you see as the biggest challenge in future for consumer-facing finance?</h3> <p>The internet is an unstoppable force that weights things in the favour of the consumer; it gives them direct access to all the information they need, rather than having to rely on self-appointed experts.</p> <p>Therefore, the biggest challenge for consumer-facing finance is to align themselves with what customers actually want, rather than focusing on short-term profits.</p> <p>This change is the biggest challenge because many businesses are not set up for it and stuck in the past.</p> <h3>How does regulation affect innovation in customer experience?</h3> <p>We support the FCA's drive to ensure that customers are treated fairly. Regulation exists to protect the consumer interest.</p> <p>We take a customer-centric approach to building better user journeys; we embrace regulation that makes the market more transparent and ensures a level playing field for all.</p> <h3>Finally – what’s the best thing about your job?</h3> <p>It's got to be the people I work with; it's a smart, energetic team that works hard, shares responsibility and celebrates success together. </p> <p>There's a great sense of unity that comes from everyone working together to change the credit market for the better.</p> tag:econsultancy.com,2008:BlogPost/68011 2016-08-18T11:39:00+01:00 2016-08-18T11:39:00+01:00 If getting data in order is the first challenge of CX, we've got a long way to go Ben Davis <p>Econsultancy recently surveyed 225 execs at manager-level and above in ecommerce, marketing and analytics in North America (with reported 2015 revenues above $250m).</p> <p>The responses form part of our new report in partnership with IBM, entitled <a href="https://www.econsultancy.com/reports/secrets-of-elite-analytics-practices/">Secrets of Elite Analytics Practices</a>.</p> <p>Here are some of the findings...</p> <h3>Only 30% have a 'thorough, up-to-date view of the customer journey'</h3> <p>Remember, these are companies with more than $250m revenue in 2015.</p> <p>Though customer journeys are increasingly complex, across owned media, social and advertising (on different devices and platforms), there's still a whopping 34% who have only 'some view', 'limited view' or 'no view' of that journey.</p> <p>Customers rarely interact with a business in a single channel or in one visit and organisations are still coming to terms with this online.</p> <p><img src="https://assets.econsultancy.com/images/0007/6633/Screen_Shot_2016-06-29_at_10.54.21.png" alt="analytics" width="615"></p> <h3>Attribution, user testing and customer preferences all being neglected</h3> <p>The chart below splits out the 30% with a thorough view of the customer journey and the rest of the sample, asking each about component parts of their analysis.</p> <p>Outside of the top performers, only 29% of respondents include customer preferences as part of their analysis. Without this focus on customer centricity, improving user experience is hard to achieve.</p> <p>Similarly, in the same group, only 29% analyse marketing touchpoints (essentially attribution) or seek to understand customer struggle (through analysis of individual sessions).</p> <p><img src="https://assets.econsultancy.com/images/0007/6631/Screen_Shot_2016-06-29_at_10.56.50.png" alt="customer journey analysis" width="615"></p> <h3>41% of businesses are doing too much leg work</h3> <p>Part of the difficulty businesses face during a digital skills shortage is maintaining business as usual, whilst improving processes and upgrading legacy technology.</p> <p>41% of respondents to our survey said their analytics solution requires analyst involvement to produce insight.</p> <p>This was par for the course as digital marketing was maturing, but in order to concentrate on innovation of product and experience, businesses must now have analytics software that provides insights to practitioners and stakeholders on a regular basis.</p> <p>Indeed, 80% of those with an analytics solution with some degree of automation said they made significant time savings.</p> <p>This automation provides an early-warning system and frees up analysts to fry bigger fish.</p> <p><img src="https://assets.econsultancy.com/images/0007/6632/Screen_Shot_2016-06-29_at_10.56.30.png" alt="automated insights" width="615"></p> <h3>Three sequential challenges of analytics maturity - tying together data, increasing budget, getting senior buy-in</h3> <p>The table below shows challenges faced by analytical elites, the average and the laggards (as defined by number of tools at their disposal and the sophistication of their use).