In today’s business world, big-data driven insights have become imperative for success.
With 2.5 quintillion bytes of data being generated each day – and the amount of data subject to analysis expected to rise to 2.5 zettabytes within five years – the sheer volume of available data has given rise to massive investments in analytical data analysis, especially in the financial sector.
While the finance and business audience are devoting much attention to data-driven analytics, all too often another data subset is overlooked that has the potential to provide a wealth of business insights.
Enabling businesses to identify which ad campaigns resonate with their demographics and empowering them to better connect with their customers, marketing analytics not only provides intelligence in advertising, but opens new opportunities for profit and growth that would otherwise go overlooked.
Here are some specifics on what tools can help you mine this mountain of data, and how marketing analytics can sharpen your business intelligence.
In order to gain any meaningful insight from your marketing data, you’ll first need to select from a myriad of analytics tools.
Although many high-volume data users may need to rely on more advanced analytics software platforms (especially those in the technology sector), most organizations can benefit from basic analytics tools offered at little to no cost. Here are a few of both to help get you started.
Google offers one of the most popular and powerful analytics tools available for both insight-based and media-based companies.
User behavior can be monitored on a real-time basis, with sources of web traffic being identified and dwell time available per page so that site owners may see how long visitors access each component of a page.
More in-depth analysis could require a subscription, but for the most part, the free software has ample power to meet the average business’s needs.
Google My Business
For client-facing businesses, the GMB listing is an important interaction from Google’s search results. The insights from this platform helps to identify which search terms were used, whether the client clicked to call or visit the website, and the location of users when requested for directions.
This presents a great way of identifying where your customers are located, how they are finding you and if they are following your page or not.
You’ll also be able to see what kind of content generates the most interaction from those following you, and what time of day corresponds to the greatest amount of traffic. Posts from your competitors as well as their stats and engagement can also be seen, enabling you to gain insight on how the competition is faring.
For those in need of more advanced analytics options, these are some of the most popular.
One of the premier marketing software platforms, SEMRush collects and processes huge amounts of data to boost a business’s online visibility. More specifically, SEMRush provides analytics tools for search, social media and marketing research data in 140 countries.
This particular software is more technical than most, and is the most beneficial to those possessing a background in business intelligence. In addition to compiling data from multiple sources such as SQL, Google, and Salesforce to form a more comprehensive data picture, Tableau offers multiple data visualization techniques and in-depth analysis tools to not only provide insight into the data, but to convey it clearly.
IBM Watson Analytics
The makers of Watson have also integrated a marketing analytics suite into the consciousness of this AI system, enabling marketers to design and manage creative campaigns through email, social media and web page outlets. The system is also compatible with both Mac and Windows operating systems, allowing for an intuitive, flexible campaign design.
Once you adopt the right tools to mine your marketing data, here are some advantages you can expect to gain. The list is not comprehensive, but these are a few of the biggest advantages marketing analytics can bring to the table.
Understand your audience
Self-evident as it may be, it should still be said: the greatest benefit that marketing analytics can offer is insight into your organizations customer base. Knowing which ad generated the most clicks or the longest visibility time does more than inform a marketing committee’s decisions on the next slogan or advertisement; it reveals what matters to your customer.
If a website has low visibility ratings or shows signs of a disengaged fan base, the issue may not necessarily be an inferior product line, but a message that isn’t resonating with its demographic. In a digital age that mandates relationship-building to sell products, optimizing your SEO performance or analyzing frequently used keywords isn’t about creating the edgiest ad scheme, it’s about identifying with your audience to drive revenue.
While internal data like visibility ratings and clicks per link help to identify what’s relevant to the customer, marketing data that informs the owner as to which users visited their site also carries the potential to reveal prospective leads to be pursued. With this insight available, sales teams may be able to pursue future business transactions or clientele bases that they were previously unaware of.
As with the identification of prospective sales leads, marketing analytics can also reveal patterns in emerging or falling trends both within and outside the company.
If a specific keyword or product is searched for at an increasing rate, for instance, a business may be informed of the need to ramp up promotion for that specific product and to shift attention away from other goods that appear from search data to be fading out.
Identify cross-sells and up-sells
Correlations between products can also be found through marketing analytics. Customers searching for a specific product may often express an interest in a product relating to the original one, so analysis into a keyword for one good may offer insight into another.
Armed with an understanding of how your customer base engages with a set of products rather than on an individual level, your sales team will be better equipped to promote more relevant sales combinations and bundles.
Insights into advertising helps ROI
Why waste revenue on a marketing campaign that doesn’t work? With knowledge of your advertising performance, you’ll be better able to communicate a message to your audience that’s worth the resources you’ve invested, and can get the results you’re looking for.
