Thinking about Big Data sends me into a spiral of looking at so much information on consumers, to which I have no idea where to start. Big data is a list of information usually extracted from a company’s CRM system. Utilizing big data can give a company the information needed to properly analyze and even retarget consumers in order to build profit. The hardest part is trying to analyze the data. There are two ways to make sure your big data is analyzed correctly. One, understand your marketing objective, what question do you need answered? Knowing what questions need be answered will help you organized your data to find the answers. Two, eliminate incomplete information within your big data. For instance, if a consumer didn’t complete the company’s sign-up sheet in its entirety, missing fields such as the age, sex, or income, then you eliminate that data based on the marketing objective your trying to accomplish. If your objective was finding an average age of your consumers, then eliminating that consumers information, can provide more accurate results. Understanding big data can become overwhelming, but if you use these two techniques you too can become a big data expert.
One of the most common phobias in the world is glossophobia, the fear of public speaking. As a marketer, we need to break through that shell in order to properly present a brand strategy, marketing plan, or even a marketing idea. If you have a presentation and your extremely lost on how to properly present your material, well, you’re in luck. There are three tools that can help you. First, understand the material. By understanding the material, you can you become the subject matter expert. You’re able to answer key questions that clients have during the presentation as well, which can be considered as “brownie points”. Second, make sure you have back up material in case of technical difficulties. No matter how much you practice technology can be sometimes be unpredictable. I don’t know how many times I did a run through of my presentations the day before, and on the day of my presentation, the sound doesn’t work, the screen isn’t set as it should be, or the company’s projector is missing. When conducting a presentation have print out available as well. If you have technical issues the printout is a great way to continue the presentation seamlessly. Your client will also be able to follow along and write key questions on print outs. Lastly make sure you practice. By practicing your material you’re able to do the presentation with more fluidity. As you constantly recite the information you being to gain rhythm as you present, once you get into your groove your able to present more effectively without missing key details of your presentation. There are so many ways to present material but utilizing these three tools can take your presentation from a snooze fest, to something more memorable.
In the business world, we want to make money. Money, Profit, Revenue, Dollar, Dollars, Bills Yall. Any entrepreneur or CEO of a major corporation has the goal of growing their business, gaining a larger Market Share, and improving customer life time value. With the money, time and effort that they have invested with in a company, they want to see results. These results are the Return on Investment (ROI). This value is calculated by the following equation. The ROI is usually expressed as a percentage.
The above photo was taken from (https://theonlineadvertisingguide.com/glossary/roi/)
For example, as a CEO I spent $500 to build my clothing business within two weeks I gained a total of $2000 from sales of basketball shorts. What is my ROI?
(2000-500/500) x100= 300%
In the above example I received a 300% ROI in my business. Which is great! These results are what CEO’s want to see. They want to see a higher revenue then what they invested.
Have you ever wondered how marketers can gain marketing experience without taking one step in the work force? Easy, the use of Marketing Business Simulators. These simulators allow marketers to test certain a marketing campaigns and gain real time experiences and results. I actually used a simulator recently and I enjoyed every minute of it. I was allowed to manage a marketing budget, choose what type of advertising I wanted to fund, and even review data collected from previous years to make more efficient decisions. There are plenty of business simulators to choose from and they can be pretty pricey. The fact that your gaining experience without risking millions of dollars on advertising is priceless. So, do yourself a favor and try a simulator prior to making an important business decision, this system can help you save money, and even your job.
In the world of digital media, we sometimes forget about traditional marketing platforms such as television, magazines, billboards, and newspapers. Even though we have transformed from traditional marketing, digital marketing we still need to remember our marketing fundamentals. The platforms have changed a bit, but we still need to hold true to our marketing fundamentals. For example, we need to understand who our target market is, what platforms do they enjoy using, what age are they, and how can I get them to best view my content. Depending on the answers to that question, traditional media would be a great outlet for your content. Consumers still watch television, they still look at billboards, and they still read magazines and newspapers. These platforms are still being utilized so why not continue to reach your target audience in this manner. Traditional media is not outdated, on the contrary, it is still heavily used by consumers, you just need to know which platform your target audience utilizes the most.
