MARKETING

Your stack’s past and limitations

Published

2 years ago

October 3, 2022

At our recent MarTech Conference session, “It takes two to tango: How marketers and data analysts can excel together,” Arti Munshi and I talked about some high-level concepts marketers can understand to help them work efficiently with data analysts. A key part of this is understanding data’s limitations. One of those limitations is a martech stack’s evolution.

Different types of evolution can hinder what a data analyst can do with data collected over time. Here are a few examples.

Analytics platforms

It is not unheard of for a company to change analytics platforms within its stack. There are numerous options for each type of component and plenty of reasons why a company may change which components they use.

A common example is a web analytics platform. Two major players in this space are Adobe Analytics and Google Analytics. If your company swapped one out for the other, this could limit your company’s historical web data. Granted, your company may have stored data from both systems in a data lake, but that doesn’t mean the platforms gathered and organized the data similarly. This makes things difficult for an analyst to account for. If a marketer can understand this history, they can incorporate this evolution into their requests and expectations.

Don’t forget that other stack components can also affect data collection and processing. Switching those around will present similar issues.

The broader organization

Marketing departments don’t stand alone. They exist to promote a broader organization. The broader organization can also present issues that affect data collection.

For instance, a company may not have a data lake where data from systems throughout the organization are stored. Having data all in one place can make it easier to bring other data in for a broader perspective. For instance, leads, conversions and opportunities are not the only pieces of the puzzle. Customer happiness, touchpoints with customer service representatives and so on are all part of the bigger picture.

More robust and complete findings are possible if analysts can look beyond a customer’s interaction with marketing campaigns. However, that depends upon how easy it is to pull all that data together in the first place.

Dig deeper: What’s the difference between a data warehouse and a data lake?

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Regulations

It is no secret that privacy regulations have evolved. In the past, it was permissible here in the United States for web browsers to collect a lot of information about website visitors. There was a lot more allowance for sharing or selling that information to other parties — especially with third-party data. Because of this analysts could provide richer and more robust information. Federal and state regulations have clamped down on collecting that data, so this is no longer the case.

Further, privacy regulations also vary throughout the world. The European Union is well known for protecting the privacy of its citizens — far more so than other governmental entities. This shouldn’t surprise any marketer, but analysts are more constrained with EU data when compared to the U.S.

Dig deeper: With Apple privacy protections hurting revenue, some companies are finding ways around it

Device manufacturer influence

Tech companies certainly have to comply with regulations. However, sometimes they adhere to more stringent standards than what they’re governed by. For instance Apple has restricted the data companies can collect about its device users. It turned that privacy focus into an extensive marketing campaign. Regardless of how much the perception matches reality, marketers need to note that it is possible analysts won’t have the same data for Apple and Android users.

Customer self-identification

Sticking with devices, this point is a well-known limitation. Most people use multiple devices ranging from laptops, phones and consoles. It is not uncommon for someone to have multiple of each. For instance, they do a few benign personal things (like checking the news) on their work laptop and do that again later on a personal laptop and phone. Ideally, it would be nice to stitch that individual across their devices so the data would represent them as one person instead of multiple people using different devices.

One way to do that is to collect first-party data and look for individuals using multiple devices. Perhaps they have an account and log into your systems from multiple devices. That is certainly one way to accomplish such stitching. However, an organization may not always have accounts for people to log into. In some instances, that may not make sense for someone to open an account with an organization’s systems.

If your organization was able to introduce accounts for people to create and use, please keep in mind that looking back to times when that wasn’t available or widely used will hinder analysts’ ability to track people across devices over time.

Limitations, not impossibilities

As marketers, it is essential to understand such data limitations. Understanding them will help facilitate working with data analysts. Having said all of this, these are limitations — not impossibilities. This is when data analysts can shine. They’re well aware of the limitations, but as data specialists, they likely have far more tricks up their sleeves than a marketer is aware of. Hopefully, coming to the table with a high understanding of the terrain will facilitate some creative collaboration.

