Customer relationship management (CRM) is a process in which a business or other organization administers its interactions with customers, typically using data analysis to study large amounts of information.
Marketing research is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal is to identify and assess how changing elements of the marketing mix impacts customer behavior.
Personalized marketing, also known as one-to-one marketing or individual marketing, is a marketing strategy by which companies leverage data analysis and digital technology to deliver individualized messages and product offerings to current or prospective customers. Advancements in data collection methods, analytics, digital electronics, and digital economics, have enabled marketers to deploy more effective real-time and prolonged customer experience personalization tactics.
Analytics is the systematic computational analysis of data or statistics. It is used for the discovery, interpretation, and communication of meaningful patterns in data. It also entails applying data patterns toward effective decision-making. It can be valuable in areas rich with recorded information; analytics relies on the simultaneous application of statistics, computer programming, and operations research to quantify performance.
Personalization consists of tailoring a service or a product to accommodate specific individuals, sometimes tied to groups or segments of individuals. A wide variety of organizations use personalization to improve customer satisfaction, digital sales conversion, marketing results, branding, and improved website metrics as well as for advertising. Personalization is a key element in social media and recommender systems. Personalization is affecting every sector of society -- work, leisure, and citizenship.
Cohort analysis is a kind of behavioral analytics that breaks the data in a data set into related groups before analysis. These groups, or cohorts, usually share common characteristics or experiences within a defined time-span. Cohort analysis allows a company to "see patterns clearly across the life-cycle of a customer, rather than slicing across all customers blindly without accounting for the natural cycle that a customer undergoes." By seeing these patterns of time, a company can adapt and tailor its service to those specific cohorts. While cohort analysis is sometimes associated with a cohort study, they are different and should not be viewed as one and the same. Cohort analysis is specifically the analysis of cohorts in regards to big data and business analytics, while in cohort study, data is broken down into similar groups.
Predictive analytics encompasses a variety of statistical techniques from data mining, predictive modeling, and machine learning that analyze current and historical facts to make predictions about future or otherwise unknown events.
Path analysis, is the analysis of a path, which is a portrayal of a chain of consecutive events that a given user or cohort performs during a set period of time while using a website, online game, or eCommerce platform. As a subset of behavioral analytics, path analysis is a way to understand user behavior in order to gain actionable insights into the data. Path analysis provides a visual portrayal of every event a user or cohort performs as part of a path during a set period of time.
Digital marketing is the component of marketing that uses the Internet and online based digital technologies such as desktop computers, mobile phones and other digital media and platforms to promote products and services. Its development during the 1990s and 2000s changed the way brands and businesses use technology for marketing. As digital platforms became increasingly incorporated into marketing plans and everyday life, and as people increasingly use digital devices instead of visiting physical shops, digital marketing campaigns have become prevalent, employing combinations of search engine optimization (SEO), search engine marketing (SEM), content marketing, influencer marketing, content automation, campaign marketing, data-driven marketing, e-commerce marketing, social media marketing, social media optimization, e-mail direct marketing, display advertising, e–books, and optical disks and games have become commonplace. Digital marketing extends to non-Internet channels that provide digital media, such as television, mobile phones, callback, and on-hold mobile ring tones. The extension to non-Internet channels differentiates digital marketing from online marketing.
Business analytics (BA) refers to the skills, technologies, and practices for continuous iterative exploration and investigation of past business performance to gain insight and drive business planning. Business analytics focuses on developing new insights and understanding of business performance based on data and statistical methods. In contrast, business intelligence traditionally focuses on using a consistent set of metrics to both measure past performance and guide business planning. In other words, business intelligence focusses on description, while business analytics focusses on prediction and prescription.
Customer analytics is a process by which data from customer behavior is used to help make key business decisions via market segmentation and predictive analytics. This information is used by businesses for direct marketing, site selection, and customer relationship management. Marketing provides services in order to satisfy customers. With that in mind, the productive system is considered from its beginning at the production level, to the end of the cycle at the consumer. Customer analytics plays an important role in the prediction of customer behavior.
Social media measurement, also called social media controlling, is the management practice of evaluating successful social media communications of brands, companies, or other organizations.
Web tracking is the practice by which operators of websites and third parties collect, store and share information about visitors’ activities on the World Wide Web. Analysis of a user's behaviour may be used to provide content that enables the operator to infer their preferences and may be of interest to various parties, such as advertisers. Web tracking can be part of visitor management.
The social data revolution is the shift in human communication patterns towards increased personal information sharing and its related implications, made possible by the rise of social networks in the early 2000s. This phenomenon has resulted in the accumulation of unprecedented amounts of public data.
Trade Promotion Management (TPM) is a software application that assist companies in managing their trade promotion activity.
Fashion forecasting began in France during the reign of Louis XIV. It started as a way of communicating about fashion and slowly transformed into a way to become ahead of the times in the fashion industry. Fashion forecasting predicts the moods of society and consumers, along with their behavior and buying habits and bases what they may release in the coming future off of the forecast. Fashion trends tend to repeat themselves every 20 years, and fashion forecasting predicts what other trends might begin with the rotation of fashion as well. There are countless companies that do fashion forecasting as their main focus, such as Heuritech, WGSN, TOBE TDG, Fashion Snoops, etc. Fashion forecasting can be used for many different reasons, the main reason being staying on top of current trends and knowing what your consumer is going to want in the future. This method helps fashion brands know what to expect and what to begin producing ahead of time. Top name brands and high end companies such as Vogue and Gucci even use this method to help their designers become even more informed on what is to come in the fashion industry.
Funnel analysis involves mapping and analyzing a series of events that lead towards a defined goal, like an advertisement-to-purchase journey in online advertising, or the flow that starts with user engagement in a mobile app and ends in a sale on an eCommerce platform. Funnel analyses "are an effective way to calculate conversion rates on specific user behaviors". This can be in the form of a sale, registration, or other intended action from an audience.
In the fields of information technology (IT) and systems management, IT operations analytics (ITOA) is an approach or method to retrieve, analyze, and report data for IT operations. ITOA may apply big data analytics to large datasets to produce business insights. In 2014, Gartner predicted its use might increase revenue or reduce costs. By 2017, it predicted that 15% of enterprises will use IT operations analytics technologies.
Data driven marketing is a process used by marketers to gain insights and identify trends about consumers and how they behave — what they buy, the effectiveness of ads, and how they browse. Modern solutions rely on big data strategies and collect information about consumer interactions and engagements to generate predictions about future behaviors. This kind of analysis involves understanding data already present, data that can be acquired, and how to organize, analyze, and apply that data to better marketing efforts. The intended goal is generally to enhance and personalize the customer experience. The market research allows for a comprehensive study of preferences.
Guided analytics is a sub-field at the interface of visual analytics and predictive analytics focused on the development of interactive visual interfaces for business intelligence applications. Such interactive applications serve the analyst to take important decisions by easily extracting information from the data.
