Data-driven Marketing: How are Business-Giants Employing it?

Understanding the whys and wherefores of your project is critically important when it comes to marketing. Some of the recent data-driven campaigns outsmart the marketing tools in the industry. What role does the market research play in framing marketing campaigns?

When you launch a project and it fails to achieve the determined target, the disappointment is highly unavoidable for a marketer.

If you study most of the failed campaigns, they have a void of insights which highly affects business projects. Research is the key to fill that void and create a powerful background for your campaign.

Conducting market research isn’t a solution, conducting market research through a right channel in a right manner while gaining more insights can be called a solution.

Understanding the process of creating market research data is crucial to employ the same in your marketing plan.

Data Driven Marketing

Research methodology:

Research methodology is a process. The 6 W’s of your market research help you frame this research methodology. Once you comprehend the need for conducting the research, these W’s automatically gets formed before you start working on it. It narrows down audience to a target group.

Learning the difference between insight and data: 

Insights, data, analysis are some complex words but often used more often in the research field. However, if truth to be told, very few people actually learn the difference between them.

Imagine a survey conducted to know why a particular product is not getting sold. You collect all the necessary information, study it twice but still cannot figure out what the consumer is looking for. If this is the case, your research is nothing but mere data. It’s you who has to discover the ‘findings’ from the data obtained and draw conclusions.

Analytical information is what matters the most rather than mere information and statistics collected through hundreds and thousands of interviews. It offers an assessment of the information.

Further, insights are the value obtained through this analytical information which helps identify new opportunities for your project.

You discover these insights into your ‘ah ha’ moments while studying the analytics received.

Data: The number of people who view your ad/product/service.  
Analytics: People on a particular platform have more interest in your product/services.
Insights: People like your product/service more if made available in a particular way.

Making the timely connections:

Take a look at your surroundings and what’s going in the market. Being with the market trends helps you make the timely connections with your consumer. Some such utilize ongoing trends to connect with their consumers faster and better while others prefer not going with the flow. Whatever path you choose, strive for optimum consumer engagement in the project.

Understanding the consumer behavior:

Generally, the end goal of conducting market research remains increasing the number of happy customers.

One consumer responding to your product in a particular way may not reveal much insight but the same respond makes a lot of sense when it contributes to the data where hundreds of others are behaving in the similar manner.

Data and statistics collected help you understand a consumer in the nick of time.

Be it a demanding consumer, informed consumer or impatient consumer every type has specific expectations for your product.

Right from the utility being created in consumers, to actual purchase and after consumption experience, every bit of the journey is crucial for a marketer. There remains a huge opportunity for marketers to offer a personalized and relevant experience to their consumers using consumer insights.

Data-Driven Marketing Campaigns:

Spotify:

spotify

Having learned the musical interests of people through their playlist, Spotify tried playing with the lyrics of some widely popular songs.

The company only smartly used with the data that they already had and showed a different side of the company.

They ran a campaign with a series of video. These videos had famous playlists which they presented with their literal sense, depicting it in a funny way.

The song ‘Play this at my funeral’  became the one song to make the whole campaign a big hit. 

The company even featured artists in these videos which added more attention to the promotional project.

Heineken :

heineken logo

Beer usually plays the icebreaker’s role in most of the meets and greets.Heineken used this insight to make their digital marketing campaign.

Heineken brought two strangers together who shared opposite principles and opinions. Their views were not disclosed until a couple of activities were performed and a bottle Heineken was offered. In the end, the couples agree to sit together and talk despite the conflicting views.  The ad was pulled after 24 hours but the uploaded video got millions of views (14,790,519 views) overnight on all social media platforms.

Why did the campaigns succeed?

The insight needed is rooted in data obtained or the analytical information which is already with you. Studying the ins and outs of your consumer activities reveal insights and answer the questions which you may not even have before.

You only have to discover that x-factor of the product’s utility and incorporate it in the service deliverance. Even when you find syndicate research reports, the data is usually insightful, it is you who has to cleverly employ the usage into marketing a project. 

