Buzz, Buzz, Buzz! Marketing Technology Terminology Explained

With so many new tech terms floating around these days, it can be hard to keep up with what’s going on in the tech world. With big data and cloud computing becoming so pervasive, it’s more important than ever to stay on the up and up with new terminology. Here’s a breakdown of some of the buzzwords you’re bound to encounter from general to more specific technology needs in data..

SaaS

SaaS (Software as a Service) is the biggest market in cloud computing and is growing at the fastest rate. This type of service uses the Web to deliver applications, but the apps are managed by a third-party vendor. Then, you access this party’s interface on your own side, but the apps don’t need to be installed and run on individual computers, which is why it’s so convenient and appealing to users. Remember when you actually had to buy shrink wrap software, install it, maintain it, and upgrade it to the new versions? Examples of this are apps from Google, Salesforce and Cisco WebEx.

PaaS

PaaS (Platform as a Service) is used for apps and other types of development while providing cloud components to software. It’s a service that offers developers different hooks and tools to develop the platform. Microsoft Windows Azure is an example of this type of platform–it gives you tools to develop mobile apps, social apps, websites, games and more. You build them on your own but the APIs hook them into Azure and run them through the platform.

IaaS

IaaS (Infrastructure as a Service) is a self-service model that allows you to access, monitor and manage remote data center infrastructures. A system like this negates the need to purchase hardware because you can access it all remotely through the cloud. Users have an infrastructure on top of which they can install any required platform. Amazon Web Services and Google Compute Engine are examples.

iPaaS

iPaas (Integration Platform as a Service) is a cloud-based integration solution. It’s a platform for building and deploying integration within the cloud and between the cloud and enterprise. Users can develop integration flows that connect apps that live in the cloud or locally and deploy them without having to install or manage hardware. This is still in its early stages and will likely be built out further.

DaaS

Data as a Service!

Don’t get overwhelmed yet–we’re not quite done! DaaS (Data as a Service) is a cousin of SaaS because it’s the information that’s delivered on-demand through the software. Data equates to deep insights, and the more we know the better decisions we can make! Between consumer data, operational data, and more- the more we understand how our day-to-day business works, the better prepared we are for future growth and scale!

MDM

MDM (Master Data Management) is a method of letting an enterprise link all of its critical data to one master database in order to have a common point of reference. It helps you be more consistent about reporting and regulatory compliance. You decide for yourself what information is considered master data and then use a software to manage it all in one place. Also minimizes future projects, since necessary data is readily available to integrate into future systems.

ESB

ESB (Enterprise Service Bus) is a software architecture model that is used to design and implement communication between mutually interacting software apps. All of this occurs in a service-oriented architecture (SOA). It’s helpful to think of an ESB as a mechanism that manages access to apps and services via a single, simple interface for the end users. IBM states that ESB is not a new product per se. Rather, it’s a new way of looking at how to integrate apps and coordinate resources.

EAI

EAI (Enterprise Application Integration) refers to the plans, methods and tools that help to modernize and coordinate computer applications. The enterprise can keep using their existing apps and databases and add new apps and technology without disrupting service. It involves coming up with new ways to reuse what you already have and add additional apps and data.

 

Good Start On Terminology

Anything you think should be included to make a more comprehensive list? Wondering how it applies to your enterprise?

http://searchvirtualdesktop.techtarget.com/definition/desktop-as-a-service-DaaS

https://www.mulesoft.com/resources/cloudhub/what-is-ipaas-gartner-provides-reference-model

http://www.networkworld.com/article/2182527/virtualization/iaas-vs–paas-vs–saas.html

https://msdn.microsoft.com/en-us/library/bb190163.aspx

https://en.wikipedia.org/wiki/Enterprise_service_bus

http://searchsoa.techtarget.com/definition/enterprise-service-bus

http://searchsoa.techtarget.com/definition/EAI

What Is a Platform? Blending Technology And Collaboration

Inspired by the increasingly collaborative and interactive digital marketplace, the platform business model encourages consumers to not only purchase products and services but also contribute value to the organization. According to technology analyst Sangeet Paul Choudary, platforms allow users to “create and consume value”; YouTube, eBay and PayPal are just a few examples of a platform business model where customers are more than consumers — they are also contributors.

