tag:econsultancy.com,2008:/topics/data-analytics Latest Data & Analytics content from Econsultancy 2018-02-14T12:03:42+00:00 tag:econsultancy.com,2008:BlogPost/69797 2018-02-14T12:03:42+00:00 2018-02-14T12:03:42+00:00 How AI is transforming healthcare Nikki Gilliland <p>AI and robotics present huge opportunities for the pharma and healthcare industries. <a href="https://www.mckinsey.com/industries/pharmaceuticals-and-medical-products/our-insights/how-big-data-can-revolutionize-pharmaceutical-r-and-d" target="_blank">According to McKinsey</a>, big data strategies could save the US healthcare system up to $100 billion a year thanks to AI-assisted efficiencies in trials, research, and clinical practice.</p> <p>So, how is AI being utilised, and will the general public embrace it? Here’s more on the story so far.</p> <h3>Streamlining medical practice </h3> <p>Image classification – which refers to the process of extracting information from multiple images – has so far been one of the main uses of AI and deep learning within healthcare. While the practice does not replace doctors, it essentially makes their jobs much quicker and easier (and lessens the chances of human error). </p> <p>For example, image classification can help radiologists file and mark low priority X-Rays, taking away the need for them to spend extra time filling in lengthy paperwork.</p> <p>The technology can aid diagnosis, too. Earlier this year the BBC <a href="http://www.bbc.co.uk/news/health-42357257">reported</a> how researchers at an Oxford hospital have developed AI that can diagnose scans for heart disease and lung cancer. One in five cardiologists are currently said to miss problems detected by the timing of the heartbeat. The AI system will be able to pick up on details that doctors tend not to see, also providing recommendations based on the patient’s level of risk.</p> <p>In the US, AI can also help primary care doctors find and refer patients to specialists – a process that can otherwise be so time-consuming and convoluted that patients often fail to attend eventual appointments. Now, AI systems like Human Dx (Human Diagnosis Project) can create fast, accurate, and actionable insights for doctors and patients alike. </p> <blockquote class="twitter-tweet"> <p lang="en" dir="ltr">We’re working to build an online system that maps the steps to help any patient and enables more accurate, affordable, and accessible <a href="https://twitter.com/hashtag/CareForAll?src=hash&amp;ref_src=twsrc%5Etfw">#CareForAll</a>. Join us in building the future of medicine: <a href="https://t.co/ry1sFHDoit">https://t.co/ry1sFHDoit</a></p> — The Human Diagnosis Project (@human_dx) <a href="https://twitter.com/human_dx/status/961605539842150400?ref_src=twsrc%5Etfw">February 8, 2018</a> </blockquote> <h3>Making preventative care accessible</h3> <p>The general public might remain largely unaware of how AI can aid care in hospitals and doctors' offices. However, the technology is becoming more mainstream in other ways - mainly through technology that some consumers already own.</p> <p>Last year, <a href="https://blog.cardiogr.am/screening-for-hypertension-and-sleep-apnea-with-deepheart-416c9bc03efc" target="_blank">a study</a> found that wearables like the Apple Watch and Fitbit are able to accurately detect serious conditions like hypertension and sleep apnea.</p> <p>Chatbots are another big opportunity for preventative care, with a number of examples already enabling users to provide advice and even early diagnosis via digital channels. Your.Md and HealthTap are two of the biggest – both using natural language processing to understand common symptoms and help the user come to a conclusion about what might be wrong. </p> <p><img src="https://assets.econsultancy.com/images/0009/2249/health_md.JPG" alt="" width="300" height="583"></p> <p>When it comes to health, the big question is whether users will feel comfortable speaking with a bot. Perhaps thanks to our existing reliance on the internet for information (regardless of how questionable) – acceptance is actually quite high.  <a href="http://www.reform.uk/wp-content/uploads/2018/01/AI-in-Healthcare-report.pdf" target="_blank">A report by Reform</a> states that 47% of UK survey respondents would be willing to use an ‘intelligent healthcare’ assistant via a smartphone, tablet, or personal computer, with higher rates amongst younger generations.</p> <p>With health and exercise-focused apps already proving hugely popular (and users displaying ingrained trust in these brands), perhaps it won’t be long before we see AI being integrated into the likes of Headspace or Nike+ Training Club.</p> <h3>Helping mental health and wellbeing</h3> <p>Another area of opportunity might be in areas that people often find difficult talking about face to face. In this sense, chatbots and digital assistants could potentially even increase accessibility as well as the amount of people seeking help. </p> <p>Ieso, which is an app that offers cognitive behavioural therapy for managing mental health, is said to have helped over 17,000 people since its launch. Meanwhile, there is also evidence that it has reduced treatment time by 50%. It’s clear that, alongside patients, there are huge benefits for the NHS, with AI assistants helping to take away massive strain on the service. </p> <blockquote class="twitter-tweet"> <p lang="en" dir="ltr">"When you are anxious or depressed, you may well have a critical voice that tells you negative things about yourself. Be aware of this; notice the way that makes you feel &amp; how it affects your behaviour. Know that you can choose to do something different." <a href="https://twitter.com/hashtag/BlueMonday?src=hash&amp;ref_src=twsrc%5Etfw">#BlueMonday</a> <a href="https://t.co/7WxoJmEDTr">pic.twitter.com/7WxoJmEDTr</a></p> — Ieso Digital Health (@IesoHealth) <a href="https://twitter.com/IesoHealth/status/952907064225030144?ref_src=twsrc%5Etfw">January 15, 2018</a> </blockquote> <p>More recently, Woebot, an app designed to help people cope with feelings of depression and anxiety, was launched on the app store. The idea is that - unlike professional treatment, which can only be sought at a specific time or date – users can interact and access support at any