Opinions expressed in this article are those of the guest author and not necessarily MarTech. Staff authors are listed here.

About The Author

Steve Petersen is a marketing technology manager at Zuora. He spent nearly 8.5 years at Western Governors University, holding many martech related roles with the last being marketing technology manager. Prior to WGU, he worked as a strategist at the Washington, DC digital shop The Brick Factory, where he worked closely with trade associations, non-profits, major brands, and advocacy campaigns. Petersen holds a Master of Information Management from the University of Maryland and a Bachelor of Arts in International Relations from Brigham Young University. He’s also a Certified ScrumMaster. Petersen lives in the Salt Lake City, UT area.

Petersen represents his own views, not those of his current or former employers.

MARKETING

Tinuiti Marketing Analytics Recognized by Forrester

Published

12 hours ago

April 19, 2024

Entireweb News Bot

Tinuiti Marketing Analytics Recognized by Forrester

News

By Tinuiti Team

Apr 16 2024

Rapid Media Mix Modeling and Proprietary Tech Transform Brand Performance

Tinuiti, the largest independent full-funnel performance marketing agency, has been included in a recent Forrester Research report titled, “The Marketing Analytics Landscape, Q2 2024.” This report comprehensively overviews marketing analytics markets, use cases, and capabilities. B2C marketing leaders can use this research by Principal Analyst Tina Moffett to understand the intersection of marketing analytics capabilities and use cases to determine the vendor or service provider best positioned for their analytics and insights needs. Moffett describes the top marketing analytics markets as advertising agencies, marketing dashboards and business intelligence tools, marketing measurement and optimization platforms and service providers, and media analytics tools.

As an advertising agency, we believe Tinuiti is uniquely positioned to manage advertising campaigns for brands including buying, targeting, and measurement. Our proprietary measurement technology, Bliss Point by Tinuiti, allows us to measure the optimal level of investment to maximize impact and efficiency. According to the Forrester report, “only 30% of B2C marketing decision-makers say their organization uses marketing or media mix modeling (MMM),” so having a partner that knows, embraces, and utilizes MMM is important. As Tina astutely explains, data-driven agencies have amplified their marketing analytics competencies with data science expertise; and proprietary tools; and tailored their marketing analytics techniques based on industry, business, and data challenges.

Our Rapid Media Mix Modeling sets a new standard in the market with its exceptional speed, precision, and transparency. Our patented tech includes Rapid Media Mix Modeling, Always-on Incrementality, Brand Equity, Creative Insights, and Forecasting – it will get you to your Marketing Bliss Point in each channel, across your entire media mix, and your overall brand performance.

As a marketing leader you may ask yourself:

How much of our marketing budget should we allocate to driving store traffic versus e-commerce traffic?
How should we allocate our budget by channel to generate the most traffic and revenue possible?
How many customers did we acquire in a specific region with our media spend?
What is the impact of seasonality on our media mix?
How should we adjust our budget accordingly?
What is the optimal marketing channel mix to maximize brand awareness?

These are just a few of the questions that Bliss Point by Tinuiti can help you answer.

Learn more about our customer-obsessed, product-enabled, and fully integrated approach and how we’ve helped fuel full-funnel outcomes for the world’s most digital-forward brands like Poppi & Toms.

The Landscape report is available online to Forrester customers or for purchase here.

MARKETING

Ecommerce evolution: Blurring the lines between B2B and B2C

Published

1 day ago

April 18, 2024

Entireweb News Bot

Ecommerce evolution: Blurring the lines between B2B and B2C

Understanding convergence

B2B and B2C ecommerce are two distinct models of online selling. B2B ecommerce is between businesses, such as wholesalers, distributors, and manufacturers. B2C ecommerce refers to transactions between businesses like retailers and consumer brands, directly to individual shoppers.

