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 Marketplace? Business Model To Accelerate Growth

Online marketplaces are taking over the Internet. In the next year, online marketplace sales are expected to reach $350 billion, which would mark an all-time high in the e-commerce world. And it’s no wonder. The convenience and ease that online marketplaces provide for consumers means that more and more of them are popping up each and every day.

What is an Online Marketplace?

An online marketplace, also often called an e-commerce marketplace, combines products or services from other companies to bring everything together in one, convenient spot. Big-time examples of online marketplaces include Amazon, which purchases products from other retailers and then takes care of payment and shipping when it sells them back to consumers, and eBay, where private sellers are the product providers. Craigslist is also an example of one, often providing services in addition to products. The goal of an online marketplace is to curate products or services from other vendors so that consumers can easily purchase them.

This provides a complete solution and economies of scale, so companies focus on their products and services opposed to overhead business services. This delivers commodity services to companies, including an online storefront, marketing, payment processing, shipping, support, etc… However, the challenges of launching a marketplace are exponentially more compared to a direct online business. It is called the “Empty Room” dilemma, since you have to target 2 markets to make it successful. Balancing the growth of buyers and sellers creates a unique hurdle to solve in a go to market strategy. For example too many buyers with limited products or Too much product with no buyers will not grow the marketplace.

Why is an Online Marketplace Beneficial?

An online marketplace is beneficial to everyone involved. The consumer receives the conveniences — and often discounts — of shopping for a specific category of product or service, all in one place. Many online marketplaces also offer faster shipping than the service or product provider.

The service or product vendor wins, too. They receive additional business from the marketplace, which is bringing their products to a new group of consumers they may not have otherwise engaged with. In many cases, getting picked up by an online marketplace also means a steady stream of business.

What is the Upside of Having a Marketplace for Sourcing Data?

Products and services are some of the most commonly sold items online, but just as they can be curated and presented to consumers, so can data. A data marketplace saves marketers, journalists, government organizations and business people the trouble of collecting data through surveys or interviews. A marketplace that specializes in data connects people who have data — or can easily access it via digital scraping, mass surveys and more — with those who need access to the numbers.

By hosting a website providing data to those in need, an online data marketplace creates a bridge between the data vendors and the person or organization who is in need of data. This type of online marketplace provides convenience and speed to its consumers in the same way that Amazon or eBay appeals to shoppers. The only difference is that e-commerce consumers are after clothing, goods and products, whereas data shoppers are after the numbers.

The convenience that online marketplaces provide for consumers makes them a go-to destination for shoppers around the world, as well as an industry that will continue to grow in the future. But while this traditional e-commerce approach has dominated the industry for years, a data marketplace brings numbers to those who need them and it is a high growth area for the future. In addition, it provides additional educational content and tools to source the right data at the right price.

In a digital age, in which we so heavily rely on technology and data-driven numbers to make decisions, an online marketplace that provides the information its consumers are hungry for will continue to make waves in online industries. Data marketplaces are changing the way we think about the online world and provides access to more information than ever before, right at the consumer’s’ fingertips. As consumers, companies and organizations continue to hunger for information, online data marketplaces will thrive.

Sources

http://www.bloomberg.com/ss/08/11/1107_ecommerce/1.htm
http://www.forbes.com/sites/groupthink/2014/08/20/why-online-marketplaces-are-booming/
http://www.webretailer.com/lean-commerce/statistics-marketplace-seller-survey/
http://www.ebusinessguru.co.uk/10-statistics-online-marketplace-seller-survey-infographic/
https://www.pixelmedia.com/blog/5-ecommerce-stats-trends-you-should-know-about
http://whatis.techtarget.com/definition/data-marketplace-data-market
http://www.bizjournals.com/boston/blog/startups/2015/03/online-marketplace-experfy-now-has-1-100-data.html

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

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/

 

Crossing the Data Driven Chasm

George Orwell in his book 1984, depicts a society that is overseen by Big Brother. Big Brother in this case, was the government. The Government, utilizing a series of various video monitoring services, were able to control societies every move. Now while 1984 is a tale of fiction, there is some truth to what he wrote. We are entering an era of information overload so companies can create individualized experiences and build one-on-one relationships.  

The Chasm

Chasm, by traditional definition, is a deep fissure in the earth, ie. a canyon, gorge or abyss. In Geoffrey Moore’s book “Crossing The Chasm” he refers to the pivotal moment in which high-tech companies cross the marketing chasm from early adopters to widespread adoption.  