Platform Basics

The Harvard Business Review explains that a platform business is a multifaceted approach that incorporates consumers into the model in never-before-seen ways using cloud technology, social networking and mobile apps. With these methods, your platform can connect different customer groups and allow them to interact. On eBay, for example, buyers connect with sellers using the website as their base, while PayPal allows two groups of users to exchange money using its website and mobile app.

The Allure of the Platform

The platform business model is appealing to modern-day business owners because it capitalizes on what’s popular right now: interactivity, social media and the always-connected mindset of millennials and beyond. Potential customers always have a smartphone in hand, and they interact with friends through a variety of web- and cloud-based sources. Thus, creating a platform that makes the most of digital connections, technology and mobile apps seems like a smart and current way to elevate a business.

However, a platform alone does not guarantee success. For your platform to succeed it must attract enough interested producers and consumers to contribute their business, and it must be well-designed, focusing on efficiency and ease of use. Building connections is the key to success for your platform model, but not all business focus on this important step before launching their platform with sub par results.

Platform Benefits for Your Business

A successful platform business model cultivates connections before going live, and it builds a base of interested consumers and producers who want to add value to the business with their contributions. Using the eBay example, a lack of products for sale — that is, not enough sellers — will fail to attract interested buyers, resulting in a floundering platform.

When your platform is well-established, your business can enjoy a number of significant benefits.

Broader Contributor Network

You don’t have to develop everything in house when you have a bustling platform; instead, you will have contributors, such as app developers, from across the globe helping to expand your business. This rich network of contributors can respond to industry and customer demands, delivering the products and services that customers want at a more efficient pace. As a result, your business can accelerate growth thanks to its efficient and ever-growing network of contributors.

Extensive Marketing

Contributors to your platform will share their developments with their digital circle. App developers, for example, might tweet about their newest creation, while content writers might share their latest blog post on their Facebook page. As a result, your growing contributor network will deliver extensive — not to mention free — marketing for your business. This marketing can help build your customer base and see your business grow.

Limitless Potential

Web- and cloud-based networks offer limitless potential for your platform. You can continue to recruit developers and customers via the web and mobile apps, since tapping into this rich network allows you to reach beyond regional boundaries and engage with customers from across the globe.

Platform Practicality

Blending technology and collaboration, the platform business model capitalizes on modern-day trends, including social media. Choosing this model for your business can lead to growth and success if your network is well-developed, your contributors are talented and your customers are engaged. Working toward a platform doesn’t happen overnight, but the effort to build a platform can result in long-term benefits and growth.

Sources:

http://www.wired.com/insights/2013/10/why-business-models-fail-pipes-vs-platforms/

https://hbr.org/2013/01/three-elements-of-a-successful-platform

http://sloanreview.mit.edu/article/how-to-win-with-a-multisided-platform-business-model/

http://www.inc.com/phil-simon/why-your-company-should-build-platform.html

Agile Marketing

Agile methodology is commonly seen in software development and some project management styles. The method is gaining ground in marketing due to the changes that digital channels and new technology are bringing to the table. Agile marketing utilizes real-time data analytics and feedback, empowered teams and collaboration to drive a more responsive marketing strategy. An agile methodology is more than a way to speed up your reaction times to a changing marketing world. The Agile Alliance reports that companies have used agile methods to improve profits by up to 30 percent.

The Agile Manifesto

An agile marketing strategy following the principles of the Agile Manifesto and revolves around being able to react quickly to market disruptions. The biggest priority is to build the plan with change in mind. You don’t solely rely on a plan to guide your team’s actions. You adopt a flexible framework that can accommodate quick project shifts. You’re controlling planned chaos, in a way. You use real-time data analytics and other feedback sources to adjust your marketing efforts to optimize your competitive advantage. Finally, you adopt a strong focus on collaboration among the marketing team and throughout other departments, such as sales and customer service.

