analytics

202017
 

Marketers today use varying adaptations of the customer journey to describe a circular, looped decision pathway with four distinct phases.

Mapping the right data to specific stages of the customer journey is all about getting to know your customers and developing initiatives to put that knowledge into action. Applying analytical models across the key customer journey phases uncovers opportunities to cultivate value generating behaviors and extend the customer’s lifetime value.

  • Initial Consideration Set (Research/Discover). Data and analytics in this phase help you gain deeper customer understanding of customers and prospects. Segmentation surfaces stated and unmet customer needs and buying motivations. Reach the right prospects with look-alike acquisition models and evaluate prospects with lead scoring techniques.
  • Active Evaluation (Explore/Consider). Data and analytics in this phase help you dynamically adapt marketing efforts to customer response – in real-time. Offer optimization techniques can match the appropriate offer based on historical customer response. Amazon’s recommendation engine is a familiar example. Also, A/B and multivariate testing can assess various marketing variables, such as messaging and content types before you roll out initiatives on a wider scale.
  • Moment of Purchase (Buy/Convert). Data and analytics help you understand how and when customers will purchase. Predictive techniques such as propensity models help marketers predict the likelihood that a customer will respond to a specific offer or message and convert. Expand share of wallet with cross-sell and affinity models; or, understand future buying behavior through propensity models.

Post-purchase experience (Use/Maintain/Advocate). Data and analytics in this phase help you uncover patterns of usage behavior and further drive customer engagement. For example, a retail site may tell you the status of your recent order the moment you land on the home page. Churn models such as uplift modeling and survival analysis can provide early warning signs of defection. Preempt customer churn with corrective actions, such as special offers or free upgrades.

Open, unified capabilities needed

Brands that build the most effective customer journeys master three interrelated capabilities: unified customer data platforms, proactive analytics and contextual interactions.

  • Unified customer data platforms: This capability unifies a company's customer data from online and offline channels to extract customer insights and steer customer experience. This includes the ability to cleanse, normalize and aggregate data from disparate systems – within the enterprise and externally – at an individual level.
  • Proactive analytics: Purpose-built data collection and analytics capabilities that incorporates both customer analytics (give brands the customer insight necessary to provide offers that are anticipated, relevant and timely) and marketing analytics (evaluate marketing performance using metrics, such as ROI, channel attribution, and overall marketing effectiveness).
  • Contextual interactions: This capability involves using real-time insights about where a customer is in a journey digitally (browsing product reviews) or physically (entering a retail outlet) or to draw her forward into subsequent actions the company wants her to pursue.

The results are dramatic when marketers can combine data management, analytics and insights execution into unified marketing platform.

Consider gourmet gift retailing icon, Harry & David. By combining data-driven marketing with enriched customer insight, the company transformed its catalog heritage into a contemporary, digital retailing powerhouse. In the past three years, customer retention has increased by 14 percent and sales per customer have gone up 7 percent.

The largest retail group in Switzerland, Migros, used data and analytics to further optimize the customer journey.

The upshot: Change perception to reality

“If change is happening on the outside faster than on the inside the end is in sight.” – Jack Welch

Digitally-empowered prospects and customers are calling the shots, going after what they want when they want it. With a unified view of data and analytics, brands can position themselves in front of their customers’ paths as they navigate the customer journey.

For the brands that can see the world as their customers do – and shape the customer journey accordingly--the reward is higher brand preference, revenue and cost improvements, and a lasting competitive advantage.

Assess your marketing confidence

Take stock of your digital marketing approach with the Marketing Confidence Quotient. This assessment tool quickly identifies and scores your company's strengths and weaknesses across four marketing dimensions: data management, analytics use, process integration and business alignment. It's like having your own personal marketing adviser.

A better approach: Align data and analytics across the customer journey was published on Customer Intelligence Blog.