time of day or night. </p> <p>Alongside preventative care, AI could also help to detect and diagnose mental health conditions. IBM researchers have discovered that machine learning can predict the risk of developing psychosis. By analysing the speech patterns of 59 individuals, it predicted with 89% accuracy which patients would go on to develop a psychotic disorder, as well as detect those who had recently developed psychosis. </p> <p><iframe src="https://www.youtube.com/embed/KuYdhaDculQ?wmode=transparent" width="640" height="360"></iframe></p> <h3>Barriers to overcome</h3> <p>While it’s clear that AI is having a big impact, there are still big barriers to overcome before the technology truly transforms the way we access healthcare. </p> <p>Acceptance of AI to help general wellbeing might be relatively high, however this dramatically falls when it comes to more serious or sensitive issues. Reform suggests that 37% of UK survey respondents say they would use AI to monitor a heart condition, while just 3% say they would use it to monitor pregnancy.</p> <p>Another area that needs careful consideration is <a href="https://www.econsultancy.com/blog/69646-ux-trends-in-2018-what-do-the-experts-predict" target="_blank">UX</a>. For both doctors and patients, technology needs to be easy to use and intuitive – especially for busy staff who do not have the time or existing skill-set to learn a complicated system.</p> <p>Lastly, data remains a big issue, with access to good quality data vital in order for the technology to produce accurate results. This comes down to public trust in permitting their data to be used in the first place, as well as granting professionals the right access in the right format. </p> <p>With the NHS pledging to go paperless by 2020, AI initiatives might be on the back burner while the system struggles with more basic digitisation. However, with benefits that include reducing busy workloads, streamlining processes, and improving accessibility, it’s clear why private pharma companies and start-ups are keen to invest as soon as possible.</p> <p><em><strong>Related reading:</strong></em></p> <ul> <li><em><a href="https://econsultancy.com/blog/69761-three-huge-employers-are-going-to-try-to-disrupt-healthcare" target="_blank">Three huge employers are going to try to disrupt healthcare</a></em></li> <li><em><a href="https://econsultancy.com/blog/69746-which-pharma-companies-are-winning-at-social-survey-says" target="_blank">Which pharma companies are winning at social? Survey says...</a></em></li> </ul> tag:econsultancy.com,2008:Report/4716 2018-02-13T12:35:00+00:00 2018-02-13T12:35:00+00:00 Digital Intelligence Briefing: 2018 Digital Trends <p>The <strong>2018 Digital Trends</strong> report, published by Econsultancy in association with <strong><a title="Adobe" href="https://www.adobe.com/uk/experience-cloud.html">Adobe</a></strong>, looks at the most significant trends that will impact companies in the short to medium term.</p> <p>The report is based on a global survey of nearly 13,000 marketing, creative and technology professionals in the digital industry across EMEA, North America and Asia Pacific.</p> <p>As part of this year’s study, we have also identified a number of <strong>top-performing companies</strong> in order to<strong> assess how they are focusing their activities and investments differently compared to their peers</strong>.</p> <p>High-performing companies are those organisations that exceeded their top 2017 business goal by a significant margin, and who have also significantly outperformed their competitors.</p> <p><strong>Key insights</strong> from the research include:</p> <ul> <li>Companies continue to focus on the customer experience (CX), as well as the content required to facilitate this. Organisations committed to CX are shown to outperform their peers.</li> <li>We are entering a ‘design and creativity renaissance’, with top-performing companies recognising the importance of these capabilities to complement data and technology excellence.</li> <li>Investment in technology and related skills is paying dividends, with integrated platforms fast-becoming a prerequisite for success.</li> <li>AI is set to play a growing role in helping marketers to deliver more compelling real-time experiences.</li> </ul> tag:econsultancy.com,2008:WebinarEvent/926 2018-02-07T07:57:25+00:00 2018-02-07T07:57:25+00:00 Ask Me Anything - Planning for 2018 <p style="border: 0px; vertical-align: baseline;">Ask Me Anything is our new interactive webinar series designed for you to discuss strategies and pick the brains of our experts when it comes to your digital transformation.</p> <p style="border: 0px; vertical-align: baseline;">For this Ask Me Anything session, we will be exploring planning your marketing for 2018:</p> <ul style="border: 0px; vertical-align: baseline;"> <li style="border: 0px; vertical-align: baseline;">Who in the marketing department should be responsible for doing the marketing planning</li> <li style="border: 0px; vertical-align: baseline;">What should a marketing plan set out to achieve?</li> <li style="border: 0px; vertical-align: baseline;">How should marketers deal with new requirements during the year</li> <li style="border: 0px; vertical-align: baseline;">What role do agencies play in the planning process?</li> <li style="border: 0px; vertical-align: baseline;">Where should the budget for digital transformation come from?</li> <li style="border: 0px; vertical-align: baseline;">Zero-budget marketing</li> </ul> <p style="border: 0px; vertical-align: baseline;">Our panel of Econsultancy experts are <strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">Eu Gene Ang</strong>, Lead Trainer, Asia, <strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">Damien Cummings</strong>, Entrepreneur-in-Residence &amp; Principal Consultant, APAC, and <strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">Jeff Rajeck</strong>, Research Analyst, APAC.</p> <p style="border: 0px; vertical-align: baseline;">Register for the webinar and <a href="https://goo.gl/forms/PvtkXyDDjlPOiz852">submit </a>your questions by 7 March 2018. We aim to answer all the questions during the webinar session.