As humans we have always had this quest for knowledge, a constant curiosity that allows us to come up with new inventions or inspire creativity. Wouldn’t it be great to take that curiosity a step further, to understanding and even predicting future behaviors? As marketers we have this ability now, through the use of predictive analytics. We take a deeper look into historical data collected from our consumers to driver consumers to make decisions. Since it’s very difficult for people to predict the future we use machines and AI (Artificial Intelligence) to make these predictions. We use historical data as a source of information, input this data into a machine, and now based on similarities or certain pattern we can make predictions. For instance, Netflix uses the same thought process. After watching multiple movies, Netflix will then make a recommendation on which types of movies you would most likely be interested in. Because of this you would then choose that recommended movie to watch, therefore my decision to choose a movie is already made. Predictive analytics allows marketers to drive consumers to make a decision, which comes to an actual interesting thought. Can consumers actually think for themselves? (insert X-files intro music.)
A question that marketers should think about would be, whether a social stance can impact a brand identity or image? Today, there are a lot of social issues that can deter consumers from purchasing your products. For instance, Nike created a campaign in support of Colin Kaepernick with his controversial stance on kneeling during the playing of the National Anthem. Since Nike has such a strong brand image, the backlash didn’t hurt sales or the company’s image. When you’re a marketer you need to think about the brand image, and how it will be affected by taking a social stance. In 2018, Coke-Cola did the same thing with its “This Coke is a Fanta” campaign. The company took a stance on LBGT support, and actually increase sales by 2%. Taking a social stance as a brand can increase sales, but it can also hurt, as a marketer we need to conduct proper marketing research before we choose one way of the other.
You created a website, Great! You post content daily, Amazing! Now what do you do? Well, that all depends. Before you start creating content or building a website, you need to know exactly what goal you’re trying to accomplish. Are you merely driving traffic to your site, or do you want to increase sales? Having a goal in mind helps you stay focused on your progress. For instance, if my goal for the website is to increase sales, then, I would need to deeply understand the CTR % (click through rate) of the website. The click through rate is a percentage given to show the amount of people visiting a webpage or completing a sale. This percentage can help you understand how well your marketing campaign is preforming. If you spend $100 on a google ads campaign and only received 20 dollars in sales. Then, you would need to modify your campaign in order to accomplish your goal of increasing sales for the company. If your goal for your website is to increase newsletter sign ups, this process works the same. Using the CTR percentage you can measure how many people visited your website and signed up for the newsletter. Creating and posting content on a website isn’t the end all, you need to have a goal in mind for consumers to complete.
Brand building should be one of the first things you do when marketing a company. Consumers purchase from companies they know and trust. Think about this, you’re in a different country and you want coffee. There are two brands to choose from, Starbucks or Coffee Bean Coffee. Which would you choose? What factors of each brand would influence your decision? I would say that the main deciding factor is that the company has built a relationship with you. You personally trust the company, and you have built customer loyalty. That in turn means consumers are more likely to purchase from a brand that they know. According to Hector Hernandez, CDO of McCann World group, he states that un branded stream of revenue, return of investment (ROI) is on average -255%, which is the reality of an un branded item. Which makes sense, because most startups aren’t known by consumers, so how likely are consumers to purchase from a brand they aren’t familiar with. On the other hand, Hector Hernandez later explains during his presentation at the Digital Branding Analytics Miami 2019 Conference (#DBAmiami), that if your brand is well known and well branded, you can receive an extremely higher ROI of 1049%.This all boils down to properly branding your company or product to make sure you build customer trust, and loyalty.
In today’s society we have been groomed that making a mistake is unacceptable or the end of the world. As a marketing leader if we made a mistake, it can result in loss of creditability, loss of profit, and even loss of job. The issue around making a mistake can result in stagnation in which there is no forward mobility due fear of making a mistake. We need to break free of this mentality. During the Digital Branding Analytics Miami 2019 Conference (#DBAmiami) Joni Fernandez Marmo, a Professor at Florida International University stated, “be courageous, be bold, take risk, it’s okay to be afraid, the key is to face that fear and just go for it.” I would take this concept a step further and say before you take action on an issue think about the worst possible result. If you can live with that worst-case scenario, then go for it. This is a great mindset to have when you as a marketer, want to try something new but worried about consequences. Inventions such the ink-jet printer, potato chips, post it notes, and even Coca Cola were all created by mistake, and they have been proved to be influential to society. We need to break away from the concept that we are perfect, were humans, with flaws, and in perfections. That’s what makes us unique in this world, we need to take chances, and we need to make mistakes in order to improve.