Analytics in Marketing: Articles Summary

2021-07-17 12:47:37
7 pages
1795 words
University/College: 
Middlebury College
Type of paper: 
Presentation
This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.

The MIT Sloan management review article reviews three books.where the first two books focus in power of qualitative analytical and power of the big data, the third book advices companies on how to tap into the power.According to an estimate of Siegel, we are increasing quintillion data bytes on daily basis.Mayer in their books explains the three imperatives that include accepting messiness, use of all data, not a sample and embracing correlation.Quantifying a person's likelihood to do something and upgrading to the high level of service or look for another job is at heart of predictive analysis of Siegel.The article explains how qualitative techniques can be deployed in a business environment so as to acquire a valuable data pattern.This will enable predict customers or employee behaviors.The article suggests that the executive must go with qualitative techniques and big data beyond "gee whiz" fascination to learn the way in which their business can profit from the new era.

Stakeholder and Context

According to Siegel Eric estimation, we add 2.5 data quintillion bytes every day, in every aspect of our life, this is referred datafication.Companies are also involved in selective data crunching his has enabled the uncovering of all valuable correlations.This article explains the need for the executive to adopt a different mindset from the normal small data perspective.The executive has a role to play in harnessing a quantitative power so as to understand how their business can earn a high yield of profit from the computational sophistication era.

Personal Response

Big data analysis improves business performance by examining a large amount of data that helps to uncover correlation, patterns and other insight such as accepting messiness.New era technology has enabled growth of data availability.

Assumptions

The article analyses Manager's role in determining the importance of quantitative data analytic and increase of power and suggests how the companies may tap into powers.The article gives a clear understanding of datafication and suggests that there is a need for executives to adopt a different mindset from small data past perceptive mindset.In this view there is s a need to adopt three new imperatives to gain this insight the imperatives include, use of all data and not just a sample, accept messiness and embrace correlation.The article also emphasizes the need for predictive analysis and how this analysis may be deployed so as to, enable a company to predict the customer behavior likelihood and find a valuable data pattern.

Implication

For big data to thrive in any business there is a need to identify technologies that would support the operating system.It is also necessary for the management to understand big data issues and carry out a big data strategic plan.and lastly, there is a need to set good competitive strategies.

Should you outsource analytics

Article Issue

A surge of big interest data has led to the demand for analytical team growth.Big data capabilities can help the organization improve competitiveness and thus becoming efficient.An organization with superior analytical capabilities of data have discovered ways on how to build long-term advantages.The article suggests that it is difficult to assemble analytical teams.However, a lot of organization lacks in-house experience and knowledge required to build in-house knowledge.By 21 st century, BPO analytics was born and established.A number of 500 organizations offshored and outsourced their analytics.The challenged analytics company saw BPO as a way to gain quick access.

Stakeholder and Context

Companies could benefit from having big data capabilities in becoming more efficient and improving competitive advantage.This could be as a result of companies demand analytics due to big data's surge of interest.Assembling analytics teams are viewed to be difficult because of the growth of the labor market and that, many companies lack in-house knowledge.The BPO will help achieve an advantage over competitors.There are however some perceptions for the BPO as body shops that provide services that are of low-level analytics.Companies that are analytically challenged view outsourcing as a way to acquire training and resources required to execute and acquire quick access to insights.

Personal Response

Analytics seems to be the latest activities organizations are outsourcing to BPO.Telecommunication boom led to improving emerging market and communications.The organization has shifted from handling all the works in the organization to outsourcing analytics and offshoring.This helps in increasing flexibility thus making valuable fixed costs that help boost success factor.

Assumptions

Big data capabilities could help companies improve competitiveness and become more efficient.Outsourcing and offshoring can increase flexibility and improve other success factors.

Implications

Today analytics has become very important service offering as companies have begun realizing the potential of this service.However, BPO should offer a package of data analysis and approach that provides automation to repetitive process so add value and gain competitive gain.3.Sustaining an Analytical Advantage

Article Issue

The article suggests that analytics does not always result in lasting competitive advantages gain, Bell in this article identifies companies that were able to maintain analytics advantages through and the strategies they used.The first is keeping the analytics secret.where he sited Walmart that has excelled in this method.Secondly, defeat competitors before they react and first implement the analytics where he sited Abb company where he indicated that the analytics helped in understanding customers' need and identify what customers it attracts.The third is applying the analytical to the problems that are right.where he gave a case of a company such as Bellcite and Proctor and gamble.The fourth is recognition of the fact that data control is more important than analytic control.where he sited company such as American airline.And lastly, becoming a data-driven company where he gave examples of companies such as FedEx and IBM.