</p> <p style="border: 0px; vertical-align: baseline;">Tweet about the webinar using the hashtag <strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">#EconAMA</strong>.</p> <p style="border: 0px; vertical-align: baseline;"><strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">Webinar done in collaboration with:</strong>      <a style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; color: #004dcc; font-variant: inherit;" href="https://www.ntuc.org.sg/uassociate/" target="_blank"><img style="font-weight: inherit; font-style: inherit; vertical-align: baseline; font-variant: inherit;" src="https://assets.econsultancy.com/images/resized/0008/9214/u_associate__integration_endorsement__logo-blog-flyer.png" alt="" width="202" height="62"></a></p> <p style="border: 0px; vertical-align: baseline;"><strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">FAQ:</strong></p> <p style="border: 0px; vertical-align: baseline;"><strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">I'm not an Econsultancy subscriber, can I join?</strong></p> <p style="border: 0px; vertical-align: baseline;">Ans: You sure can. The sessions are complimentary for existing customers and new friends.</p> <p style="border: 0px; vertical-align: baseline;"><strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">Will the session be recorded?</strong></p> <p style="border: 0px; vertical-align: baseline;">Ans: Yes! We record all of our webinars, and we'll send out a link to the recording the following week.</p> <p style="border: 0px; vertical-align: baseline;"><strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">What if I register but can't make it?</strong></p> <p style="border: 0px; vertical-align: baseline;">Ans: It's all good. We'll send a follow-up with key takeaways and a link to the recording.</p> <p style="border: 0px; vertical-align: baseline;"><strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">Can I ask questions?</strong></p> <p style="border: 0px; vertical-align: baseline;">Ans: Absolutely! This session is for you. Please <strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">submit your questions <a style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; color: #004dcc; font-variant: inherit;" href="https://goo.gl/forms/GqXslFnHdjYGvnul1" target="_blank">here</a></strong> and hear our experts respond to your questions at the live webinar.</p> tag:econsultancy.com,2008:ConferenceEvent/925 2018-02-07T07:29:16+00:00 2018-02-07T07:29:16+00:00 Digital Intelligence Briefing 2018 <p>This Digital Intelligence Briefing on 9 April 2018 will continue to highlight the most important digital trends and developments (curated by our research analysts) you should be aware about, and also sharing the latest trends, the modern marketing model, the state of ecommerce marketplaces and managing critical marketing relationships.</p> <p>Join us at this half-day session as we curate and highlight the key digital trends, challenges, opportunities and developments that are going to affect how markets are operating, what tools are being used, and how digital marketing practices are changing - making it simple for you to keep track of the key developments in digital technology and marketing.</p> tag:econsultancy.com,2008:BlogPost/69776 2018-02-05T13:00:00+00:00 2018-02-05T13:00:00+00:00 The three trends driving marketing analytics in 2018 Jeff Rajeck <p>More forward-thinking organisations, however, have been pushing ahead with new analytics tools and processes. To find out more about these trends in marketing analytics, Econsultancy recently invited industry expert David Sanderson, CEO, Nugit to present at Digital Outlook 2018 in Singapore. To an audience of over 400 marketers, David spelled out what will be driving marketing analytics in 2018 and how marketers can keep up.</p> <p>Before we start with the summary, we'd just like to let you know that Econsultancy is holding an Advanced Mastering Analytics course in Singapore on April 5th, 2018. You can <a href="https://econsultancy.com/training/courses/advanced-mastering-analytics-training-singapore/dates/3365/">find out more and book your spot here</a>.</p> <h3>1) Marketing analysts will need to use many new data sources</h3> <p>Traditionally, business decisions in many organisations were powered by marketing analytics which relied on big, centralized-managed data servers or data warehouses. According to David, though, things have been changing recently and now companies find that analysts also need to ferret out data stored in many 'mini' data warehouses.</p> <p>In addition to the usual internal data repositories, marketing analysts also need to pull data from dozens of separate systems including: </p> <ul> <li>Google Analytics</li> <li>SEO platform</li> <li>Salesforce or other CRM</li> <li>Email service provider</li> <li>Major media platforms: Facebook, Twitter, AdWords</li> <li>Chat applications </li> </ul> <p>Combined, these data sources will provide better insights for marketing and sales than internal systems on their own and they will help the business drive consumer interest, optimize pricing, and deliver an improved customer experience.</p> <p>So, according to David, analysts must now do more than just analyse. They must also identify where important data resides, determine what needs to be extracted and devise a strategy for using new data sources to drive business decisions.</p> <p><img src="https://assets.econsultancy.com/images/0009/2050/marketing-analytics-2.jpg" alt="" width="800" height="600"></p> <h3>2) Artificial intelligence (AI) will be essential for analytics</h3> <p>David also noted that the speed of data coming into the organisation has now increased to the extent that it is no longer possible for human analysts to process it all.</p> <p>To help, a number of firms have sprung up which offer marketing analytics with baked-in artificial intelligence (AI). These systems use machine learning and other AI techniques to help analysts find patterns in customer data, elicit recommendations for optimising performance, and allow non-professionals to access complicated analytics using simple language.