The Future of Business & Marketing - Fall 2019
Jimmyxu
Dec 02, 2019
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## Course wrap-up (Fall 2019)
## by Dr. Jimmy (Zhenning) Xu,
## follow me on Twitter https://twitter.com/MKTJimmyxu
## or visit my Rpubs repository http://rpubs.com/utjimmyx
################################################################################Digital Transformation - Forbes, 2019
During this Thanksgiving holiday in 2019, nearly half of the revenue for retailers came from smartphone purchases. Online shopping on Thanksgiving was up by nearly 20%. On the countrary, foot traffic to brick-and-mortar stores has dropped by nearly 10%.
Think about the potential for online advertising, online marketing, business analytics, and cloud computing!!!
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Cyberwarfare & Increased Automation
Cybersecurity will be a big deal for any business. “By 2022, 80% of all advertising processes will be managed automatically.” - Forbes, 2019 Your job is to manage platforms using the best dashboard (Google Ads, Tableau, etc.) See my Tableau dashboard templates below: https://public.tableau.com/profile/zhenning.xu#!/
AI, VR, & Cloud computing - Techrepublic 2019 & Entrepreneur 2019
Nowadays, AI enables the machine to perform not only the ‘algorithmic’ operations like ‘‘problem-solving’ but also more complex ‘cognitive’ operations such as ‘learning’ and ‘real-time anomaly detection.”
Recently, AI-powered Virtual Personal Assistants like Apple’s Siri, Amazon’s Alexa, Google’s Assistant and Microsoft’s Cortana have shown great potential for marketers to constantly engaging consumers.
Keep in mind that there are AI nightmares and privacy scandals. However, we are moving toward the right direction!
See the following figure from Center for Information Science at Connecticut University
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5 Key takeaways - general business knowledge
Ethics - trolley problem (1 vs. 5) - ethics of driverless cars
Ethics - Stanford Prison Experiment
Forming a Business - jeopardy game
Leadership & Structure - informal organizations - networks & informal leaders - how does your own network look like?
Motivation - The Monkey Experiment - https://www.youtube.com/watch?v=meiU6TxysCg
Marketing experiments - How restaurants test their new menu items?
Process management -critical path - how to make a peanut butter sandwich?
Supply chain - draw a source map and critique - Reese’s Peanut Butter Cups - https://open.sourcemap.com/maps/589e04f7c2a8cac86bda3e29
Promotion & social media marketing - Google Ads & Twitter analytics
Decision-making framework for unsought products and services
Financial planning & Investment decision-making - personal budget plan & group investment project
10 Key takeaways - marketing concentration
Over one hundred years ago, John Wanamaker said, “half the money I spend on advertising is wasted; the trouble is I don’t know which half.” Can we really measure ROMI? That is actually a complex question unless we could measure people’s emotions accuratelly. Let’s start with some fundamentals.
Marketing Orientation
Successful marketing strategy entails two principles.They design products, services, and programs that emphasize attributes which: which customers value and connect to. Provide a sustainable differential advantage over competitors.
Competitive Positioning
Integrated answer to: For whom am I? Who am I? Why buy me? and not the competition? Positioning is not what you do to the product but what you do to the mind of the consumer!
Perceptual mapping = positioning in the mind of the consumer
Perceptual maps are about “How our product is perceived by consumers relative to competition?” Link Segmentation, targeting, and Positioning. Two primary methods: Attribute rating and Factor Analysis, Similarity ratings, correspondence analysis, and multidimensional scaling
Brand equity and consumer loyalty = conjoint analysis
Successful branding creates a “virtuous cycle”
Pricing Strategy is a critical and creative exercise for any business.
Pricing is a revenue generator, most other marketing activities are costs Pricing’s impact on profitability is often more significant and more immediate than the impact of other elements of the marketing mix. Dynamic pricing is now the golden standard in many industries.
Product Line design integrates pricing, product and segmentation
Identify the attributes/features that are highly valued by some customer segments yet are of little importance to other customer segments.
Going to Market (placement - Google Maps, SouceMap, Amazon, eye tracking, apps, APIs, Geo-fencing, etc.):
Channel coordination is important for efficient retailer behavior. Channel decisions go hand in hand with the other elements of the marketing mix. Build Custom Dashboards with All Your Social Apps.
Diffusion, advertising, and Communication
Tipping point - The challenge for the marketer is to encourage the adoption of a product by early adopters and the early majority in order to reach that tipping point.
Advertising - How you say it can be as important as what you say. Traditional advertising follows the hierarchy: AIDA Nontraditional advertising “leverages the buzz”
Always, Always, Always think “Integrated Marketing Strategy.”
Read my blog article here: https://marketingstatistics.wordpress.com/analyzing-your-adwords-geographic-report-using-tableau/ or visit my Tableau profile: https://public.tableau.com/profile/zhenning.xu#!/
People (users/consumers) are important - personalization/customization
“Marketing at Google starts with technology and ends with the user, bringing both together in unconventional ways.” - Google, 2018
The following is an adapted framework for marketing analysis. See the original framework developed by Professor Iyer from UC Berkeley here:faculty.haas.berkeley.edu › giyer › ewmbafall09 › wrapup
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Bridge the gap between data and actionable strategies.
