Does Analytics Differentiate Your Business?

Does Analytics Differentiate Your Business?
SHARE
THIS



Predictive analytics has become a critical part of the marketing toolkit in recent years, but in truth its influence has been rising for years, says a new report from marketing software company Kenshoo.

Studies by Accenture into the work of analytics professionals between 2009 and 2012 revealed almost a tripling in the number of organisations that primarily applied a predictive modeling approach to analytics.

Since then, the data science star has only risen further, so it is little wonder that the market for predictive analytics software is set to grow to $6.5 billion by 2019 according to Transparency Market Research.

Marketers and their thirst for customer insights are a big driver of this trend. As Kenshoo’s recent whitepaper, “The Kenshoo Guide to Agile Marketing” (download here) noted, the growth in the amount of data collected by marketers has largely outpaced the ability of companies to analyse that data.

Some description

“Traditional analytics aren’t very well-suited for uncovering the full value in today’s large data sets, so technology is needed to perform some of the most valuable analytics for digital marketers.”

But here’s the rub. “It’s not just about analysing historical data and current performance,” say the authors of the report. Perhaps more importantly it is about how those insights can be activated and applied to make future predictions.”

Machine Learning

Underscoring this is a technology approach called machine learning.

According to the report, “Machine learning represents technology that allows marketers to access the vast amounts of data that we have been accumulating (and which are only continuing to grow exponentially) to help uncover and understand the patterns that emerge and act on those predictions.”

The authors say the machine learning approach allows for processing of billions of data points which when taken as a whole, paint a valuable picture. “Machines are able to use all the ingested data points to test the accuracy of predictions and train the system to improve forecasts. As the system becomes skilled at recognising valuable patterns, these models can be easily distributed and disseminated across a predictive marketing platform at scale.”

Of course organisations operate at a different levels of maturity where data driven marketing is concerned and it’s useful to understand where your own company sits on the curve.

The authors offer four questions marketers can ask themselves;

  1. How can we account for all the different inputs?
  2. How do I know if I’m interpreting the recommendations properly?
  3. What do I do once I have the insights and predictions?
  4. How can a machine know my business better than I can?

“To address these questions, it helps to start from the bottom up. First and foremost, you have to put your faith in the system. Recognise that, indeed, a machine can’t know your business as well as you and that’s why you get to pick which machine you use and program it with your goals and objectives,” say the authors.

“It’s part art, part science; part people, part platform. From there, pick a machine that can not only deliver insights, but can help you act on them in an automated manner.

“For example, seek a platform that can provide a forecast and recommended budget pacing and also implement it through a push of a button that sets advertising bids on search engines and social networks. It’s also important to ensure your platform has easy-to-digest dashboards that clearly show the opportunities.”

And, finally, they suggest, leverage a technology that can ingest custom inputs from internal systems and third-party partners such as inventory feeds, promotional calendar, or CRM databases.

Some description

For its part, research company Gartner offers a simple model with five levels which run from adhoc at the start of the data marketing journey through to the final state which they call the “decisive level” where organisations use real time segmentation and budget for experimentation.

Most importantly though, for these marketers analytics differentiates the business.

 

Latest News

Mobiddiction Wins Innovation Award At IABCA 2018
  • Media

Mobiddiction Wins Innovation Award At IABCA 2018

Sydney based tech consultants, Mobiddiction, has been crowned with the  Excellence in Innovation Award at the 2018 India Australia Business & Community Awards. Held at Brisbane  City Hall for the second consecutive year, the awards celebrate the Australia India relationship while honouring migrant entrepreneurship and community leadership and aims to raise awareness of Indians in […]

Indie Agency Edge Up Creative Recruits After A Series Of Wins
  • Media

Indie Agency Edge Up Creative Recruits After A Series Of Wins

Following recent new business wins including WW (formerly Weight Watchers), NGS Super and BASF, indie creative and content agency Edge has hired creative duo Peter Mountford (left in photo) and Salvatore Cavallaro (right). Copywriter Mountford was previously at Leo Burnett and R/GA, having worked on clients such as Telstra and McDonald’s, while art director Cavallaro was […]

Luminoso Launches Of Revolutionary Business Model
  • Media

Luminoso Launches Of Revolutionary Business Model

Marketing, technology and creative recruitment firm Luminoso is disrupting the recruitment industry with the launch of a new business model that puts its customers’ interests above short-term revenue. Under the new business model, Luminoso will no longer bill its clients on the first day a successful candidate starts work. Instead, it will share the risk […]

Former Dentsu Exec Kym Pfitzner Joins Six O’Clock Advisory As Chairman
  • Marketing