</p> <p>For example, Hyper Anna, a venture-backed marketing provider of 'machine intelligence for marketers', takes in company data and returns 'high-impact use cases'. This means that marketing data such as customer interactions, financial performance, and supplier activities can be uploaded and Hyper Anna provides information about cross-sell and upsell opportunities, revenue forecasting, and supply chain management information.</p> <p>Another firm, Datorama offers 'AI-powered marketing intelligence' which makes it easy for marketers to unify data across systems and access powerful analytics using natural language.  David pointed out that Datorama is now integrated with Amazon's Alexa and offers voice-activated marketing analytics.</p> <p><img src="https://assets.econsultancy.com/images/0009/2051/marketing-analytics-5.jpg" alt="" width="800" height="384"></p> <h3>3) Analysts will become storytellers</h3> <p>While the analyst toolbox traditionally consisted of skills such as SQL, business analysis, and Excel, analysts in 2018 will be expected to do much more than crunch data and produce reports.</p> <p>With the new data sources and AI tools described above, analysts will be expected to: </p> <ul> <li>Obtain data from non-traditional sources,</li> <li>Clean data with programming languages such as Python,</li> <li>'Polish' the data using data visualization tools and create attractive charts and graphs, and</li> <li>Transform data into easy-to-understand stories which help non-analysts understand emerging trends and opportunities </li> </ul> <p>Simply creating a dashboard and sending out a weekly report will not be enough. Like all marketers, analysts in 2018 will have to focus more on their customers - the people in the organisation who need to extract meaning from all of the data now available so that they can improve business performance.</p> <h3><img src="https://assets.econsultancy.com/images/0009/2049/marketing-analytics-1.jpg" alt="" width="800" height="533"></h3> <h3>A word of thanks</h3> <p>Econsultancy would like to thank David Sanderson, CEO Nugit for his presentation about what we can all expect for marketing analytics in 2018.</p> <p>We'd also like to thank everyone who attended on the day. We hope you gained valuable insights from the programme and that we will see you at future Econsultancy events!</p> <p><img src="https://assets.econsultancy.com/images/0009/2052/marketing-analytics-4.jpg" alt="" width="800" height="533"></p> tag:econsultancy.com,2008:BlogPost/69768 2018-02-02T11:00:00+00:00 2018-02-02T11:00:00+00:00 Building the DMP of tomorrow starts with these three tenets of identity Chris O'Hara <p>At a recent industry event, we heard a lot about the upcoming year in marketing, and how data and identity will play a key role in driving marketing success.</p> <p>As a means to master identity, some companies have heralded the idea of the customer data platform (CDP), but the category is still largely undefined. For example, many Salesforce customers believe that they already have a CDP. The reason? They have several different ways of segmenting known and unknown audiences between a data management platform (DMP) and CRM platform.</p> <p>In an article I wrote here last year, I introduced a simple <a href="https://econsultancy.com/blog/68952-a-recipe-for-the-martech-layer-cake">“layer cake” marchitecture</a>, describing the three core competencies for effective modern marketing. In such a fast moving and evolving industry, I have since refined it to the core pillars of identity, orchestration and intelligence: </p> <p><img src="https://assets.econsultancy.com/images/0009/2038/marchitecture_cake_1.png" alt="marchitecture cake" width="615"></p> <p>With this new marchitecture, brands have the ability to know consumers, engage with them through each touchpoint and use artificial intelligence to personalize each experience.</p> <p>Mastering each layer of complexity is difficult, requiring an investment in time, technology and people. Lets focus on perhaps the most important – the data management layer where the new CDP category is trying to take hold.</p> <h3>The next wave of data management</h3> <p>By now, it’s safe to say marketers have mastered managing known data. A few years ago, when I was working for a software company that also managed postal mailing lists, I was astonished at the rich and granular data attached to mailing lists. There is a reason direct mail companies can justify $300 CPMs – it works, because direct marketers truly know their customers.</p> <p>After joining Salesforce, I was similarly awed by the power to carefully segment CRM data, and provision journeys for known customers spanning email, mobile, Google and Facebook, customer service interactions and even community websites. </p> <p>How can we get to this level of precision in the world of unknown (anonymous) consumer data?</p> <p>As marketing technology and advertising technology converge, so must the identity infrastructure that underlies both. Put more simply, tomorrow’s systems need a single, federated ID that is trust-based. Companies must have a single source of truth for each person, the ability to attach various keys and IDs to that unified identity, as well as have a reliable and verifiable way to opt people out of targeting.</p> <p>Let’s take a look at what that might look like:</p> <p><img src="https://assets.econsultancy.com/images/0009/2039/Federated_ID_2.png" alt="federated ID" width="615"></p> <p>This oversimplification looks at the various identity keys used for each system and the channels they operate in. Today, the CRM is the system of record for engaging consumers directly in channels like direct mail, email campaigns and service call centers. The DMP, on the other hand, is the system of record for more passive, anonymous engagement in channels like display, video and mobile.</p> <p>When consumers make themselves known, they “pull” engagement from their favorite brands by requesting more information and opting into messaging. At the top of the funnel, we “push” engagements to them via display ads and social channels.</p> <p>As a marketer, if you have the right technologies in place, you can seamlessly connect the two worlds of data for more precise consumer engagement. The good news is that, martech and adtech have already converged. <a href="https://www.salesforce.com/blog/2018/01/salesforce-digital-advertising-2020-report.html">Recent research</a> from Salesforce shows that 94% of marketers use CRM data to better engage with consumers through digital advertising, and over 91% either already own or plan to adopt DMP over the next year.