Sales is the next step in the pipeline which gives you conversions. Market research plays a crucial role in boosting your sales and gaining better ROI. Our next blog tells you how the research reports are employed to encourage sales.  

The name, video and the symbol used in the above post is a registered trademark of the respective company.

 

Facebook cambridge analytica breach

Social Network Marketing takes a hit due to Facebook scandal disclosure

Early this week, Sonos pulls its ads from Facebook following Cambridge Analytica breach. Studies forecast this as just the beginning which is likely to affect marketing utility of the social media giant in the long run.

Facebook has been the leading marketing tool for small enterprises and startups.  With all the fuss going around Facebook Cambridge analytical breach, the marketing area has also affected on a global level with small enterprises being the first one to feel the heat.

How did it all start?

A Cambridge University researcher Aleksandr Kogan made a personality quiz app which was installed by hundreds of people.

They gave an access to the tens of millions of their and friends’ data without their knowledge.This data was shared with Cambridge Analytica, a British political consulting firm for political campaigns and marketing purposes.

The aftermath:

Facebook is already paying dearly and taking a hit for the whole so-called ‘mishap’ that took place.

As a result, Facebook has declared that the unpaid business in the news feeds of its users will be deprioritized further here.

The scam has shaken the political world which was fetching data from such companies while also promoting their agenda in during the election.

The co-founder of popular messaging service app, WhatsApp started a campaign on 20th March via Twitter. Following the herd, a few other influencers have also started reconsidering their profile-raising activities via Facebook.

According to a research report, the online search engine shows delete Facebook account suddenly risen in the search list.

You shouldn’t be surprised to learn if the wave boycotts Facebook from marketers and public social media platforms list.

The aftermath has not only affected the front picture but has also started reflecting in the stock market price of the company being moderately dropped following the disclosure.

The changed attitude of users:

The disclosure made people conscious resulting in a freak wave of people reviewing their privacy settings suddenly thrashed questioning the use of the app.

It rose to an extent that some of the industry influencers today are planning to abstain Facebook from their marketing tools fearing the negative impact it may take up.

The #deleteFacebook started by WhatsApp co-founder has been trending on Twitter and also turning the issue into memes making fun of tech giant.

While the inactive Facebook users are thinking of deleting their account, others are withdrawing their rethinking before sharing any data on social media platforms.

There’s also a slight shift in the social media trend from Facebook to Instagram and Twitter.

While almost all small enterprises have knuckled down to reconstruct their social media promotion strategies, travel remains an unaffected domain still enjoying the perks of Facebook advertising.

Marketers looking out for alternate solutions:

Some marketers are now asking their followers for emails and getting the followers engaged in other ways. Blog subscription or running a contest on the website are some of the ways of reaching and interacting with their audience.

Marketers find their way to new opportunities for reaching the audience. If one door gets closed, there will be ten more doors open in this digitalized world. That’s the strategy is being followed by marketers today.

Global privacy enforcement: Regulating the online space may have initiated post-scandal, but the real concern starts when you start making the action plans. Resources and intelligence required to manage and govern tech giants remains a subject of distrust and dubiety.

The timeline:

2013: Aleksandr Kogan develops a personality quiz app ‘Thisisyourdigitallife’.

December 2015: News leaks the scandal of misused data

March 20th: CEO of Cambridge Analytica gets suspended.

March 20th: UK orders Facebook to testify the issue.

March 21st WhatsApp co-founder starts #deleteFacebook Campaign

March 22nd Germany summons Facebook while Brazil, Canada, the US following the same.  

March 21st: Mark Zuckerberg makes a public apology, declares measures to prevent any misuse here further.

Global Oil Economy

Non-OPEC Producers Set To Dominate Global Oil Economy: US Tops the List

What is shale/tight oil?

Shale oil, in other words, tight oil is light crude oil contained in petroleum-bearing formations of low permeability.