It’s worth mentioning that the role of predictive analytics is continually shaping data-driven insights in every sphere, and marketing analytics is no exception. As increased investment is devoted towards understanding how current data patterns point to future behaviors, the marketing industry can be expected to show more interest in knowing how customers will engage with their message before it is ever produced.
With or without a clearer picture of future customer interaction, the benefits gained by the oftentimes simple implementation of marketing analytics outweigh the cost by a large enough margin that any company seeking to optimize its business processes through data-driven insights must add this data subset to its mining repertoire.
If you’re going to gain all the business insights you can – and the competitive advantages that come with them – marketing analytics is a must.
Ryanair hopes for 60-70% of normal traffic this summer
LONDON (Reuters) – Ryanair hopes to fly up to 70% of 2019 passenger numbers this summer, thanks to COVID-19 vaccines and more coronavirus testing, provided travellers who have been vaccinated or had negative tests are made exempt from quarantine rules.
Speaking before a British parliamentary committee on Wednesday, Ryanair Chief Executive Michael O’Leary also warned that a mooted government vaccine passport is unlikely to be ready in time for the peak holiday season.
“We would be hopeful that we could fly maybe 60, 70% of our normal traffic volumes during the peak summer months … June, July, August and September,” he said. “That’s about as optimistic as its going to get.”
In addition to widespread vaccinations, O’Leary forecast that pre-departure PCR tests, which can cost more than 100 euros ($120.67), would fall in price by the summer, further opening up Europe and Britain for travel.
The British government’s ban on non-essential international travel to and from England will remain until at least May 17, but a UK taskforce is expected to provide more clarity for holidaymakers on April 12, when it is due to report on proposals for how to restart international travel.
O’Leary, however, called for swifter action to reassure holidaymakers.
“We don’t need a taskforce, we just need action,” O’Leary said. “The real challenge is timing here … we need to give them the clarity to book their summer holidays.”
At the hearing of parliament’s transport committee, O’Leary repeatedly called on the government to scrap Air Passenger Duty for one to two years, saying removal of the tax on passengers would be the single most effective measure to stimulate the market.
Ryanair expects to fly more than 27 million people in the year to the end of March and O’Leary said the consensus forecast for the company’s financial year was for a loss of about 850 million euros ($1.03 billion).
He said the airline would then hope to operate at close to break-even for the following financial year to March 31, 2022.
($1 = 0.8287 euros)
(Reporting by Conor Humphries and Sarah Young; Editing by David Goodman)
Redesign offices to improve staff wellbeing and engagement
Tazie Taysom, Commercial Director at ARTIQ, the UK’s leading art consultancy
“Ditch the desks and ditch the boardroom! Tell your people to bring their trunks and they will love working for you.”
So said Robert Dowling, CEO of Deanlow Consulting in Ontario in 2016, after revealing that his employees spent their days paddling around a company swimming pool with laptops to promote creative thinking.
We’re five years on, and whilst people may have scoffed at Dowling’s enthusiasm for an ‘Aquatic Work Environment’ at the time, the Covid-19 pandemic is causing a sea change in attitudes as to what the office environment could, and should, be.
Mental wellbeing in the workplace is on the agenda like never before. A recent FT survey found that more than 60% of UK respondents’ mental health had been negatively affected by Covid-19, higher than any other country surveyed. For some people, the novelty and flexibility of working from home has turned on its head. Whereas before there was no opportunity to work outside of the office, there is now no option to return for weeks, perhaps months.
People across the UK are placing a higher value on their mental wellbeing, with the combined effects of isolation, anxiety, illness and bereavement all taking their toll. We may only be scratching the surface of the problem, with experts forecasting the threat of a mental health epidemic enduring well beyond the point at which we leave the worst of the pandemic behind us.
The onus is now on businesses to demonstrate to their workforces that they are invested in their mental and emotional wellbeing, that they are taking steps to protect it, and that they are working to cultivate an aesthetic and culturally relevant environment that enables people to feel comfortable and reach their potential.
Under such a scenario, offices are set to be transformed into cultural hubs that offer a point of difference beyond just a place of work. This trajectory is not new, but it has been exacerbated by the office’s existential crisis during the pandemic.
While this might not lead to ping pong and pool tables being installed across the square mile, it is likely to result in the physical transformation of corporate office spaces.
In the last few decades, a series of quiet revolutions have already transformed the way that offices are used and conceived. High walls and cubical hierarchies have been replaced by team-based, open-plan layouts, and a revolution in flexible working has made a worker’s physical presence in the office far less essential.