</p> <p>So, if mastering consumer identity is the most important element in building tomorrow’s data platform then what, exactly, are the capabilities that need to be addressed? There are three:</p> <h3>1. A single data segmentation engine</h3> <p>Currently, marketers don’t have a single source of truth about their consumers.</p> <p>Here’s why: Brands build direct mail lists and email lists in their CRM. Separately, they build digital lists of consumers in a DMP tool. Then, they have lists of social handles for followers in various platforms like Facebook and Twitter. Consumer behaviors like browsing and buying that happen on the ecommerce platforms are often not integrated into a master data record. And distributed marketing presents a challenge because a big mobile company or auto manufacturer may have thousands of franchised locations with their own, individual databases.</p> <p>Segmentation is all over the place. Tomorrow, there must be a single place to build consumer profiles with rich attribute data, and provisioned to the systems of engagement where that consumer spends their time.</p> <h3>2. Data pipelining and governance capabilities</h3> <p>This identity layer must also have the ability to provision data, based on privacy and usage restrictions, to systems of engagement.</p> <p>For example, when a consumer buys shoes, they should be suppressed from promotions for that product across all channels. When a consumer logs a complaint on a social channel, a ticket needs to be opened in the call center’s system for better customer service. When a person opts out and chooses to be “forgotten,” the system needs to have the ability to delete not only email addresses, but hundreds of cookies, platform IDs and other addressable IDs in order to meet compliance standards with increasingly restrictive privacy laws and, more importantly, giving consumers control over their own data.</p> <p>Finally, marketers need the ability to ingest valuable DMP data back into their own data environments to enrich user profiles, perform user scoring, as well as build propensity models and lifetime value scores. This requires granular data storage, fast processing speeds and smart pipelines to provision that data. </p> <h3>3. Leaping from DMPs to holistic data management</h3> <p>Ad technology folks are guilty of thinking of cross-device identity (CDIM) as the definition of identity management. Both deterministic and predictive cross-device approaches are more important than ever, but in a world where martech and adtech are operating on the same budgets and platform, today’s practitioner must think more broadly.  </p> <p>Marketers can no longer depend solely on another party’s match table to bridge the divide between CRM and DMP data. A more durable, and privacy-led connector between known and unknown ID types is required. Moreover, when they can, marketers need the ability to enrich email lists with anonymous DMP attributes to drive more performance in known channels—now only possible when a single party manages the relationship.</p> <p>These three tenets of identity are the starting point for building the data platform of the future. The interest and excitement around CDPs is well placed, and a positive sign that we are evolving our understanding of identity as the driving force behind the changes in marketing. </p> <p><em><strong>Need some CRM training? Try <a href="https://econsultancy.com/training/courses/intensives-mastering-ecrm">Econsultancy's face-to-face courses.</a></strong></em></p> tag:econsultancy.com,2008:Report/4695 2018-01-19T16:36:00+00:00 2018-01-19T16:36:00+00:00 Opportunities and Challenges for Marketers in 2018 <p>The 2018 Opportunities and Challenges report, produced by Econsultancy, examines digital trends, opportunities and challenges shaping the approach of marketers.</p> <p>The report reflects the Research team’s thoughts on what should be on marketers’ radar and is based on our exposure to and knowledge of the industry. </p> <p>The report provides some high level thinking on:</p> <ul> <li>Customer Experience</li> <li>Trust, Transparency and Brand Safety</li> <li>Blockchain</li> <li>Data privacy and the GDPR</li> <li>Internet of Things / Wearables</li> <li>AI Use Cases for Marketing</li> <li>Visual and Voice Search</li> <li>Amazon</li> </ul> <p>Econsultancy is planning to follow up on these topics during 2018 and will publish in-depth reports about most of these topics. </p> tag:econsultancy.com,2008:BlogPost/69727 2018-01-17T12:26:00+00:00 2018-01-17T12:26:00+00:00 How retailers are using geofencing to improve in-store CX Nikki Gilliland <p>Geofencing doesn't always guarantee customer satisfaction, of course. Back in its infancy, the technology was criticised for potentially offering more annoyance than anything of real value to consumers. In order to succeed then, geofencing has to go beyond the norm and actually change the customer's experience for the better.</p> <p>So, what are retailers doing exactly, and what real value does it hold for consumers? Here’s more on the story plus a few brand examples.</p> <h3>Navigation and product search</h3> <p>Apps are no longer thought of as an isolated medium. Many brands now integrate this technology into the in-store experience to better fuse the online and offline worlds. For example, fitness retailer Under Armour allows shoppers to scan barcodes on products to find out additional information. </p> <p>Geofencing can be another valuable element of brand apps, further enhancing the experience of browsing and shopping in a physical location. </p> <p>Home Depot is one effective example, first rolled out in 2014. Its app automatically switches to an ‘in-store’ mode when a consumer enters, allowing them to gain additional features like the ‘product locator’ tool. By using location-based technology, the app automatically detects which store the user is in, giving them a map to specific products based on their exact position.