</p> <p>The greatest challenge for each respective segment is highlighted, showing that tying disparate data sets together is the initial big challenge, followed by securing more budget, and ultimately senior buy-in.</p> <p>Laggards are in a chicken-and-egg scenario, the average are scaling up, and elites have realised the strategic gains to be made.</p> <p>QED perhaps, but further evidence to show that data comes first and everything else follows. </p> <p><img src="https://assets.econsultancy.com/images/0007/6630/Screen_Shot_2016-06-29_at_11.02.45.png" alt="challenges analytics" width="500"></p> <p><em>For more on this topic, subscribers can download the report, <a href="https://www.econsultancy.com/reports/secrets-of-elite-analytics-practices/">Secrets of Elite Analytics Practices</a>.</em></p> <p><em>And for further reading, check out IBM's white paper on </em><em><a href="https://www.ibm.com/commerce/offer/data-insights-opportunities.html?Unica_Campaign_ID=CA060_4TL_nco_ECO_WW_2H2016_&amp;Unica_Offer_Version_ID=ov50877">Customer Experience Analytics: From Data to Insights to Opportunities</a>.</em></p> tag:econsultancy.com,2008:Report/4221 2016-08-16T15:06:14+01:00 2016-08-16T15:06:14+01:00 Secrets of Elite Analytics Practices <h2>Overview</h2> <p>The pursuit of growth through improved customer experience is driving companies in every sector to build new capabilities in customer analytics and improve on existing ones. This report explores the relationship between these efforts and business results.</p> <p><em>Secrets of Elite Analytics Practices</em>, produced by Econsultancy in association with <a href="http://www.ibm.com/uk-en/">IBM</a>, examines a variety of different disciplines within analytics for their maturity and impact on key performance indicators. The report is based on a survey of 225 executives at the director level and above at organizations reporting revenues over $250 million in 2015. Respondents were also qualified based on geography and knowledge of ecommerce, marketing and analytics.</p> <p>Better information leads to happier, more profitable customers. This logic is borne out by results; companies with strong capabilities in multiple disciplines of customer analytics see an advantage over their peers in tangible metrics such as conversion rate, customer satisfaction and even revenue growth rate.</p> <h2>Key topics covered</h2> <ul> <li>The relationship between the strength of specific capabilities and results.</li> <li>The ranked benefits of analytics practices.</li> <li>The meaningful differences in customer journey analysis between companies with strong and weak capabilities.</li> <li>The important challenges to overcome for companies wanting to elevate their analytics practices.</li> <li>The analytical capability that correlates with the greatest improvement on conversion rate.</li> </ul> <p><strong>Download the report to learn more.</strong></p> tag:econsultancy.com,2008:BlogPost/68150 2016-08-16T01:01:00+01:00 2016-08-16T01:01:00+01:00 Social media metrics: Outputs, outtakes, & outcomes Jeff Rajeck <p>To help, here is one approach to organising social media results to help management understand the value of social channels.</p> <p>On one hand,<strong> social media is one of the most transparent marketing activities</strong>. Everyone can see a brand's strategy in one place and, in many cases, can see how well its posts are performing.  </p> <p>Comments, likes, and shares are all public so brands cannot hide a viral success or an idea which has bombed.</p> <p>But on the other hand,<strong> it's surprisingly difficult to know how well social media is performing for a brand</strong>, even to its own management.  </p> <p>The figures, or metrics, used to gauge performance seem to be different from team to team and there is little agreement about what social media success truly looks like.</p> <p>One approach to making social media performance clearer is to have a look at what a similar discipline uses to measure success; public relations (PR).</p> <p>The PR industry categorizes results into what is commonly known as the three O's: <strong>Output, outtakes, and outcomes.</strong></p> <p>The definitions of each are <a href="http://amecorg.com/wp-content/uploads/2013/09/Dictionary-of-Public-Relations-Measurement-and-Research-3rd-Edition-AMEC.pdf">well-documented elsewhere</a>, but for the sake of helping the social media professional to start organising his or her results, they are summarized below with relevant examples. </p> <h3>Outputs</h3> <p>Figures which are used to measure success purely based on a team's activities are called 'output metrics'. They answer a simple question, <strong>did the team do their work on time, within budget, and on message?