Most businesses are sitting on a mountain of data already.
Although most marketing decisions are made based on intuition or heuristics, marketing is becoming more analytical or data-driven and more focused on digital marketing. That said, marketers should try to answer the formulated marketing questions based on data-driven solutions.
Digital marketing and analytics is more and more important.
The value of business analytics http://analytics-magazine.org/the-value-of-business-analytics/ Why is Data Analysis Important In Business? https://www.getsmarter.com/career-advice/industry-advice/data-analysis-important-business Learn Data Analysis, A Beginner’s Guide https://ofdollarsanddata.com/i-have-always-been-a-big-fan-of-teaching-and-mentoring-and-this-is-my-attempt-at-making-a-short-44e6afcf8ac9
How to slice & dice my data?
Google Trends, Google Correlate (https://www.google.com/trends/correlate), SEO (e.g. Moz.com), social network analysis, sentiment analysis (Voyant Tools, https://voyant-tools.org/), and Facebook crawling are useful and easy-to-use tools for marketing analytics. We have covered some of these non-programming tools this semester. They are all point-and-click tools with popular quick-start guide available on YouTube.
Fusion (data fusion->information fusion->knowledge fusion)
You can combine insights from Facebook with Google Analytics or other marketing channels. Using them together, you can see exactly what’s happening on your fan page AND your website! It’s a super combo!
Digital skills like effective data visualization and storytelling with data are important for the current workforce
Seeing patterns and creating beauty - data visualization has become an art form. According to Stikeleather (2013), an excellent visualization expresses “complex ideas communicated with clarity, precision and efficiency” and also tells a story through the graphical depiction of statistical information.
Tableau is a visual analytics engine that makes it easier to create interactive visual analytics in the form of dashboards. These dashboards help decision makers make real-time decisions.
Now what?
Having a growth mindset - The digital landscape is moving at lightning speed.Knowing how to learn is more important than knowing what to learn!
The value of grey thinking - There are very few black and white answers. How many times did you see the shades of grey this semester?
Find your niche - You cannot be everything to everybody. Be of use to 1 person and other similar ones will follow.
Are you a storyteller or data nerd?
90:10 rule - Do one thing really well; Focus on one thing/one platform/one niche/one strength and allocate 90% of your efforts; experiment with other projects/platforms/categories for the remaining 10%.
Enjoy what you do and do it well - http://rpubs.com/utjimmyx/scrapping
Have fun while playing the following NLP app I created a few weeks ago
Please find it here https://utjimmyx.shinyapps.io/shinynlp/ or here for the introduction to the app: http://rpubs.com/utjimmyx/nlpapp .
Refresh the page if the page does not load correctly. Try it your own and see if you could find anything interesting! Have fun!
Agenda for you - if you would like to update your LinkedIn page:
Think about two things that you have learnt in this course that you believe will be relevant in your work and which you think you will be applying in your job over the next two years.
Draw a mind map - write keywords on a scratch paper and then organize them.
True or false - successful marketers are usually good at creative desgn and communication, but are not good with numbers and statistics.
Why Business Analytics/Marketing Analytics?
A nascent field that uses computer-based techniques to analyze the rapidly increasing amount of data produced via digital sources or currently being archived in digital form.
Why Do We Need Another Subfield?
Why Do We Need Another Subfield?
This emerging area requires considerable technical knowledge about how to code, collect unstructured data, and analyze large amounts of data– they also introduce a range of original new theoretical, ethical, and logistical issues as well.
if we don’t do it, other fields will!
Why Do We Need a New Type of Course?
The Most In-Demand Skills For Entry-Level Candidates On Our Platform
https://www.kdnuggets.com/2016/03/datacamp-r-learning-path-7-steps.html
Why you need to learn analytics - Northeastern.edu
https://www.northeastern.edu/graduate/blog/area-of-study/analytics/
Tableau is listed as no.2 among the Top 10 tech skills -
Why Marketing Analytics Hasn’t Lived Up to Its Promise - https://hbr.org/2018/05/why-marketing-analytics-hasnt-lived-up-to-its-promise
A Day in the Life of a Marketing Analytics Professional
https://towardsdatascience.com/a-day-in-the-life-of-a-marketing-analytics-professional-83dd45f2e702
Read King, G. (2011). Ensuring the Data Rich Future of the Social Sciences. Science, 331(11 February), 719–721. https://moz.com/blog/the-importance-of-marketing-analytics
Join this Meetup group if you are interested! - https://www.meetup.com/Bakersfield-Data-Analytics-Using-R-Meetup-Group/
Why LinkedIn?
Employers now use LinkedIn to contact potential qualified candidates!!! It is time to build your professional hub!
The focus of having a LinkedIn profile is to be found; to make that happen it is important that your LinkedIn profile is keyword rich to support your geographic location, industry and profession.
Share your insights with me (@MKTJimmyxu) on Twitter or following me on LinkedIn