</p> <p>Book store Foyles also uses a similar feature when customers enter its flagship London store, albeit a much less sophisticated version that <a href="https://econsultancy.com/blog/68560-five-compelling-reasons-to-offer-free-wi-fi-in-store" target="_blank">appears on the user’s browser</a> after the customer connects to in-store WiFi.</p> <p>However, both demonstrate the unexpected value geofencing can bring. While shoppers are unlikely to expect this type of technology, the help and added convenience can certainly enhance the customer experience (as well as make it less mundane) – which is also likely to stick in the mind of the consumer when they think about the brand in future.</p> <p><img src="https://assets.econsultancy.com/images/0009/1681/Home_Depot_App.JPG" alt="" width="780" height="471"></p> <p><em>(Image via <a href="https://virtualrealitytimes.com/2017/03/31/the-home-depot-app-augmented-reality/" target="_blank">Virtual Reality Times</a>)</em></p> <h3>Greater convenience</h3> <p>Another way geofencing can enhance CX is to improve logistics, leading to greater convenience for both brands and consumers. </p> <p>In 2016, Mcdonalds started testing geofencing in its mobile app to optimise food preparation time. In order to avoid long wait-times and the potential for cold food, the app detects when a customer is getting closer. Staff are then alerted when they should start preparing the order, theoretically meaning the customer will arrive at the perfect time to receive it. </p> <p>Do customers really care enough about this feature for it to have any real impact on CX? It's hard to say, as the proportion of people ordering in advance at McDonalds might be quite slim to begin with. However, I can see how the added convenience might be beneficial.</p> <p><img src="https://assets.econsultancy.com/images/0009/1684/mcdonalds_app.JPG" alt="" width="600" height="505"></p> <p>Elsewhere, similar use of the technology can aid convenience in airports by providing information such as approximate walking times and shortest queues. For retailers, geofencing in airports can also lead to better targeting opportunities, with the ability to remind consumers about items or services they might need before travelling. </p> <h3>In-store gamification</h3> <p>Geofencing is most commonly used to offer consumers rewards to encourage purchases. App creator Shopkick also goes one step further by helping retailers to ramp up in-store offers, extending it to dressing rooms and other pre-purchase behaviour.</p> <p>For example, US retailer American Eagle gives customers so-called rewards to incentivise try-ons. To some extent, this turns the in-store experience into something of a game, with shoppers more likely to try on additional items in order to see what they might receive in return. As a result, this behaviour increases the likelihood of a purchase, as it forces customers to seriously consider items they might have otherwise left on the rail.</p> <p>Furthermore, this type of beacon-technology can also help brands to retarget customers at a later date. If a consumer tries on an item in an American Eagle store, the retailer can then use this data to send a related email or product offer, also helping to connect the dots between offline and online brand communication. Again, retailers need to be careful here that they are not simply nagging customers, but are targeting those who demonstrate real interest (and not just a one-off interaction).</p> <p><img src="https://assets.econsultancy.com/images/0009/1683/american_eagle.JPG" alt="" width="700" height="453"></p> <h3>Immediate customer feedback</h3> <p>Finally, geofencing can also be highly beneficial to retailers that are continuously striving to improve the customer experience. This is because the technology can be used to prompt shoppers to provide real-time feedback, with consumers also more likely to deliver it when it is fresh in their minds.</p> <p>There is the potential for annoyance again here, as shoppers could potentially be put off by being asked about their opinion or experience. That being said, it also shows greater interest from the brand, which could help to improve positive sentiment overall. The likelihood of this tactic working is also increased if the experience typically relies on good or fast customer service, such as in a restaurant or bank. </p> <p>All in all, this data can be highly valuable for CX-focused brands, even giving them a chance to turn around or address poor experience with a targeted apology or special offer.</p> <p><img src="https://assets.econsultancy.com/images/0009/1685/customer_feedback.JPG" alt="" width="596" height="392"></p> <h3>Preventing geofencing becoming creepy</h3> <p>While the aforementioned benefits are likely to improve CX, that’s not to say that all customers are open to the idea of geofencing. Occasionally, this use of data can come across as creepy – even unfair if consumers have not knowingly given consent.  </p> <p>The key to this is to be entirely transparent.</p> <p>While geofencing automatically requires the consumer to permit their location data to be used by others (usually via an app), not all consumers will be aware that they have done so. As a result, it is vital for brands to fully state why and how they are using it in order to reassure users and convince them of the benefits (particularly where stricter data regulations apply, such as the <a href="https://econsultancy.com/hello/gdpr-for-marketers/">GDPR</a>).</p> <p><em><strong>Related reading:</strong></em></p> <ul> <li><em><a href="https://www.econsultancy.com/blog/69269-17-stats-that-show-why-cx-is-so-important">17 stats that show why CX is so important</a></em></li> <li><em><a href="https://econsultancy.com/blog/69286-five-innovators-of-the-in-store-customer-experience">Five innovators of the in-store customer experience</a></em></li> <li><em><a href="https://econsultancy.com/blog/69223-five-ways-retailers-are-helping-in-store-shoppers-using-digital-channels">Five ways retailers are helping in-store shoppers using digital channels</a></em></li> </ul> tag:econsultancy.com,2008:BlogPost/69712 2018-01-10T12:00:00+00:00 2018-01-10T12:00:00+00:00 Four ways the blockchain could be applied to digital advertising Patricio Robles <p>One market in which blockchain tech is seen to have significant potential is the digital advertising industry. Here are four of the most interesting ways blockchain could be applied to digital advertising.