Data Analytics can help grow your business: A low-down on growing your business in the cyber age

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Data Analytics can help grow your business:A low-down on growing your business in the cyber age.

C-suite executives of Fortune 500 companies have the luxury to tackle one business problem at a time. They usually have billion dollar budgets, an army of managers and other levers at their disposal. Lucky for them, because they are not in the trenches of the battle that so many small and medium sized businesses constantly find themselves in.

This article can help you

1.     Appreciate the importance of Big data and why it matters

2.     Why you should use Data Analytics and how it can solve your business problems.

 

Article length: 500 words

Reading time: 3- 7 minutes

 

For most businesses, there are a million problems – human resource mismanagement, ineffective marketing, poor customer retention – and they all demand immediate attention.

Now, you may not be able to solve all of them. But, what if you could maybe manage them better?

*How about not having to guess anymore about what your customers want or think about your product?

 

*How about deciding on your staffing requirements or tracking employee productivity to gauge the impact of such factors on a project?

 

*How about better overall outcomes for your business because you choose to use hard quantifiable data to make business decisions?

You would like that, wouldn’t you? No more searching in the dark for answers.No more making decisions based on gut feeling. The answer to all these problems is simple. The answer is Data Analytics.

How does Big Data Work?

We leave a pile of Data every time we are logged onto the Internet—which is pretty much 24/7/365 now. Every click, every transaction, the hover of a mouse, and even the time spent surfing each page is tracked, recorded and stored. Mountains of such data captured every single day can be deployed to make sense of habits and patterns of consumers, employees and the wider market allowing you unprecedented insight into the minds of your target audience.

So, whether it is about introducing a new product in the market or retaining existing customers, Big data can help you make decisions that are backed by hard quantifiable proof. The Data is there to back you up!

Now, a good data analytics toolkit should be armed with a few must-haves and so here’s a quick glance at the most popular tools used at Opentracker.

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What benefits does Opentracker offer?

=>OpenTracker’s real-time monitoring tool privileges its users to study traffic and data, minute-to-minute, from all sources and devices, to make vital decisions in real time!

=>In a single click, categorise data by every conceivable metric and tabulate in an easy-to-understand chart.Easy to set-up and easy to use with an elegant user interface for tackling strategic online marketing problems fast.

                                 Categorise and compare data from all sources!

 

=>Need to share reports and insights with your colleagues or employees? No problemo! Create individual accounts with the option of customising access for every single employee.

=>OpenTracker’s advanced API allows you to write data and create reports just the way you like them.You can chain, link, mashup or combine API data to create reports which are customized or more advanced than those available, at a fraction of the price, in the market.

=>Identify visitors by their geographical location, IP address, specs. of the device, nature of the visitor (company/govt. body/individual), complete visitor history and a comprehensive profile of every visitor.

Wait, But there’s more! You didn’t think that was it, did you?

 

Open tracker’s has many more features that cater to the diverse requirements of businesses and you can get a sneak peek of them right here. Our products have worked and worked well for over 17 years for 5000+ customers and now is your chance to give your business a guaranteed shot at harvesting intelligent data to power your business.

 

Here’s an exclusive offer for a free 30-day trial pack only because we believe that you should try our products for free before you buy them.

 

We would love to hear your queries and help you pick and customise our product offerings to suit your business needs. Click here and answer just two simple questions, and one of our experts will reach out to you to guide you.

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Three Examples of Business Models Based on Innovate Technology. How do big data analysis and artificial intelligence play a role in this process?

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Three Examples of Business Models Based on Innovate Technology.

How Do Big Data Analysis And Artificial Intelligence Play A Role In This Process?

Welcome to the 2nd part of the previous blogpost : The Secret Sauce That Could Help Your Business Grow where discussed about why some businesses are better than others.

Emerging technology allows us to both A) send signals and communicate with users (clients) AND B) to analyze the large amounts of data generated in today’s digital world.

Here are three concrete examples of companies who are using (new) technology to discover and develop new markets. Another way of saying “new markets” is “new products and services”.

