Marketing

Why Data Science is a Must For Account-Based Marketing (ABM)

A study carried out by SiriusDecisions reports that 92 percent of participating B2B companies said ABM is “extremely important” or “very important” to their overall marketing efforts. But this is absolutely an uphill task without integrating data science. Data has been likened to the world’s new oil, though with some reservations here and there. A few years back, marketers did not see the need and did not have the necessary resources to embark on specialized means of reaching out to potential customers and businesses broadcast the same message to every single customer. With the world becoming a “global village” marketers have, however, being able to gain access to a wealth of individual consumer data and insights, making it easier to personalize their efforts for maximum effectiveness. According to the Economist, these titans—Alphabet (Google’s parent company), Amazon, Apple, Facebook, and Microsoft—look unstoppable. They are the five most valuable listed firms in the world. Their profits are surging: they collectively racked up over $25bn in net profit in the first quarter of 2017. Amazon captures half of all dollars spent online in America. Google and Facebook accounted for almost all the revenue growth in digital advertising in America last year. These “titans”…

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Marketing

The Place of Quality Control (QC) in Marketing

Quality control and marketing can be likened to Siamese twins who are conjoined by the product or service an organization offers. While QC is always be-labored with ensuring that the product is of sterling and impeccable quality, marketing is preoccupied with how the product will leave the company and get to the consumers. It is not a hidden fact that we live in a technologically advanced world and with just a click prior to the purchase, consumers can learn about product information, such as size or color availabilities, manufacturing insights, and other necessary details. For sustainability, therefore, the brand must focus on commitment to quality product and customer satisfaction. A consumer survey conducted by PwC reports that the top three store-related mobile uses are for researching products (36%), accessing a coupon or promotional code (31%), and checking information about a retailer (23%). As such, it’s becoming increasingly apparent what modern-day consumers want: the right content. The lifeline of any brand is consumers and more consumers. If you don’t get the product right, you unnecessarily shot yourself on the foot. With the advancement in technology and the availability of social networks, any defect discovered in your product can easily go viral.…

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Marketing

Consumers And More Consumers in 2019

Population in the world is currently (2018) growing at a rate of around 1.09% per year (down from 1.12% in 2017 and 1.14% in 2016). The current average population increase is estimated at 83 million people per year. This simply means that an estimated 83 million consumers will be added to the 7.62 billion world population as at mid-2018. The lifeline of any business is the consumer because it’s only when your products or services are purchased that you may be talking about profit and ROI. Your focus as a founder/CEO as you are going into 2019 and beyond should, therefore, be on the acquisition of customers and more customers. Targeting only 0.1% of the estimated 7.7 billion in 2019 will give you 7.7 million consumers. This will make very good progress for your business given that Amazon, one of the leading online retail platforms worldwide as of the first quarter of 2016, had 310 million active customers. This, however, is not something you can do out of the blues. It requires articulation, strategic approach, and adequate planning, especially now that the modern day consumer has become technologically savvy and advanced, with it becoming more apparent that the consumer wants…

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Marketing

How to Up Marketing With Quality Assurance

The focal point of any brand is enhancing profitability by increasing ROI and reducing wastes. These two complement each other perfectly and fall at the “doorsteps” of the marketing and quality assurance (QA) teams. Bearing in mind that quality assurance (QA) is the process of verifying whether a product meets required specifications and customer expectations, as a process-driven approach that facilitates and defines goals regarding product design, development, and production it won’t be out of place to say that when you fail to make this the pathway to your product or service, you only succeed in making a wasteful process more efficient and you end up getting better at doing something the customer does not even want and will never cherish. It will amount to beating a dead horse if for any reason you expect the marketing team to go out there and convince customers that there is a product or service the quality was not assured from the onset. According to McKinsey & Company, “the 3 Cs of customer satisfaction” are “consistency, consistency, and consistency.” A report has it that with no marketing budget, zero connections, and a blog that was only a month old, Robbie Richards, grew his…

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Marketing

A/B Testing as a Marketing Campaign Tool

A/B testing (bucket tests or split-run testing), refining, and applying is not just an essential part of a business, but of life itself, rooted in the foundations of human beings as an unconscious necessity for survival. You are absolutely not into marketing if you have to depend on nothing but a hope and prayer as a basis for moving forward with your multi-million-dollar campaign strategy. Testing has been carried out for a very long time and cuts across different fields in order to determine probable chances and outcomes of events and experiments. In some instances, experimental animals and even human beings are used especially in natural sciences. A/B testing, or split testing as is applied to marketing, is a special randomized experiment in which you want to choose the best variant of two hypotheses. Marketers basically seek for a way to compare two versions of a single variable, typically by testing the audience response to variant A against variant B, and determining which of the two variants is more effective. According to Yelp co-founder Jeremy Stoppelman on Innovating and Staying Relevant, “You want experimentation. Every once in a while you stumble upon something that blows your mind.” Human beings unconsciously…

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Marketing

How OKRs Complement Data Science

Objectives and Key Results (OKRs) is the fundamental aspect of goal-setting and revolves around improved focus, increased transparency, and better alignment. This is done by organizing employees and their work towards achieving common objectives. Since Data Scientists constantly drift into enduring research or optimizing less-valuable metrics, which often leads to wasted time and resources thereby endangering a successful delivery, integrating OKRs enhances strategic guidance and measurability, which help you achieve your project goal. The underlying factor behind Data Science is to fulfill a goal. The frame or yardstick of goals might vary from researching a new model to creating a prototype for improving an existing system. Whatever might be the quest, accurate goal-setting is paramount for Data Science projects. Data Science projects are well-suited for accurate goal-setting because we can compare the key results of our model with the required metric. It’s a common knowledge that product management is a science of experimentation and discovery, hence basing predictions solely about and on user behavior, may go wrong sometimes. It is a natural human instinct to assume that our rational assessment of a problem, based on our past experiences, will yield sound conclusions and represent the likely sentiment or behavior of…

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