The Major tight oil producers:

Saudi Arabia, Russia, Iran Iraq had been the major producers in the industry, however, the US, Canada production is on the rise since past few years, dominating the market. This eventually upturns the production hierarchy in the oil and gas industry.

You May also Like – AMAZON STRATEGIC REVIEW REPORT, 2018


OPEC has always been the swayer of the international market for several decades. While the growth of the tight oils market is on the rise, the United States surprises OPEC by playing a major role in the whole event. Needless to say, the growth has led to a rise in the prices of tight oil. What should interest you more is the recent market report which projects the US to overhaul Saudi Arabia and other major producers in next few months presenting the future of oil and gas industry 2018.

How did the US production suddenly increase?

The oil and gas industry overview suggests the typical production methods for oil wells have relatively lower break-even point.

The case isn’t the same in shale oil companies as they need the propulsion to get desired output.

This driving force came from the high crude rates. It eventually boosted the US production in oil.

OPEC: Off the back seat

The rise in oil price is not new to the market. Aiming to lower the rates, OPEC was already on a production cut move ever since the price had taken a rise-jerk last year.

However, the US energy market has suddenly emerged as the overpowered oil producer in the world, it has impelled Saudi Arabia and OPEC nations to withdraw from their cut-in-the-production policy.

Market insights reveal OPEC plans to prioritizes to balance their global tight oil production.

The discussions are projecting to get the output back to its place once the oil cuts expire.

That being said, Saudi Oil ministry informs that their emphasization will be more on lessening the OECD endowment having seen its far above inventories.

Although the production cut ends in March 2018, officials plan to extend it further for another month or two to avoid price collapse in the market due to sudden change.

OPEC ensures a subtle exit from the cut-move and covers the accumulations of past years.

Other nations having tight oil reserves:

The number of nations with shale oil reserves has remained a subject of dispute.

The harmful environmental effects such as ground and water contamination and other polluting elements have made many countries involved in the oil production with stealth.

There’s a huge dissent from other countries against the production of oil and gas. According to environmentalists, oil production does not benefit to the extent it causes environmental adulteration.

Will it cause price reversal?

The oil prices are pushing upwards since global economic growth and expectations increase demand growth.

On the other hand, the side including OPEC and its non-OPEC allies led by Russia take up tightened policies limiting the oil production.

Russian and Saudi energy officials recapitulate the cut-in-the-production approach while Saudi urging non-OPEC associates to continue production cuts.

The cut-production strategy picture isn’t clear until coming June. OPEC’s long-term strategy seemed afar extending the cuts and anticipating the market finally balance.

Jaitley's words on cryptocurrency 

Does Jaitley’s Statement Add Clutter To Global Crypto Struggle?

Shortly after the minister’s statement in the finance budget, bitcoin price dramatically falls to less than $7,000. Similar events take place across the globe with Japan being an exception.

The week has proven to be a clamorous one for the Cryptocurrency world. Whilst China already banning crypto exchanges, the U.S. as well cautiously withdraws cryptocurrency purchases. Meantime, the finance minister of India breaks the ice by stating cryptocurrency in the annual finance budget 2018-19.

Jaitley statement: “The Government does not consider cryptocurrencies as legal tender or coin and will take all measures to eliminate the use of these crypto-assets in financing illegitimate activities or as part of the payments system.”

Media’s Projection

The extensive coverage of media encouraged the aftermath of finance minister’s statement leading to a devastating situation of cryptocurrency market in India.

The mainstream media portrayed cryptocurrency as something illegal causing an uproar among investors.

Experts’ take

Some of the digital currency experts perceive the finance minister’s comment on a positive note since they consider the comment prefatory in the Indian finance budget which is no less than an achievement.

Every country which is at variance with Japan is not reviewing cryptocurrency as a legal tender. However, it does not necessarily make crypto trading illegal.

It bears its own risks and uncertainties which an investor would typically find in any other form of an investment asset.

