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In precision marketing, marketers examine the specific wants, needs, interests, and behavior patterns of certain user segments. By improving understanding of precision marketing offers, brands are better positioned to meet the needs of specific groups and significantly increase their marketing effectiveness and success. Purchasing behaviors and product preferences of teenage girls, for instance, would be completely different from those of their fathers. The use of precision marketing strategies lets you instantly distinguish the individual preferences, behaviors, and interests of your target demographics, so you can make more tactical and smarter business decisions. Your brand is built with individuals who want to buy from you, so it’s all about connecting with them in a more relevant way. When you adopt a precision marketing approach, you can use tools and data to develop content-rich, data-driven customer communications that deliver results that are better than ever before.
Real-time analytics is about capturing and acting on information as it happens – or as close as it’s possible to get. This involves streaming data, which could come from cameras or sensors, or it could come from sales transactions, visitors to your website, GPS, beacons, the machines and devices that operate your business, or your social media audience. This real-time streaming data is increasingly important in many industries. Financial service companies use real-time analysis of transactions to spot fraud and halt transactions before they take place. This had saved them millions that used to be wasted on tracking, canceling, and rectifying damage that could only be detected after the fact when a complaint was received. Netflix uses this form of data to make on-the-fly decisions about what customers want to watch next, based on what’s popular right now. Meanwhile, Facebook uses it to identify and remove dangerous content from among the 4.75 billion posts that are made each day. This would be impossible without real-time data and analytics. Working with real-time data is often an advanced use case for businesses that requires a mature data strategy. Tools and platforms available today mean usages are being found for real-time data outside of the domains of financial services.
XaaS is a branch of cloud computing that delivers various computer-centric services and applications to users digitally via the World Wide Web. It's a concept that is remote rather than tangible — and innovation that has boundless potential. Everything as a service involves providing services and apps on-demand, empowering consumers to drive down the costs of buying services directly from a provider. At its core, XaaS is an extension of SaaS, encompassing almost every professional service or function imaginable. Data decision-makers can now adopt innovative mindsets, peering far beyond traditional data management practices, and migrate toward modern solutions like connecting data via BI dashboards with the power of XaaS innovations.
Digital mindsets drive both digital giants and emerging market entrants as they look to disrupt their existing market or create an entirely new one. Incumbents, who often seek to subtly adapt, need to break free from the shackles of the past and act boldly to seize the opportunities of the future. To do so, they’ll need to look to partner with those with dominant competencies. The car industry has worked with geo-fencing technology providers to speed up the process of handing new cars over to dealers, making it more accurate and less risky. Sensors built into cars detect the exact moment the car transporter reaches the dealership and software instantly transfers the asset from the manufacturer’s balance sheet to the dealer’s. At the same time, incumbents must start imaging how they can disrupt their own organisation, learning from the mindset of digital-first firms. Any disruption will need to start with a view of the customer, lowering effort and friction at every touchpoint by using data to anticipate and respond to their needs.
With innovations being developed left and right, technological evolution comes into play. New technologies radically transform our lives into something that seemed unthinkable in old days. However, it’s not just our personal lives that are being altered by modernization. Businesses are also grabbing what they can when it comes to technological advancement. When the pandemic occured, they had to leverage new technologies to remain relevant in the digital age. Now that the pandemic is over, better customer service, more productive employees, digitization, and an increase in profitability are just some of the advantages of digital transformation. Therefore, it’s no surprise that many organizations are already embracing a digital-first approach. The stages of their digital adoption are shown in the chart below.
Sometimes, one set of data does not provide a complete picture of a business process. Take your sales department as an example. A simple report on your revenue generation over the past quarter may tell you whether your performance has improved or not, but it won’t tell you why. To get these insights, you need to bring in data from other sources. So, you might want to pull in traffic and conversion figures from your online channels to get a better idea of how customer engagement contributes to sales. Or, you could look to integrate CSAT surveys from customer support channels into your reporting so that you can analyze which areas of your product are receiving positive and negative feedback. A proper data synchronization strategy allows you to pick up current data from disparate sources such as CRM systems, analytics platforms, and survey tools at defined periods and load these to a data warehouse. Key attributes relating to revenue, traffic, engagement, and average customer satisfaction could be loaded to slowly changing dimension (SCD) tables. This table would identify changes in values and add a new row with an effective start and end date field to show which records are active at the moment.
