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Last week had been very hectic. I had slogged more than 100 hours to come out with an awesome recommender based on market basket analysis.
“Now was the time to shine!” I thought, just before the meeting with stakeholders was about to start. I had prepared a good presentation and was feeling confident about the work. Thirty minutes into the presentation, I was trying my level best to explain lift, support and confidence in an imaginary 3d plane to the stakeholders.
Guess what – they were not impressed, they found the technique too complex. The meeting ended up with the key stakeholder saying “Can you create something simpler and more intuitive?”
This is when I went back to a drawing board and came out with this technique to visualize and explain market basket analysis in very simple visualization. This was the core thought behind this technique:
Algorithm used in Text mining can be leveraged to create relationship plots in a Market basket analysis.Market basket is a widely used analytical tool in retail industry. However, retail industry use it extensively, this is no way an indication that the usage is limited to retail industry. Various X-sell strategies in different industries can be made using a market basket analysis. There is a good amount of content available in the web world on the theory behind market basket analysis but I have hardly seen any articles on how to visualize market basket analysis . In this article, I will leverage some algorithm of text mining to get such visual plots.
Some basic Definitions
Support : Support is simply the probability of an event to occur. If we have an event to buy a product A, Support(A) is simple the number of transactions which includes A divided by total number of transactions.
Confidence : Confidence is essentially the conditional probability of an event A happening given that B has happened.
For more detailed definition refer to our last article (last post).
Importing the dataset
The first part of any analysis is to bring in the dataset. I am using a dummy data to demonstrate this application. The data has details of 12k transactions. Each transaction has 3 products. Following is the code to import the transaction data stored in a CSV file.
[stextbox id=”grey”]
txn_data<-read.csv("Retail_Data.csv") summary(txn_data)[stextbox id=”grey”]
transaction_id Prod1 Prod2 Prod3
Max. : 112000
[/stextbox]
[/stextbox]
As you can observe, each transaction has all 3 products. Product 1 takes only A,B,C and D. Product 2 takes E,F and G. Product 3 takes H and I. All the three products are mutually exclusive.
Creating an “item-transaction” Matrix
This is a concept, I learned in text mining. But it very well fits into this application as well. We will first create a matrix with flags on each product. In total we have 9 products, hence we generate 9 vectors to capture these flags. Here is the code to generate the 9 vectors and joining them to form item document matrix.
[stextbox id=”grey”]
#Initializing vectors A <- numeric(0) B <- numeric(0) C <- numeric(0) D <- numeric(0) E <- numeric(0) F <- numeric(0) G <- numeric(0) H <- numeric(0) I <- numeric(0) #Preparing the flag metrics for ( i in 1:nrow(txn_data)) { if (txn_data$Prod1[i] == "A") A[i] <- 1 else A[i]<-0 if (txn_data$Prod1[i] == "B") B[i] <- 1 else B[i]<-0 if (txn_data$Prod1[i] == "C") C[i] <- 1 else C[i]<-0 if (txn_data$Prod1[i] == "D") D[i] <- 1 else D[i]<-0 if (txn_data$Prod2[i] == "E") E[i] <- 1 else E[i]<-0 if (txn_data$Prod2[i] == "F") F[i] <- 1 else F[i]<-0 if (txn_data$Prod2[i] == "G") G[i] <- 1 else G[i]<-0 if (txn_data$Prod3[i] == "H") H[i] <- 1 else H[i]<-0 if (txn_data$Prod3[i] == "I") I[i] <- 1 else I[i]<-0 } chúng tôi <- rbind(A,B,C,D,E,F,G,H,I)[/stextbox]
[stextbox id=”grey”][/stextbox]
Creating plots using igraph library
Once we have the transactions-item matrix, it is time to create an item-item correlation matrix. I have done this using a simple mathematical formulation. We multiple the transaction-item matrix with its own transpose to get item-item correlation matrix. In this matrix, the number on diagonal gives an indication of Support whereas all other numbers give the confidence. We use both these numbers to build a relationship plot. Following is the code to build the matrix and the plot.
