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SigmaWay Blog

SigmaWay Blog tries to aggregate original and third party content for the site users. It caters to articles on Process Improvement, Lean Six Sigma, Analytics, Market Intelligence, Training ,IT Services and industries which SigmaWay caters to

What is ALDI ?

Aim-Lever-Data-Implement (ALDI) is an approach to integrate marketing analytics with Data Science, i.e making data the primary object of various decisions. So is it something very difficult or some kind of rocket science , no it’s a simple paradigm which follow the following approach :

 

  • Aim :

The aim of the analysis needs to be fixed by the strategy teams, before any data scientists gets involved, as they are are ones who know what exactly is needed.

 

  • Lever :

It is very important for an organization to know what actions it is going to take as a result of the analysis, not what the organization’s strengths are.

 

  • Data :

Once the objectives have been defined the next step is then to gather the appropriate data and then perform the analysis. This is where data scientists would really come in.

 

  • Implement :

This is the final step of the problem where results from analysis are used to make further decision on how the problem is going to be tackled and what all needs to be done by the various departments.

 

You can read the full article by Srividya Kannan Ramachandran at http://www.datasciencecentral.com/profiles/blogs/aldi-a-new-paradigm-for-integrating-marketing-analytics-with-data

 

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Analytics: Marketers' Magic Tool

Google’s procedure valued interconnectedness. If broadly speaking it says that more links you have on your page, the more relevance that page actually has in search results. Google treated these links as proxies to maintain legitimacy. It shows the consensus about best search results. But customers don’t concern for it, they care about pages which have their past search and the internet browsing histories, and which is addressing our actual concern. We can see that the substance and quality varies across the platform. Which results, Marketers face problems and not able to get relevant data about their customers. Here, analytics work well, analytics solutions act like search engine. It distinguishes Buzz and Noises out of datasheet which actually affects your business. Marketers need to pay attention on these methodologies. They need to think whether the loudest online voices are most important? 

Read more: http://www.cmswire.com/digital-marketing/searching-for-a-marketing-analytics-solution-check-your-google-history/

 

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In depth customer behavior analysis using big data and social trend

Big data analytics can analyze the past behavioral data of humans. It is highly correlated to future outcomes.  The most important task is to understand how much emotional extent can be predicted accurately. By analyzing critical reasoning and judgmental decision, there will be higher chances to predict more efficient human behavior. Social media plays an important part by providing more sensitive data having higher emotional quotient. Search dynamics also help to predict future trends. Therefore, combining big data, transaction data and social data along with shopping behavioral data opens a new horizon which enables marketers to influence human behaviors and perceptions. To read, follow: : http://www.forbes.com/sites/forbesinsights/2016/02/02/has-big-data-taken-the-human-out-of-human-behavior/#2280493b170c 

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New Skills A CMO Needs

In today’s business world, marketing organization needs to be agile. This means that the CMO also needs a vastly broader skill set. In addition to sound marketing skills, team management, deep knowledge, market research, strategic planning, branding, and creativity — today’s digital marketing CMO needs skills in - Agile development,  Big data, Programmatic buying, Branded content, Marketing analytics, Innovation, Agency management. To know more, follow - http://www.business2community.com/digital-marketing/7-skills-a-cmo-needs-in-the-digital-marketing-era-01384263#qgZZemBuKemTEUsm.97

 

 

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An insight into marketing analytics

Marketing is heading towards Big Data and analytics. Marketers are experiencing increased complexity in both their departments as well as daily pursuits. Data complexity is increased with campaigns on social media combined with other data sources from sales and finance. So companies are now resorting to marketing analytics for data aggregation, analysis and making data-driven decisions. Before going ahead with marketing analytics, companies should identify their key objectives based on a definite analytics platform which is divided into milestones in sync with the existing framework of the company. Once this is done, one can start the analytics journey and hold key stakeholders responsible for results all of which are based on the company’s goals and vision. Data techniques to be used should be decided solely on the basis of the company’s objective. It is important to focus on the correct segment of data within the entire data set. This way one can increase the chance of gaining actionable insights on data and thus pushing the company towards growth. Read more at:https://channels.theinnovationenterprise.com/articles/marketing-analytics-do-you-have-a-framework

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Analytics Help CMOs To Innovate

