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Explainer Investments 3 min. Is a million pounds enough to retire on? David Meerman Scott has published a popular book on how to use new marketing technologies. He covers social media, online video, mobile apps, blogs, news releases and viral marketing.. Using stories from real companies, they show how to recognize the impact of mobile devices, pervasive video, cloud computing and social technology, to achieve a competitive advantage, by allowing employees to serve customers better.
Specifically for marketing, they explain how to listen to customers, respond to them, enable them to become fans, amplify their voices by connecting them to each other, and seek their ideas to revise marketing and products.. They advise marketers about five realities of the Web: a users lead businesses, b search algorithms determine which websites, brands and stories are more visible, c customers have enormous power via comparison shopping, d web users trust each other more than they trust marketers, and e low entry barriers online make competition much more intense even for physical stores..
They suggest several principles in order to capitalize on these opportunities: a engaging senior executives in social media analyses, b creating dispersed networks of people with a deep understanding of the business, c equipping employees to browse blogs, create followers and match their interests to in-store retail offerings, d using insights cross-functionally across marketing, sales, product development and customer support, and e placing the authority to act on data signals as close to the front lines as possible..
Soares, Pinho and Nobre surveyed university students to understand how social interactions may predict marketing interactions. They report that social relationships are a positive predictor of information disclosure and word of mouth, while they are a negative predictor of attitude toward advertising. They also report that trust is not a predictor of attitude toward advertising.
Marketers must understand these factors to effectively reach social media users.. Kelly provides a guide to the measurement of social media ROI for different strategies, such as brand awareness and reputation management, lead generation, increasing revenue, customer service and referrals.
She explains how to align the use of social media to business objectives and the sales funnel.
She reviews available tools to collect social media metrics.. Hieronimus and Kullmann describe the Online Marketing Excellence OMEX dashboard, developed by a McKinsey-Google partnership, in response to the lack of a standardized approach to measuring online marketing performance Codita, Becker quotes the former CEO of Google, Eric Schmidt, as saying that society now generates as much data every two days as it did from the dawn of civilization until While there are many such estimates that vary widely among various business pundits and professional market analysts, there is no denying that an unprecedented amount of data is being generated, that the rate of data generation will continue to increase, and that this creates unprecedented opportunities to benefit society, while simultaneously opening new doors for illegal and unethical exploitation of individuals..
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A marketing professional or organization that sets out to engage customers with new technologies, and glean insights through new data collection and analytical methods, must first be clear on what metrics would be valuable. A comprehensive guide to Marketing metrics is provided by Farris et al.
They point out the increasing expectations to align Marketing metrics with a company's core financial metrics, and they explain how to gain insights from a wide variety of data. While they cover traditional metrics, such as market share, sales force performance, rebates, reach and revenues, they also discuss digital age metrics, such as specialized metrics for web campaigns, opportunities and leading indicators of financial performance.. They stress the importance of aligning online and offline traditional media marketing, using effective key performance indicators KPIs , designing effective analytics, search engine optimization SEO and pay per click PPC marketing campaigns..
Surma describes the evolution of Business Intelligence BI technologies and techniques.
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One advanced application is data mining for customer intelligence CI , in the realm of modern marketing. All of these areas affect marketing practices and provide companies opportunities for competitive differentiation.. Blazevic et al. The argue that interactivity on online channels is a consumer characteristic, and propose the use of the 8-item GOSIP scale as a trait based individual difference, one that firms can use to connect to their customers..
They outline a 5-stage model of organizational progress on analytics - impaired, localized, aspiring, analytical and competitive. They also articulate how to embed analytics in business processes and build an analytical culture.. Davenport has compiled research from many faculty members of the International Institute for Analytics, to explain how enterprises can use analytics to optimize processes, decisions and performance.
A model to measure online engagement is proposed as a function of eight indices click-depth, recency, duration, brand, feedback, interaction, loyalty and subscription. Eddy reports the results of a survey of smartphone users in the U. Significant numbers of respondents over the age of forty, and even higher numbers of those under forty, reported how much they use their mobile apps in everyday activities, such as waking up, managing money, doing their jobs, shopping and connecting with friends.
Six percent of respondents actually said they could not be happy without their mobile apps! Such demand presents a staggeringly lucrative channel for marketers who have the right mindsets and skills to exploit it..
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Bhave, Jain and Roy conducted a qualitative study of Gen Y smartphone users in India, to understand their attitudes toward branded mobile apps and in-app advertising. The findings from their focus groups and interviews show the extent, contexts and purposes of Gen Y smartphone usage, gender based differences in app usage, correlation between level of app engagement and response to in-app advertising, perceptions of specific attributes of in-app advertisements location, format, relevance, credibility, etc.
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The outcomes of a focus group study of Gen Y mobile app users in the U. She uses the study results to classify users into four types; Planner, Collaborator, Freeloader and Gossiper. She stresses that marketers should understand behavioral differences across these types of users, even as they address common needs, such as access to credible content generated by other users..
Save provides insights into effective mobile device based marketing, based on usage characteristics in emerging markets like India. Many young people in India have only ever connected to the Internet via a mobile device.
Many developing countries, which had only small numbers of traditional land based phone lines, have established cellular networks much more rapidly and mobile phone usage has had explosive growth, catering to pent up demand. Local versions of smart phones, tablets and phablets are cheaper and readily available to a growing middle class.
These users do not use google. They start with mobile applications which are geared toward specific tasks, such as finding a restaurant.
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He advocates a 7-step process to design and execute a mobile marketing project in these market conditions.. Willmott makes specific recommendations for marketers to address the growing trend of consumers browsing retail stores, to touch, feel and try products, only to make purchases online, particularly via smartphones.