Educating Indians about CryptoWorld

At present, the perception of Bitcoin in India is indistinct. Even the technology fanatics do not understand digital currency well enough to comment on it or educate others.

Nevertheless, IAMAI has been emphasizing on spreading user awareness in Indian investors since India’s prominent cryptocurrency exchanges such as Coinome, Coinsecure, Zebpay, Unocoin, and Bitxoxo have managed to mark increase in crypto concern among users every day.

With several outreach programmes including educational videos and reading material, IAMAI happens to be the first body to take such initiative in the world.

The Cryptos Tussle in the World

While 2017 remained an astounding year for the ICO, the start of 2018 is already at variance regarding cryptocurrency with the bewildered regulatory situation.

Nations around the world are striving to overhaul the cryptocurrency mess in their respective countries. Some may seem lenient with crypto regulations, others are still showing active opposition to the digital currency market.

  • United States

The cryptocurrency situation in the United States is all muddled up with no regulatory direction. The Securities and Exchange Commission has forewarned investors about the risks in cryptocurrency while they raise the issue concerning regulation of cryptocurrency market.

Though one of the US regulators has shown interest to hold meetings to talk about possibly changing the rules, the picture is all blur as yet.

  • Japan

Japan government shows a green signal to cryptocurrencies.  As China and South Korea have closed the gates for digital currency enthusiasts, Japan is striving to fetch the best opportunities from Asia’s cryptocurrency industry.  Even the regulatory system does not interest Japan as it is welcoming the market prudently.

  • China

Actions taken by China are increasing more than ever before suppressing cryptocurrency in every possible way. It has not only banned ICOs, China has also instructed to hold down a bank account which was dealing with crypto exchanges. The digital currency antagonistic has also kicked out bitcoin miners with a ban on the access of mobile and internet to all crypto things all across the nation.

  • South Korea

Cryptocurrency in South Korea was a long boasted until late January 2018. Conflicts among top Government officials regarding the future of regulatory actions for the digital currency limited the crypto trading to put into effect. On January 23, 2018, South Korea passed a regulation disallowing unsourced trading accounts which are indulging in cryptocurrencies. As a result of this, the crypto market has already been slapped with the potential regulatory impact and uncertain risks of the market.

  • Singapore

Unlike many other Asian counterparts, Singapore is relatively lenient about the regulations of cryptocurrency. Having said that, it has also warned the digital currency investors about the risks and uncertainties involved in the whole game.

  • Australia

Australia is another country welcoming cryptocurrency and not being liberal about the regulating digital currencies. The actions endorsing cryptocurrency increased shortly after the financial scandals befalling with Commonwealth Bank of Australia in August 2017.

Studies on cryptocurrency market suggest that the future of crypto world can be strengthened if chosen the ideal way _(1) Using approved banking channels to welcome new investors (2) Legitimize Bitcoin trading (3) Setting a regulatory system that does not put a restriction on fair crypto trading. Talking of India, the biggest Bitcoin exchanges are already executing these operations while they are expected to instill more such standard practice.

winter Olympics 2018

A Vow Of Digital Transformation: What’s Next For Olympics?

As the winter Olympics 2018 kicks off in Pyeongchang County, more digital developments transpire with Alibaba vowing to take it ahead.

The e-commerce giant, Alibaba signed a partnership deal until 2018 with the International Olympic Committee (IOC).  Jack Ma, CEO, Alibaba has shown interest in developing technology for the Olympic Games and vowed for digital transformation of Olympics.

A suite of AI-driven and cloud-based solutions are making headway for the digital transformation benefitting Olympian, venues and organizers and viewers.

While the vow has created a major buzz in the technology market trends, we’ll see how technology has impacted Olympic games over the years.

A quick recap of the technological changes:

  • Swimming: The underwater cameras, biomarkers, the LZR swimsuit.
  • Running: Sensors to determine false starts, the speakers behind each racer for accurate time hearing.
  • Tennis: Babolat plays rackets to analyze all player moves during the game.
  • Archery: Sensor system to accurately determine where the arrow has pierced the target.
  • Cycling: AR glasses to track speed, power, pace, cadence, heart rate, distance, and duration with real-time display.

