Marketing Analysts: 3 Reasons to Embrace Machine Learning

As a marketing analyst, you are aware of the increasing convergence of marketing and technology. In the past year or so, “machine learning” has come to the forefront of technology trends, and its capabilities suggest that it will have a long-term impact on the marketing industry. As a graduate student at Northwestern University who is studying marketing analytics methodology as part of my coursework, I have become curious to find out more about machine learning and the advantages it offers to marketers, especially for those who analyze customer data and develop insights on a regular basis.

While machine learning capabilities are still relatively new, there are already many ways in which marketing analysts can benefit from knowing more about the technology. In a recent Huffington Post article, Steven Wong and Derek Slater of Ready State, a marketing agency in San Francisco, state that “machine learning’s near-term effect on marketing is greatly underappreciated” and discuss several examples of how machine learning has already contributed to the marketing industry. For programmatic advertising, machine learning technology has helped to optimize real-time bidding results based on its analysis of past consumer behavior, ensuring that it delivers ads that are contextually relevant to the user. While some marketers may be intimidated to learn more about machine learning due to its complex technology, Wong and Slater agree that at least being aware of its strategic marketing implications is important for working effectively with other data-driven professionals.

Image Source: Kevin Moturi

In addition to delivering relevant content to consumers through programmatic advertising, machine learning has also helped marketing analysts to determine which actions are most important in the consumer decision journey. In an interview with eMarketer, Google Analytics thought leader Justin Cutroni explains that “[metrics] are not all of equal value, and a company shouldn’t be paying the same amount for all leads.” For example, the Smart Goals section within Google Analytics uses machine learning to analyze past website visits and confirm which actions are most likely to lead to a conversion. This capability can help marketers spend their budget more efficiently by prioritizing channels that lead to the highest number of conversions.

After reviewing these two articles along with my relevant coursework at Northwestern, I have developed three reasons why marketing analytics professionals should become familiar with machine learning:

·      Speak the language - Given that machine learning is an advanced, data-driven technology built by data scientists and engineers, it is imperative that marketing analysts can at least understand its key principles so that they can explain its capabilities to clients who may not have a clear understanding.

·      Identify valuable conversions - Machine learning can predict user behavior at all points of the consumer decision journey, making it easier than ever to pinpoint the most important conversions.

·      Customize consumer interaction - With machine learning, marketers can humanize automated consumer interactions that respond with customized answers learned over time, creating a more authentic connection between brand and consumer.

By becoming familiar with machine learning and its advantages for the marketing industry, analysts can expand their skill set and make more informed business decisions than ever before.

Katie More is a graduate student at Northwestern University pursuing her master’s degree in integrated marketing communications with a specialization in marketing analytics. She has three years of advertising agency experience at Havas and hopes to work in marketing analytics/research upon graduating in December 2017. To contact Katie, you can find her on Twitter or LinkedIn.

Media Execs: 3 tips on the importance of Bullet subtitle

As a media executive, it is important to know that variable online video services offer online videos for audiences to watch, such as YouTube, Netflix, Hulu, and etc, and it is becoming harder for these companies to attract audiences in the market. As a graduate student in the Northwestern Medill Integrated Marketing Communications (IMC) program with an interest in media management and digital marketing. I have found two articles on festivals you will find interesting. 

According to Weijing Zhu’s article, "BULLET TO THE HEAD: INTRO TO‘BULLET SUBTITLES," the interactive feature is called Dan Mu in China, which literally translates to “bullet subtitles”. It basically refers to the commentaries shooting across the screen, in the style of an arcade shooting game. This “Bullet Subtitle” feature has been adopted by the biggest online video services in China such as Tudou and iQiyi. Besides online video services, the “Bullet Subtitle” was even appeared during a theater screening of a movie, Tiny Times 3. 

                        (source:  www.iqiyi.com)

According to another article "Bullet Comments of Bilibili",which is written by October 4, 2014, Bilibili is a China-based video sharing website, which its core feature is a real-time commentary subtitle system-- The “Bullet Subtitle.” If people have an interesting thought when they are watching a video, then they can pause the video and type the comment to share with others. The other audience can read these comments directly on the screen when the video is played till the same time. Instead of discussion in a chat room or fan page, this real-time commentary subtitle system gets audiences involved in “video sharing.” This feature will enhance streamers’ word-of-mouth effect and encourage them to engage with video services. 

After reading these two articles and from my studies in the Northwestern Medill IMC program, I have three action items you should consider in your next:

1. Understand it Role - you might never hear of this feature, so you can try it first to experience how people engage with Bullet subtitle. Understanding Bullet subtitle technology and function is a important step to use it in future. 
2. Test Bullets -  you can offer this Bullet subtitle to some target audiences.  It could help you understand whether audiences will enjoy this new features.
3. Collect Feedback -  based on target audiences' response of Bullet subtitle, you can determine whether you can apply this features to all audiences in future.

The Bullet subtitle is quiet popular in China now, and many audiences enjoy this feature to share comments with others. It is worth to try it in U.S. market. Since there is no video services add this feature in U.S., it is a great opportunity to differentiate its services by using this feature.

  

Fuyuan Yao is a graduate student at the Medill School of Journalism at Northwestern University, and major in Integrated Marketing Communication. She is interested in marketing analytic, media management and digital marketing. If you have any feedbacks, please contact her by @FuyuanY and LinkedIn.

Digital Strategists: 3 Ways to Differentiate Using Mobile and Video Storytelling

The opportunity to differentiate by tapping into under-invested mobile video is now and using video storytelling is how to break through. As a graduate student at Northwestern in Integrated Marketing Communication (IMC) and a research and strategy professional, I've found two articles that you will find interesting. 

Our friends at Adage recently published an article titled, Mobile Ad Spending Lags Use, But Not for Long, eMarketer Says, which states that consumers are watching less TV, but engaging more with video in other formats. While this isn't necessarily breaking news, the gap in spend among mediums is. The eMarkerter study found that:   

• TV makes up 90% of video ad spend and 77% of time consumers spent with video
• Mobile gets only 3% of video ad spend and makes up 12% of time spent with video
• Total time spent on mobile devices is up to 2 hours and 51 minutes per day, likely as a result of simultaneous device usage

With time on mobile devices steadily increasing and the lower share of video dollars spent on mobile, there is a great opportunity to capitalize and reach viewers. 

http://www.havasmedia.co.uk/2015/01/the-future-of-video-and-its-consumption/

Adage also recent helped break news that the video game Guitar Hero is getting refreshed. The article, Guitar Hero Live: Activision Updates Classic For New Generation, explores some of the new updates, which includes live action video. The new live video elements or video storytelling, puts the consumer at center stage (literally) and builds a strong emotional connection with the consumer. The new game uses the theme of Stage Fright, an emotion that research among consumers showed was greater than even death. Guitar Hero Live builds upon the emotion, using video storytelling and a fictional band (made up of real actors) to show how stage fright can impact performance. As Activision CEO stated, "putting the player on a real stage, in front of a real audience -- and creating this sense of stage fright was the "meaningful, breakthrough reinvention" that made a new game launch worthwhile." The experience that the video storytelling created, was the driving force behind the launch. 

There is an opportunity in mobile and video storytelling can help to seize it. Here are the three steps that should be taken to capitalize on mobile opportunity using video storytelling:

1. Go mobile-It is an efficient way to reach your users and there is less clutter than with other platforms
2. Get focused-Learn about key customer moments or emotions and use them in your video content
3. Tell stories-And maintain them throughout all aspects of your campaign, it will help differentiate

Differentiate video content by putting the customer first and using video storytelling. Ensure that the customer's experience is felt within your video to help it separate from the clutter. Use these experiences and build upon them to create relevant content throughout your brand interactions.

Brian Blake is a student at Northwestern University pursuing a Master’s degree at Medill School of Integrated Marketing Communication (IMC). He leads the Research and Insights team at a CDW. He has experience in brand and corporate strategy, brand research, copy testing and VoC.  @brianblake_me 

LinkedIn

Real Estate Update: Why Invest in Student WANTS

As a real estate professional/investor, student housing has become one of the most stable and promising apartment markets. It's time to seriously pay close attention to the student housing sector; recent trend analysis shows that student housing is a predictor of all other apartment trends. I am a graduating senior at Northwestern University doing research into what students want in student housing and have found two articles which address this profitable market.    

           According to Amalia Otet in  “The Balance Sheet”, investor interest in the collegiate housing sector has grown all around the country, most likely prompted by a steady demand for both on-campus and off-campus apartments and a lack of available units around major university hubs.  Basically, Universities have bitten off more than they can chew, having to rely on outside third parties to build and manage campus student housing to accommodate the student population. Along with this, Student housing investment interest is sparked by favoring demographics.  The National Center for Education Statistics (NCES) estimates that between 2000 and 2010, the percentage of 18- to 24-year-olds enrolled in college rose by 600 basis points to 41 percent. Between 2010 and 2020, NCES expects an 11-percent spike in college enrollments by under 25-year-olds and a 20-percent spike in college enrollments by students aged 25 and older.  In conclusion, Universities are seeing a steady increase in student enrollment, in large part due to the offspring of baby boomers going to college and the increased societal value put on a college education. Demand for student housing is rising and commercial real estate companies are happy to accommodate these demands.

Callaway Freshman Residence Hall Austin, Texas

 Over the past ten years, The Scion Group has collected survey responses from more than 30,000 students through customized survey instruments developed to address the needs of students living in off-campus and on-campus housing. They set out to find out what features and amenities will students dislike, find acceptable, or find particularly appealing. Companies are  developing a more complete knowledge of what students seek when considering cost in their housing. This data  can help when evaluating new housing, but also when trying to make the best use of existing inventory. New construction or major renovations happen only rarely in the life-cycle of a student housing community, making it even more critical to incorporate preferred design elements from the start. Scion has drawn some broad conclusions about single-student preferences through the quantitative survey data collected, along with qualitative data collected via numerous focus-group sessions and observations.  With the rise of big data and its ability to influence major decisions in the marketing world, I want to further investigate how social media can influence business in the real estate world. By monitoring what students are saying on social media, real estate firms could better understand how to build to accommodate their needs.

          After reviewing these two articles and from my real estate experience, here are three action items I recommend you consider for the student market:    

•         Highly Stable -  Recognize the the Student housing sector is one of the biggest growing and most stable niche sector in real estate.  This means a long term market for you and your organization.

•          Favorable Demographic Trends- use existing demographic data and prior research to begin to generate interest from investors in the student housing sector.

•           Possible expansion in Social Media - use social monitoring to view area’s that millennials are talking about housing needs/wants, giving you a edge on competitors. 

 It is important for you to recognize the potential of the student housing market and see the future trends. Investing in student housing can yield a stable return for years to come. It's important for real estate professionals to consider adding student housing to their real estate marketing mix in the future. 

James Hall is currently a Student-Athlete at Northwestern University.  He majors in Organizational Change and minors in Business institutions and Integrated Marketing. He previously interned at Harrison Street Capital, working in the alternative real estate research and asset management department. There he researched markets with potential value while also managing existing capital assets. He is interested in pursuing a career in commercial real estate.

JamesHallNU@Gmail.com

Twitter: @JamesHallNU

LinkIn: http://linkd.in/1nfbQQL

Entrepreneurs: Learn Best-in-Class Customer Acquisition Tactics for Start-Ups

For entrepreneurs, a solid customer acquisition strategy is critical for growth. As a graduate student in Northwestern University Medill's Integrated Marketing Communications Masters program, with a focus on technology start-ups, I have discovered 2 articles on customer acquisition tactics that are informative and relevant for entrepreneurs.

One of the first steps in formulating an acquisition strategy is to calculate your Cost of Customer Acquisition (CAC). According to an article by Renee Warren, co-founder of Onboardly, on the Kissmetrics blog, “your CAC is loosely defined as the cost of all of your sales and marketing expenses over a given period of time, divided by the number of customers acquired in that window. While you won’t have a firm sense of your CAC until you begin acquiring customers, having an estimate will help you be prepared.” Estimating your CAC will help determine your optimal level of spending for such marketing expenses as search ads, re-targeting, sponsorships and other paid tactics.  When it comes to analytics, Renee emphasizes the importance of measuring the right metrics; while vanity metrics like Facebook fans and Twitter followers might make you feel good, you should focus on the three most important metrics at each stage of your customer acquisition funnel to align your goals with actual results.

Source: The YouMoz Blog

Content marketing enables your company to establish itself as a thought leader by providing meaningful solutions to consumer problems. On an article on the HubSpot blog, Brianne Carlon Rush, the Content Director at Kuno Creative, suggests finding a balance between quality and quantity as she notes, “to be considered valuable, content should be consistent, relevant to its target audience and offer information that informs consumers without blatant promotion of a product.” In addition, Brianne recommends making your content shareable across social channels and to personalize content so that it can be “accessed from any device, is tailored to where prospects are in the buying cycle and changes based on characteristics of visitors.”

After reviewing these articles, there are three action items you should immediately consider for your start-up:

1. Determine your Cost of Customer Acquisition: By estimating this cost, you can better forecast your customer acquisition expenses and justify your paid tactics.

2. Practice Content Marketing: The more value you create for your target customers, the more essential your brand becomes in their lives.

3. Test and Analyze Metrics: Only by quantifying and analyzing your successes and failures can you evolve and scale your business successfully.

While every business and product is unique to its market, there are some commonalities when it comes to understanding, engaging and growing your customer base. Whether your goal is to increase sales, free trials or newsletter sign-ups, these three proven tactics will help you strategize in the right direction.

Sangram Pradhan manages marketing strategy and product development for Ntensify, a mobile in-app merchandise business. He previously worked as a Creative Executive in the film industry, with positions at Sony Pictures Entertainment, The Film Department and United Talent Agency, specializing in acquiring and licensing IP. Sangram studies integrated marketing communications at Northwestern University and completed his Bachelors of Science at the University of Illinois at Urbana-Champaign.

Follow him on Twitter @srpradhan81
LinkedIn: http://lnkd.in/d7j2P9Y