</strong></p> <p>Though this sounds like a rather basic way of measuring social media success, it is still a major part of the strategy for many brands.</p> <p>Social media teams are routinely tasked with simply producing a certain number of pieces of content per day.</p> <p>For example, look at <a href="https://www.facebook.com/ToyotaMalaysia/">Toyota Malaysia's Facebook posts</a>.  The brand typically has one post per day about its cars and additional posts when there is a special event.</p> <p><img src="https://assets.econsultancy.com/images/0007/7705/toyota-my.jpg" alt="" width="800" height="364"></p> <p>Though it is, of course, likely that the team has broader strategic goals, it would not be surprising if one of their targets was simply 'post at least once per day'. Achieving this is an output metric.</p> <p>Output metrics can usually be managed by the members of a social media team unless global coordination is required.  </p> <p>In these cases, management of output may be done by using a content marketing platform such as Percolate, Divvy HQ, or Kapost.</p> <p>Output metrics are the easiest to report, yet the least satisfying to management.  </p> <p>Sure, the team is following orders and producing regular content <strong>but the question remains, how does the output benefit the brand?</strong></p> <h3>Outtakes</h3> <p>Instead of just measuring production,<strong> social media teams can also measure the direct results of their efforts</strong>, or the 'outtake metrics'.</p> <p>Outtake metrics will tell you things like: </p> <ul> <li>How many impressions did your post get?</li> <li>How many people watched the video?</li> <li>How much engagement did you get?</li> </ul> <p>Social media platforms typically provide this data. Facebook has reported organic and paid reach for some time and Twitter now offers extensive analytics of tweet performance.  </p> <p>Other platforms are also starting to provide these metrics via dashboards.</p> <p>The reach of a single post, however, is rarely the goal of a social media team. Instead,<strong> it is more interesting to look at outtakes in context.</strong></p> <p>One tool which provides this data is <a href="https://www.socialbakers.com/">Socialbakers</a>. It not only tells you the reach of your posts, but will also give you engagement metrics per number of fans (example: Mini Thailand)...</p> <p><img src="https://assets.econsultancy.com/images/resized/0007/7707/mini-th-blog-flyer.png" alt="" width="470" height="444"></p> <p>...how well posts are performing against one another (example: Honda Philippines)...</p> <p><img src="https://assets.econsultancy.com/images/0007/7712/honda-ph2.png" alt="" width="800" height="457"></p> <p>...and how well posts are performing against other brands in your industry.</p> <p><img src="https://assets.econsultancy.com/images/0007/7710/comp2.png" alt="" width="720" height="279"></p> <p>Outtake metrics are preferrable to output metrics for a number of reasons.</p> <p>First off, <strong>outtake metrics give management much more information than simple output metrics</strong>.</p> <p>They offer a glimpse at how much of an impression you are making with the brand's market. Outtake metrics with industry context are even better.</p> <p>Also, social media engagement figures encapsulate a lot of other information about your posts which is useful for improving your content.  </p> <p>How many people reacted to your post, without promotion, is a good guide to the overall quality, relevance, and 'shareability' of your team's work.</p> <p>Finally, outtake metrics are typically underrated by social media teams and so using them to improve could give your brand a competitive advantage.</p> <h3>Outcomes</h3> <p>The most important metrics for the lasting success of a social media team, however, are <strong>outcome metrics</strong>. </p> <p>Outcomes are figures which report on the actions people took as a result of your social media posts. That is, <strong>what change did your social media efforts make in the real world?</strong></p> <p>Some people use outtake metrics, such as likes and shares, as a proxy for outcome metrics.  </p> <p>That is, if your fans are sharing your post then you can infer that it has had a positive effect on how they view your brand.