However, in recent years, the boundaries between these two models have started to fade. This is known as the convergence between B2B and B2C ecommerce and how they are becoming more similar and integrated.

Source: White Paper: The evolution of the B2B Consumer Buyer (ClientPoint, Jan 2024)

What’s driving this change?

Ever increasing customer expectations

Customers today expect the same level of convenience, speed, and personalization in their B2B transactions as they do in their B2C interactions. B2B buyers are increasingly influenced by their B2C experiences. They want research, compare, and purchase products online, seamlessly transitioning between devices and channels. They also prefer to research and purchase online, using multiple devices and channels.

Forrester, 68% of buyers prefer to research on their own, online . Customers today expect the same level of convenience, speed, and personalization in their B2B transactions as they do in their B2C interactions. B2B buyers are increasingly influenced by their B2C experiences. They want research, compare, and purchase products online, seamlessly transitioning between devices and channels. They also prefer to research and purchase online, using multiple devices and channels

Technology and omnichannel strategies

Technology enables B2B and B2C ecommerce platforms to offer more features and functionalities, such as mobile optimization, chatbots, AI, and augmented reality. Omnichannel strategies allow B2B and B2C ecommerce businesses to provide a seamless and consistent customer experience across different touchpoints, such as websites, social media, email, and physical stores.

However, with every great leap forward comes its own set of challenges. The convergence of B2B and B2C markets means increased competition. Businesses now not only have to compete with their traditional rivals, but also with new entrants and disruptors from different sectors. For example, Amazon Business, a B2B ecommerce platform, has become a major threat to many B2B ecommerce businesses, as it offers a wide range of products, low prices, and fast delivery

“Amazon Business has proven that B2B ecommerce can leverage popular B2C-like functionality” argues Joe Albrecht, CEO / Managing Partner, Xngage. . With features like Subscribe-and-Save (auto-replenishment), one-click buying, and curated assortments by job role or work location, they make it easy for B2B buyers to go to their website and never leave. Plus, with exceptional customer service and promotional incentives like Amazon Business Prime Days, they have created a reinforcing loyalty loop.

And yet, according to Barron’s, Amazon Business is only expected to capture 1.5% of the $5.7 Trillion addressable business market by 2025. If other B2B companies can truly become digital-first organizations, they can compete and win in this fragmented space, too.”

If other B2B companies can truly become digital-first organizations, they can also compete and win in this fragmented space

Joe Albrecht
CEO/Managing Partner, XNGAGE

Increasing complexity

Another challenge is the increased complexity and cost of managing a converging ecommerce business. Businesses have to deal with different customer segments, requirements, and expectations, which may require different strategies, processes, and systems. For instance, B2B ecommerce businesses may have to handle more complex transactions, such as bulk orders, contract negotiations, and invoicing, while B2C ecommerce businesses may have to handle more customer service, returns, and loyalty programs. Moreover, B2B and B2C ecommerce businesses must invest in technology and infrastructure to support their convergence efforts, which may increase their operational and maintenance costs.

How to win

Here are a few ways companies can get ahead of the game:

Adopt B2C-like features in B2B platforms

User-friendly design, easy navigation, product reviews, personalization, recommendations, and ratings can help B2B ecommerce businesses to attract and retain more customers, as well as to increase their conversion and retention rates.

According to McKinsey, ecommerce businesses that offer B2C-like features like personalization can increase their revenues by 15% and reduce their costs by 20%. You can do this through personalization of your website with tools like Product Recommendations that help suggest related products to increase sales.

Focus on personalization and customer experience

B2B and B2C ecommerce businesses need to understand their customers’ needs, preferences, and behaviors, and tailor their offerings and interactions accordingly. Personalization and customer experience can help B2B and B2C ecommerce businesses to increase customer satisfaction, loyalty, and advocacy, as well as to improve their brand reputation and competitive advantage. According to a Salesforce report, 88% of customers say that the experience a company provides is as important as its products or services.

