MARK101 Chapter Notes - Chapter 16: Unstructured Data, Big Data, Customer Retention
13 Jun 2018
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I. Data driven marketing
- The right tools are those that easily help the marketing team obtain and cleanse the
data, analyze the data, and present the data. These are usually known as data mining or
machine learning or statistical software packages.
- Data driven organization is one that rests on a base of well governed data. The
advantage of this era of big data is that if your organization lacks data, it may be able to
get it from others in the industry.
- Marketing analytics must be flexible- what works for one company may not work for
another.
1. Definition of data and analytics
- Data is a collection of neutral facts
- Analytics is the org of these facts into meaningful information.
- Dark data: data stored in the company that may not be able to be analyzed
- structured Data: relational format in tables that are composed of rows and columns.
- Unstructured data: not organized in any manner.
- Data is not panacea (cure all)
2. Data driven decision making
- Marketing insights and decisions that arise from the analysist of data about or form
consumers
- Cognitive biases are when people think in certain ways that can differ from a standard
of rationality or objective judgement
CRM, customer lifetime value and dashboards
- Customer relationship module(CRM) is a form of technology that companies use to
aage ad aalze ustoe iteatios ad data thoughout a ustoes life le.
- The goal of CRM is to improve business relationships with customers, assist in customer
retention and drive sales
- CRM systems are designed to compile information on customers across different
sources of information
- CRM gives staff detailed information on customers personal information, purchase
history, product preferences and customer service concerns
- If customer has high lifetime value, it may be worth marketing to them
- A dashboard is a data visualization tool that displays the current status of metrics and
key performance indicators (KPIs) for an enterprise. Dashboards consolidate and
arrange numbers, metrics and sometimes performance scorecards on single screen
3. Data driven results
- Comes with transformative knowledge of customer, guest, product, patient, or fan
information, as well as ongoing access to relevant, real time data in an easy to
understand format
- Analytics will generate insights, but marketing analytics will generate insights that are
relevant to marketing
find more resources at oneclass.com
find more resources at oneclass.com
- Good statistical results are not effectively communicated
- Although having data linked form many different consumer purchases or uses is
valuable to the marketer, the uptake by consumers to use data from the internet of
things (IoT) to their advantage has been less enthusiastic.
- Over reliance on data driven results in modeling customer behavior can also be an issue
II. Big data
- Data is big when size becomes part of the problem
- V for describing big data
• Volume: high volume of data is that it can be used to meet many marketing
needs
• Velocity: data is time sensitive and needs to be processed and stores quickly
• Variety:
• Validity: the interpreted data having a sound basis in logic or fact
• Veracity: the accuracy of the data
• Value: the importance, worth or usefulness of the data to those consuming it
• Visualization
1. Internet of thing
- Term used to describe the fact that almost all products and services collect data as part
of their everyday operation.
- IOT data can be gathered form physical objects
- Scanner Data
• Detailed data on sales of consumer goods
• Obtained by scanning the bar codes on individual products at electronic point of
sale in retail outlets
• Sae pael data: look at shoppes puhasig ehavior over time
- Web data
• Scrape the data from the website:
• Use web based APIs, such as interfaces provided by online databases and many
ode e appliatios titte, faeook,…
• Extract data form PDFs: maybe difficult
- Mobile data
• Can be used to see where people are coming from and where they are going
• Differentiate customers by those that use text mess more than phone calls
• Allows marketers to hyper local offers
2. Social media data
- Social media groups can be thought of as online focus groups, which can be informative
even though they are secondary data.
- Raw social media data can include the amount of shares, impressions, URL, browser
type, operating systems or keywords used
- Ailit to fid ifluees ad otet thats pefoig ell ude diffeet keywords
and phrases, and to see what terms and memes are trending.
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
The right tools are those that easily help the marketing team obtain and cleanse the data, analyze the data, and present the data. These are usually known as data mining or machine learning or statistical software packages. Data driven organization is one that rests on a base of well governed data. The advantage of this era of big data is that if your organization lacks data, it may be able to get it from others in the industry. Marketing analytics must be flexible- what works for one company may not work for another: definition of data and analytics. Data is a collection of neutral facts. Analytics is the org of these facts into meaningful information. Dark data: data stored in the company that may not be able to be analyzed. Unstructured data: not organized in any manner. Data is not panacea (cure all) structured data: relational format in tables that are composed of rows and columns: data driven decision making.
