Does Analytics Differentiate Your Business?
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.
“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;
- How can we account for all the different inputs?
- How do I know if I’m interpreting the recommendations properly?
- What do I do once I have the insights and predictions?
- 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.
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.
Please login with linkedin to comment
Australasia’s Promotional Product Association pedestrian safetyLatest News
Is B2B Marketing Missing Its Emotional Touch?
B2B marketers could learn a thing or two from their B2C colleagues, argues WP Engine VP APAC sales Mark Randall in this guest post. It surprises me how many B2B organisations are not quite hitting the mark when it comes to reaching their audience. When talking directly to businesses, many brands are missing an opportunity […]
Aussie Taxpayers Invested $50M In Failed Streaming Service
Fresh from buying the Australia Post board Cartier watches, the Aussie taxpayer is copping yet another shafting here.
Springfree Trampoline Unveils New TV ‘That’s Why We Got A Springfree’
Who didn't love the backyard trampoline as a kid? And many of us still carry the physical scarring from the adventure.
Women In Media’s Tara O’Keefe: “What Worked Yesterday Doesn’t Today And Certainly Won’t Tomorrow”
Here's some wise words from QMS’ Tara O’Keefe. Yet, not that wise that you'd have to have done chemistry for the HSC.
An “Intellectual Thickshake”: Ben Fordham Rips On Pete Evans, As Pete Viciously Fires Back
B&T's understanding is that Pete Evans is a chef? Why doesn't he pop on the apron and get back to cooking dinner?
Why The ACCC Has Its Eye On iMessage, Facebook Messenger And WhatsApp
Any bartender that served Rod Sims a chardonnay would NOT want to fall short of that line on the glass, that's for sure.
Burger King Trials Reusable Packaging
Here's a top initiative from Burger King that does kinda sound like a slightly tedious Craig Reucassel documentary.
Thursday TV Wrap: Gogglebox Takes Top Spot Despite Slight Dip
Gogglebox is almost like a scientific, neurological study into the human condition. Just with more bogans and ad breaks.
Borat Hijacks Landmarks Around The World To Promote Long-Awaited Sequel
Borat promotion comes to Bondi. And even it couldn't find any parking & got charged $9 for a tumeric almond milk latte.
Freelancers Marketplace Fiverr Appoints Bohemia For TV And BVOD In Australia
Freelance marketplace Fiverr has appointed Bohemia. B&T understands it's full-time and not three days casual.
Smarter Use Of Art & Science Stretch Auto Budgets Further
The majority of adverts uploaded to Facebook aren’t created for Facebook as its priority. This is causing huge inefficiencies and poor performance for brands, many of whom are facing up to shrinking budgets. Tom Phillips (main photo) managing director at Connecting Plots shares lessons from 12 campaigns they optimised for auto brands… It’s no secret […]
Jaguar Land Rover Appoints Haystac As PR Agency Of Record
We're not entirely sure if B&T goes to eastern suburbs real estate agents, but Haystac has won Land Rover's PR.
Greenpeace Warns Of The Dangers Of Deforestation In Stunning Animated Spot
Want to feel slightly more shit than you already do? A Greenpeace ad's guaranteed to activate the depression hormones.
Young Guns Take The Lead With The First PRIA University Mentoring Program In NSW
On Wednesday, 21 October 2020, the PR industry was bolstered by the launch of the Public Relations Institute of Australia’s (PRIA) first University Mentoring Program in New South Wales, adapting the traditional face-to-face program to a virtual format for the first time. In collaboration with the University of Technology Sydney (UTS), the PRIA NSW Young […]
JCDecaux Teams Up With MyPayNow To Serve Real-Time Data
JCDecaux has developed a dynamic digital campaign with live timetable data where commuters can access their money from MyPayNow while waiting for the bus. In an exclusive nationwide Out-Of-Home campaign, JCDecaux’s SMARTFRAME digital assets are broadcasting bus arrival times, letting commuters know how far away their next bus is – and just how easy it […]
Rokt Secures $US80M Series D Investment Round
Rokt has today announced an investment of US$80M. The capital will help accelerate research & development and support the expansion of its client base into new verticals and geographies as Rokt continues to make e-commerce smarter, faster, and better. The funding round was led by Rokt’s largest institutional shareholder TDM Growth Partners , and supported […]
Election Billboard Claiming Biden Is Mentally Unfit Spells Dementia Wrong
This actually would be hilarious had it not been about electing the next leader of the free world.
INNOCEAN Snares CHEP’s Wesley Hawes For ECD Role
Photographer goes the full "Leibovitz" to create moody, ethereal press pic for Welsey Hawes announcement.
How Human Centred Design Can Help Define Brand Experience
Admittedly, this one is a little highbrow and arty. However, a refreshing change from B&T's usual lowbrow and farty.
Nature Invests In New Team Members And Innovation
Leading strategic insights consultancy Nature today announced it has hired several key new team members and restructured senior roles to increase its focus on innovation, including new technology and data sources.
Dentsu International To Be Net Zero Emissions Agency By 2030
Admittedly, B&T's own net zero emissions targets have been hampered by the burnout competition in the car park.
PayPal And Buy From The Bush Launch New Marketplace
PayPal Australia and Buy From The Bush have joined forces to launch a new online marketplace to showcase rural Australian small businesses in time for Christmas. The expanded partnership aims to build stronger connections between bush businesses and Australians in cities and suburbs across the country. The new Buy From The Bush Marketplace is an […]
Foxtel Upfronts: New Shows, Remote Voice Control, & Foxtel Media’s New Data Platform For Buyers
Seven's yesterday, Foxtel's Upfronts today. If it wasn't for this pandemic, B&T staff should be very hungover about now.
Freedom Foods Appoints 72andSunny Sydney As Its Comms & Design Agency
72andSunny office staff already noticing fluffier stools after snaring breakfast cereal maker.
Streaming Service Quibi Sensationally Shuts Down After Just Six Months
Quibi has shut down after just six months. It's also now got lots of monogrammed pens it doesn't know what to do with.
Droga5 Nails It Once Again In Hilarious New Work For Amazon’s Alexa
The B&T office uses Alexa for all our everyday mundane chores. But we call him Brian the work experience student.
Neuro-Insight Study Reveals Animation Is Twice As Effective As Static Advertising
In possibly a further blow for supermodels, a new study has found animation is twice as effective as static advertising.
Wednesday TV Wrap: Gruen Takes A 200K Hit
Gruen plummets 200,000 viewers in just one week. However, that's not to say Highway Patrol went up a similar amount.
Philippe Krakowsky Named New IPG CEO
Philippe "Crackers" Krakowsky named new IPG global CEO. However, says he only uses Crackers on less formal occasions.
Cricket NSW Bans Sports Betting Ads In New ‘GambleAware’ Partnership
Cricket NSW has banned sports betting and moved to medium-strength beer. You watch, the meat pies will be next.
