This is the summary of an article from Spring Metrics. Here’s the link to the original article: Behavioral Targeting And Social Media
This video from Youtube is about social marketing strategies and how you can use the power of Facebook, Twitter and all those other social networks to drive people to your blog. Perry Belcher also explains why making friends is so important in today’s online business world.
Online stores can be a difficult place for consumers, as they are easily overwhelmed by real time updates, multiple decision criteria, and the presence of various alternatives in a given online store. This is the summary of a paper by Muhammed T. Nuseir, et al., which looks for factors that influence the decisions that consumers make when they are shopping online. You can get the pdf of the behavioral targeting article here: Evidence of Online Shopping: A Consumer Perspective.
This is the summary of an article by Matthew Brown, written on 2003, which is an analysis of online marketing in the sports industry. This industry needs a very good understanding of how marketing through the Internet works. You can get the pdf of the behavioral targeting here: An Analysis of Online Marketing in the Sports Industry: User Activity, Communication Objectives, and Perceived Benefits.
Relationship marketing is important for the sustainability of your business, and with the potential and capabilities of the Internet, it is viewed either as the best or the worst way of interacting with your customers. The internet is a great technology for gathering data about your consumers and determining what they want and develop a good relationship with them. However, this same technology can get consumers to be concerned about their privacy. This is the summary of an article by Mark Brown and Rose Muchira. You can get the pdf of the behavioral targeting article here: Investigating the relationship between Internet Privacy Concerns and Online Purchasing Behavior.
The internet has a lot of potential as a commercial medium. However, managers still don’t have the measuring tool to figure out if Internet marketing will work for their benefits. They have to risk investing on internet marketing and possibly even compromise their other offline marketing methods. This paper, which suggests that the Internet be used like a store front, where goods and services sold online are given directly to the consumers, is written by Melody Kiang, T.S. Raghu and Kevin Huei-Min Shang. You can get the pdf of the behavioral targeting here: Marketing on the Internet – who can benefit from an Online Marketing Approach?
Online advertising has become a very profitable endeavor for publishers in the Interent. Its growth can be attributed to the rise in popularity of Google’s advertising method through search, and in fact, this industry will continue to rise annually by 12 percent in the coming 5 years. 2008 saw 23.4 billion dollars in overall sales in online advertising. This is the summary of a behavioral targeting article by Jonathan Levin and Paul Milgrom. You can get the pdf of the behavioral targeting article here: Online Advertising: Heterogeneity and Conflation in Market Design.
The approach is becoming more and more personal when it comes to marketing these days. The personal information gathered from sites are valuable asset to a company so that it can conduct effective advertisements. People leave information as accurate as log-in time, frequency, e-mail address, purchases made, telephone number and complete address. The question is, “how can this information be useful tools for future marketing”?
The need for revolutionized marketing is conspicuous as millions and millions of dollars are used every year for promotion, and better ROI (Return of Investment) is needed to compensate for the efforts. The use of individualized marketing makes sense as the behavior of the individual is taken into account in advertisement which will likely be converted into sales.
Let’s be realistic; spending money for advertisements that are aimed for “everyone” will account only for meager returns and compromise a lot investments. Therefore, it is not a good business decision. Timing is always important for any advertisement. The ultimate goal is to present the products to people when they need them and where they need them. There can be no other better way than knowing the individual’s needs through behavioral targeting.
Using this technique for marketing can help your business grow. For example, you are selling men’s basketball shoes. With the information you have, you can select who to send advertisements to base on their age, sex and purchases. People who also purchase basketball jerseys are likely to buy basketball shoes as well. Furthermore, you can specify the color and design of the products you advertise, and this will marvel your customers because your products are very accurate to their preferences.
To become useful information, the gathered data should be used the right way and used for delightful advertisements that will tickle the interest of the individual. The use of the information gathered is crucial in building a market for it and maintaining the old user while gaining others by minimized effort. The use of the information for correct marketing purpose can be translated to end user sales.
However, there are instances when behavioral strategy is not applicable. For example, if you happen to be selling Ferrari cars in your website, it does not necessarily mean that when someone enters your site, he or she will readily buy a car or has plans of buying it.
Another downside to behavioral marketing is that there are people who may become a user but requires advertisements for the product to come in their conception, thus prevents the broadening of user horizon. The opposition of people due privacy is also one thing that keeps behavioral marketing at the gates; true, information are being gathered for the purpose of marketing, but being cynical and all kills the spirit of it.
The demand for effective marketing strategy is now a battle down to every single user and behavioral strategy may answer the call.
Behavioral marketing is the science of studying consumers actions in order to determine what products, topics, or conditions influence their decision to purchase a new product. In short, it is way to present a consumer with conditions that will make a new purchase possible certain, which is why it is a study of psychology and behavioral patterns. For online companies it often includes studying browser habits of potential consumes to discover what makes them buy and what their buying tendencies are. A great example of behavioral marketing is selling popular related items next to a news story that viewers of the story will find interesting enough to click over to.
This information can be very useful to those who wish to save money and time while marketing their products. That is because the aim of behavioral marketing is to search out and find your target audience so that your marketing efforts hit the people who are most likely to purchase your product. You can spend time waiting for your target audience to find you, or you can simply take some efforts to find them. This is because once you know how your consumers shop you know exactly how to advertise where they can see you.
By now you may be wonder what behavioral marketing is, well the truth is that the easiest way to practice behavioral marketing is to hire a consultant team. Online it can be as simple as tracing and watching your customers browsing habits. You have probably already noticed large websites such as Amazon that offer you lists such as their popular customers who bought this also bought X.
This is an example of behavioral marketing in which Amazon takes its data to market additional purchases to customers while they browse. Amazon also utilizes a clever trick when they take their behavioral marketing to the next level and offer higher priced but appealing combination deals to get you to purchase two products instead of just one.
So how can you use behavioral marketing? If you are a large company you probably have an extensive list of product data and sales that you can utilize to figure out what your customers want, which is a good reflection of what your target audience wants overall. However, smaller companies may not have as large of a data collection in which case hiring companies such as Google Adsense, Facebook ads, or other marketing companies that will place your marketing efforts in the correct place for you using behavioral marketing techniques.
With the proper utilization of your data or of behavioral marketing companies you can increase your sales without spending an immense amount of money. And if the current internet landscape is a proper indication of the future, behavioral marketing is simply going to become more vital as time passes. Therefore, it is beneficial for you to jump on board now, or risk falling behind in the competitive landscape of the Internet.
Businesses can choose between two basic paths. They can choose to create products or services that are common to every customer, or they can choose to make a market segment of one. That is, they can choose to create a firm which tends to the needs of every unique individual. This is the summary of an article written by Andreas Birnik and Richard Moat. You can get the pdf of the behavioral targeting here: Segmenting When it Matters