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Latent View Analytics

LatentView Analytics is one of the world’s largest and fastest growing digital analytics firms. We help companies drive digital transformation by helping them combine digital and traditional data to gain a competitive advantage. LatentView provides a 360-degree view of the digital consumer, enabling companies to predict new revenue streams, anticipate product trends and popularity, improve customer retention rates and optimize investment decisions.

Personalized marketing: Did you buy it or did they make you buy it? Last week, while browsing through a few sites online, my eye caught the fancy of a particular branded watch.

Personalized marketing: Did you buy it or did they make you buy it?

Of course, we all know the world wide web is full of choices, and in a bid to get the best bang for my buck, I searched a couple of retail sites, and after analyzing price and design, lost interest and left the site. Fast-forward a few days later, when watching a video online, an ad, displaying the same watch I had browsed for a couple of days back, seemed to appear on my page. The same pattern followed when I logged into my social media accounts, with notifications claiming a few friends had liked it. How did this happen? How did the video streaming site and social media sites know that I was looking at a particular watch?

5 Trends in customer journey analytics. Observation: The data obtained was the analysed to see where these products were predominantly being used.

5 Trends in customer journey analytics

It can be observed that QuickBooks Desktop was being used widely in the Accounting vertical, QuickBooks Online being used in Accounting and Marketing verticals almost equally, Xero and Sage were used the most in Information Technology & Services while FreshBooks and Sage were being preferred in the Marketing & Advertising vertical. Also, while ‘Small Merchants, prefer QuickBooks Online over the rest, the product that gained momentum in the ‘Mid-Market’ and ‘Enterprise’ categories was Sage. Furthermore, since QuickBooks Online product was aimed at catering to the accounting needs of small and medium businesses, dislikes and negative sentiment associated with the product is a major concern for Intuit. Representation: The ratings were on a scale of 1-5.

Analytics Processes. In this first post of a brief blog series, we’ll take a broad view at how organizations, such as your own, can assess analytics maturity and what they can do to move up the maturity curve faster (and ultimately, apply analytics to do everything from drive operational efficiencies, expedite product innovation and enhance consumer experience, to boost financial performance).

Analytics Processes

Lots of organizations use analytics in some form today across their operations, but there are still too many who are lagging behind. Others, those who exhibit analytical aspirations, are interested in adopting analytics to drive business strategy, but haven’t taken proper action. There are still more who have built a platform for execution, but are either hitting wall on next steps, or simply need to evolve. Of course, there are the rare few who have reached the highest level of analytics maturity – and are successfully aligning analytics to business goals to achieve desired results. Where does your organization stand? Unstructured Data Analytics. Businesses are well aware that analytics is changing everything – and that the difference between simply surviving or thriving, hinges on how they interpret and utilize data.

Unstructured Data Analytics

Through analytics, organizations gain insights that drive decision making about everything from marketing and customer support to accelerating product innovation. However, often the data that holds the greatest business value- unstructured data, is going untapped. Unstructured data comes from many channels and sources, both conventional and emerging. Conventional data sources often include: survey data, web browsing data, product purchase data and focus groups.

Emerging sources can include social media data, connected devices/wearables, mobile data, customer service/customer experience data. Combining the information from all of these sources gives a company a critical view of how customers perceive its brand and how the business is stacking up against competition. There are six stages in this funnel: Time-series forecasting. Observation: The data obtained was the analysed to see where these products were predominantly being used.

Time-series forecasting

It can be observed that QuickBooks Desktop was being used widely in the Accounting vertical, QuickBooks Online being used in Accounting and Marketing verticals almost equally, Xero and Sage were used the most in Information Technology & Services while FreshBooks and Sage were being preferred in the Marketing & Advertising vertical. Also, while ‘Small Merchants, prefer QuickBooks Online over the rest, the product that gained momentum in the ‘Mid-Market’ and ‘Enterprise’ categories was Sage. Furthermore, since QuickBooks Online product was aimed at catering to the accounting needs of small and medium businesses, dislikes and negative sentiment associated with the product is a major concern for Intuit. Representation: The ratings were on a scale of 1-5. Analytics Powered Marketing To Drive Customer Centric Retailing. According to a recent survey conducted by the US Census Bureau, in spite of shrinking wallets, the propensity of people to invest in products to improve their lifestyle has steadily increased over time.

Analytics Powered Marketing To Drive Customer Centric Retailing

Retail growth is expected to continue growing to reach 4.42% by 2020. Herein lies an immense opportunity for retailers to increase their presence by channelizing their efforts into marketing in a bid to build brand awareness and increase ROI. While the retail growth graph is on the upswing, when it comes to retail conversion, for both direct marketing and media marketing, the case is slightly different. It is estimated that the average response to retail marketing through typical online channels is at ~3-5%, while media driven campaigns have an even lower conversion and ROI. How can retailers then tackle the conversion problem? Tackling the myth of exclusivity The consumer of today is well-informed and connects with a brand across multiple touchpoints. Need for data-centric approach.