Now, some businesses are taking a lead in redesigning their spaces to better inspire their workforces in a post covid-world, and those that do will put pressure on the slower adopters. Interestingly, this it is leading to an influx of corporate art collections, as well as the purging of outdated and socially irrelevant artworks. Some companies are even looking to include experiential art installations, to add a layer of employee interaction that makes the office feel more culturally relevant in the age of working from home.
We are consequently seeing a rise in the number of businesses championing employee values through their office design, and according to the CIPD, 44% of organisations reported taking a strategic approach to employee wellbeing in 2020.
International banking group Investec, for instance, has recently installed a curated collection of London and South African artists, to show their passion and commitment to promoting diversity. Likewise, Deutsche Bank, which boasts one of the largest corporate collections in the world, announced last year that it would be selling its household names, in favour of new, more culturally relevant art, that would improve “the contemporary quality” of its workspaces.
With equality and tolerance becoming one of the defining narratives of the pandemic, businesses like this that are championing issues related to sexuality, gender, race, and mental health will be the ones that come out on top. This is because physical and emotional wellbeing are tightly interlinked, so having the happiest, healthiest employees requires a holistic approach to office design. Research by Dr Craig Knight has also shown that employees are more 15% more motivated, engaged and have greater job satisfaction in visual and creative environments, with productivity increasing by more than 30% when participants have a say in creating their workspaces, or selecting the art within them.
Engaging employees and supporting their mental wellbeing is therefore no longer an optional extra in a landscape of flexible working, but the key to building a stronger workforce, and stronger business in the years to come. Only by adapting and evolving – within the office and outside it – can companies stay culturally relevant and continue to engage and retain their employees in a post covid era.
Stellantis sees rebound in 2021, but chip shortage a worry
By Giulio Piovaccari, Gilles Guillaume and Nick Carey
MILAN (Reuters) – Low global car inventories and cost cuts should boost Stellantis’s profit margins this year, though a shortage of semiconductors and investments in electric vehicles could weigh on results, the newly-formed automaker said on Wednesday.
The forecast came as Stellantis, created by the January merger of Peugeot-maker PSA and Fiat Chrysler (FCA), reported better-than-expected results for 2020 that sent its shares up around 3% in morning trading.
“Stellantis gets off to a flying start and is fully focused on achieving the full promised synergies (from the merger),” Chief Executive Carlos Tavares said in a statement.
Stellantis is the world’s fourth largest carmaker, with 14 brands including Fiat, Peugeot, Opel, Jeep, Ram and Maserati.
It said 2021 results should be helped by three new high-margin Jeep vehicles in North America and a strong pricing environment there. The U.S. market has driven profits for years at FCA and starts off as the strongest part of Stellantis.
The group’s guidance assumes no more significant lockdowns caused by the global COVID-19 pandemic, which shuttered auto plants around the world last spring.
Stellantis should also get a lift as its starts to implement a plan aimed at delivering over 5 billion euros a year in savings, without closing any plants. Tavares has also pledged not to cut jobs.
But a pandemic-related global shortage of semiconductors, used for everything from maximising engine fuel economy to driver-assistance features, could hurt business.
Auto industry executives have said the shortage should ease by the second half of 2021.
Stellantis said its “electrification offensive” could also weigh on results this year. Automakers are racing to develop electric vehicles to meet tighter CO2 emissions targets in Europe and this week Volvo joined a growing number of carmakers aiming for a fully-electric line-up by 2030.
Stellantis plans to have fully-electric or hybrid versions of all of its vehicles available in Europe by 2025, broadly in line with plans at top rivals such as Volkswagen and Renault-Nissan, although Stellantis has further to go to meet that goal.
The carmaker is targeting an adjusted operating profit margin of 5.5%-7.5% this year.
That compares with a 5.3% aggregated margin last year: 4.3% at FCA and 7.1% at PSA excluding a controlling stake in parts maker Faurecia, which is set to be spun-off from Stellantis shortly.
Tavares achieved an improvement in margins at PSA by cutting costs, simplifying its vehicle line-up and delivering synergies on its purchase of Opel/Vauxhall, a model investors hope he can replicate at Stellantis.
Combined adjusted earnings before interest and tax (EBIT) amounted to 7.1 billion euros ($8.6 billion) last year.
At the end of 2020, combined liquidity stood at 57.4 billion euros and free cash flow at 3.3 billion euros.
A Milan-based trader said the earnings and cash flow were both “well above” expectations.
Stellantis proposed to distribute a 1 billion euro dividend to its shareholders.
It is planning a capital markets day for late 2021 or early 2022.
($1 = 0.8277 euros)
(Reporting by Giulio Piovaccari, Nick Carey and Gilles Guillaume. Additional reporting by Giancarlo Navach. Editing by Mark Potter)
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