Former Dentsu Exec Kym Pfitzner Joins Six O’Clock Advisory As Chairman

Australian-owned strategic communication firm Six O’Clock Advisory has announced the appointment of Kym Pfitzner as chairman. The 25-year media and marketing veteran will take up the non-executive post at the company from 14 January 2019. Pfitzner joins Six O’Clock Advisory as a highly-regarded adviser and director who has held senior leadership roles in the Asia […]

WPP AUNZ Study: Aussies Found To Regularly Lie About Money, Family & Happiness
  • Advertising
  • Marketing
  • Media

WPP AUNZ Study: Aussies Found To Regularly Lie About Money, Family & Happiness

Australians regularly lie about money, family, finances, their job and happiness, new research shows. They also keep big secrets from their partners, family and friends a new study by WPP AUNZ had revealed. The study, called Secrets & Lies, Uncovering the Underbelly of Australia, analyses the difference between what Australians say and what they think […]

by B&T Magazine

B&T Magazine
Sydney Airport Lands Massive Advertising Partnership
  • Advertising

Sydney Airport Lands Massive Advertising Partnership

Sydney Airport has partnered with large-format outdoor innovators, Wideopen Platform, to unveil one of Australia’s largest advertising building wraps across the Western face of the T1 International multi-storey car park. Sydney Airport general manager of retail Glyn Williams said the new wrap spanning 1,957sqm delivers another significant media opportunity for advertisers at Australia’s gateway, beyond the existing portfolio. “We’re excited […]

Sunday TV Wrap: A Resurgent 60 Minutes Gives Nine A Big Win
  • Media

Sunday TV Wrap: A Resurgent 60 Minutes Gives Nine A Big Win

An emotional tell-all interview with NRL player Johnathan Thurston has delivered big numbers for Nine’s 60 Minutes last night. Thurston – who retired at the end of this season to become a Nine commentator – opened up about alleged rape allegations that have dogged his career way back when be played for Canterbury Bankstown in 2002. […]

by B&T Magazine

B&T Magazine
APN Outdoor Brings The Invictus Games To XtrackTV
  • Campaigns
  • Media

APN Outdoor Brings The Invictus Games To XtrackTV

APN Outdoor, the official Outdoor Media Partner of the Invictus Games Sydney 2018, has revealed the next phase of its partnership with the Games, launching coverage through its XtrackTV national digital rail network. The industry-leading XtrackTV network operated by APN Outdoor is delivering content from the games in Sydney to rail commuters, direct from the official broadcast partner, […]

Japanese Cosmetic Firm Unveils Surreal Ad With Cool LGBTQI+ Twist
  • Campaigns

Japanese Cosmetic Firm Unveils Surreal Ad With Cool LGBTQI+ Twist

Japanese cosmetic firm Shiseido has unveiled its latest campaign that’s epic as it is stunning. The three-and-a-half minute spot is called “The Party Bus” and goes from the surreal to the bizarre all while highlighting the power of make-up. It follows a young Japanese girl who falls for what appears to be a samurai, before ending with a […]

by B&T Magazine

B&T Magazine
Engaging.io Appoints Blockchain Specialist To Lead Business Development
  • Media

Engaging.io Appoints Blockchain Specialist To Lead Business Development

Technology and digital agency Engaging.io has appointed Siva Gounder as senior business development manager as the independent agency continues to invest in technology. Gounder joins Engaging.io from CRDZ, a decentralised platform addressing issues preventing widespread adoption of blockchain and cryptocurrencies. For more than two years he was charged with developing blockchain partnerships and marketing. Prior to […]

Ten Pictures That Will Make You Feel Good About Living Down Under
  • Co-Lab
  • Media

Ten Pictures That Will Make You Feel Good About Living Down Under

The photo aficionados at Getty Images Sydney have curated some of their favourite images from the ‘This is Australia’ collection, capturing all that is great about our lifestyle Down Under. We could be every one of these people. The photo aficionados at Getty Images Sydney have curated some of their favourite images from the ‘This […]

Partner Content

by B&T Magazine

B&T Magazine
Study: Sydney FC Most Popular A-League Club, As Support For The Phoenix Plummets
  • Marketing

Study: Sydney FC Most Popular A-League Club, As Support For The Phoenix Plummets

A-League Premiers Sydney FC have topped the Roy Morgan A-League supporter ladder for 2018 with 613,000 supporters an increase of 11.7 per cent over a year ago following the clubs back-to-back wins as A-League Premiers in 2016/17 and 2017/18. Defending A-League grand final champions Melbourne Victory were second with 526,000 supporters, down 8.7 per cent on a […]