[stextbox id=”grey”]
#Creating the relationship matrix termMatrix <- chúng tôi %*% t(final.mat) #Creating the graphs library(igraph) # build a graph from the above matrix g <- graph.adjacency(termMatrix, weighted=T, mode = "undirected") # remove loops g <- simplify(g) # set labels and degrees of vertices V(g)$label <- V(g)$name V(g)$degree <- degree(g) # set seed to make the layout reproducible set.seed(3952) layout1 <- layout.fruchterman.reingold(g) plot(g, layout=layout1) plot(g, layout=layout.kamada.kawai) tkplot(g, layout=layout.kamada.kawai)[/stextbox]
As of now we have not incorporated the strength of confidence or the support to plot this graph. Something to observe in this plot is that products like A and B are not connected. This is simply because they never co-exist together in any transaction. This plot can be use to visualize the negative lift items. Such items should not be placed near each other. The next step is to incorporate the support of each product in the visual plot.
[stextbox id=”grey”]
V(g)$label.cex <- 2.2 * V(g)$degree / max(V(g)$degree)+ .2 V(g)$label.color <- rgb(0, 0, .2, .8) V(g)$frame.color <- NA egam <- (log(E(g)$weight)+0.2) / max(log(E(g)$weight)+0.2)[/stextbox]
Here, we have incorporated the support of each product. As you can see H and I form the biggest letters and A,B,C and D the smallest. This is an indication of higher and lower support. You can validate these inferences from the initial frequency distribution. The next step is to incorporate the confidence as well in the relationship line width.
[stextbox id=”grey”]
E(g)$color <- rgb(.5, .5, 0, egam) E(g)$width <- egam # plot the graph in layout1 plot(g, layout=layout1) tkplot(g, layout=layout.kamada.kawai)[/stextbox]
The final plot makes the entire story clear. We have already seen that H and I have the highest support. Now it is also clear that E-I , I-F and H-F have a high confidence as well. Hence, if a customer buys a product F there is a high propensity that he will also buy product H and I. Hence, following are the rules which we can infer from this analysis :
1. If a customer buys E, he has a high propensity to also buy I.
2.If a customer buys F, he has a high propensity to also buy I.
3. If a customer buys F, he has a high propensity to also buy H.
4. If a customer buys I, there is very small that he will also buy H.
The arrangement of items should flow from these rules in order to maximize the sales.
End Notes
Graphical representation of market basket analysis makes the interpretation of the entire puzzle of “probabilities/conditional probability/lift above random events” much simpler than a tabular format. This simplification can be more appreciated when we have a large number of transactions and product list. In case of large lists, we can simply find out using the dimension of product sign and width of the line connecting them to infer out simple rules which otherwise were buried in a matrix of complex probabilities.
Have you ever visualized relationships in a market basket analysis? If you did, what algorithm did you use? Did you find the article useful? Did this article solve any of your existing dilemma?
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Industry Analysis In A Business Plan
Industry Analysis In A Business Plan –
Some decisions require a lot of thinking. You cannot just adopt “Rocks, Scissors, and Paper” to decide in such cases. Many reviews, analyses, and debates are behind such vital decisions. The same is the situation of Luke and his wife, Daisy. They have made this big decision to buy a new home. They have analyzed various areas and bungalows and buildings, and flats. Finally, they have shortlisted a small house and are about to do the paperwork. Luke has analyzed all the positives of that area and nearby amenities. Daisy, on the other hand, is having a hard time. Since it is the most significant decision for her after her marriage, she has been going nuts. She is having nightmares of all the possible things that can go wrong with the house and the new place.
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But nothing went wrong in their case, and they lived happily in the new home. As an intelligent person, Luke had done some proper analysis and predictions. He made calculations of the possibilities and prospects of that area and came up with a positive outlook. Impressive right? But do you want to know a little secret?
Luke has some fantastic analytical skills. So the question is, from where did he get such skills? Is it hereditary? Or has he developed it over time?