Trial and Error in Modern Marketing

Software development uses an agile methodology for iterative and incremental development. In modern marketing, you use this model for the trial-and-error process. You have the resources and support to test out marketing methods and gauge your successes and failures. An example of this, is A/B testing. If you’re developing a campaign, you can use an A/B test to see how the market responds to a variety of combinations of text and images. By using an A/B test you can quickly see how well campaign A is doing as compared to campaign B. Once determined, you can adjust quickly and continue with the stronger campaign to optimize your budget.

This concept of trial and error with agile marketing, enables instant feedback so your marketing can quickly adapt to your audience and deliver marketing messages that resonate with your audience and drive conversions.

How Agile Marketing is the Way of the Future

In traditional marketing, you follow a plan created months in advance. You have little, if any, leeway to change the plan to react to current events or other market disruptions. Your team has set duties without cross-functionality, and the marketing team may lack the ability to collaborate with other departments.

Agile marketing has recently formed the Agile Marketing Manifesto and utilizes collaboration, technology, and flexibility to create a marketing strategy capable of surviving in a world with constant market disruptions. Instead of falling behind on the latest social media trends, you can take advantage with agile marketing and fuel your modern marketing efforts. This new methodology is also known as empirical testing. Empirical means that you have a hypothesis based on observation or actual experiment and then you have tangible results derived through testing. Agile marketing creates opportunity to test marketing intuition and derive empirical results to support or counter those hypothesis. Because Agile marketing shortens the time span between the planning and execution stages, it’s now much easier to adapt on-the-fly and be able to continuously improve campaigns moving towards content personalization.

About Diggen, Inc.

Diggen is a data marketplace to help marketers become and manage data driven enterprises. Data driven marketing initiatives accelerate growth, since it improves key performance indicator (KPI) metrics and increases revenue over 19%. However, marketers have monumental technical challenges accessing data assets, sourcing data providers, and integrating into their marketing technology stack.

Our platform uniquely combines a data marketplace to source all marketing data with middleware to integrate into all marketing technology stacks. For example use our intuitive web interface to append gender, age, location to email addresses and integrate into an email service provider. Therefore, marketers segment their audience for newsletter emails, which creates relevancy, more engagement, and increases conversions.

The Modern Customer Funnel

Originally, businesses created a traditional sales funnel where the company was in control and got to push the prospect through the sales grinder. That original model is dead now that a new model has emerged. The main difference in the new model is that instead of businesses working toward a “close,” both customers and businesses alike are starting to see the funnel as the beginning of a deep and valuable relationship with each other. The new model was coined Pirate Metrics by Dave McClure because of its infamous acronym: AARRR! This stands for the five key metrics that McClure believes map out the lifecycle of the customer: Acquisition, Activation, Retention, Referral and Revenue.

AIDA vs. AARRR

The original AIDA model has been around in the marketing world for ages. The lifecycle went like this:

A is for Awareness, or attracting the customers’ attention.

I is for getting the Interest of the customer.

D is for getting the customer to Desire your product and convincing them it will satisfy their needs.

A is for Action, which is leading customers toward the actual purchase.

While its principles still have some value, it is now pretty out of date. The main difference between AIDA and AARRR is that McClure’s followers start with acquisition of customers instead of Awareness building, according to Sean Ellis. From there, it goes on to extend the life of the client-relationship with the retention phase.

Data Driven Analysis and The Funnel

Consumers don’t follow a linear path through the funnel any longer. Much of the journey relies on digital engagement. For instance, consumers often check out product reviews on websites and across platforms, look at their social media accounts and then make purchases online. All of this information is tracked and available for us to analyze. The split-funnel attribution model takes advantage of this data-driven insight into how each part of the funnel boosts conversions by tracking impressions, clicks and conversion info. In turn, this data-driven analysis helps you to create more personalized content that drives acquisitions, leads and revenue as well.

The Acquisition Phase

In the new marketing funnel, you place a lot of emphasis on your first contact point with your customer. Your initial marketing efforts worked and you have their attention. They’ve probably visited your website and some of them have even taken an interest in your content. These numbers serve as the starting point for analyzing which of your marketing channels are working. You can see which types of content are holding people on your site and which ones are trickling down and out. Breaking this into stages helps, such as who signed up for your mailing list, who signed up for your Beta list and how long their engagement with certain aspects of your site was. The ones who are subscribing are the ones in an advanced stage of acquisition – these are the ones you want to push forward with your Activation steps.