</p> <h3>Data management</h3> <p>Data is the lifeblood of the digital advertising ecosystem. From measurement to targeting, players who acquire and put to good use data have a growing advantage over players who don't.</p> <p>Not surprisingly, some are looking at the ways blockchain tech can address issues and challenges related to data. </p> <p>Comcast, for instance, last year announced that it is developing a Blockchain Insights Platform “aimed at improving the efficiency of premium video advertising, resulting in better planning, targeting, execution and measurement across screens.”</p> <p>In a blog post, the cable giant <a href="https://corporate.comcast.com/news-information/news-feed/comcasts-advanced-advertising-group-and-participants-announce-plans-for-blockchain-based-technology-platform-aimed-at-making-premium-video-advertising-more-efficient">explained</a>:</p> <blockquote> <p>One application of the Blockchain Insights Platform would be that advertisers and programmers could match data sets more effectively to build and execute media plans based on custom audience segments and more precisely and efficiently target across a nationwide footprint of pay-TV customers and streaming device users. Concurrently, programmers would be able to offer improved targeting precision across screens, increasing the value and quantity of monetized inventory. All participants would ultimately benefit from the resulting reporting and attribution metrics, and new potential revenue streams for participants could emerge for data insights they can generate for themselves and others.</p> </blockquote> <p>Privacy is a huge data management issue and this is one area where Comcast believes the blockchain has the greatest potential to shine. All of the data offered by participants in the Blockchain Insights Platform would remain in their own systems and the blockchain would let “participants in the platform ask questions of each other's data without having to access or take possession of anyone else's data.”</p> <h3>Targeting and engagement</h3> <p>Advertisers and the ad platforms they work with have for years invested heavily in finding methods and acquiring data aimed at enabling them to deliver the right message to the right user at the right time, resulting in action.</p> <p>Could the blockchain help them do this even more effectively? Some blockchain-based ad plays are betting it can. </p> <p>Take BitClave, for example. It <a href="https://medium.com/bitclave/a-blockchain-approach-to-targeted-advertising-27239dc83e5">envisions</a> a Consumer Activity Token that consumers earn by adding their data to the blockchain. When they perform searches through BitClave's decentralized search engine, businesses that want to reach them will have to compensate them.</p> <p><iframe src="https://www.youtube.com/embed/ZQlQv4zi6YI?wmode=transparent" width="560" height="315"></iframe></p> <p>As BitClave's founders see it, while internet giants do provide value through the free ad-supported services they offer, they shouldn't be the only ones who reap the financial rewards gained from data provided by users. “Our decentralized search engine helps you truly find what you're looking for and get compensated for your data, making third-party advertising networks unnecessary,” BitClave's website tells prospective users.</p> <p>China-based ATMChain, which describes itself as a “decentralized, digitized smart media platform”, is pursuing a similar approach under which users are compensated for viewing ads.</p> <p>It's important to note that both BitClave and ATMChain are works in progress and launched to the public via initial coin offerings (ICOs), which have become quite controversial due to fraud concerns. But while there's no guarantee that either project will even materialize, both do highlight how blockchain tech could serve as the foundation for new targeting and engagement models.</p> <h3>Fraud prevention</h3> <p>Ad fraud is a multi billion-dollar problem that is understandably one of the top concerns among advertisers. Unfortunately, stamping it out is difficult because the digital ad ecosystem has become more complex and opaque, especially in recent years as use of programmatic increased rapidly. </p> <p>The good news is that the industry is fighting back. Major ad vendors and publishers are getting behind the IAB standard <a href="https://www.econsultancy.com/blog/69231-ads-txt-a-new-standard-for-fighting-inventory-spoofing-unauthorized-sellers-what-you-need-to-know">Ads.txt</a>, for instance. But Ads.txt isn't perfect. Already, some are trying to trick publishers into adding them to their Ads.txt files, and Ads.txt doesn't describe what type of inventory a particular seller is authorized to sell, opening up the possibility that a vendor could, for example, offer remnant display inventory for a publisher as premium video inventory.</p> <p>While one company, MetaX, has opted to bring Ads.txt to the blockchain with an offering it calls Ads.txt Plus, others are aiming to create even more robust verification offerings using blockchain. </p> <p>Take, for instance, adChain, “a set of interoperable open protocols built on the public Ethereum blockchain.” The first solution build on adChain is the adChain registry, “a smart contract on the Ethereum blockchain that maintains and stores a record of publisher domain names accredited as non-fraudulent.” </p> <p><img src="https://assets.econsultancy.com/images/0009/1572/adtoken.png" alt="" width="738" height="313"></p> <p>The accreditation is performed by holders of adToken, a blockchain token. The creators of adChain believe that the adChain registry will maintain a high level of integrity because these holders don't have a financial interest in the ad transactions themselves.</p> <h3>Media buying and selling</h3> <p>Perhaps the most intriguing application of blockchain tech to digital advertising is to use the blockchain to enable publishers and advertisers to buy and sell ads with fewer intermediaries, or even directly.