How do you think Luke was able to buy such a magnificent new home? The answer is that Luke is a big fan of Warren Buffet. He has been investing in the stock market for a long time and doing well. Before investing in any company, Luke analyzed that sector and industry well. He came up with his industry analysis report and decided whether to invest in that sector or the company. So let’s use Luke’s analytical skills and get insights into what industry analysis is in a business plan and how to perform the same. So let’s learn the basics of Industry analysis.
What is Industry Analysis In A Business Plan?Before starting with the actual meaning of the industry analysis in a business plan, first, let’s understand what an Industry is.
The industry is a collection of Competitors producing a similar product or offering similar services to their customers.
To ensure it is the best or worst industry to enter or invest in.
Understanding the industry and forecasting its trends and directions, they need to react and control their portion in the industry.
Major elements1. Understanding the underlying forces at work
Competition intensifying
Changing customers’ needs and taste
Technological innovation
Globalization
Entry of major competitors
Sudden regulation or deregulation
2. Understanding the attractiveness of the industry
Whether it is feasible to enter or invest in that industry.
3. Understanding the critical industry analysis factors that determine success within the industry.
Importance
It is an important element of any investment that one wants to make.
To succeed, business owners need to analyze that industry.
Important for positioning the company in the niche market
It aids the companies in identifying potential opportunities.
It helps in analyzing the threats.
Assists in analyzing the fit between internal management preferences and the business environment.
Facilitates mitigating the risk of entering an extremely competitive business.
Ways to perform
One way to perform the industry analysis in a business plan is to do the ratio analysis and comparisons. Ratios are ascertained by dividing one business variable by another. By comparing the company ratio with that of the industry, a business owner can understand where his business stands concerning the industry average.
Michael E. Porter developed another model for analyzing the industry in his classic book Competitive Strategy: Techniques for Analyzing Industries and Competitors (1980). His model shows that rivalry among the firms in an industry depends upon the following five forces:
The Threat of New Entry Bargaining power of the SupplierSupplier power refers to the pressure suppliers can exert on businesses by raising prices, lowering quality, or reducing product availability to intimidate buyers. All of these things directly cost the buyer.
Bargaining power of the BuyerIt refers to the pressure the buyers can exert on businesses to ensure higher quality products, better customer service, and lower prices. Strong buyers can make the industry more competitive, thus decreasing the profit for the seller.
Competitive RivalryIt is the extent to which the competitive firms within an industry can bully each other, thus decreasing profits. Fierce competition may lead to stealing profits and market share amongst competitors.
Threat of SubstitutionIt is the availability of a substitute product that the buyers can find instead of a core selling product.
Industry Analysis 3 Steps # Gathering the Data
The Scope of the Research
Define the industry where you would like to perform industry analysis research activities. It can be a broad industry or a niche industry.
Research your industry
Information sources that will help you conduct your industry analysis in a business plan are different for every business. For example, you might need local information, which you can get from your local chamber of commerce. Or you can find your industry analysis information on government websites. You can also find out government statistics or other commercial statistics. You may have to conduct some internet searches to track down the information.
If the information is difficult to obtain at one particular site, you’ll have to extrapolate information from different sources to get the information you’re seeking. Start finding the data from the government or other websites where accurate data is available. Check academic databases for any published information on your area of interest.
Compile relevant data using the sources above.
Make notes of annual revenues, the number of companies involved, and workforce statistics of the desired industry. Find statistics about the size of the customer base and buying trends.
Master financial analysis techniques. Analyze industry data effectively to forecast financials. Perform market research to assess market trends.
# Analysis
Description of the Industry
Start your industry analysis report with a general description of the industry. Include one or two paragraphs about the industry’s size, products, and geographic concentration.
Describe the company
Competitor Analysis
Understand the competitors and mention relevant statistical information about their revenues, profit, etc. Describe their product range if possible. Mention their strategies and forth-coming products.
# OutlookGDP and Inflation effects
Mention how much the sector has been contributing to the GDP and how it has been affected by the rising inflation. Give an outlook on the same.