Projects for Olympics Tokyo Olympics 2020.

  • Robot Village: Robots to cater to every need
  • Superspeed Trains: Fastest next-gen maglev trains
  • Artificial Meteor Showers: Man Made shower for opening ceremony
  • 5G Wireless Connections: Increasing network capacity by 100-1000 fold

Beijing being the home city of Alibaba, the Olympics is likely to witness significant developments in the 2022 Winter Olympics. Firms across the country are becoming eminent to an increasing extent in sponsoring major global sports tournaments.

What to expect from the deal in Olympic 2022

  • Alibaba is taking efforts to help host cities to be much more cost-friendly and economical.
  • The small countries will be given research data and insights to pin down where areas where they could work more to stand in the competition.
  • Most sports can expect smart training with better facilities and sports equipment being provided.
  • Some projects encompass helping fans to comprehend and communicate directly to their favorite sports players in the competition. The idea is to involve more people, fans, and potential athletes to come together.

The cloud service and e-commerce partner of IOC have promised to modernize Olympic making it faster, smoother and smarter.

“What you see today, most of the things will be realized in Beijing and we want to enable host cities to be much more cost-effective and much more economic.” Ma said during the partnership deal launch with IOC.

Apart from Alibaba engaging in the Olympic digitalization, Atos looks after the IT area of the event. The shifting of cloud from critical IT systems will be new to Olympics.

With all the tech giants coming together, the already grand sports event is going to major leap with AI-powered and ever-enhanced technology being instilled. Visitors, participants, and fans can explore a bigger picture of what Olympic looks today.

budget india 2018

Budget 2018: A Better Future for India?

Data insights suggest that a homeland grows with its natives. Human resource is crucial for the economic growth of any nation. Only when all its citizens are well-informed and in good health can the country grow.

To enhance the productivity and earnings of individuals, there should be major investments by the government in the field of healthcare and the education industry.But, how far is this theory implemented in reality?

Budget 2018 highlights

Healthcare

The healthcare investments planned for the year made the biggest newsmaker.  The three concerns addressed in the budget are

  • The quality of medical education
  • Health of the rural population
  • Preventive health care

The finance minister has stated a new National Health Protection Scheme (NHPS). It is expected to have about 50 crore beneficiaries from close to ten crore economically vulnerable families. These families are the ones in which all the members collectively earn less than five lakhs a year.

With an allocation of 2000 crores for this scheme, about 50% of the recipients are expected to be reached in the first year of implementation.

Over half of this cost will be managed by the central government and the rest of the states. This scheme is expected to run on the cashless model with Aadhar-linked formalities.

About 1,200 crores have also been allotted for the transformation of existing health centers making provisions for good quality healthcare with free drugs and diagnostics.

Although the allowance for this sector is higher for FY18 than FY17, India still spends only a little over 1% of its GDP here compared to the UN suggested minimum of 2.5%

Education

The education budget has been planned with a vision of integrating technology with education. This will provide efficient delivery methods and thus improve the quality of education.

The Indian education system looks forward to being learning-outcome based and thus the research sector is to be promoted.

The budget estimate for the education industry is about 85 thousand crores, about 4% more than the previous fiscal year.

This belies the expectations from a country where a major chunk of the population is comprised of youth who need to be honed with a good education system.

Industry analysis shows that the government should be spending about 6% of its GDP on education compared to the current allocation of 3.48%. This is also a plummet from the previous year’s 3.69%.

However, a new scheme called Revitalizing Infrastructure and Systems in Education (RISE) has been unveiled that aims at spending 1,00,000 crores on refurbishing the current system.

This is expected to be financed by the Higher Education Funding Agency (HEFA). The ST population education is also to be aided by the introduction of ‘Eklavya schools’. But no financial source for this has been stated yet.

