Yes, you are late, but better late than never !

Google search "www" and see the total no. of results - Whooping figure of 194000,00,000. This many number of websites are available online of which half of it at-least intend to do business. Do you want to go back to your primitive methods of business or do you want to tie your laces tight ?

BA VS BI

Business analytics Vs. Business intelligence

Business analytics (BA) is the practice of iterative, methodical exploration of an organization’s data with emphasis on statistical analysis.  Business analytics is used by companies committed to data-driven decision making.

BA is used to gain insights that inform business decisions and can be used to automate and optimize business processes.  Data-driven companies treat their data as a corporate asset and leverage it for competitive advantage. Successful business analytics depends on data quality, skilled analysts who understand the technologies and the business and an organizational commitment to data-driven decision making.

Examples of BA uses include:

  • Exploring data to find new patterns and relationships ( data mining )
  • Explaining why a certain result occurred (statistical analysis, quantitative analysis)
  • Experimenting to test previous decisions (A/B testing, multivariate testing)
  • Forecasting future results ( predictive modeling , predictive analytics)

Once the business goal of the analysis is determined, an analysis methodology is selected and data is acquired to support the analysis.  Data acquisition often involves extraction from one or more business systems, cleansing, and integration into a single repository such as a data warehouse or data mart.  The analysis is typically performed against a smaller sample set of data.  Analytic tools range from spreadsheets with statistical functions to complex data mining and predictive modeling applications.  As patterns and relationships in the data are uncovered, new questions are asked and the analytic process iterates until the business goal is met.  Deployment of predictive models involves scoring data records (typically in a database) and using the scores to optimize real-time decisions within applications and business processes. BA also supports tactical decision making in response to unforeseen events, and in many cases the decision making is automated to support real-time responses.

While the terms business intelligence and business analytics are often used interchangeably, there are some key differences:

BI vs BA

Business Intelligence

Business Analytics

Answers the questions:

  • What happened?
  • When?
  • Who?
  • How many?
  • Why did it happen?
  • Will it happen again?
  • What will happen if we changex?
  • What else does the data tell us that never thought to ask?
 

Includes:

  • Reporting (KPIs, metrics)
  • Automated Monitoring/Alerting (thresholds)
  • Dashboards
  • Scorecards
  • OLAP (Cubes, Slice & Dice, Drilling)
  • Ad hoc query
  • Statistical/Quantitative Analysis
  • Data Mining
  • Predictive Modeling
  • Multivariate Testing

 

Once the business goal of the analysis is determined, an analysis methodology is selected and data is acquired to support the analysis.  Data acquisition often involves extraction from one or more business systems, cleansing, and integration into a single repository such as a data warehouse or data mart.  The analysis is typically performed against a smaller sample set of data.

Analytic tools range from spreadsheets with statistical functions to complex data mining and predictive modeling applications.  As patterns and relationships in the data are uncovered, new questions are asked and the analytic process iterates until the business goal is met.  Deployment of predictive models involves scoring data records (typically in a database) and using the scores to optimize real-time decisions within applications and business processes. BA also supports tactical decision making in response to unforeseen events, and in many cases the decision making is automated to support real-time responses.

Are you confused whom to outsource or whom to take help from ?

The question rolls back to you as to what exactly you want from digital media unit. Do you want a one time campaign, do you want contractors whom you can reach time to time when you have something new to talk to people online or you want to partner with someone who sync with the spirit of your business

Tough question eh ?

Yes, indeed it is. Because you know that a one time campaign may not answer all that you need but a contractor can ? But how often can I contract people for work and what if at a particular time, the contractor is not free for me and I would need to test the waters with a new contractor ?

Digital media partner, a permanent cure ?

Really ? Do you realize the investment you need to add in your marketing budget for the same ?

What to do now ? I am back to square one !

Not really, you just moved to a new level where atleast you have started questioning the right strategy to swim in online waters and you are going almost fine !

But what now ?

Simple ! You need a digital marketeer for yourself before its too late or too futile !

Top 6 autoresponding emails marketers send as a way of trigger based marketing

Four things to be careful in trigger based monitoring

1. Remember to set frequency limits

Don’t bombard your audience. It is possible that they may sign-up to receive information on more than one topic/event/product, thus generating a myriad of triggered emails. If they are swamped by emails from you they will quickly lose interest and may miss reading the one that contains exactly the information they need. To avoid this, prioritise campaigns and set frequency limits to keep your audience engaged, but not switched off.

2. Don’t forget about recency

Behaviour-based campaigns work well due to their timeliness and relevance. If a supermarket you use frequently for purchasing of bulky items emails you a shopping list to remind you to reorder the goods again, you will likely do so. However, if you have just booked a holiday for the summer you are unlikely to book another one until the same time next year. Therefore, asking you to book a holiday say, a week later, will have a negative conditioning effect on response.

3. Abandonedshopping carts
An extremely smart tactic to bring back lost sales is to check-up on those people who never complete the checkout process. If you have already captured the customers’ email address, you can easily send them a friendly message informing them that you’re currently trying to improve your checkout process, and you apologise if they found anything confusing. In addition, you might want to give them a coupon code as an additional incentive for bringing them back.

4. Add an “email me when in-stock” feature

Anytime a customer visits a product detail page that displays an “out of stock” notice, give them the option to be emailed if the item becomes available again.

 

Web analytics

Web analytics

Web analytics is not just a tool for measuring web traffic  but can be used as a tool for business and market research, and to assess and improve the effectiveness of a web site. Web analytics applications can also help companies measure the results of traditional print or broadcast  advertising campaigns

There are two categories of web analytics;  off-site  and  on-site  web analytics.

Off-site web analytics refers to web measurement and analysis regardless of whether you own or maintain a website. It includes the measurement of a website’s  potential  audience (opportunity), share of voice (visibility), and buzz (comments) that is happening on the Internet as a whole.

On-site web analytics measure a visitor’s behavior once on your website. This includes its drivers and conversions; for example, the degree to which different  landing pages  are associated with online purchases. On-site web analytics measures the performance of your website in a commercial context. This data is typically compared against key performance indicators for performance, and used to improve a web site or marketing campaign’s audience response.

Some of the web analytics platform other than google analytics are

  • Analog
  • AWStats
  • CrawlTrack
  • Open Web Analytics
  • Piwik
  • W3Perl
  • Webalizern

 

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