172017
 

Are your friends passing around clever memes (supposedly) featuring something your favorite actor said, or sharing news articles that you think might be "fake news"? If there's even a hint of data analyst in you, then you probably check the actual data, and confirm or disprove the supposed facts yourself. I [...]

The post Data wrangling - down the rabbit hole, and back again! appeared first on SAS Learning Post.

142017
 

Editor's note: This following post is from Shara Evans, CEO of Market Clarity Pty Ltd. Shara is a featured speaker at SAS Global Forum 2017 and a globally acknowledged Keynote Speaker and widely regarded as one of the world’s Top Female Futurists.

Learn more about Shara.


In the movie Minority Report lead character John Anderton, played by Tom Cruise, has an eye transplant in order to avoid being recognized by ubiquitous iris scanning identification systems.

Such surgical procedures still face some fairly significant challenges, in particular connecting the optic nerve of the transplanted eye to that of the recipient. However the concept of pervasive individual identification systems is now very close to reality and although the surgical solution is already available, it’s seriously drastic!

We’re talking face recognition here.

Many facial recognition systems are built on the concept of “cooperative systems,” where you look directly at the camera from a pre-determined distance and you are well lit, and your photo is compared against a verified image stored in a database. This type of system is used extensively for border control and physical security systems.

Facial recognition

Face in the Crowd Recognition (Crowd walking towards camera in corridor) Source: Imagus

Where it gets really interesting is with “non-cooperative systems,” which aim to recognize faces in a crowd: in non-optimal lighting situations and from a variety of angles. These systems aim to recognize people who could be wearing spectacles, scarves or hats, and who might be on the move. An Australian company, Imagus Technology has designed a system that is capable of doing just that — recognizing faces in a crowd.

To do this, the facial recognition system compiles a statistical model of a face by looking at low-frequency textures such as bone structure. While some systems may use very high-frequency features such as moles on the skin, eyelashes, wrinkles, or crow’s feet at the edges of the eyes — this requires a very high-quality image. Whereas, with people walking past, there’s motion blur, non-optimal camera angles, etcetera, so in this case using low-frequency information gets very good matches.

Biometrics are also gaining rapid acceptance for both convenience and fraud prevention in payment systems. The two most popular biometric markers are fingerprints and facial recognition, and are generally deployed as part of a two-factor authentication system. For example, MasterCard’s “Selfie Pay” app was launched in Europe in late 2016, and is now being rolled out to other global locations. This application was designed to speed-up and secure online purchases.

Facial recognition is particularly interesting, because while not every mobile phone in the world will be equipped with a fingerprint reader, virtually every device has a camera on it. We’re all suffering from password overload, and biometrics - if properly secured, and rolled out as part of a multi-factor authentication process - can provide a solution to coming up with, and remembering, complex passwords for the many apps and websites that we frequent.

Its not just about recognizing individuals

Facial recognition systems are also being used for marketing and demographics. In a store, for example, you might want to count the number of people looking at your billboard or your display. You'd like to see a breakdown of how many males and females there are, age demographics, time spent in front of the ad, and other relevant parameters.

Can you imagine a digital advertising sign equipped with facial recognition? In Australia, Digital Out-of-Home (DOOH) devices are already being used to choose the right time to display a client’s advertising. To minimize wastage in ad spend, ads are displayed only to a relevant audience demographic; for instance, playing an ad for a family pie only when it sees a mum approaching.

What if you could go beyond recognizing demographics to analyzing people’s emotions? Advances in artificial intelligence are turning this science fiction concept into reality. Robots such as “Pepper” are equipped with specialized emotion recognition software that allows it to adapt to human emotions. Again, in an advertising context, this could prove to be marketing gold.

Privacy Considerations

Of course new technologies is always a double-edged sword, and biometrics and advanced emotion detection certainly fall into this category.

For example, customers typically register for a biometric payment system in order to realize a benefit such as faster or more secure e-commerce checkouts or being fast-tracked through security checks at airports. However, the enterprise collecting and using this data must in turn satisfy the customer that their biometric reference data will be kept and managed securely, and used only for the stated purpose.