Crossing The Data Chasm

Creating the ToolKit

You wouldn’t cross the grand canyon without the appropriate tools, so why try to develop one-on-one marketing without the proper data sets? Currently on the market, there are various resources that when coupled together get you further to crossing the chasm. For example, pairing implicit data sets from Acxiom with explicit data sets from Keen.io will help you profile your audience while analyzing what they visit most on your website to better understand their interests. However, these sets together, will only get you so far and you’ll probably still fall into the chasm at some point. What this data doesn’t currently do, is offer the ability to import into a SaaS marketing technology like Salesforce, Marketo or Mailchimp, to create individualized profiles. When this can be done, we will be much closer to content personalization and crossing the data driven chasm.

Skills Needed to Cross

Data is useless if marketers don’t understand what it means. If we pack the right tool kit to help us cross the chasm, it won’t mean anything if we can’t figure out where the chasm is that we need to cross. Early adopters that are closer to crossing the chasm are the digital media and technology agencies that are experts in finding the channels, and creating interactive experiences with their audiences. There is a great data divide, however, for smaller businesses to effectively deploy the right toolkits needed to optimize their advertising efforts.

The Data Chasm continues to grow deeper as more data than ever before is being collected through sensors, wearables, tracking and more.The race to cross the chasm has begun, and what we will see happen is the puzzle pieces come together to create the perfect toolkit.  

References:

http://businessvalueexchange.com/blog/2015/07/09/open-data-drives-us-towards-the-information-chasm/

http://exelate.com/resources/news/new-iab-study-reveals-data-divide-early-adopters-leverage-cutting-edge-opportunities-in-marketing-data-but-barriers-remain-to-broader-use-of-new-practices/

https://gigaom.com/2014/05/06/5-technologies-that-will-help-big-data-cross-the-chasm/

What Marketers Need To Know About Diggen

Now, more than ever, a premium has been placed on the ability to effectively gather and utilize information about people for data driven marketing to successfully create more relevancy for customers. This consumer data is comprised of their background, interests, online activity and behavior, jobs, income levels, and lifestyle. So much so, that big corporations routinely spend millions of dollars to collect, manage and monetize their consumer data.

The situation can leave small and mid-size companies with limited resources operating at a distinct disadvantage. But that will no longer be the case now that we have launched Diggen as the one-stop shop for consumer data.

What it means

Our software platform offers marketers of big and small organizations easier and more economical access to consumer data. We limit the disruption to a marketer workflow by integrating into all the popular marketing tools like CRM software, email service providers, content management services, ecommerce platforms, as well as marketing automation, optimization and a/b testing tools. Diggen will in short order, level the playing field for all companies to access the same consumer data capabilities as much larger corporations.

If you are wondering about the name Diggen, it comes in part from the word digital and in part from the word genome, which refers to the complete set of  genes or genetic material information present in a cell or organism.

At the core, that’s what we intend to accomplish with our middleware technology to enable companies seamless access to valuable and comprehensive consumer data, so they can better understand their target audience, improve key performance metrics, and increase overall revenues.

Starting with basic consumer data attributes, such as age, gender, lifestyle, education, and income level, marketers will begin to understand their audience, create more relevant marketing campaigns, and personalize their website and mobile apps to position their brand and appeal to specific groups that make up their target audience.

No developer requirements

As a data agnostic platform, Diggen will make marketing personalization possible for all businesses that would like to customize their messaging and content to target consumers on an individual level. Diggen’s interface really simplifies the management and flow of consumer data between various marketing tools and other data supply sources without any obstacles.

Our platform and business model will reduce the cost of owning data and eliminate a multitude of development, integration and maintenance costs. Diggen will provide the integration work, ongoing support and all necessary maintenance.

Whatever the information source, as the industry’s premier clearinghouse for consumer data, Diggen can eliminate for good, the technical and cost challenges that prevent marketers from leveraging personalized marketing messaging to engage their target demographic.

The service will make it much easier for C-level marketing, technology and privacy executives to leverage new tools, and technology and maintain mandatory compliance initiatives more effectively with impending regulation demands on consumer data. The benefits will be ongoing as we add new features, bring on more data sources and integrate more marketing tools.

Privacy and trust

With such an important role to play, safeguarding consumer data is paramount and we will make privacy and trust the hallmark of our services. With the sensitive nature of consumer data, it needs to be treated differently because everyone benefits from a more transparent, controlled, and authoritative solution. Diggen will take every measure to provide confidence to all stakeholders including consumers, marketers, developers, platforms and data providers.

It will not only be necessary but practical as we move toward our ultimate vision to provide a platform for consumers to control their personal data, while continuing to deliver tremendous value to marketers.

As a company we are not unfamiliar to data challenges and solutions. Our roots were firmly established in local search data developing and refining business listings. Once responsible for setting the standard on the internet for search fields and data listings, we are now hoping to take consumer data to another level with ease of access, more personalization and an alignment of stakeholders.

If you would like to learn more about Diggen and how it can help simplify your access to consumer data, please fill out our contact form.