What Marketers Are Doing Wrong in Data Analytics

Companies gather and analyze data to fine-tune their operations, whether it’s to help them figure out which webpage design works best for customers or what features to include in their product or service to boost sales. Marketers, in particular, use data analytics to answer questions like this: To put people in a shopping mood, is it better to make the webpage banner blue or yellow? … [ Read more ]

How to Build a Brand Pyramid

A vital tool that will help you define the very essence of your brand.

Scott Belsky

Whether you’re building a product, creating art, or writing a book, you need to remember that your customers or patrons make sweeping judgments in their first experience interacting with your creation – especially in the first thirty seconds. I call this the “first mile,” and it is the most critical yet underserved part of a product. […] In a world of moving fast and pushing … [ Read more ]

Scott Belsky

Life is just time and how you use it. Every product or service in your life either helps you spend time or save time. […] The only exceptions are rare products … that add a time-consuming action to your plate while also making that experience faster than it normally would be.

Sales Teams Aren’t Great at Forecasting. Here’s How to Fix That.

Though AI and other advanced technologies have been applied to improve forecasting accuracy, sales leaders still get blindsided by forecasts that turn out to be embarrassingly overinflated. That’s because the root causes of most inaccuracies are not faulty algorithms but all-too-human behavior. Here are five of the most harmful such behaviors and some techniques that can go a long way toward redesigning systems in ways … [ Read more ]

The Mistake of Allocating More Resources to Your Best Customers

Why do so many companies insist on focusing their mail campaigns on their most valuable customers? The problem, as research points out, is that many times their analyses of marketing campaigns ignore the cross-channel effects between communication and sales, so they reach the wrong conclusions. They fail to consider the influence that direct mail has on online sales or that digital campaigns have on brick-and-mortar … [ Read more ]

Sally Helgesen, Marshall Goldsmith

People buy what you’re selling because they like and trust you, and because they believe that what you offer may have value for them. Why do they believe this? Because you so obviously do. Mesmerizing belief in the product is the secret of every great salesperson.

Payal Kadakia

There’s a behavioral design professor at Stanford, BJ Fogg, who has developed a model that says for any behavior in the world to occur, you need three things to happen at the same time: motivation, ability and a trigger. Motivation can play off of many things, like pleasure or pain, hope or fear. Ability refers to how easy it is to execute the behavior. And … [ Read more ]

Unknown

Selling begins when the prospect says “no.”

Carl F. Mela, Christine Moorman

Companies should do two things to harness the power of analytics in their marketing functions. First, rather than create data and then decide what to do with it, firms should decide what to do first, and then which data they need to do it. This means better integrating marketing and IT, and developing systems around the information needs of the senior management team instead of … [ Read more ]

Ten Years’ Worth of Learnings About Pricing

Why do we set prices? Setting aside the important reasons of generating revenue and maintaining solvency for a business, there are many other reasons to set price. Price reinforces brand because price telegraphs whether a product is a premium product or a value product. Price differentiates products in the market and can be used as a go-to-market strategy. Underprice the competition to gain share. There … [ Read more ]

Podcast: Why Are Rankings and Listicles So Popular?

From “Top 10 Beaches” to “Five Ways to Negotiate a Raise,” the psychology behind effective lists.

Juan Luis Suárez

Consumers have two dimensions. On the one hand, there is the individual that produces and consumes information, and on the other, there is the community member who shares information and whose behavior responds to a flock dynamic. Organize your business processes simultaneously for these two levels of granularity — individuals and groups/communities whose interactions bring about changes in behavior.

David C. Edelman

When the funnel metaphor reigned, communication was one-way, and every interaction with consumers had a variable media cost that typically outweighed creative’s fixed costs. Management focused on “working media spend”—the portion of a marketing budget devoted to what are today known as paid media.

This no longer makes sense. Now marketers must also consider owned media (that is, the channels a brand controls, such as websites) … [ Read more ]

Why Marketing Analytics Hasn’t Lived Up to Its Promise

We see a paradox in two important analytics trends. The percentage of marketing budgets companies plan to allocate to analytics over the next three years will increase from 5.8% to 17.3%—a whopping 198% increase. These increases are expected despite the fact that top marketers report that the effect of analytics on company-wide performance remains modest, with an average performance score of 4.1 on a seven-point … [ Read more ]

Josh Reeves

Every branding process will automatically have two parts: The internal, employee-facing component, and the external, public or customer-facing component. Both need to be taken into account throughout planning and execution. They are two sides of the same coin, and while they require different approaches, they’ll intimately impact one another’s success — and it’s a delicate balance.

Driving Business Growth by Zeroing in on the Consumer Decision Journey

A big part of driving marketing-led growth is getting into, and remaining part of, consumers’ initial consideration set of brands to shop. Companies can give themselves a leg up by making that a priority.

Shelly Palmer

We’ve found that few enterprises fully recognize the value of data, data governance, and data hygiene. Data is cash, and it should be treated like cash. You need a data P&L.

There are really three kinds of data. First-party data is your own company’s asset, which you are directly responsible for collecting. It may be from cookies, email subscriptions, orders, or sales receipts. Or it may … [ Read more ]

Shelly Palmer

There’s a very strong confirmation bias for all content today, regardless of whether it’s entertainment, news, or just information. It will grow even stronger as technology improves. As content distributors, we are fighting the hardest fight ever: getting through the personal filters of people who have opted into their own world view. Many have no interest in getting out of it. […] The free and … [ Read more ]