Try to understand the answers to the following industry analysis questions.
What are the industry’s foremost economic characteristics?
To answer this question, you can acquire data about the industry from governmental census data or sites such as chúng tôi or other data-intensive web locations.
What kinds of competitive forces are industry members facing?
What is the Change driving factors and their impacts?
Understand the industry analysis characteristics of the industry, unlike changing social trends, demographics, regulatory issues, etc.
What do market positions rivals occupy?
Analyze whether a firm is smartly positioned or not. Many industry analysis websites list the company’s key competitors and information about them.
Finally, you should get a positive response to the following question.
Points to Stress in Industry Analysis in a Business Plan1. Industry attractiveness and industry success factors
Industry attractiveness is the presence or absence of threats exhibited by industry forces. Thus a more significant threat posed by any of the industry forces lessens the attractiveness of the industry.
Success factors are the elements that play a significant role in determining whether a company will succeed or fail in a given industry. Some industry analysis examples of success factors are- quick response to market changes, product line, reasonable and fair prices, product quality, sales support, a good record for deliveries, financial position and a management team.
2. Analyzing the future
One of the crucial factors in industry analysis in a business plan is analyzing the sector’s future. Here one can see how the industry has performed historically. Explore how the sector will perform by looking at historical trends.
However, the sector’s future is also affected by the significant changes or regulations related to that industry. Hence it is necessary to analyze these factors for the same.
3. Demand and Supply Analysis
Demand and Supply Analysis also plays a major role here. The following factors of demand and supply may affect the industry-
Inflation has affected some major economies of the world over the past years. Hence analyzing the effect of inflation on a particular sector becomes extremely important in the industry analysis of a business plan process.
5. Other important factors that can be considered for Industry Analysis in a business plan are
Size of the industry
What sectors does it include?
Major players in this industry
Markets and customers
Estimated sales for the industry (This year? Last year? The year before?)
National/economic trends affecting the industry?
National/economic trends that might affect it in the future
Long-term outlook
Competitor analysis
Target Market analysis
Market growth rate
Market profitability
Industry cost structure
Distribution channels
Success factors
Success Details
Considerations for Industry Analysis in a business plan
While carrying out an industry analysis in a business plan, one should consider which forces pose the greatest threat to the business.
Companies may then undertake careful strategic planning to mitigate these threats.
Managers should also consider their own preferences and internal capabilities before undertaking a strategy developed from an industry analysis.
Business Cycle AnalysisTry to classify the industries according to their growth cycle.
Growth industries
The earnings in such industries are significantly above the average of all sectors. Growth stocks suffer less during a recession.
Defensive industries
Cyclical industries
Benefits of Industry Analysis in a Business Plan
The benefits of completing an industry analysis in a business plan help company managers to gain a better understanding of their business in the industry.
Allows companies to position themselves carefully in their industry.
It helps companies to respond better to any changes in the industry.
Example of Industry Analysis In A Business Plan (FMCG Sector)So having known the importance and ways to carry out an industry analysis in a business plan, let us now analyze the Indian FMCG sector.
Industry Overview
Currently, the FMCG sector is the fourth largest sector in India, with a market size of USD 12000 Billion.
It is to grow to a USD 18000 Billion industry by 2031.
Major Segments in the FMCG Sector Major Players SWOT Analysis of the FMCG Sector
Strengths
3. Presence of well-known brands in the FMCG sector
Weaknesses
3. Copy products narrow the scope of FMCG products in the rural and semi-urban markets.
Opportunities
4. Export potential
Threats
2. Tax and regulatory structure.
Porters five forces model for FMCG Sector Key Challenges
Consolidation
Product innovation
Lifestyle products
Backward integration
Third-party manufacturing
Increased hiring from Tier 1 & 2 cities
Reducing carbon footprint
Opportunities
The government approved an investment of up to 100 % foreign equity for NRI & overseas corporate bodies.
India has allowed 51 % FDI in multi-brand retail
Relaxation of license rules
The above industry analysis of the Indian FMCG sector is brief to give a gist of what industry analysis in a business plan should include. The actual industry analysis report may be exhaustive detailing all the essential factors.