Market based on customer insights

Data and analytics can help B2B and B2C ecommerce businesses to gain insights into their customers, markets, competitors, and performance, and to optimize their strategies and operations accordingly. Data and analytics can also help B2B and B2C ecommerce businesses to identify new opportunities, trends, and innovations, and to anticipate and respond to customer needs and expectations. According to McKinsey, data-driven organizations are 23 times more likely to acquire customers, six times more likely to retain customers, and 19 times more likely to be profitable.

What’s next?

The convergence of B2B and B2C ecommerce is not a temporary phenomenon, but a long-term trend that will continue to shape the future of ecommerce. According to Statista, the global B2B ecommerce market is expected to reach $20.9 trillion by 2027, surpassing the B2C ecommerce market, which is expected to reach $10.5 trillion by 2027. Moreover, the report predicts that the convergence of B2B and B2C ecommerce will create new business models, such as B2B2C, B2A (business to anyone), and C2B (consumer to business).

Therefore, B2B and B2C ecommerce businesses need to prepare for the converging ecommerce landscape and take advantage of the opportunities and challenges it presents. Here are some recommendations for B2B and B2C ecommerce businesses to navigate the converging landscape:

Conduct a thorough analysis of your customers, competitors, and market, and identify the gaps and opportunities for convergence.
Develop a clear vision and strategy for convergence, and align your goals, objectives, and metrics with it.
Invest in technology and infrastructure that can support your convergence efforts, such as cloud, mobile, AI, and omnichannel platforms.
Implement B2C-like features in your B2B platforms, and vice versa, to enhance your customer experience and satisfaction.
Personalize your offerings and interactions with your customers, and provide them with relevant and valuable content and solutions.
Leverage data and analytics to optimize your performance and decision making, and to innovate and differentiate your business.
Collaborate and partner with other B2B and B2C ecommerce businesses, as well as with other stakeholders, such as suppliers, distributors, and customers, to create value and synergy.
Monitor and evaluate your convergence efforts, and adapt and improve them as needed.

By following these recommendations, B2B and B2C ecommerce businesses can bridge the gap between their models and create a more integrated and seamless ecommerce experience for their customers and themselves.

MARKETING

Streamlining Processes for Increased Efficiency and Results

Published

2 days ago

April 18, 2024

Entireweb News Bot

Streamlining Processes for Increased Efficiency and Results

How can businesses succeed nowadays when technology rules? With competition getting tougher and customers changing their preferences often, it’s a challenge. But using marketing automation can help make things easier and get better results. And in the future, it’s going to be even more important for all kinds of businesses.

So, let’s discuss how businesses can leverage marketing automation to stay ahead and thrive.

Benefits of automation marketing automation to boost your efforts

First, let’s explore the benefits of marketing automation to supercharge your efforts:

Marketing automation simplifies repetitive tasks, saving time and effort.

With automated workflows, processes become more efficient, leading to better productivity. For instance, automation not only streamlines tasks like email campaigns but also optimizes website speed, ensuring a seamless user experience. A faster website not only enhances customer satisfaction but also positively impacts search engine rankings, driving more organic traffic and ultimately boosting conversions.

Automation allows for precise targeting, reaching the right audience with personalized messages.

With automated workflows, processes become more efficient, leading to better productivity. A great example of automated workflow is Pipedrive & WhatsApp Integration in which an automated welcome message pops up on their WhatsApp

within seconds once a potential customer expresses interest in your business.

Increases ROI

By optimizing campaigns and reducing manual labor, automation can significantly improve return on investment.

Leveraging automation enables businesses to scale their marketing efforts effectively, driving growth and success. Additionally, incorporating lead scoring into automated marketing processes can streamline the identification of high-potential prospects, further optimizing resource allocation and maximizing conversion rates.