</p> <p>One project that is aiming to make this application possible is called XCHNG. PaymentsSource's Charles Manning recently <a href="https://www.paymentssource.com/opinion/blockchain-can-take-the-bloat-out-of-ad-payments-risk-management">explained</a> how it is designed to work:</p> <blockquote> <p>Through the use of blockchain technology, buyers and sellers outline their terms in a smart contract. The smart contract can be subjected to additional layers of verification and enforcement by optional service providers on the network, such as the measurement provider, ratings provider, payment provider and arbitrator. </p> <p>The payment provider is responsible for releasing payments to publishers as contract terms are met. Additional incentives for payment providers include offering accelerated payment to publishers for a fee, which would in turn incentivize publishers to deliver.</p> </blockquote> <p>Needless to say, the idea that blockchain-based smart contracts could effectively automate every aspect of the delivery of ads and the payments for them is very appealing.</p> <p><img src="https://assets.econsultancy.com/images/0009/1573/xchng-blockchain-workflow-stacked.jpg" alt="" width="500" height="537"></p> <p>But XCHNG and projects like it will all face a huge adoption challenge if and when they get off the ground. Put simply, the industry will have to embrace blockchain-based solutions en mass for them to be useful and there are plenty of players in the ecosystem, namely intermediaries, who largely don't have incentives to go along.</p> tag:econsultancy.com,2008:BlogPost/69704 2018-01-08T13:00:00+00:00 2018-01-08T13:00:00+00:00 Marketing in the Dark: How organisations are dealing with dark data Nikki Gilliland <p>So, how are organisations navigating this murky world? Here are some key charts taken from the report, with insight into what they might tell us.</p> <h3>A strategic approach to data</h3> <p>In order to gain a competitive edge, it is important for organisations to undertake a strategic approach to data. One way to initiate this is to appoint a CDO (chief digital officer) to join up multiple data sources and implement a culture of data-fuelled decision making.</p> <p>As it stands, it appears that the majority of mainstream companies are still in the early stages of developing a data strategy. Just 6% say they have a ‘well developed, comprehensive strategy in place’, with 16% saying they have only just implemented a strategy.</p> <p>For leading companies, the news is only slightly more promising. 10% say they currently have a comprehensive strategy, while 9% have a comprehensive strategy that is frequently reviewed.</p> <p><img src="https://assets.econsultancy.com/images/0009/1482/strategic_approach.JPG" alt="" width="690" height="504"></p> <h3>Taking action on customer insights</h3> <p>When it comes to the ability to act on insights derived from data, research suggests that organisations are improving. </p> <p>While 46% of companies said they were ‘excellent’ or ‘good’ in this area in 2016, this figure rose to 60% in 2017.</p> <p>In terms of the differences between mainstream and leading organisations, the latter are far more confident in their ability to harness customer data – almost three times as much in fact. This is good news for organisations intent on delivering personalised and targeted communication, as data can be used to better understand or predict customer needs and behaviour.</p> <p><img src="https://assets.econsultancy.com/images/0009/1483/Actionable_insight.JPG" alt="" width="690" height="496"></p> <h3>Complexity remains a challenge</h3> <p>When asked about the biggest barriers to building a joined-up view of the customer journey, the overriding response (from nearly half of respondents) was the number of different touchpoints involved. </p> <p>Alongside this, unifying data sources and poorly integrated marketing technology were also cited as big issues, as organisations are clearly struggling to get to grips with today’s fragmented data-sets. </p> <p>Interestingly, dark social was only cited as a top-three barrier by 4% of companies, though insight suggests it might become a more pressing matter in the near future.</p> <p><img src="https://assets.econsultancy.com/images/0009/1484/Complexity.JPG" alt="" width="680" height="557"></p> <h3>Managing different data-sources</h3> <p>In terms of the types of data most-used by organisations, first-party sources including Google Analytics and email data remain at the top.</p> <p>Interestingly, with a steeper drop in the usage of offline data by mainstream companies, we can determine that the ability (or rather inability) to integrate this into analysis is holding these organisations back.</p> <p>Similarly, with leaders more likely to be utilising the full range of third-party data sources - including demographic or behavioural data and social data – it is clear that the chances of success increase with the variety of data being used.</p> <p><img src="https://assets.econsultancy.com/images/0009/1485/data_sources.JPG" alt="" width="650" height="605"></p> <h3>Personalisation vs data privacy</h3> <p>Finally, how are organisations balancing the need to protect customer’s privacy while delivering personalisation? Seemingly a contradiction-in-terms – it’s unsurprisingly hard to get the balance right.</p> <p>Due to the impending GDPR deadline, it appears privacy is front of mind, with 80% of respondents ‘strongly’ agreeing that customer data must be protected and secured, and just 16% ‘somewhat’ agreeing.</p> <p>The good news is that companies do not have to jeopardise their compliance with data legislation in order to provide a relevant experience. This is because implicit data – i.e. location-based information and type of device and browser - can still provide marketers with actionable insight.</p> <p>Meanwhile, with the benefits of personalisation becoming clearer to consumers, it is up to brands to extract the most valuable data and deliver relevant results. </p> <p><img src="https://assets.econsultancy.com/images/0009/1486/privacy.JPG" alt="" width="671" height="582"></p> <p><em><strong>Download Econsultancy’s <a href="https://econsultancy.com/reports/marketing-in-the-dark-dark-data/" target="_blank">Marketing in the Dark</a> report in association with IBM.</strong></em></p>