</p> <p>But outcomes also go much farther than whether your fans liked your posts or shared it with their friends. </p> <p>Outcomes also ask questions like:</p> <ul> <li>Did customer loyalty for the brand improve?</li> <li>Are your leads more qualified?</li> <li>Did more people buy something after seeing a post?</li> </ul> <p>These questions are much more difficult to answer and, as a result, are much less frequently part of a social media team's KPIs.</p> <p>In order to measure customer loyalty, brands should gather customer experience (CX) metrics such as<a href="https://econsultancy.com/blog/65610-what-is-customer-experience-and-how-do-you-measure-it"> net promoter score (NPS)</a>.</p> <p>Then, following a particular campaign, <strong>if the NPS score has increased you can attribute success to social media</strong>, to some extent.</p> <p><img src="https://assets.econsultancy.com/images/0007/7711/nps.gif" alt="" width="500" height="233"></p> <p>For lead quality,<strong> social media teams need to agree a 'lead score' metric with sales</strong> and aim to improve that through targeted social media campaigns.</p> <p>And finally, the most controversial topic. Do social media campaigns actually increase sales?</p> <p>To answer this question, <strong>companies need to implement attribution modeling</strong> so that social media views are taken into consideration when giving various media credit for sales.</p> <p>Attribution modeling, however, is still quite difficult to do and accuracy might not meet expectations.  </p> <p>Though it is still worthwhile to try, it may be better to start by targeting campaigns to a specific region or demographic group and look for large bumps in sales for them.  </p> <p>The results and the outcome metrics for a significant result will be more obvious and more meaningful to management.</p> <h3>So...</h3> <p>Social media metrics are important for teams who want to improve performance and report upwards to management. </p> <p>Though many social media teams are still using output metrics, such as successfully completing a post per day, there are other ways to measure success.</p> <p>Outtake metrics will let you know whether your posts are reaching the intended audience and tell you something about the quality of your work as well.  </p> <p>These should be looked at closely by teams as they are an underrated metric.</p> <p>Output metrics, which link social media to business objectives, are the most impressive figures for management, though.  </p> <p>They are typically more difficult to extract but once they become part of your reporting framework, it will be much easier for you to justify the social media team's budget.</p> tag:econsultancy.com,2008:BlogPost/68158 2016-08-15T14:09:00+01:00 2016-08-15T14:09:00+01:00 Five ways Artificial Intelligence can help marketers enhance the customer experience Nikki Gilliland <p>Essentially, we’re talking about AI in the context of a technology that aims to solve a specific problem, one that uses datasets in order to learn and replicate information and behaviours.</p> <p>So, don't worry, nothing like this...</p> <p><img src="https://assets.econsultancy.com/images/0007/7790/Scary_AI.PNG" alt="" width="500" height="398"></p> <p>With AI playing an increasing role in all our lives, our <a href="https://econsultancy.com/reports/marketing-in-the-age-of-artificial-intelligence/">Marketing in the Age of Artificial Intelligence</a> report predicts the various ways it will continue to impact consumers.</p> <p>Here are five takeaways from the research.</p> <h3>1. Reducing the clutter of choice</h3> <p>As well as making things more complicated for marketers, the appearance of multiple social channels has led to a non-linear and fractured path to purchase.</p> <p>From researching products to comparing reviews, consumers are now faced with an overwhelming amount of information and choice. </p> <p>Consequently, AI can be used to help to narrow down the decision-making process. By finding patterns in large datasets, it can potentially provide consumers with the answers they’re looking for. </p> <p>While it's easy to assume that taking away choice would be a negative thing, research suggests that in mundane circumstances, this can leave us with energy for more important decisions. </p> <p><img src="https://assets.econsultancy.com/images/0007/7789/Artificial_Intelligence.PNG" alt="" width="500" height="373"></p> <h3>2. Providing relevant products</h3> <p>With such a vast array of brands to choose from, the control is now in the hands of the consumer.