Hope that the above article has added some value to your learning. Share this with your friends who might find this article interesting.
Related Articles:-Here are some articles that will help you get more details about Industry Analysis in a business plan.
Industry Analysis In a Business Plan InfographicsLearn the juice of this article in a minute through Industry Analysis Infographics
Will India Become A Cybersecurity Product Hotspot In 2023?
Companies and governments all over the world are increasingly interested in investing in cyber resilience making India a cybersecurity hotspot
According to computer security experts, India is quickly becoming a talent hotspot for the global cybercrime sector, owing to delayed recruiting in the traditional software industry, the attraction of easy money and a lack of law enforcement. Hacking into computer networks and creating malware are among the services outsourced to cyber-mercenaries in India via underground markets. Botnets – hacker-controlled machines used to conduct crippling assaults and shut down websites – may be rented for as cheap as US$2 (Rs 125) per hour.
According to computer security experts, India is quickly becoming a talent hotspot for the global cybercrime sector, owing to delayed recruiting in the traditional software industry, the attraction of easy money and a lack of law enforcement. Hacking into computer networks and creating malware are among the services outsourced to cyber-mercenaries in India via underground markets. Botnets – hacker-controlled machines used to conduct crippling assaults and shut down websites – may be rented for as cheap as US$2 (Rs 125) per hour. After establishing itself as a worldwide hub for IT services and goods, India is on course to become the epicentre of the cybersecurity product industry, with increased occurrences of cyber assaults during the pandemic that is fuelling this expansion. According to a recent report by the Data Security Council of India (DSCI), the national industry body on data protection, the number of Indian cybersecurity product firms has increased to over 225 in 2023 from over 175 in 2023, with revenue increasing to over $1 billion in 2023 from $275 million in 2023, representing a CAGR of around 39%. Between 2023 and 2023, the number of people working in the Indian cybersecurity product industry increased by 25%, to around 18,000 people. Cisco, CrowdStrike, Lucideus, FireEye and Symantec, among others, have important R&D facilities in India, and indigenous cybersecurity businesses are experiencing growing business from both local and foreign firms as the epidemic pushes demand for cloud usage, remote working technologies and cost optimization. “It’s heartening to see that 63 percent of the [cybersecurity] systems studied have AI-ML capabilities, 78 percent are cloud-ready, and firms in specialty fields like Quantum and Blockchain are rethinking traditional cybersecurity stacks,” said DSCI CEO Rama Veda Shree. According to the DSCI, over 20% of cybersecurity companies were founded in the previous two years, with Bangalore, Mumbai/Pune, Delhi NCR, Hyderabad and Chennai serving as the most important hubs.While the total amount raised in the previous four years has been roughly US$490 million, fundraising has increased by 88 percent year over year from 2023 to 2023. As the complexity of cyber threats forces organizations to tighten IT security, Lucideus, a cybersecurity start-up headquartered in Palo Alto with R&D in Bengaluru, saw top-line growth of about 250 percent in the October-December quarter. According to Lucideus’ founders and CEO, India’s standing as a global engineering powerhouse, a strong national digital vision by politicians, and the existence of institutions with extensive research skills make the country a worldwide hub for cybersecurity R&D and a gateway to Asia.According to the research, India accounts for 63 percent of global cybersecurity product sales, with the United States coming in second with 16 percent. While the BFSI and IT industries provide the most revenue, healthcare, e-commerce and manufacturing are developing at a rapid rate in the aftermath of the epidemic. According to the research, India accounts for 63 percent of global cybersecurity product sales, with the United States coming in second with 16 percent. While the BFSI and IT industries provide the most revenue, healthcare, e-commerce and manufacturing are developing at a rapid rate in the aftermath of the epidemic. In terms of the predicted growth in the Indian cyber security products market, data protection and endpoint security would rise at a faster pace. The adoption of linked devices, bring your device (BYOD), and Internet of Things (IoT) technologies is expected to expand in the endpoint category. As more businesses utilize digital technology, network security tools are becoming increasingly important. The market for network security products in India is expected to grow at a CAGR of 15.3 percent from USD 257 million in 2023 to USD 394 million in 2023.Incident response and security testing services are projected to be the main drivers of demand in the Indian cyber security services industry, according to forecasts. Security consulting services, which comprise cyber security strategy planning, policy formulation, creating security architecture, and other services, are predicted to increase at a CAGR of 12.2 percent over the next three years, reaching a market value of USD 157 million by chúng tôi India, the market for security testing services, which is one of the fastest-growing, is expected to expand from USD 201 million in 2023 to USD 325 million in 2023. By 2023, the market for security testing services will be worth a million, with a CAGR of 17.4%.