Predicting the Impact

The two key prospects of the budget suggested by business intelligence reports are:

A merge of several schemes:

  • State-listed financial companies are to be merged to form a single mammoth organization
  • Education from pre-school to junior college levels are to be treated holistically with a merge of several flagship school schemes.

A rise of start-ups

  • In the medical industry, innovations in terms of drug development and delivery, and cost-effective diagnostics and medical devices will be encouraged.
  • The inclusion of technology in the education will require newer services allowing the entry of new firms in the sector.

Conclusion

Poor health drives a lot of families down the economic strata. So, an improvement in healthcare budgets will contribute tremendously to uplifting such groups. India’s progress towards universal health coverage has been highly appreciated. While the schemes sound good, a lot of worries prevail regarding their implementation.

On the other hand, the budget for education has left a majority of the population disappointed. Education is a crucial investment in the human capital and is closely linked to economic growth. This year’s investment is the lowest in 5 years.

Not only this, the most impactful outcomes from the introduced schemes are also expected to be seen only in 2022.

Healthcare and Medical

Global diagnostic imaging market trends watch 2018

Accurate diagnosis is the deciding factor in almost every facet of the healthcare. To discern the health or course of any patient, a proper diagnosis with the process of data collection is necessary as it becomes the medium to do the needful analysis of issues.

Diagnostic Imaging works as a predecessor for determining the patient’s health graph and other issues concerning the surgery.

Chronic diseases are witnessing an increasing number of the patients, as a result of which, there’s a rising demand for the diagnostic imaging procedure.

Moreover, it has also boosted further research and development for the advancement of technology.

Following are a few of the trends in diagnostic imaging market which needs to be taken into account.

Hybrid Imaging Technology

One of the evident market trends in the diagnostic imaging market is hybrid imaging technology. PET or CT are few of the major developments concerning hybrid innovation.

The modal quality of hybrid imaging has reached a success point that system producers do not offer standalone PET systems anymore.

Following the successful installation of hybrid PET/CT systems, the other systems, namely PET/MRI as well as SPECT/CT managed to gain attention.

These systems have proven to be a great method to offer precise images with good resolutions while making it better than the standalone systems.

What does it offer:
  • Provides morphological at the same time physiological data.
  • Accurate localization with the specified information given by CT.
  • The growing prevalence of oncology offers promising opportunities for its further development.

Imaging Systems with Lowered Doses of Ionizing Radiation

Imaging system consisting the lowered doses of ionizing radiation is another market trend in the healthcare technology which is used by a number of technicians across the world.

The key players in diagnostic imaging market are working fingers to the bone to stand the competitive environment in the industry.

What does it offer?
  • Reduces the harmful effects of radiation on the patient and surgeons
  • The digital system offers faster, accurate and nuisance-free imaging

Contrast Agents in Diagnostic Imaging

With the number patients with cardiovascular or cancer-like diseases increasing,  it is reflecting in the bigger demand of diagnostic imaging. This gradually has resulted in the growing usage of several contrast agents in the agents in the diagnostic imaging procedure. Government bodies around the world have started permitting the use this procedure.

Cryogen-Free Preclinical MRI Scanners

The issues concerning with the depleting helium gas supplies successfully combated with the invention of cryogen-free preclinical MRI scanners. However, MRI technology is still slogging away to achieve the high speed of image acquisition since it will widen the areas of application in the MRI. This will enhance the angiography while providing cardiac imaging.

What does it offer?
  • Resolving the problems of helium gas depleting supplies
  • Propelling the demand for MRI scanners in the end users

Automated CT Scanners

Automated CT scanners are one of the prominent technological advancements in the area of computed tomography. The device provides high image quality with low radiation exposure and enhanced spatial resolution for the patients and surgery practitioners as well.

What does it offer?
  • A simplified console which provides ease in the operations
  • Inexpensive installation with minimum space requirements

The advancements in technology have been currently made to fetch more accurate imaging while reducing the risks of treatments for patients with no or less damage involved. Due to this, the trends in this particular section of healthcare domain is likely to grow with more research being uplifted.

