Monetize The Data Of Data

So far the company’s main focus has been on revenue growth rather than cost reduction but now customers have more options than ever before.

In order for a business to maintain a competitive edge, they need to be able to understand in real time the needs of their customer base. With the advancement of social media, information that once was a trickle has now become a flood and businesses who want to remain competitive must be able to capitalize on information quickly. By analyzing data, businesses are better able to directly focus their marketing efforts and prices to gain their customers notice and stay ahead of their competitors (Savitz, 2012).

In this article How Does Target Know so Much about Its Customers? Utilizing Customer Analytics to Make Marketing Decisions, the authors describe the kinds of data needed to recognize changes in a consumer’s habits, privacy concerns that occur when data mining, and marketing decisions made from the information. Whenever shoppers make a purchase or browse their Web site, Target gathers customer information, analyzes it, and might sell the data to other businesses. In fact, all three authors explained, “Target Corporation is a leader in analyzing vast amounts of data to identify buying patterns, improve customer satisfaction, predict future trends, select promotional strategies, and increase revenue.”(Corrigan, Craciun, Powell 159). Along with other stores, Target has created a

Data is an important component used by all technology and businesses to gain insights and refine their marketing techniques to improve customer experience. Through the use of data analysis companies can capture a large amount of data, and retrieve information regarding the company’s trends. In Richard’s case using data analytics allows him to gain better insights on customer behaviors, in which he was able to determine which factors influence a user to purchase the eReader early. These factors will allow the team to develop new business models and improve their marketing strategies to capture these individuals (“Big Data Analytics”, 2017). For example, if most of the early users are from California, it would be beneficial to promote the eReader

With our team’s behavior shifting from being motivated to becoming managers of our individual teams, profits began to shrink. We assumed that this was from inactivity and made the correction to jumpstart the team’s prospecting for both new consumers of our product as well as new business partners who shared the same vision and mindset that we did when we started out in the industry. Profits began to grow once again and we realized our first real problem.

One example of data collection that can be valuable to businesses is the monitoring of a customer’s shopping habits. For example, a twenty three year old female who lives in Atlanta and goes shopping at Target in March to buy the following items: a purse that is big enough to function as a diaper bag, cocoa butter, a bright blue rug, and magnesium supplements. Based on this data Target states that there is an 87 percent chance that this woman is pregnant. Target will then begin to send her directed advertisements that they know will entice her to buy something. The collection of the data is used to trigger habits in Target’s customers that ultimately leads to increased profits for the store (Duhigg,

Companies recognize that acquiring a new customer can cost thousands of dollars. Therefore, to optimize their marketing spend, businesses are searching for answers within analytics to drive their customer acquisition strategies.

They expect to see increased profits from our market shift efforts by the end of Year 2. Over the next three years they expect lower profits and make inroads into this tough market. We estimate that they will be able to reduce marginal costs and increase overall profitability by Year 3 or Year 4 as we grow and take advantages of economies of scale

* Redesigned products and distribution channels to increase profitability and better meet customers' needs and preferences.

Sales have drop overall quarterly. In the long run implementing an efficient competitive edged will reverse the downward trend, leading the company to long term financial health.

Location-Based Advertising only works if the user shares his location with the organization (Mobile Marketing Association, 2011). The number of applications that use the consumer’s location is rapidly

With the help of mobile billboards, advertising to Las Vegas convention attendees has never been easier. The billboards may be used to introduce a brand to hundreds of thousands of individuals in a short period. This promotion is targeted to specific industries, based on which conventions are being held in the city that week. Mobile billboards come in the form of mobile truck advertising, street teams, walking billboards and mobile digital advertising. It's all what works best for any given company choosing to make use of this advertising format and what the target audience is most likely to respond to.

Fragmented marketing touch points produce a dizzying array of data, from traditional structured data sources, such as retail checkout data and credit card transactions, to new structured data such as DVR data and the endless clicks and actions taken online, and access, to new unstructured data in call center logs and social media platforms (Nichols, 2013). All disciplines, not just marketing analytics, will need to contend with the data deluge and the various Vs of big data: volume, variety, velocity, and veracity (Vorhies, 2014). New models, skills, and machines are needed that can first, process petabytes and exabytes of data, and then attribute the data to the correct channel. Marketing analytics must marry offline and online touch points (Van Auken, 2015). This is an entirely new way to understand customers, and therefore creates entirely new ways to formulate and measure marketing strategy (Erevelles, Fukawa, & Swayne,

Our market sharing will see an increase of 2% each of the first 3 years. We will be able to measure being on the top in our industry by the increase of customers which results in an increase of profits. We anticipate a 5% increase of customers our first year followed by 6% the second year and 8% the third year. These will be our key factors in our financial objective.

In broad terms, data analytics is the process by which any company collects information about its targeted consumer-base, makes sense of the data collected, and based on the resulting assessment of that data, enables business management to determine if change is necessary to better reach the customer. While that description may seem simple enough, the means by which that data is collected has radically changed in the last twenty years and in which a new era in data analytics capabilities as emerged. Not long