Retention Phase

In today’s connected world, the conversation doesn’t end when the sale is ‘closed’. For example, Halloween is confined to sales during September and October. However, the conversation doesn’t abruptly stop after the 31st. Technology allows for companies to have a continuous conversation with customers, make them continuously feel appreciated, and increase their lifetime value as a customer.

Traditionally, it was hard to monitor when customers were talking about a brand and required more resources to focus on retention vs. customer acquisition. In the modern era, we have technology such as Oracle’s new image recognition software designed for brands to ‘listen’ for when customer post photos including recognizable brand attributes. These tools make it easier to focus on increasing the lifetime value of customers through engagement with the intention of increasing their individual net promoter score as well.

 

Sources

https://www.ensighten.com/company/newsroom/lets-split-funnel/

https://www.convertwithcontent.com/the-content-marketing-sales-funnel/

https://twitter.com/seanellis/status/629699744097439745

http://www.samuelhulick.com/life-inside-dave-mcclures-pirate-metrics-funnel/

Better Data Drives Better Marketing- Importance of Master Repository

For the past few years, the term “big data” has been tossed around as cavalierly as the term “cloud”. Like actual clouds, the terms are more ethereal than substantial. Despite the imprecise use of the term big data, it is in fact quite real and of great importance. Because big data can be either structured or unstructured the need to organize it and integrate it are essential to capitalizing on it.

The three Vs; volume, velocity and variety are regularly used to describe different aspects of big data.

  • Volume- refers to the amount of data to be analyzed.
  • Velocity- is the measure of how quickly raw data enters the system.
  • Variety – Thanks to both its diverse sources, unstructured nature, and varied end uses the mixture of data can be untidy.

The cost, in time, manpower, and in building an expertise in managing big data can be overwhelming for some enterprises to manage in-house. Fortunately, outsourcing and Software as a Service (SaaS) are also viable alternatives. Cloud-based solutions have gone a long way toward making big data easier to manage, more accessible, and more secure.

The fact of the matter is the cloud in the context of big data storage is a real brick and mortar place. It is equipped with state of the art infrastructure and software making it far more secure and reliable than most on-site solutions.

Outmoded Solutions

In the past, a business’ data might be arbitrarily split between b2b data stored in a CRM (customer relationship management) system and customer (b2c) data relegated to a data warehouse. A significant shortcoming of this practice is that the absence of a complete picture of all of an enterprise’ data.

Realigning resources and centralizing data in a master location with mechanisms to log data will make it readily available in the future. Even though the freshly organized data can not impact the past it can serve as an invaluable resource for analyzing the future. Centralized data repositories do this by having all of the data organized and ready to be transferred directly into the enterprise’s marketing tools.

Master Data Management

A better way to store and analyze disparate data is to maintain it in a single location. Master data management ( MDM) allows administrators to streamline standards and tools across data sets. Thereby reducing costs and improving accessibility. Another significant advantage comes from the ability to eliminate inconsistencies, incorrect data, and duplicate information.

A single authoritative master source of data can eliminate erroneous customer contacts that result from data segmentation. For example a bank customer who has a checking account and a mortgage with the same

 

institution. Segmented data can cause the customer to receive a solicitation for mortgages based on their presence on the checking account data set. An effective MDM would be able to identify the multiple points of contact the customer has with the bank and prevent unnecessary customer contact.

An often overlooked consideration for centralized data repositories is their enhanced security and reliability. Thanks in no small part to economies of scale MDM is able to provide substantially improved system redundancy that extends well beyond simple backups and include greater cyber-security and alternative power sources. These enhancements go a long way to ensuring that a data is ready and available when it is needed.

Big Data is Not a Cure-All

Big data alone will not fix all of an enterprise’s ills, but it can go a long way to helping identify and correct shortcomings. Francis Bacon summed up the importance of big data when he said; “knowledge is power.” The best way to harness the power of big data is with the equally large solution of master data management. By creating a single authoritative view of data unwieldy and costly duplications are eliminated. MDM reduces the risk of loss of key data components that can occur as the quantity of data collected increases because of the superior hardware and software architecture afforded by master data management.