Market Meets Web, Web Meets Market.
Google has finally launched the Android Market’s web version, which, many (or most) of us had been praying for quite a long time. Although Google’s has kept the market very easy to use and get along with, you can start with this post to get the whole idea of the web version of the android market, its contents, exciting features and what it still lacks.
Signing In
Settings – “My Market Account”
Next thing you should do is checking out the “My market Account” tab wherein you will find two tabs:
Orders – It will simply list out apps currently installed on your phone — just like they show in “My Apps’ tab on your android market app on phone.
Settings – It will show android phones and tablets that are linked with your Google ID. You can change the name(s) of any device listed over there for proper and quick recognition. Also, you can select whether you want your device to be visible in the menus or not. (See screenshot below) If you select “Hidden in Menus” for any of your device here, it will not show in the drop down menus when you install apps or are using the ‘search options’ to select preferred device for search (more on this search function later). Suppose, you’ve one android phone only, and for that you select “Hidden in Menus”, then, when you hit the install tab, the pop-up will only say “There are no android phones associated with this account. Please sign in with a different account.” So, if you get that error, make sure you’ve select the option “Shown in Menus” under the settings and that your Google ID is same on phone and the web.
Downloading Apps from the Web Version of Android Market
Download app is the easiest thing with web version. Search for an app and simply hit the install button below it or the app’s description page where it’s on the left side. The app will be installed on your device Over-The-Air, meaning you don’t need to cable your phone to PC for that. Awesome, right?
Content
You can browse the market category-wise too, by choosing the one of your interest from the left side. On the category page, You’ll be told about Top Paid Apps and Top Free Apps, while you can hit the ‘See more’ tab in the bottom left to get more of such apps.
Check out the video below where we’ve covered almost everything that’s useful, must-know, for you.
Exciting Features
Well, it’s easy to say which is the best thing market’s web version has done for us — it’s OTA (over-the-air) installation of apps. You hi the install button on your desktop’s browser and your phone would download the app and install it, right away, if it’s free. And if it’s a paid app, purchasing too is lot convenient when you’re using a web browser as compared to phone.
The third feature, although not exciting but more of a must-have, is a search function. Located at the top right corner, it allows you to search any app and let’s the installation process begin right from the search result’s page, which is very cool, since you don’t need to go to app’s page to download.
Another exciting stuff here is that you can now filter your search (see pic above) — hit the search option in the upper right corner and select whether you want only free or paid apps, based on relevancy or popularity and if you own and have attached more than one android device — which will be very much the case when android tablets hits the stores near us — you can sort the results to one of the several devices, by selecting your preferred gadget for the search from the drop down menu.
What it Still Lacks…
To an average user, almost everything has now been sufficiently covered just like the market app on phone, except that the latter has the “Just In” tab for discovering new apps which the web version lacks, and, there is no option to update the apps right from the web. Needless to say, the ‘update all’ feature is still missing from the web version, even if you’re on Froyo.
Bookmarking apps?
To a pro user, who wants variety of tools to sort out the best apps among the new ones (and wants to go beyond what Google recommends all the time), or want: user’s age-wise classification of apps based on Google profiles, country-wise classification like apple’s appstore, and many more countless features that don’t mean very much to a normal user, are still missing — but it’s not an insane thing, you know! These stuff might, in fact, complicate an average user’s experience, so we won’t blame Google or anyone here.
