In the world of predictive analytics, the transaction data is the king of the hill. The master of the domain. The protector of the realm. Why? Because they are hands-down the most powerful predictors. If I may borrow the term that my mentor coined for our cooperative venture more than a decade ago (before anyone even uttered the word "Big Data"), "The past behavior is the best predictor of the future behavior." Indeed. Back then, we had built a platform that nowadays could easily have qualified as Big Data. The platform predicted people's future behaviors on a massive scale, and it worked really well, so I still stand by that statement.
Marketers have always used data points like where customers live, how old they are or whether they like pets and gardening. This is static data. It's captured once and rarely changes. And it works. However, the power of static data is limited. The most predictive data—and traditionally the hardest to capture and organize—is how customers behave. This is dynamic data. It changes every week, day, hour and even minute. Behavioral data is the perfect fit for targeting. It also offers many more pieces to the puzzle than just online behavior.
The decision-making process is really all about ranking. As a marketer, to whom should you be talking first? What product should you offer through what channel? As a businessperson, whom should you hire among all the candidates? As an investor, what stocks or bonds should you purchase? As a vacationer, where should you visit first?
The National Basketball Association’s (NBA’s) Orlando Magic are helping to lead the sports industry into the age of advanced analytics software, team officials said. Fresh off its recent move to the state-of-the-art Amway Center, a brand new arena in the heart of downtown Orlando, the Magic organization is currently engrossed in a comprehensive data warehousing and advanced analytics project designed to increase revenues by giving decision makers a better understanding of what makes fans tick. The Magic have been using analytics software as the backbone of their dynamic ticket pricing program since the
For the younger crowd, it may be a shock to learn that funeral preplanning accounts for 60 percent of business for cemetery and funeral home owner and operator StoneMor Partners of Levittown, Pa. Much of that is due to predictive modeling that StoneMor—the steward of 232 cemeteries and 59 funeral homes in 28 states and Puerto Rico—uses to figure out which consumers would be most interested in settling their earthly concerns prior to death.
In beta as of press time, Mountain View, Calif.-based Google’s upgraded AdWords interface touts itself as faster, due to the decreased number of pages to load; easier to use, because of increased in-page functionality; and more integrated, allowing a user to navigate to any campaign or ad group from any page in an account.
Museums and cultural organizations typically offer a one-size-fits-all membership to prospects regardless of where they live. But two mailings received by the Archive in recent months depart from that norm. In August, Smithsonian Associates, an arm of the Smithsonian Institution, mailed an offer targeting residents in the Washington, DC metropolitan area. "Enrich your life" reads the teaser on the #10 OSE, and, inside, the letter and brochure spell out in detail the wide variety of programs, seminars, tours and discounts available to members who are only a short drive or Metro ride away from its museums. The Smithsonian is presented as a living, breathing place where it's “time to invest in you” (Archive code #576-171699-0808A).
Does your marketing execution pursue strategy or tactics? Do you have the tools to help you pursue both to success? First you must know the difference between strategy and tactics. Strategy: the grand design, the plan for obtaining a specific goal, such as learning how to sell trucks. Tactics: a set of actions, devices or methods in service of the strategy, such as each day’s coursework in a sales class about how to sell trucks. The Goal The most effective marketers focus successively on their strategy and their tactics. Accomplishing this ideal approach requires the development and execution of a strategy through the well-organized and efficientperformance
How do you discern the monetary value of visitors lured by a promotion to visit your Web site? A good Web site accounting system takes into consideration both associated costs for building and maintaining the site, as well as holding site visitors’ attention, note the authors of “E-metrics: Business metrics for the new economy,” a whitepaper from SPSS, a predictive analytics software and consulting company, and Target Marketing of Santa Barbara, an Internet marketing consulting firm in Santa Barbara, Calif. “The cost for [Web site promotions] is reconciled over the customer lifecycle starting with the cost of the promotion that got visitors there, through the