</p> <p>As a result, contextual factors are incredibly useful for engaging customers and driving loyalty, and AI is the easiest and fastest way to do this. </p> <p>By analysing factors like weather, location, age and gender – product recommendations can become even more personalised and relevant to the individual consumer.</p> <h3>3. Speeding up the supply chain</h3> <p>One of AI’s most significant features is its ability to predict future behaviour based on what it’s already seen.</p> <p>This is becoming increasingly relevant as brands attempt to meet customer demands for fast and even same-day delivery.</p> <p>We’ve already seen the likes of Amazon Prime Now utilise AI technology to facilitate ‘anticipatory shipping’, and this looks set to become all the more common in future.</p> <p> <iframe src="https://www.youtube.com/embed/HsxRz4lKu3I?wmode=transparent" width="555" height="400"></iframe></p> <h3>4. Enhancing communication with brands</h3> <p>As well as the customer’s expectations for delivery, it also applies to a growing desire for instantaneous and one-to-one communication with brands.</p> <p>This is where <a href="https://econsultancy.com/blog/67894-what-are-chatbots-and-why-should-marketers-care/" target="_blank">chatbots</a> come in.</p> <p>Taking away the need to deal with customer-service staff, and meeting the consumer desire for a text-based service, automated chatbots can deliver easier, faster and more contextually relevant communication.</p> <p>With an estimated 2.5bn people using at least one messaging app, chatbots also enable brands to enter into the one area that has so far eluded them – dark social.</p> <h3>5. Greater understanding of customers</h3> <p>Data doesn’t just relate to what products customer are buying and where.</p> <p>Now, with personalisation at the heart of every consumer experience, brands are looking towards social media platforms to discover insight into every day trends and topics.</p> <p>Facebook’s AI engine, Deep Text, is built to understand the meaning and sentiment behind everything posted on the platform. In turn, it can surface content that is of interest to the user.</p> <p>Of course, there must be balance, as brands run the risk of alienating consumers if they impose too much control over decision-making.</p> <p><iframe src="https://www.facebook.com/plugins/video.php?href=https%3A%2F%2Fwww.facebook.com%2FEngineering%2Fvideos%2F10154132641047200%2F&amp;show_text=0&amp;width=560" width="560" height="315"></iframe></p> <p><strong>For more insight on this topic, <a href="https://econsultancy.com/reports/marketing-in-the-age-of-artificial-intelligence/" target="_blank">download the full report here</a>.</strong></p> tag:econsultancy.com,2008:BlogPost/68184 2016-08-15T11:23:20+01:00 2016-08-15T11:23:20+01:00 Domino’s introduces 'Dom the Pizza Bot' for Facebook Messenger Nikki Gilliland <p>Is it a gimmick or a pizza-lover’s dream?</p> <p>Here’s a bit more info.</p> <h3>How to sign up</h3> <p>Before you get too excited, the chatbot doesn’t just provide pizza on-demand. Dom is a bit more discerning that that.</p> <p>First, customers are required to sign up to the Easy Order system, which along with an address and contact details, saves a ‘favourite basket’ which can be requested via the chatbot in future.</p> <p><img src="https://assets.econsultancy.com/images/0007/8014/Dominos_easy_order.PNG" alt="" width="750" height="347"></p> <p>While this might sound ultra-convenient, my concern is that it surely takes away the opportunity for spontaneous pizza behaviour...</p> <p>I mean, say a person comes home after a few too many carbonated beverages and thinks ‘I don’t fancy the same old cheese and tomato with a side of dough balls… Bring on the MEAT FEAST’.</p> <p>Sadly, Dom will only remember the meal that's been previously selected, meaning that the customer would need to change their basket or just order like normal. Oh, the agony.</p> <p><img src="https://assets.econsultancy.com/images/0007/8015/Easy_Order.PNG" alt="" width="600" height="618"></p> <h3>How it works</h3> <p>Chatbot technology is taking off, and nowhere more so than via apps like Facebook Messenger where it is able to facilitate direct communication between brands and consumers.</p> <p>For a company like Domino’s, the chance to provide a specific service as well as build a one-to-one connection with customers is incredibly valuable.</p> <p>So, what does Dom sound like?</p> <p>During a recent conversation in the name of research, I was pleasantly surprised to find that he’s not just a dough-brained bot, but one with a bit of a sense of humour at least.