Stakeholder and Context.

Companies such as American airline did maintain revenue advantages by pricing analysis in 1985 to 1995.and almost every airline today employs this methodology to that helps to maximize the profit of revenue per seat in the mile.wallmart, ABB, gamble, and bell cite Procter, FedEx and IBM have uniquely maintained the analytical advantages.

Personal Response

Use of analytics in companies is becoming increasingly common thus making it hard to gain an analytical competitive advantage.Nonetheless, there ought to be organizations that have maintained a competitive advantage by use of various successful strategies.

Assumptions

Competitiveness can be achieved through an analytics across three dimensions through keeping analytics secret, defeat of competitors before they react, applying analytical to the problem, recognizing that data control is important than analytical control.

Implications

In a business environment or an industry where every organization uses analytics, then using analytics is not a competitive advantage.In order to maintain an advantage, it is necessary to use the strategies more comprehensively and better than other companies in the space.

4.Advertising Analytics Article Issue

The article reveals how tv, radios, printers, and online ads function independently so as to drive sales.To tease apart the way ads works across media concert the client in this article adopted new data analytics techniques.This analysis concluded with some findings on how much the advertisement consumed in the companies budget.Combined with handful measurements of time techniques that include, focus group, last click attribution and consumer survey has led to changed marketers into complacency.The article explains data deluge as marketers that sticks to traditional approaches of analytics 1.0 measurement as the method that looks backward few years times in a year so as to correlate the sales with variables and term them as dangerously outdated.Move to 2.0 analytics involves three activities that include optimization, attribution, and process that quantifies the contribution of advertising element.

Stakeholder and Context.

Marketers misattribute to outcomes that are specific to their marketing activities.and the reason why finance tends to doubt marketing value explains swim lane measurement.Marketers who stick with the analytics that are traditional do so at their peril.Marketers use predictive analytics tools in order to run business planning scenarios. Media buyers and companies, and technology continue to remove friction from allocation process this has made it easier to expand, transact, place and measure advertising.

Personal Response

Marketing is becoming a war of insight knowledge and advantage that is asymmetric gained through analytics 2.0.Organizations that do not adopt analytics of next generation will be overtaken by the companies that do adopt analytics.

Assumptions

Assumption based on marketing analysis over budget and sales the findings recorded that the organization reallocated its ads dollars and thus realizing 9%sales lift with spending any amount on advertising.Companies can maintain existing budgets and achieve improvements in marketing performance with data-driven insight.

Implications

The results of this articles suggest that despite analytical activity in a business, analytics of the practice of using data to manage performance and information is the beginning of impacts as a competitive resource of the organizations.However, we should provide information that best suits our decision makers, apply analytics to customers and marketing and create more coordination for analytics.Basic concepts and metrics

Article Issue

Identifies methods and concepts of site statistics and analytic through google analytics metrics.The article explains the type of google visitors, the disparity between page and hits, ways to derive metrics.The article suggests the importance of traffic metric that tells one what brings a visitor to the site.Whether direct, referrers or if they navigate through another marketing campaign or website.

Stakeholder and Context.

A website that is counted in the analytics of Google is made by actual people.by counting the Ip addresses as people.These people are referred to as visitors.

Personal Response

Google analytics metrics helps one determine the number of site visitors this will help in determining how visitors interact with the site.

Assumptions

Page and hits are misleading, however, metric of a page view is useful in determining which page works for one, determine the visit depth, patterns that can be useful in changing and improve the concepts.

Implications

Google analytics is the measurement and analysis of visitors to a web data can be helpful in gauging the popularity of a site and traffic which can be helpful in market research of a company.6.Can You Measure ROI of your social media marketing?

Article Issue

Clearly examines how one can measure the task of ROI in social media marketing.The article suggests on tracking customers investments.through calculating social media marketing.

Stakeholder and Context.

Marketers should focus on recognizing the value of operating in social media.Managers feel pressured to emphasize in traditional objectives such as direct cost reduction or sales or increase in social media market share.These outcomes are the bottom line for any managers or marketers who wish to know the effects of sales of a given social media campaign.There is evidence of success from companies measuring experiments of ROI on social media.

Personal Response

Measuring ROI on social media marketing is...

Have the same topic and dont`t know what to write?
We can write a custom paper on any topic you need.

Request Removal

If you are the original author of this essay and no longer wish to have it published on the thesishelpers.org website, please click below to request its removal: