With the New Year comes a new batch of buzzwords. Below is a short lexicon of four of the top terms to understand in 2016.
Analytics of Everything
There are more than 10 billion devices today in the vast, interconnected network known as the Internet of Things. According to some estimates there will be more than 30 billion objects connected to each other by 2020. Marketers need to understand the importance of looking past devices and delving deeper into the data, pulling the analytics, and gathering insights.
Big data influencers and authors use varying terms to describe the shift in focus from devices to data: the Internet of Things Analytics, the Internet of Analytics, Analytics of Things, and even the Things of Analytics.
SAS CMO Jim Davis said this: “What we first have to do is capture that data, and then look for previously unforeseen patterns in that data so we can look at things from an opportunistic perspective. And then I think that we, as marketers, need to figure out the best way to communicate our value propositions [to customers]—via the Internet—as part of this connected world.”
The definition of conversion today differs greatly from 10 or even five years ago. In years past the narrower definition included primarily sales and traffic metrics. Today, a conversion also means to get a current or potential customer to take action on a message or piece of content—whether that’s watching a video, sharing a link, following on social media, signing up for a newsletter, attending an event, or a number of other actions. The conversion metric in 2016 will have more depth than direct translation into monetary value.
Conversation is extremely important; it’s imperative for marketers to have an open dialogue with their customers and potential customers, both online and offline. Responding to customers who provide input—online or offline—is important because doing so can swiftly dissolve customer problems and bolster a brand’s reputation. Companies can even turn those conversations into user-generated campaigns that are rooted in organic dialogue from consumers. The sheer volume of tweets, posts, shares, and other forms of conversation, however, can make those conversations difficult to respond to or even identify. So, in the coming year marketers need to use tools that can sift out the pertinent messages consumers are sending.
Powerful stories are the way to make true connections with an audience. Storytelling is about that connectivity. Marketers who learn how to tell a moving story will be the ones who spur shoppers to listen and then take action. As marketers begin to craft those stories for a TV spot, an email campaign, or perhaps even social media fodder, they should note that the initial focus shouldn’t be on the company or its products. The spotlight should always be on the customers. Get to know and understand them. If not, marketers will waste precious resources creating stories that don’t resonate with their customers.