There is a lot of complexity involved. Here are the main ingredients:

1. Identifying ‘futuristic trends’ – innovation

2. Making these new innovative services and products available on the market

3. Using digital channels to deliver the products and services

4. Measuring all digital activity in order to look for trends relative to your business goals

So let’s get right down to it. To recap, to the part 1 of the blogpost : marketing gets you customers, but a well-oiled Operations department keeps your customers happy. And at the crux of operations is the agility to take risks and capitalize on growing trends to stay ahead of the race. Don’t believe me? Here are 3 examples of how acting on ‘futuristic trends’ are transforming industries.

Example 1 : Healthcare

Castlight Health is a company that analyzes Big data to make available to patients in large health plans, data on health care pricing that they don’t normally see, helping them choose the most appropriate healthcare plan. That’s not all, analyzing patient clinical and behavior data has helped doctors create customized, preventive care programs targeting the most appropriate groups of individuals ensuring higher rates of success in preventive healthcare.

For the pharmaceutical companies, the opportunities for breakthrough in discovery of new drugs based on large segmented data sets has presented them with a gold mine of opportunities for the discovery of next generation drugs.

Hospitals across the country are now harnessing the combined power of Big Data and artificial intelligence to better evaluate the benefits of drugs and define optimal treatment plans, saving on insurance costs and helping rapid patient recovery.

Targeting services or marketing to meet individual needs is already familiar to many consumer-facing companies. Segmenting and analyzing their customers through combinations of attributes such as demographics, customer purchase metrics, and shopping attitudes and behavior is firmly established.

Example 2 : Retail

Retailers, especially those that operate online but increasingly also those with physical stores, are adjusting prices and promotions in a bid to experiment with which combination best drives traffic and sales. One example is where, you may have bought a product online and walked by a physical store of the same brand, only to have been alerted on your smartphone, by the retailer, about a new product or a discount that has been customized and appeals to your tastes, based on your past shopping history which is nothing but a combination of Big Data and Artificial Intelligence.

In retailing, real-time price comparison services give consumers price transparency to a degree never before enjoyed and generate significant surplus for them. The likes of Amazon and e-bay have allowed us to compare products in real time from the comfort of our homes providing us the best possible choice of goods and services in the market.

It’s a win-win for both retailers and consumers!

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Example 3: Manufacturers and Service Providers

Manufacturers and service providers are using data obtained from sensors embedded in products to create innovative after-sales service offerings such as proactive maintenance.

Imagine your car reminding you that your car has reached 10,000 miles of its first run and needs a fresh pair of tyres or that its braking system needs to be fixed. Cars fitted with sensors provide real time data to automakers to help understand the performance of their cars, identify potential manufacturing defects for recall and help engineer the next generation of cars.

The emergence of real-time location data has created an entirely new suite of location based mobile services from navigation applications to people tracking.

The real time application of location based services have been capitalized not just by the likes of Uber or Lyft but by a wide range of industries from logistics and food delivery services to crime prevention by the police.

IOT, big data and artificial intelligence are going to change the economic landscape of the world and along with it, the fortunes of millions of people and the future of businesses and how they operate.

It’s an exciting time to be a part of the future. Whatever the industry and no matter what the product or the service, Big data can help recast your business to be more organizationally-agile, responsive to the ever changing business environment and most importantly, profitable!

It is time to make a decision!

You have read this far and it would be a shame to not try our 30-day free trial — a totally no-strings attached offer. If for any reason, you don’t like it, we insist that you NOT pay a cent after your 30 days free trial period is up for paid renewal.

Click here and one of our experts will help answer any of your questions and set up your account for the limited 30-day free trial

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Your Guide To UTM Parameters

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UTM Parameters, Implement UTM Code With Ease

Using UTM Parameters To Measure Your Marketing Efforts with Opentracker.

In this how-to, you will learn what UTM parameters are and also the industry standards on how to use them. With the usage of UTM parameters, the most successful marketers are able to specifically measure how they’re hitting goals. For example, you will know that tweets from their company account are driving traffic to their website while UTM parameters are being used.

What are UTM Parameters?

UTM is an abbreviation of Urchin Tracking Module. Previously, Google Analytics used to be called Urchin. Google bought the technology eventually but the abbreviation remained the same. Basically, UTM parameters are nothing but information like clicks, sources, mediums and campaigns. This information is being passed on to Google analytics. Most importantly, as a marketer you can use UTM parameters in a wide range of online marketing products. Hence this is an important skill to master.

Why use UTM Parameters?

UTM parameters are a way to track traffic from different platforms. With UTM parameters, you can distinguish the different means by which your traffic is being generated. Furthermore in this article, you can learn how Opentracker helps you to easily keep track of UTM parameters in the form of graphs on their live dashboard.

How can you benefit from using UTM parameters?

Using UTM parameters will allow you to capture information from ALL your incoming traffic campaigns. This information is directly put into your traffic reports. As a result, you can get a complete insight of conversions, sources, returning visitors etc.

UTM tags and parameters

Best Practice: Make it a habit to always include UTM parameters in every new traffic campaign.

How do you use UTM Parameters?

UTM parameters are added to the end of a landing page URL. Consequently, when someone clicks and lands on a URL which contains UTM parameters, those tags are sent back to your Google Analytics for tracking.

For example, let me say that I want to track clicks to a page called “mypage” from a transactional email that I send out after a month. I would then insert a link to my site in that email which looks something like this:

http://mysite.com/mypage?utm_source=tutorial&utm_medium=email&utm_campaign=User :: Send 1 month followup
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How To Create UTM Parameters For Your Pages

The simplest way to create UTM parameters for your links is by using the Google Analytics URL Builder. Meanwhile, different types and functionalities of URL parameters are explained below:

Campaign Source (utm_source)

A required parameter to identify the source of your traffic such as search engine, newsletter or any other referral. An example of Facebook being the source is highlighted in green below:

https://www.opentracker.net?utm_source=facebook&utm_medium=social&utm_campaign=blogpost&utm_content=headerlink

Campaign Medium (utm_medium)

A required parameter to identify the medium that the link was used upon. i.e. : email, CPC, or other method of sharing. In the example below, we use the word “social” to signify our efforts using social media:

https://www.opentracker.net?utm_campaign=blogpost&utm_medium=social&utm_source=facebook&utm_content=headerlink

Campaign Name (utm_campaign)

A required parameter to identify a specific product promotion or strategic campaign such as a summer sale. In the example below, summer_sale is the type of campaign.

https://www.opentracker.net?utm_campaign=summer_sale&utm_medium=social&utm_source=facebook&utm_content=headerlink

Campaign Term (utm_term)

An optional parameter suggested for paid search to identify keywords for your ad. You can skip this for Google AdWords. If you have connected your AdWords and Analytics accounts, use the auto-tagging feature instead.

https://ga-dev-tools.appspot.com/campaign-url-builder/

Campaign Content (utm_content)

Optional parameter for additional details for A/B testing and content-targeted ads.

https://www.opentracker.net?utm_campaign=blogpost&utm_medium=social&utm_source=facebook&utm_content=headerlink

Furthermore, you can learn more about how to tag your links in Google Analytics Help. It also contains a handy chart view with an example of one campaign with different sources & mediums.

How are UTM parameters seen on Opentracker?

All the website visitors that click on on any link that contains your UTM parameters will show up on the graph of each parameter. Which means, your graph would look something like this:

UTM tags in Opentracker Interface

UTM parameters in Opentracker Interface

In the example above, firstly you can see that the most number of sessions come from google source. Secondly, IP tracking is the most successful campaign. Thirdly, cpc is the best performing medium. Finally, “IP address searcher” is best performing paid search term.

Note: UTM parameters are case sensitive. This means that if you use “abc” for your on one medium as utm_campaign or use “ABC” as utm_campaign in other mediums, they will show up as separate campaigns in your Google Analytics. Also, note that UTM parameters will be shown in the browser’s address bar. Therefore, be sure you’re not using any tags that you should not be made public.

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How one company lost 42 million Pounds and what this means to be GDPR compliant.

How one company lost 42 million Pounds and what this means to be GDPR compliant.

With the constant stream of sound bites surrounding GDPR, one could be forgiven to assume that most companies would have taken care to update their privacy policies and inform their customers about this transition.

Shockingly, according to a ISACA survey, not only are most companies unprepared, but only around half of the companies surveyed (52 percent) expect to be compliant by end-of-year 2018, and 31 percent do not know when they will be fully compliant!

Let that sink in…52% of companies, as of this very moment, do not comply with the (GDPR) General Data Protection Regulation.

Some of the biggest Tech and social media giants like Google, Facebook, Instagram, and WhatsApp have already been slapped with lawsuits for violating the GDPR law that went into effect on May 25, 2018.

If found guilty, EU regulators can impose fines upto 4% of global annual revenues; numbers that could easily run into the billions.

In 2015, TalkTalk, a British telecom company failed to securely store customer data and in the aftermath of the loss of data due to a cyber attack, not only was the company fined around £400,000 by British regulators, but it also lost more than 1,00,000 customers and 42 million pounds.

Such instances of data breach or data mishandling tell us the devastating impact of under -preparedness – lost revenues, dwindled customer base, negative publicity and heavy regulatory fines – enough to bring any company down to its knees.

India with an active customer base of 240 million was the largest audience country for Facebook. In the wake of the scandalous Facebook-Cambridge Analytica affair, Facebook revealed that personal data of 5,62,455 Indian users was improperly shared.

What was the effect of this revelation?

Velocity MR, a market research company, released a survey that

that found that after the Facebook security breach, 24% of users started sharing ‘’lot less’’ data, while 7% stopped sharing data altogether.

Let’s take a moment here and do some quick back-of-the-envelope-math and what this might have cost Facebook.

7% of 240 million works out to 16.8 million people avoiding Facebook. Losing

17 million customers roughly translates to Facebook shutting down operations in both Sweden and Austria!

That’s a lot of advertisement money to go down the drain.

Not only this, CEO Mark Zuckerberg had to endure negative publicity and a televised Q&A grilling session with legislators on both sides of the Atlantic.

With the latest lawsuit over GDPR non-compliance, Facebook with its deep pockets could survive another round of missed opportunities in advertising revenues and regulatory fines.

But honestly, how many businesses can afford incidents like this?

A study by Ensighten revealed that one of the reasons firms seem unprepared for GDPR, could be the lack of consensus over who is responsible for data protection within a business and how to go about it. What should be the first step?

Ryan Wain, chief marketing officer at Unlimited Group, advised decision makers to undertake a full audit on data held by a business.

He added: “Possibly the most important consideration is to avoid viewing GDPR compliance as a process with a hard and fast endpoint. Rather, it will be an on-going journey as you gather and process new data moving forward.”

It’s time to be GDPR compliant

For more than 15 years, we have been helping companies take smart decisions using data analytics. Now, we are also helping small & medium sized businesses stay compliant with the GDPR law.

The GDPR law runs to 11 chapters and 173 recitals and let’s face it, who has the time to sit down and pour through the contents with a magnifying glass?

But the good news is that we have you covered. Here are 3 things that you should absolutely know.

  • Geographical location: Businesses in the EU are subject to GDPR—even if the data they’re accessing is processed outside of the EU. The reverse is also true. If you’re a company processing the data of EU citizens (either to offer goods and services, or to monitor behavior taking place in the EU)—it doesn’t matter where you’re based, or where you’re processing the data. You still have to comply with GDPR.
  • Greater Penalties for noncompliance: The maximum fine for noncompliance with GDPR is up to 4% of annual global turnover, or 20 million euros—depending on which is greater.
  • Explicit Consent required: Consent has to be given in an easy, accessible way before processing a person’s data. You also have to disclose the purpose for that data processing and make it as easy to withdraw consent as to give it.

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Here’s a quick 3-min guide of how GDPR affects your business.

At a one time fee of just €395, OpenTracker’s Quick-scan Analysis can do a thorough Data audit and help you identify non-compliant features and help you keep avoid the dangers of expensive regulatory fines.

With an expert team at your disposal, we can help you identify the loopholes and shortcomings in the present data handling regime in your company, the state of preparedness of your business to deal with the GDPR provisions and also chart out a custom plan to help your business become and stay GDPR compliant.

We have already helped hundreds of companies with GDPR-compliance. Have any questions? Why not ask? We would love to hear from you.

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Other titles for your consideration:

-83% of companies are in trouble due to GDPR non-compliance. Where do you stand?

-Facebook and Google are facing GDPR lawsuits. Is your company GDPR compliant?

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