The advent of advanced facial recognition technologies provides new mechanisms for retailers and enterprises to identify customers, for example from CCTV cameras as they enter shops or as they view public advertising displays. It is when these activities are performed without the individual’s knowledge or consent that concerns arise.

Perhaps most worrisome is that emotion recognition technology would be impossible to control. For example, anyone would be able to take footage of world leaders fronting the press in apparent agreement after the outcome of major negotiations and perhaps reveal their real emotions!

From a truth perspective, maybe this would be a good thing.

But, imagine that you’re involved in intense business negotiations. In the not too distant future advanced augmented reality glasses or contacts could be used to record and analyze the emotions of everyone in the room in real time. Or, maybe you’re having a heart-to-heart talk with a family member or friend. Is there such a thing as too much information?

Most of the technology for widespread exploitation of face recognition is already in place: pervasive security cameras connected over broadband networks to vast resources of cloud computing power. The only piece missing is the software. Once that becomes reliable and readily available, hiding in plain sight will no longer be an option.

Find out more at the SAS Global User Forum

This is a preview of some of the concepts that Shara will explore in her speech on “Emerging Technologies: New Data Sets to Interpret and Monetize” at the SAS Global User Forum:

  • Emerging technologies such as advanced wearables, augmented and virtual reality, and biometrics — all of which will generate massive amounts of data.
  • Smart Cities — Bringing infrastructure to life with sensors, IoT connections and robots
  • Self Driving Cars + Cars of the Future — Exploring the latest in automotive technologies, robot vision, vehicle sensors, V2V comms + more
  • The Drone Revolution — looking at both the incredible benefits and challenges we face as drones take to the skies with high definition cameras and sensors.
  • The Next Wave of Big Data — How AI will transform information silos, perform advanced voice recognition, facial recognition and emotion detection
  • A Look Into the Future — How the convergence of biotech, ICT, nanotechnologies and augmentation of our bodies may change what it means to be human.

Join Shara for a ride into the future where humans are increasingly integrated with the ‘net!

About Shara Evans

Technology Futurist Shara Evans is a globally acknowledged Keynote Speaker and widely regarded as one of the world’s Top Female Futurists. Highly sought after and in demand by conference producers and media, Shara provides the latest insights and thought provoking ideas on a broad spectrum of issues. Shara can be reached via her website: www.sharaevans.com

(Note: My new website will be launching in a few weeks. In the meantime, the URL automatically redirects to my company website – www.marketclarity.com.au )

tags: analytics, SAS Global Forum

Facial recognition: Monetizing faces in the crowd was published on SAS Users.

132017
 

After the recent presidential election, I was updating my graphs of the voter registration data and noticed that the number of registered voters decreased after the election. At first I thought that was odd, but then I realized that maybe inactive voters were being purged. I wanted to find out […]

The post Purging inactive voter registrations in North Carolina appeared first on SAS Learning Post.

112017
 

People come from all over the world to attend this highlight of the season. It’s been a tradition for decades. Hotels book months in advance. Traffic is horrendous in the city center. The coveted tickets can cost thousands of dollars, but tens of thousands of people are lucky enough to score them. In […]

It's February. Game On! was published on SAS Voices.

112017
 

People come from all over the world to attend this highlight of the season. It’s been a tradition for decades. Hotels book months in advance. Traffic is horrendous in the city center. The coveted tickets can cost thousands of dollars, but tens of thousands of people are lucky enough to score them. In […]

It's February. Game On! was published on SAS Voices.

112017
 

In 2014, the federal government lost more than $125 billion to fraud, waste and abuse. And that’s just what we know about. While that number may sound incredible, those on the front lines of the government fraud fight know that it's all too real. The US government needs to change […]

U.S. government struggling with comprehensive fraud strategies was published on SAS Voices.