Smart speaker trends

The Rising Trend of Smart Speakers

The holiday sales of the smart speaker have shown a massive leap in the number of unit volumes which tripled to around twenty-five million in 2017, a market research report reveals. The year was indeed a massive one for smart speakers as it became a popular gift lately. The discounts given on holiday sales proved to be a big deal for Amazon and Google as well, so much, that they were ready to lose money in order to gain maximum market share.

Site speakers are becoming the fastest growing products with both Amazon and Google outrunning others via their Echo and Home product lines. We’ll see how smart speaker market has changed over the year.

Key Statistics

  • The smart speaker market is expected to grow by 56.3 million this year according to some recent studies.
  • The US will lead this growth followed by China. Popularities of various brands in each country will differ with preference to local vendors.
  • Services are expected to be monetized, with more advanced bot-skills being charged higher.
  • With speakers being introduced to newer places like cars and home entertainment systems, people are likely to use other devices less.

The Influence:

The prompt market adoption of this technology can be attributed to the following:

  • An increasing number of smart homes and workplaces globally: Product development is based on demand. Tasks that can be performed by these virtual assistants are not required in every setting. Growth in offices with a need to incorporate technology and automate tasks supports the field of smart speakers.
  • An array of choices: Tech-savvy folks are looking for choices. There will be customers looking for the best experience while some willing to follow their loyalty lines. More producers trusting the technology and willing to invest in the field will help people gain trust in the product.
  • Customer awareness: Consumer intelligence research reports suggest that the clientele is becoming increasingly aware of the developments in various fields through print and social media. This helps them know if a new reliable digital helper enters the market.
  • Partnering with automakers: More than 60% people have shown their interest in installing this kind of technology in their cars. Tech giants are taking this into account and endeavoring to merge with automakers to instate the virtual assistants. Although the pace of growth in the automobile market is not as fast as consumer electronics, the integration is likely to be expected in the near future.
  • The increasing usage over other gadgets: Market analysis reveals that consumers using smart speakers are likely to increase its use over a phone or other device due to the provision of accomplishing some of the tasks of phones such as internet surfing etc. Furthermore, around 30% users have admitted that they spend less time watching TV ever since the smart speaker has accommodated their lifestyle.

The smart speaker market is progressing with firms are looking out for new methods to monetize the usage. Smart speakers have undoubtedly positioned themselves well in the market leaving a number opportunity to explore the innovation and new revenue models.

 

 

 

 

Retail industry Analysis for business

Retail market research: All you need for your new business

The retail industry is dynamic. So, if you can’t measure your business, you can’t manage it! Market research allows a quantitative and qualitative analysis of the industry you’re about to enter and is among the most important components of the business strategy.

Aims of a market research

 If you are new to the market, you want to be sure that customers are lured towards your product. Here is how a detailed market research report can guide you to the pinnacle:

Providing A Direction To Your ideas

Retail industry analysis helps you validate your idea and determine the possible position of your business in the retail market. A holistic look at the economy would help to understand the state of your industry and vindicate your innovation and ideas.

Instead of plainly relying on instincts and general notions, you will now have the statistics to base your choices on.

To Acquire Relevant Data:

In the modern world of consumer-oriented commerce, customer satisfaction is the gateway to success. As a business, you also need to succumb to the marketing trends. Understanding patterns of demand in the retail market is thus essential before making a major investment on your idea. But it is often not possible for a person to gain perceptions of people out of his immediate surroundings or ethnicity.

A good market research report will help you determine if your product will be welcomed in the market and identify your target customers. It will also determine the key points for you to work on so as to outnumber your competitors them in the retail market.

Framing Pricing Strategies:

Competitive analysis aids your pricing strategies and gives you a global perspective. A market research report provides you with all the information about your turf and the top players in that game. Such data-driven and fact-based financial decisions will thus increase the possibilities of success of your initiative in the retail market.

You will know which aspect of your business you should invest more on, where to place your business and whom to partner with so as to expand your resources and services.

Sustaining your business:

A deep understanding of the competitive landscape can help you develop your Unique Selling Proposition, and help you stand out from other companies in your vertical. This will reward you with loyal customers and help sustain your business while it’s growing.

Market trends and demand patterns change over time. You need to keep track of the changing patterns to maximize your opportunities. Market research can help you do that.

Can it be customized to your needs?

Research reports can be tailor-made to suit the client’s business objectives. Custom market research projects can be designed to tackle specific problems of the client. The first phase of any market research is however based on publicly available data to establish a broad structure and identify what this core structure of the business lacks. Risks associated with same may be analyzed.

The next phase, the custom market research, may involve larger scale surveys and expert interviews by implementing a unique methodology. Objectives of this may vary over a course of time but aim at serving a company or business specifically.

It is now possible to devise algorithms and apply complex mathematical calculations to the immense amount of data available. The required and majorly relevant data can hence be sourced out. Retail industry analysis with an automated analytical model could help predicting buyer behavior with great accuracy.

Industrial IIOT market research

How the blooming IIoT industry is impacting manufacturing business?

Connected devices and fit-bits pop up in the mind when we hear Internet of things, although there’s much more to it which has several different bits and bytes. Industrial Internet of Things is a part of it. We’ll break down the concept into different segments to better understand its impact and how it will shape the future of manufacturing business.

What is Industrial Internet of Things?

The fundamental idea behind introducing Industrial Internet of Things is that smart machines have better accuracy, consistency in capturing the data and communicating the same. It is a subcategory of the Internet of Things which encompasses harness of the sensor data, machine learning, big data technology, automation technology and M2M communication that have been contributing the industry for many years.

The IIoT is mainly about linking smart sensors to the internet to use the data and knowledge for several business purposes. IIoT can potentially help business to take corrective measures and gain sustained green practices, quality control, track down the supply chain and get higher competence.

IIoT emphasizes on a closed environment while IoT is a wider concept involving IIoT as a part of it. The investment in IIoT industry is rising year after year.

Startups in Industrial IoT

A global market research suggests As we have seen wearable and handy devices have been the main attraction of investors in the Internet of Things industry, IIoT startups are soon to become next beloved investment boosting industrial growth.

The wide range of IIoT applications are yet to be explored and that has made it a key component to drive the blooming of IIoT industry. Incorporating sensors, intelligent decision making and the latest analytics, it transforms the way field assets and producing operations connect and converse.

What Impact Will IIoT Have In Manufacturing?

IIoT has the capability to yield greater productivity, therefore, greater output. It is set to foretell a revolution in the near future. The technology has worked well making an impact in the industry with the change in dynamic of the connected consumer. This behavioral change is massive enough to get noticed in the industry by all market players.

This has made implementation of IIoT unrestricted and freewheeling to core tech-firms. The implementation is also getting introduced in almost every other field, right from agriculture to retail.

#What Does It Offer?

  • Potential to transform and increase the derived value from IIoT.
  • Open standards-based automation technologies.
  • Smartly connected products and systems which are a part of large and alert information infrastructure.
  • Improvements in efficiency of the business with improved profitability and better cybersecurity.
  • Better administration of performance and safety.

What Are the Challenges In the Implementation Of IIoT?

  • The Industrial Internet of things was conceived to operate critical machinery. At any point where the timing of control is delayed, it can be a subject to failure. The time needed for a message pass over the network can be a serious issue.
  • To utilize the full capacity of IoT, international organizations require conversing with devices which are a thousand of miles apart.
  • Industrial IoT market also needs expansion and upgrades in the near future seeing the increasing expectations and demands. Simply put, it requires being built in an open, flexible hardware and software platforms to meet the needs.

Summary

Do not restrict yourself while considering the impact of IIoT on your firm, widen your perspective and think on a global level. Implementing IIoT in your business improves the overall efficiency and does more to make your product smart.