</p> <p><img src="https://assets.econsultancy.com/images/0007/8016/Dom_Pizza_Bot.PNG" alt="" width="750" height="516"></p> <p>With an irreverent tone of voice, Dom brings a refreshingly human feel to an otherwise faceless brand.</p> <p><img src="https://assets.econsultancy.com/images/0007/8017/Dom_the_Pizza_Bot_2.PNG" alt="" width="750" height="355"></p> <p>Of course, there are limitations, and as <a href="http://qz.com/653084/microsofts-disastrous-tay-experiment-shows-the-hidden-dangers-of-ai/" target="_blank">Microsoft's Tay proved</a> there's always the danger that this early-stage technology can go awry.</p> <p>But as chatbots go, Dom's got a little personality at least.</p> <h3>Will it take off?</h3> <p>I doubt that occasional Domino’s customers will be inclined to use the chatbot, especially as it is a bit of a faff to set up.</p> <p>For dedicated customers, however, it might provide some amusement as well as convenience for the very laziest.</p> <p>It is perhaps a way to build brand awareness more than anything else, as well as a sign that brands are getting serious when it comes to entering <a href="https://econsultancy.com/blog/67529-the-rise-of-dark-social-everything-you-need-to-know/" target="_blank">dark social.</a></p> <h3>Who else is doing it?</h3> <p>We’ve already seen the likes of Taco Bell launching an order-based chatbot for Slack-users, offering customers the opportunity to order without leaving their desks.</p> <p><img src="https://assets.econsultancy.com/images/0007/8018/tacobot.PNG" alt="" width="750" height="512"></p> <p>Now, hot on the heels of Domino’s, Pizza Hut is set to deliver its own bot later on in the month.</p> <p>Reportedly offering extra features like customisation, Q&amp;A and specialised menus, it sounds a little more sophisticated than anything else we’ve seen so far. </p> <p>Sorry, Dom. You might need to step up your game.</p> tag:econsultancy.com,2008:BlogPost/68183 2016-08-12T13:01:36+01:00 2016-08-12T13:01:36+01:00 10 spectacular digital marketing stats from this week Nikki Gilliland <p>Don’t forget to download the <a href="https://econsultancy.com/reports/internet-statistics-compendium" target="_blank">Internet Statistics Compendium</a> for more, and ready, set, go…</p> <h3><strong>Only 21% of businesses track return on digital marketing spend</strong></h3> <p><a href="https://www.ruleranalytics.com/Are-Businesses-Using-Analytics-&amp;-Call-Tracking-Effectively.pdf" target="_blank">New research</a> from Ruler Analytics has highlighted how marketers are failing to practice what they preach, with the industry being the worst at measuring the ROI of its marketing activity.</p> <p>Out of an index of 100, marketers and PRs scored just 28.6.</p> <p>In contrast, retailers are the most likely to be using analytics, closely followed by the travel and tourism industry.</p> <p><img src="https://assets.econsultancy.com/images/0007/8000/ROI_marketers.PNG" alt="" width="400" height="594"></p> <h3><strong>Brits will spend over 3.8bn hours reading about the Olympics online</strong></h3> <p>Teads suggests that there is a huge opportunity for brands to reach beyond traditional audiences this summer, as Olympic fever sweeps the nation.</p> <p>A study found that 55% of people who aren’t normally interested in sports plan to watch events in Rio. What’s more, 76% of them plan to read Olympic-related articles online.</p> <p>Overall, Brits will reportedly spend over half an hour each day reading sporting content this summer, amounting to 3.8bn hours in total.</p> <h3><strong>Official suppliers of Wimbledon comprise less than 1% of tournament conversion</strong></h3> <p>A new study by Black Swan has found that being an official supplier of a high profile tournament doesn’t guarantee automatic success. </p> <p>When comparing Pimms (an unofficial supplier) and Lanson (an official supplier), the latter ranked seventh in terms of volume of mentions, while the former ranked second out of nine.</p> <p>This demonstrates how sponsorship deals are no longer enough, with brands now needing to create opportunities for social sharing and earned coverage.</p> <p><img src="https://assets.econsultancy.com/images/0007/8002/Wimbledon_official_suppliers.PNG" alt="" width="750" height="493"></p> <h3><strong>Online conversation means that hotels can no longer rely on legacy reputation</strong></h3> <p>A new <a href="http://pages.crimsonhexagon.com/WC-2016-08-01-IR-AnalysingTopEuroHotels_Registration.html" target="_blank">report from Crimson Hexagon</a> has highlighted how the openness of customer feedback continues to disrupt the travel and accommodation industries.