MDM creates an agile information environment that is capable of exploiting the volume, velocity and variety of big data. It supports strategic decisions by providing a 360-degree view of data. By obtaining a fuller picture of relationships, enterprises can effectively deliver custom content. A master data management system can’t promise success, but it can guarantee an enterprise the ability to succeed.

 

What is a Marketing Technology Stack?

Let’s go on an adventure- a Digital Adventure! Let the data be our map and the marketing tools be our guide. As we journey through understanding the importance of a marketing technology stack, the tools picked in internal data architecture will be largely dependent on your final destination, and the journey you take to get there.

Choosing your Destination:

You never spontaneously jump on a plane without knocking out a few key details prior to flying. In an article written by Scott Brinker, the second largest obstacle for digital marketers, at 39%, is lack of an effective strategy for their marketing technology tools.

When planning a trip it all starts with the final destination. Once we know where we want to go, then we can start researching various modes of transportation, price, comfortability, ease of experience, etc. that will impact our journey upon arrival. If we look at planning your strategy for a marketing technology stack like planning a trip, it all starts with your goals and objectives. The decisions about the tools to use will all stem from having a clear vision of where you want to go.

In the first ever Stackie Awards- we now have the top 4 marketing technology stacks recommended for digital marketers: (Travel Channel has nothing on us!)

  • DataPipe
  • Intelligence Bank
  • UberFlip
  • John Wiley & Sons

(See Stacks)

These 4 stacks are determined by function, buyer journey, system architecture, and technology integration. What’s most important to analyze about these stacks, is every tool chosen keeps the central goal in mind. Every tool added into the marketing technology stack can be integrated and/or stacked together to help the marketer reach their final destination.

Building your Itinerary:

The experiences/activities you pick for your itinerary are largely defined by the objectives of your trip. Do you look to travel for common tourist destinations or do you travel for cultural immersion to gain unique memories that no one else will have? Like travel, your technology stack imparts similar goals. Do you want a simple set of tools that will scratch the surface with tracking data or do you want a full immersion into the depths of data that 25+ tools (when integrated properly) can provide?

Some of the experiences you can get from the tools are:

  • Lead Management
  • Sale Enablement & Automation
  • Analytics and Reporting
  • Data & Programs
  • Content & Social

When pairing your objectives and destination, the amount of tools chosen in your architecture could range anywhere from 5 to 35 and beyond.  

Culture Immersion:

Digital Culture is still relatively new. What’s the proper etiquette for gathering consumer data? Where should your data live? What are the most widely accepted platforms vs. the new platforms that one might consider trying?

When we immerse ourselves into the culture of the journey and the destination, the outcome is comprised of the 4 P’s of marketing- product, price, place and promotion. The technology stack that we use to collect consumer data, influences the external decisions that marketers make for product design, shelf placement, sales distribution models and more.

For example, an untrained shopper that’s never been immersed into the digital marketing realm doesn’t realize that the reason they’re being shown product A vs. product B has been predetermined by a series of algorithms that have studied their search history, buying habits, and other potentially influential data.

When you look at tools in your marketing technology stacks, it’s’ important to pick tools that will grow with you as the increasingly savvy consumers get more accustomed to relinquishing more access to their data.

Another critical factor to consider when selecting tools is the total cost of ownership (TCO). It is evident to determine initial project costs when setting up, but ensure complete success by encapsulating business needs for product maintenance, required people skills, and necessary support processes. Decisions should always be justified by forecasting a return on investments, but also delivering on actual business value.

Alright digital explorers! You’re now ready to begin your digital journey. Remember, the tools you pick in your marketing technology stack will determine the experiences that you create on your journey to marketing excellence.

references:

https://www.ensighten.com/blog/what-marketing-technology-stack-and-why-should-you-care/

http://chiefmartec.com/2015/06/21-marketing-technology-stacks-shared-stackies-awards/

http://chiefmartec.com/2015/10/integrating-marketing-technologies-thats-easy-part/