Harnessing the power of marketing automation can revolutionize your marketing strategy, leading to increased efficiency, higher returns, and sustainable growth in today’s competitive market. So, why wait? Start automating your marketing efforts today and propel your business to new heights, moreover if you have just learned ways on how to create an online business

How marketing automation can simplify operations and increase efficiency

Understanding the Change

Marketing automation has evolved significantly over time, from basic email marketing campaigns to sophisticated platforms that can manage entire marketing strategies. This progress has been fueled by advances in technology, particularly artificial intelligence (AI) and machine learning, making automation smarter and more adaptable.

One of the main reasons for this shift is the vast amount of data available to marketers today. From understanding customer demographics to analyzing behavior, the sheer volume of data is staggering. Marketing automation platforms use this data to create highly personalized and targeted campaigns, allowing businesses to connect with their audience on a deeper level.

The Emergence of AI-Powered Automation

In the future, AI-powered automation will play an even bigger role in marketing strategies. AI algorithms can analyze huge amounts of data in real-time, helping marketers identify trends, predict consumer behavior, and optimize campaigns as they go. This agility and responsiveness are crucial in today’s fast-moving digital world, where opportunities come and go in the blink of an eye. For example, we’re witnessing the rise of AI-based tools from AI website builders, to AI logo generators and even more, showing that we’re competing with time and efficiency.

Combining AI-powered automation with WordPress management services streamlines marketing efforts, enabling quick adaptation to changing trends and efficient management of online presence.

Moreover, AI can take care of routine tasks like content creation, scheduling, and testing, giving marketers more time to focus on strategic activities. By automating these repetitive tasks, businesses can work more efficiently, leading to better outcomes. AI can create social media ads tailored to specific demographics and preferences, ensuring that the content resonates with the target audience. With the help of an AI ad maker tool, businesses can efficiently produce high-quality advertisements that drive engagement and conversions across various social media platforms.

Personalization on a Large Scale

Personalization has always been important in marketing, and automation is making it possible on a larger scale. By using AI and machine learning, marketers can create tailored experiences for each customer based on their preferences, behaviors, and past interactions with the brand.

This level of personalization not only boosts customer satisfaction but also increases engagement and loyalty. When consumers feel understood and valued, they are more likely to become loyal customers and brand advocates. As automation technology continues to evolve, we can expect personalization to become even more advanced, enabling businesses to forge deeper connections with their audience. As your company has tiny homes for sale California, personalized experiences will ensure each customer finds their perfect fit, fostering lasting connections.

Integration Across Channels

Another trend shaping the future of marketing automation is the integration of multiple channels into a cohesive strategy. Today’s consumers interact with brands across various touchpoints, from social media and email to websites and mobile apps. Marketing automation platforms that can seamlessly integrate these channels and deliver consistent messaging will have a competitive edge. When creating a comparison website it’s important to ensure that the platform effectively aggregates data from diverse sources and presents it in a user-friendly manner, empowering consumers to make informed decisions.

Omni-channel integration not only betters the customer experience but also provides marketers with a comprehensive view of the customer journey. By tracking interactions across channels, businesses can gain valuable insights into how consumers engage with their brand, allowing them to refine their marketing strategies for maximum impact. Lastly, integrating SEO services into omni-channel strategies boosts visibility and helps businesses better understand and engage with their customers across different platforms.

The Human Element

While automation offers many benefits, it’s crucial not to overlook the human aspect of marketing. Despite advances in AI and machine learning, there are still elements of marketing that require human creativity, empathy, and strategic thinking.

Successful marketing automation strikes a balance between technology and human expertise. By using automation to handle routine tasks and data analysis, marketers can focus on what they do best – storytelling, building relationships, and driving innovation.

Conclusion

The future of marketing automation looks promising, offering improved efficiency and results for businesses of all sizes.

As AI continues to advance and consumer expectations change, automation will play an increasingly vital role in keeping businesses competitive.

By embracing automation technologies, marketers can simplify processes, deliver more personalized experiences, and ultimately, achieve their business goals more effectively than ever before.