</p> <p>With 78% of conversation on hotels involving people seeking or giving feedback, brands can no longer rely on the long-standing reputation of their brand.</p> <p>Out of the most-talked about topics, 14% related to comfort and luxury, while 9% focused on convenience of hotel location.</p> <h3><strong>Adobe reports Pokemon Go and Brexit impact consumer goods prices</strong></h3> <p>Adobe’s monthly Digital Price Index has identified how the value of online consumer goods has fallen in the last six months.</p> <p>For the UK, Brexit is continuing to impact travel prices, with flights to London falling 13.3% and hotel prices in the capital dropping 9.8% since the EU referendum.</p> <p>Despite the explosion in popularity of Pokemon Go, the report also found that sales value for Pokemon items fell 2.9% month-on-month. </p> <p><img src="https://assets.econsultancy.com/images/0007/8013/pokemon.jpg" alt="" width="750" height="599"></p> <h3><strong>UK viewers clock up over 165,000 tweets during the Olympic opening ceremony</strong></h3> <p>With a live UK audience of 1.838m, data from Kantar Media has revealed how the UK reacted online during the Friday night opening ceremony.</p> <p>Londoners were the most vocal during the coverage, accounting for 15% of unique authors tweeting throughout. Moreover, men were the most active, making up 60% of the most active authors.</p> <p>Out of the 165,409 tweets overall, there was a third more positive tweets than negative ones, with the most common emotion being admiration and respect for those involved.</p> <h3><strong>60% of travel searches start on a mobile device</strong></h3> <p>Research by Hitwise, a division of Connexity, has revealed how consumers are heavily relying on mobile phones during the early stages of holiday planning.</p> <p>Based on the activity of 3m UK shoppers and 1m mobile devices, a study found that 60% of all travel site searches originated from a mobile device.</p> <p>In terms of the subject, 83% of searches were for the ‘best time’ to visit a destination, 68% for ‘flights from’ and 83% were for ‘flight status’.</p> <p>The report also found that mobile phones were the device of choice while on holiday, with ‘near me’ generating 88% of searches.</p> <p><img src="https://assets.econsultancy.com/images/0007/8009/Travel_search.PNG" alt="" width="543" height="377"></p> <h3><strong>81% of organisations have problems achieving a single customer view</strong></h3> <p>The 2016 Digital Marketer Report from Experian has found that, despite 95% of organisations wanting to achieve a single view of the customer, 81% find difficulty in doing so.</p> <p>The biggest obstacles include using technology to integrate customer data in real time, as well as gaining access to data from across organisations. </p> <p>With 95% of enterprise companies planning to run cross-channel campaigns next year, it is vital to overcome these challenges in order to do so.</p> <p><img src="https://assets.econsultancy.com/images/0007/8012/single_customer_view.PNG" alt="" width="620" height="520"></p> <h3><strong>Over 90% of publishers find off-site distribution has positive impact</strong></h3> <p>AOL have just released its <a href="http://www.aolplatforms.com/blog/2016-publisher-outlook-monetizing-age-mobile-video" target="_blank">Publisher Outlook Report</a>, based on insight from 300 premium publishers in the US.</p> <p>Despite initial panic, opinion about third-party publishing platforms now looks to be largely positive, with 90% believing distributed media has had a positive impact. Likewise, 53% deem it ‘extremely positive’</p> <p>With publishers receiving 25-50% of traffic via syndication referrals, it has become an essential part of strategy for many.</p> <h3><strong>25% of influencers asked not to disclose brand involvement</strong></h3> <p>A new survey by SheSpeaks has found that online influencers are being asked by brands to deny compensation.</p> <p>In a survey of 347 online influencers, while 95% said they were upfront with their audience about taking payment from a brand, 25% also reported that they had been specifically asked not to divulge the information.</p> <p>Despite the Federal Trade Commission stipulating that compensation or free products should be disclosed, even large corporations like <a href="https://www.ftc.gov/news-events/press-releases/2016/07/warner-bros-settles-ftc-charges-it-failed-adequately-disclose-it" target="_blank">Warner Bros have failed</a> to be up-front.</p>