That’s it about the web version of the market.
A Marketing Insight On Saas Product Pre
The focus is on the product
The reason?
Great products trigger word-of-mouth effect which is the most reliable and also the cheapest marketing channel. Therefore, keep in mind that the 4Ps of marketing are still alive and well.
What about SaaS pre-launch stage when you don’t have a product ready yet? I’m here to share our experience and best practices.
Make use of the market research
SaaS marketing starts long before the product gets launched. When you make first steps with your next big thing, it’s a good idea to begin with a detailed research. The first task is to identify the buyer persona. At Chanty we’ve created a number of surveys asking about communication challenges people experience, problems that team chats solve for them and so on. It helped us create an image of the target audience we are building our product for.
This kind of analysis helps make a decision when you shape your product and answer many questions:
Is there a free niche you can occupy?
Which product features should your product include to stay competitive?
What marketing channels can you rely on?
And the most important:
What’s your competitive edge?
You can also use marketing hooks that help spread the word. E.g. Slack claims to kill emails. This statement certainly stands out and attracts attention. Groove helpdesk software positions themselves as a “breath of fresh air”. At Chanty we’ve chosen to go with artificial intelligence – the 2023 trend that resonates with our tech savvy audience.
Test your marketing assets
Marketing and design have to go hand in hand to achieve results. What you think as an amazing piece of design or a line of text may be not perceived by your target audience in the same way. How do you know what your buyer persona actually likes?
The Next step is to compare the results and see if one of the versions of your marketing assets performs significantly better for your target audience.
Design a remarkable landing page
A landing page is all you have when the product isn’t ready yet. While there’s no problem with having a simple one-page website, in the beginning, it must be nevertheless crystal clear and user-friendly as you will never have a second chance to make the first impression. Responsive design that a user can easily open from a mobile device goes without saying.
Remember, Nike doesn’t sell sports shoes, they sell motivation for courage and success. The content of your product landing page should reflect the values you are delivering with your software, so don’t start off with listing your “unique” features. Big brands sell value, not functionality.
Content marketing is still king
There’s no excuse for not creating content today when digital marketing has turned into a non-stop content creating machine. Starting a blog is a must, moreover, you have to spend more time promoting your content than actually writing it. Keep conversions in mind when working on your articles. It means looking for the right high-intent keywords to attract visitors looking for your product or answers to the questions that your product solves.
The quality of the blog posts goes without saying. You have literally no chance to be noticed in the ocean of valuable in-depth content if you don’t pay attention to the quality. Therefore, I always recommend not to hire freelancers to write content for you. Content becomes useful and valuable only when you put your heart and soul into it. My experience tells me it’s usually hard to expect this from a freelancer.
We’ve started looking for beta testers long before our actual beta test. On the one hand, more time gives you an opportunity to attract more emails. On the other hand, when you contact those you’ve found half a year ago once your app finally enters its beta, they barely remember you or your app. Therefore, I’d recommend to strike a balance and spend one or two months actively promoting your product to get the precious emails of early adopters. Here are some helpful sources that got us the majority of the emails:
Direct outreach
We’ve tried to contact people directly on LinkedIn, Twitter and Facebook. As a result, LinkedIn brought us the largest number of early adopters.
Beta platforms (Beta List, Beta Bound, Beta Family, etc)
I should highlight that Beta List was the most effective bringing us twice as many emails compared to other beta platforms altogether.
App review content
It’s hard to overestimate the role of content marketing and SEO when it comes to SaaS promotion. We’ve developed a number of articles reviewing our main competitors that continue to bring us traffic and conversions.
Key takeaways
No matter where your marketing activities take you, always keep your product a priority. The overall success of your SaaS depends on whether or not your customers will enjoy using it. If they do, you will be rewarded that viral effect you’ve been craving for. At the pre-launch stage, when there’s no product ready, design your website to get the most of it and not to spoil the first impression.
