August 21, 2014
August 20, 2014
Topics: OG News
August 6, 2014
July 30, 2014
By Jim Kenyon
Business Intelligence and Business Analytics vendors have their definitions. Consultants have theirs. Senior management has yet another understanding. You just want to get answers to the problems you face and make better decisions. Business Intelligence and Business Analytics, or BI and BA as they are commonly abbreviated, have been around for some time. The term Business Intelligence has been with us since 1865 when Richard Millar Devens wrote his definition in the Cyclopædia of Commercial and Business Anecdotes. Business Analytics has early roots in the late 1800s but only became something we would recognize today in the 1960s in the form of computer-based Decision Support Systems.
To be sure, the terms have morphed over time. Traditional Business Intelligence vendors, like SAP, Oracle, and IBM, have extended their BI platforms to include predictive analytics features that were formerly the sole purview of Business Analytics tools, further blurring the lines. Let’s explore the terms a bit more, find the overlap and differences, and, hopefully, help you understand how these tools can inform and improve your business decisions.
Topics: Data Analytics
July 25, 2014
We talk about Conjoint Analysis quite often. Partly because it’s something we know very well but mainly because it’s such a powerful technique. The core principle behind Conjoint Analysis is that purchase decisions are not purely rational. There is often an emotional or irrational component. It’s very hard to measure the irrational side of decision making with direct question approaches such as those used in surveys or focus groups. Optimization Group’s CEO, Jeff Ewald, says it best, “If you ask a rational person a rational question, you’ll get a rational answer.” Studies have shown that people struggle to accurately communicate what is driving their purchase behavior when asked a direct question.
Topics: Conjoint Analysis
July 15, 2014
“What is the ROI of my Marketing?” – every CMO
A great way to start answering this question is by looking at the data you already have. Things like TV ad buy records, lead data, social media, sales data, etc. If you’ve been tracking these sorts of metrics, particularly for at least 3 years, you’re in pretty good shape. However, does your internal marketing data tell the whole story behind the ROI? Not at all. Marketing doesn’t operate in a vacuum, so why should we assume it does when we’re measuring ROI?
External variables have a significant impact on marketing success. By way of example, let’s look at some of the external variables that have been statistically proven to impact the ROI of some of our clients. As you read through these examples, think about which external variables might have an impact on your business.
By Jennifer Williams
Advertising research is a staple of market research. It allows you to measure and improve marketing effectiveness, determine if an ad has effectively increased awareness, increased intent to purchase the product and improved reach of the target audience. Research that is conducted to measure the effectiveness of advertising is a valuable tool when developing and maintaining an advertising campaign. In an ideal situation, the best approach is to conduct a pre-ad study, to assess unaided and aided awareness of the specific product or service in order to achieve a benchmark measure prior to the advertising campaign. Following the launch of the advertising, a post-ad study is conducted to assess if the advertising has increased awareness of the brand or service, improved consumer interest in the product or service, and ultimately will determine if the advertising will draw in new consumers while maintaining its current ones.
July 1, 2014
Surprise! Facebook is making headlines again for something negative. Earlier this month, the Proceedings of the National Academy of Sciences (PNAS) published a study conducted by Facebook and two other researchers that essentially portray Facebook users as lab rats. The study was designed to test whether positive or negative content would affect users’ emotions and subsequent Facebook updates. During the study, Facebook manipulated its News Feed for almost 700,000 users. The results showed that when users were shown more negative content in their News Feed, their ensuing posts would tend to be negative. Besides the fact that this study points out something we already know (if you hang around depressed people you become depressed), what’s the big uproar about? Once again, data privacy. Users feel violated because they did not “knowingly” submit to the study and their emotions were manipulated.
I’m not going to dive into whether this study was “right or wrong” but I will touch on something I think is even more important (especially to Facebook). I believe Facebook is looking at the data conversation all wrong and is acting as its own worst enemy.
Topics: Social Media
June 27, 2014
One of our clients recently came to us hoping to answer a couple important business questions. Although their brand was founded over 50 years ago, they were looking to identify the core elements of their brand positioning. Additionally, they were gearing up for a new product launch and needed to better understand the most motivating messaging for the new product. The following outlines the steps taken to help them answer these important questions.
Topics: Marketing & Advertising
Focus groups are a time honored method of gaining a deeper understanding of customer preferences and what drives buying decisions. One of the reasons that focus groups are a “time honored method” is that they work…to a point.
During a focus group, a good moderator prompts participants with a series of probing questions to gain an understanding of the customer’s perspective. In short, he/she asks rational questions to get rational responses. The problem is that the purchase decision process is not purely rational. It often includes a fair amount of irrational decisions. To tap into that “irrational” aspect, a moderator can add projective techniques into the focus group sessions. Projective techniques are designed to make it easier for respondents to tap into and articulate the more emotional aspects of their reasoning. Projective exercises can include: