In an article found on businessinsider.com, written by Drake Baer, Baer discusses why customer experience buying is much more important and makes customers more happier than compared to just buying material items or such.
Baer also goes into describing quite an interesting study or survey that was given to a thousand test subjects who were asked what purchase would increase their happiness, a material item or an experience buy. After conducting the research, it was concluded that 57% of the sample population chose that they the purchase of an experience would indeed increase their happiness. On the other hand, only 34% of the sample population chose that a material item would raise their level of happiness. Yes, this was a smaller sample size than can be compared to the whole world in general, yet it was enough evidence and as it showed over half of the population agreed that experience purchases were more dear to the heart than material. Dan Gilbert, Harvard Psychologist, explains later on in the article why this is so. Gilbert went on to explain that people adapt to things such as objects very quickly, which usually leads into complacent forgetfulness or just the fact that the object fulfillment is over. When reverting back to experience buying, Gilbert stated that anticipating and remembering events, or experiences is far more relevant to the retaining of that experience in the mind. Simply because of the fact that its easy to forget a purchase such as new flooring after consumption and fulfillment is already past due to the relevance left to retain. Whereas, an experience such as a Bahamas cruise with palm trees and beautiful sanded islands, or an African safari with exotic animals is much more than just a purchase. Such experiences allow the customer to retain those memories and look back on those experiences and embrace the happiness conceded. Will conclude this blog with a pretty accurate statement by Mr. Gilbert, "When you purchase an experience, you see a change in your environment and also a change in yourself. Found this article interesting due to the fact that marketing experiences can be a very useful tactic when working on marketing or advertising campaigns.
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As a follow up to the recent blog posted about the reasons why Big Data could or could not be the answer when it comes to which companies or industries have the need for such a tool, it was apparent that after researching for another article interesting enough to blog about that there are many contradicting articles pertaining to Big Data. In an article on Forbs.com, written by Jonathon Gordon and Dennis Spillecke, both authors argue the reason for the use of Big Data, and also in that event, stated some very interesting trends to back their argument.
There was much speculation in the last blog unto which industries should be utilizing Big Data, and still in this sense that question is easily debatable, yet after reviewing this article by Gordon and Spillecke, it was quite apparent that Big Data has shown quite the impact over the years. So, here comes the stats to back up how effective Big Data has been. According to Gordon and Spillecke, companies that have used and are using Big Data are showing a productivity rate and profitability up to 5-6 percent higher than other companies not using Big Data. Also, it was noted that after surveying over 250 instances over a five year span, a McKinsey analysis reported that companies that used Big Data as their primary marketing and sales decisions improved their marketing return on investment (MROI) by 15-20 percent, which unofficially can increase value up to $150-$200 billion, yes billion with a b, based on global annual marketing spend of an estimated $1 trillion. In further elaboration, Gordon and Spillecke go on to mention what makes this work for companies in three simples facets. number one, using analytics to identify valuable opportunities. number two, start with the consumer decision journey, and lastly, keep it fast and simple. Data is growing at a faster rate than ever in this day in age, in fact, it is growing at a rate as high as 40 percent a year! The importance of using automation to calculate and formulate algorithms to better conduct engagement with consumers has never been of greater value. If you find this blog interesting, and also read the article linked into the blog and find it interesting also, Gordon and Spillecke also wrote an E-book over this subject also. You can find that E-book at this link. As assigned in our Marketing Management course from last week, here is what was taken from the presentation given by Mrs. Leslie. First and foremost, there were many great facets of how a business can promote itself in ways of being more professional and thus in return, will look the same in retrospect to a customer or consumer viewing what is being presented. Now, the first thing that really stuck was fonts used on fliers, websites, business cards, etc. One interesting thing learned about fonts was that there many routine fonts that come available preset on computers, and also in that same instance are not really ideal for use in the professional setting for means creating ads or websites and such in the event of looking cheap and who would want to do business with a company that looks cheap. So, therefore with that in mind, also fonts should not be so fancy that they are unreadable, or too large that its annoyingly presented, and in this event usually is ignored and will lose the attention of the viewer/reader, and also fonts should not be so small that squinting is a must just to read it.
Next, another tidbit taken from the presentation was about color schemes, images used, and so forth. Of course, it should be casted to the masses that the grand scheme of a page should fit the product, service, idea, etc. Doing backgrounds or color schemes that do not appeal to what is being presented can really cloud the imagery/content that is being relayed or portrayed, and once again can cause one to ignore the whole setting in general. This is not good for a company or business trying to reach new customers. One reviewing what should be used in an ad or website, the idea should be about what is being presented in the message to the recipient and all factors going into the message should represent such. Lastly, another interesting nugget of information gathered from the presentation was the legalities of using copyrighted fonts or images. In this sense, it is quite easy for one making a simple website or flier to want to go roaming through Google in search of a good image, but in the same essence this could lead to big trouble if it is one that has been licensed by a company, business, or individual. So, with that being said, do yourself a favor and search for images or fonts on websites that have been given out freely to the public and there are a few sites such as creativecommons.com, teamtreehouse.com, and or ink.com. Once again, an article from Harvard Business Review caught the eye as it pertained to marketing and its relation to the fast growing phenomenon of "Big Data." In the article written by Mr. David Spitz, it is emphasized how much of a concern or influence it is for all marketers of all industries to use such new tools as, "Big Data." Spitz makes the reference to how marketers in food industries are not in such need of such tools. As Spitz goes on to explain that food labels are a good indicator of all nutrition facts such as calories, fat, sugar, etc. that people need for viewing, but these labels do not fully develop the whole picture for consumers. Such as if the food is bad, healthy, fattening, and so on and so forth. Spitz mentions how "Big Data," is being used in this industry, yet its really not showing a great influence or effect on how the consumer is perceiving the product. As the article moves forward, Spitz makes an awfully good comparison on the relation of "Big Data," in various industries. Such as in trucking companies, and how greatly affected this industry is due to "Big Data," due to the fact that the extensive info and data better helps the drivers in finding better and more efficient routes to their destinations. After reading the article, it was both very interesting and also left some questions unto which fields or industries "Big Data," is bet fit for.
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