Employment of analytics professionals into the marketing world goes far behind the usage of visualization techniques and data processing. Marketing enterprises are keen on hiring data and analytics professionals. It's a well-recognized fact that analytics not only help companies to take profitable decisions but also provides them with opportunities to build strong relationship with customers, increase sales volume etc.  Daniel Kehrar (VP Marketing, MarketShare) in his article on Forbes listed out the five ways in which brand marketers can innovate with analytics and they are as follows:

1. Use insights to enrich what you offer.

2. Perfect your programme.

3. Eliminate digital and channel silos.

4. Be predictive.

5. Merge brand measures with direct response.

Read more at: http://www.forbes.com/sites/forbesinsights/2015/06/29/5-ways-brand-marketers-can-innovate-with-analytics/

 

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B2B Digital Marketing Analytics: A Study

In a recent report it was found that 86% of B2B marketers say marketing analytics is very important for the success of their digital marketing strategies. It was also found that most B2B marketers say that they are able to use their organization’s analytics data to measure digital marketing effectiveness, and 65% say analytics have helped increase their organization’s sales revenue by more than 10% and Email is the most tracked B2B digital marketing tactic followed by content marketing. To know more about which marketing tactic an organization use, follow: : http://www.marketingprofs.com/charts/2015/27224/the-state-of-b2b-digital-marketing-analytics

 

 

 

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Application of Marketing Data

According to a survey of CMOs, it was found that 2/3 of projects fail to use existing marketing analytics and only half of CMOs think that marketing analytics have contributed to their company’s performance. The most common reason for failure in this area is the introduction of any new initiative. Tom Claridge (strategy director at Fabric Worldwide), writes in his article about some tips on how to improve the Application of Marketing Data in any organization.  Read more at: http://digitalmarketingmagazine.co.uk/digital-marketing-data/5-tips-to-improve-the-application-of-marketing-data-in-your-organisation/1346

 

 

 

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Marketing Analytics: An Insight

Nowadays, the success of digital marketing depends on analytics and if it is used effectively, then marketers can recognize trends, uncover insights and take action such as personalizing content and remarketing. But, data loses its value if action is not taken timely. Now, the question arises that how marketers tackle the immense volume of data and take action. JD Nyland (Director of product management for Adobe Analytics), writes in this article how analytics can help in taking smarter action. To know more, follow:  http://www.cmswire.com/cms/digital-marketing/5-ways-analytics-enables-smarter-action-026782.php

 

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Which analytics one should be looking at- marketing or business analytics?

Sales and marketing platforms can easily be combined to generate a closed-loop approach to marketing analytics whereas business analytics understands the structure of the past to estimate what might happen in the future. Through marketing analytics, marketers can easily measure all aspects of their marketing efforts. Business Analytics can measure everything from warehouse efficiency and manufacturing. Business Analytics typically incorporate high level data from each department to gain knowledge of how the organization works. What makes marketing analytics different from other business analytics, is its concentration on real market output. Marketing analytics go beyond measuring strictly online performance and provide representatives from sales, customer service and senior business management with real market feedback that helps guide decisions on where to invest and how to prioritize. Thus marketing and business analytics are really a two way street - without marketing data business analytics wouldn't tell the whole tale, and vice versa. Read more at: 

http://blog.hubspot.com/insiders/marketing-analytics-vs-business-analytics

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Marketing Analytics and its dependence on the Internet

In recent times, the quickest and the easiest way to reach out to the huge market is through paid search marketing like advertising on Google AdWords or through other engines. Research shows that almost 75% of the North American population remain online. Marketing Analytics allows you to monitor campaigns and their respective outcomes, enabling each dollar to be spent as effectively as possible. According to a study in 2008 by the Lenskold Group "companies making improvements in their measurement and ROI capabilities were more likely to report outgrowing competitors and a higher level of effectiveness and efficiency in their marketing". In search marketing, one of the most powerful marketing performance metrics comes in the form of keywords. It is the keyword data contained within each click which can be utilized to inform and optimize business processes, monitor industry trends, provide customer support and identify the product design. A successful online marketing strategy relies on a winning AdWords campaign. The strength of your AdWords campaigns will dictate how well you rank in Google; without a decent ranking, your site will never be seen by prospective clients. As was published by E-Consultancy Research, it's generally well known that "a paid search campaign will add prestige and credibility to an organization. To know more about marketing analytics go to: http://www.wordstream.com/marketing-analytics .

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