What We Follow Friday – July 19, 2013

On Fridays, we highlight some of the most interesting articles we’ve been reading from around the web. Articles feature news, strategies, and tools focused on marketing strategy, data mining and analytics, conjoint analysis, customer segmentation and targeting, and market response modeling, and a few others for fun. If you come across an article you think we should be reading, tweet it to us, post it to our facebook page, or leave us a comment at the bottom of the page.

This week, we’ve found some great pieces from quite a few of our favorite news sources: IBM, Forbes, and more. Enjoy!

Data Scientist: Consider the Curriculum

“Data science’s learning curve is formidable.Read More

Best Practices for Virtual Communication and Meetings

Did you know that almost 10% of the present-day workforce telecommutes from home? The likes of AT&T, Accenture and P&G have opted for a remote working system by partially eliminating their traditional offices. While there are obvious benefits associated with this system, a big drawback is the lack of communication between remote workers/teleworkers and their organization.

Teleworkers are far removed from the face-to-face interactions occurring in their organization. This automatically makes proactive communication an important facet of a remote working arrangement. And while it is best when initiated from both the remote workers and their supervisors/contact points, the onus fall on the latter. After all, communication is a key mechanism through which remote managers cultivate relationships with their reports. Here is a look at some best practices of virtual communication that can be very useful in any remote working arrangement.Read More

Simple A/B Testing for Results

If you’re using a website to sell products or services, or to draw supporters to your cause, you want it to be the best it can be. Split, or A/B, testing provides the data you need to make better decisions about how to achieve this.

A/B testing is a simple experiment: You create two different versions of your website, randomly split your site traffic to each, then sit back and watch what happens. What happens depends on your goals. For most businesses, these goals are related to maximizing sales, customer engagement, ad spending, or optimizing product features.Read More

Baselining Social Media Use in Your Organization

This article dives deeper into the second step of the ABCs of Creating an Effective Social Media Policy: baselining the current state of your social media policy and the way its being interpreted by employees. Read the article, then download our sample social media use survey as a jumping off point for your own baselining efforts.

Whether your organization already has a social media policy, or is working to develop one, baselining the current state of its social media use is critical to success. You can’t craft a solid new policy, or address failings of an existing one, if you don’t have a clear picture of what’s happening on the ground in your workplace.

Making these assessments can, and should, be done before a new policy is even issued. It’s as simple as surveying employees to find out how much they know about existing policies and how those policies are being interpreted daily. Conducting an organization-wide survey to assess social media use provides a baseline level of intelligence that’s essential for successful, beneficial policy making.

Different questions for different roles

One way to increase survey participation and ensure more robust results it to create different versions of your questionnaire targeted to different employee roles. For example, consider making one questionnaire designed for individual contributors and another designed for managers.

For individual contributors, be sure to ask questions covering all aspects of social media policy and use. This may include asking employees to describe your company’s social media policy as it relates to specific areas such as blogs or tweets, or asking them whether they’ve received any formal instruction on these policies. You also want to know whether employees are following policies. But don’t ask this question directly; few employees will admit their transgressions. Instead, ask employees specific questions about use, such as “Do you ever use mobile devices to engage in personal social media use at work?”

For managers, be sure to ask questions to uncover whether they’ve reviewed current laws relevant to business records, monitoring, and electronic data. You also want to know if managers are finding that their employees’ use of social media is impacting productivity, or creating legal problems.

Remember the goal

The goal of this process is to accurately baseline how your employees are using social media at work, not to catch specific wrongdoers. To get honest answers, assure employees of your survey’s confidentiality before it’s administered and that you will make no effort to identify individual respondents.

Conducting an employee survey of your organization’s social media use is the first step in assessing the high-risk issues a new policy should address; the effectiveness of your current policy; or areas in need of change.

How Does Conjoint Analysis Work?

So, how does conjoint analysis work? In conjoint analysis, we do not asked consumers to directly tell us the importance of attributes or the value they receive from each level of the attribute. For instance, we don’t go to the consumer and say, “How important is memory to you?” or “How much do you value 4 gigabytes of memory relative to 2 gigabytes of memory?” Instead in conjoint analysis, we ask consumers to perform a realistic task: Read More

How Effective is your Marketing Dashboard?

We recently had the chance to sit down with two professionals from the hospitality industry who frequently initiate new media marketing campaigns and evaluate their impact. Lauren Levin, Vice President of Interactive Marketing for Sbe Entertainment, and Greg Bodenlos, Marketing Manager for Revinate discuss how they determined the success of their efforts for the brands they were serving. Last week we featured their answers on how they measure their marketing performance. Read More

Conjoint Analysis and Big Data

Recently, the team at eCornell had the chance to sit down with Marco Vriens, Managing Director of Strategic Analytics and SVP Methodology at The Modellers and ask for his insights on marketing research using conjoint analysis. Marco has also appeared in eCornell’s Ask the Expert segments for our newest certificate Advanced Marketing Research

How do big data relate to conjoint analysis?

So nowadays there’s a lot of talk about big data, and obviously big data has an incredible potential Read More

Top 5 Things Marketers Need to Know about Big Data

It’s no secret that big data has revolutionized the world of marketing. With the benefits of data science, marketers can now target campaigns toward individual consumers with more accuracy. Because of big data’s power, all marketers need to understand and utilize it to the fullest. Below are five things that every marketer needs to know about big data.

1. Big data must meet three criteria.

“Big data” is a large amount of data that covers a variety of consumer characteristics and is available in real time.

2. Data science skills are in high demand.

Data science skills are one of the most attractive credentials a marketer can present. In fact, according to the State of Business Intelligence Survey recently released by Teradata, the demand and interest in careers in this field have grown by leaps and bounds over the past few years.

However, getting a job in data science requires more than just a degree. You must also be able to demonstrate your familiarity with big data, and you must be able to leverage it effectively on the job. Businesses are not interested in every candidate who can define big data – they want employees who can put it to work.

3. Businesses need data marketers, not just data scientists.

eMarketer reports that 75 percent of marketers view big data as an opportunity for successful marketing, but only 15 percent claim to be ready to take advantage of it. Part of the reason for this gap lies in the inability of many data scientists to leverage data in the marketing world. While data scientists with technical skills are clearly an asset to any company, big data also opens the door for “data marketers” who understand the principles of both marketing and data science.

4. Marketers need to utilize big data marketing tools.

Plenty of tools now exist to help marketers leverage big data. Using the tools in conjunction with one another will provide the most benefit. Four types of tools that you should familiarize yourself with are automation and adaptive learning tools, data driven automation tools, predictive analytics tools and standard data analytics tools.

5. Automation isn’t everything.

Even though you must know how to use big data marketing tools, you should not rely on these tools alone to leverage big data. Effective data marketing also requires experience and skill. To get the most out of big data, you must be able to create a strategy that involves both automated tools and human analysis.