Trust In Human Resources: Without Technology, How Can Relationships Be Built?
The big question now is “how do you determine your employees’ trust level for HR?” In a bid to gauge employees’ trust for their HR department,
The Current State Post Pandemic Employee TrustThe past 18 months or so have been life-changing for many businesses and during that period, there could have easily been drastic changes that saw businesses lose the complete trust of their employees due to a lot of uncertainty around the pandemic. Nevertheless, this hasn’t ultimately been the case. 32.1% of people still trust their HR team more now than before COVID-19, 54.1% still trust them the same and 13.8% trust them less. Businesses have had to adapt how they operate due to the pandemic and with businesses now having returned back to the office, HR teams would have to openly communicate with their employees and keep them aware of the situations about returning back to the office. With remote working now becoming popular, companies can implement a flexible workplace policy and allow employees to work some days remotely and some days back in the office.
Problems of Employee Mistrust for HRDifficulty interacting with HR. At least one-third of surveyed employees stated that they find getting help from their HR department as being hard or nearly impossible. This certainly isn’t helpful during a pandemic. HR departments need to operate and find ways where they can make themselves available and respond to employees’ queries as an unanswered query can certainly damage morale and contribute towards unnecessary stress. Emerging thoughts of favoritism. In a society where organizations take great pride in their
HR Software Can Still Bolster Trust While HR Focuses on PerformanceTrust is a vital facet of the business you want to be continuous or progressive. When it is lacking, it is nearly impossible to boast of an employee-focused strategy. Somehow, it affects your customers because employee unhappiness, or perhaps, mental unhealthiness, will reflect in their relationship with customers. The big question now is “how do you determine your employees’ trust level for HR?” In a bid to gauge employees’ trust for their HR department, Cezanne HR has surveyed 1,000 employees from UK organizations with more than 250 employees and we take a look at some of their findings chúng tôi past 18 months or so have been life-changing for many businesses and during that period, there could have easily been drastic changes that saw businesses lose the complete trust of their employees due to a lot of uncertainty around the pandemic. Nevertheless, this hasn’t ultimately been the case. 32.1% of people still trust their HR team more now than before COVID-19, 54.1% still trust them the same and 13.8% trust them less. Businesses have had to adapt how they operate due to the pandemic and with businesses now having returned back to the office, HR teams would have to openly communicate with their employees and keep them aware of the situations about returning back to the office. With remote working now becoming popular, companies can implement a flexible workplace policy and allow employees to work some days remotely and some days back in the office.. At least one-third of surveyed employees stated that they find getting help from their HR department as being hard or nearly impossible. This certainly isn’t helpful during a pandemic. HR departments need to operate and find ways where they can make themselves available and respond to employees’ queries as an unanswered query can certainly damage morale and contribute towards unnecessary stress.. In a society where organizations take great pride in their diversity, equity, and inclusion in the workplace , it’s important to remain impartial and not show favoritism towards one group of people over another. If this is the case, then this will contribute towards low staff morale and result in them wanting to leave the company producing high staff turnover. It’s important that HR keep their employees happy, especially since talent acquisition can be an expensive and time-consuming process. 45% of survey respondents stated that they neither trust HR to act impartially, while 43% believe senior staff is favored more compared to the 12% of junior staff. HR software can be valuable and efficient in enhancing employee confidence in company processes and integrity. In this regard, you can expect an improved work environment and fairness that retains talent, boosts morale, and improves productivity. Human Resource Management software allows your organization to eliminate the awareness gap by providing a snapshot of HR activities and corporate initiatives. You can then leverage the report to communicate changes and rethink employee relationships with HR management. HR software significantly improves transparency which bolsters employee trust such that it anonymizes and provides data showing how the organization has been handling employee relations issues. The team can then work on the report to address workplace problems that can improve employee trust. Technology is permeating all facets of the work environment which could mean losing the human touch. However, it will be difficult to accurately gauge employee trust levels without HR tools. The HR team has a lot to gain from using HR software and this includes automating and hastening how they reinvent the wheel to address problems surging employee distrust.
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