Fundamental to all wireless communications is modulation, the process of impressing the data to be transmitted on the radio carrier. Most wireless transmissions today are digital, and with the limited spectrum available, the type of modulation is more critical than it has ever been. The main goal of modulation today is to squeeze as much data into the least amount of spectrum possible. That objective, known as spectral efficiency, measures how quickly data can be transmitted in an assigned bandwidth. The unit of measurement is bits per second per Hz (b/s/Hz). Multiple techniques have emerged to achieve and improve spectral efficiency. Amplitude Shift Keying (ASK) and Frequency Shift Keying (FSK) There are three basic ways to modulate a sine wave radio carrier: modifying the amplitude, frequency, or phase. More sophisticated methods combine two or more of these variations to improve spectral efficiency. These basic modulation forms are still used today with digital signals.
Data normalization plays a significant role in the security of all networks. Having normalizers work on your critical cybersecurity data can help make the data more actionable where it might not otherwise be possible. Normalization significantly contributes to the fortification of a network, especially in light of typical networks’ three main weak points: traffic handling, inspection, and detection. It’s a good idea to work with your IT professionals, and possibly a 3rd party managed security service provider (MSSP) to gather and normalize your cybersecurity data. Taking in data from disparate systems to make that data actionable in near-real-time by Intrusion Detection and Prevention Systems (IDS/IPS) combined with Security Incident Event Monitoring (SIEM) is highly valuable. These IDS/IPS and SIEM services are not cheap and may not be available to all SMBs to implement in their networks. For high value, high stakes environments, this technology can make a big difference in the overall network security.
While it is essential to integrate certain digital commerce habits into your daily business operations, the ever-changing world of technology and consumer behavior can pose a challenge. It can be difficult to allocate enough time to oversee multiple touch points throughout the consumer journey, from the moments when your customers experience joy to the times when they feel frustrated.
Customer expectations are constantly changing. Retailers should make a habit of adopting a strategic approach to monitoring customer data to easily pinpoint areas that are working well and those that need improvement. The more you learn about customer behavior, the more you can do to personalize each and every experience. Technology will be your best friend at this time. Analyzing algorithms will assist you in tweaking your digital commerce platform to ensure consistency across all areas of the online shopping experience, including shipping preferences, search options, and the types of products you present them with.
With so many digital marketing trends in 2020, meeting customer expectations can be a tricky task in the digital age. Devices are constantly being upgraded, which means you’ll need to update your digital commerce campaigns regularly to serve your tech-savvy customers. Remember that, before buying a product, customers tend to use multiple digital platforms when searching for the right brand. Although consumer behaviors are difficult to predict in this fast-moving era of marketing technology, you can provide seamless purchasing experiences by staying abreast of digital commerce trends, including artificial intelligence, conversational marketing, personalization, video marketing, visual search, and shoppable posts.
Gone are the days of retailers depending on a single source of traffic coming to their ecommerce website. Successful digital commerce gurus are tapping into SEO, PPC, email, social, display ads, retargeting, mobile, shopping engines, and affiliates as a way of sending targeted traffic to their web-hosted store. Creating Instagram galleries, securing influencer collaborations, hosting social media prize giveaways, optimizing product images for Google — these are just a handful of ways to generate traffic for your ecommerce business via digital channels. The best way to overcome this hurdle is to invest in a software solution that merges every essential element of digital commerce.
Most B2B marketers consider marketing automation to be a highly useful tool for both generating and converting leads. Statistically, Social Media Today’s 2019 State of Marketing Automation Survey report revealed that 75% of marketers/companies are already using at least one kind of marketing automation tool. But what about retaining those valuable customers? All of the hard work and resources you spent converting customers could be lost if you don’t focus on keeping them interested. A loyal customer can last a lifetime, so don’t neglect them! When customer retention efforts were bolstered just 5% by Groove HQ — a computer software company — profits soared 95%. Tap into the power of customer retention and re-engage existing customers by adopting digital commerce tools such as feedback surveys, live educational webinars, and automation. 5. Expanding business with technology. Is your technology limiting you? While you might not realize it, the tools you’re currently adopting could be holding you back. Retailers who wish to accomplish ongoing and consistent growth with digital commerce should establish a firm foundation for their technological feats. There’s a lot to consider at this point, including analytics, shopping cart solutions, email software, CRM systems, and inventory management software. Steer clear of starving your business by investing in the right avenues of technology. For example, integrate a website chat function into your digital commerce store and ask for feedback from your customers. Remember, the first step to dealing with and overcoming potential pitfalls is to find out what your customers are thinking and feeling.