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Understand the difference in analytics types By: Wayne Chen © 2012 -2013 Wayne Chen Wayne @PocketSquareMedia.co
| Date post: | 05-Dec-2014 |
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Understand the difference in analytics types By: Wayne Chen
© 2012 -2013 Wayne Chen! Wayne @PocketSquareMedia.co!
¡ Any company can collect data and store it but the goal is to extract data that can create value
¡ Analytics has become the pinnacle of data refinement
© 2012 -2013 Wayne Chen! Wayne @PocketSquareMedia.co!
¡ Key Analytic Groups § Business Intelligence § Descriptive Analytics § Optimization § Predictive Analytics
© 2012 -2013 Wayne Chen! Wayne @PocketSquareMedia.co!
¡ AKA: Analytics ¡ B.I. Reporting
§ Track and measure: Real-‐Time , Daily, Weekly, Monthly and Annual
¡ Past 30 day reporting on response rate and conversion rate for a campaign
¡ Optimal time/day ROI
© 2012 -2013 Wayne Chen! Wayne @PocketSquareMedia.co!
¡ Customer Segmentation Profiles § What pages are they on?
What peaks interests? § High value vs. Low value
customers § Income, age, children,
occupation, and regional breakdown
© 2012 -2013 Wayne Chen! Wayne @PocketSquareMedia.co!
¡ Understand the future of growth and demand § Who will respond to this
campaign or the changes? § Potential sales value of each
customer. Potential negative consequences?
¡ Requires structure models to have scores
¡ Trained statisticians with custom variables and databases to analyze
© 2012 -2013 Wayne Chen! Wayne @PocketSquareMedia.co!
¡ Focus on the “What if” § Increase advertising on
specific channels § Enhanced keywords, content
and promotions § Best optimal combination to
yield maximum ROI ¡ Uses econometric
modeling to form execution strategy
© 2012 -2013 Wayne Chen! Wayne @PocketSquareMedia.co!
¡ Not all analytics are created equal
¡ The most popular may not always be the best for you
¡ Compare costs, features and benefits
¡ Focus in on what you absolutely need first vs. what you will need later
¡ Evaluate the product over time and experience it on a day-‐to-‐day
¡ Identify potential areas of improvement
© 2012 -2013 Wayne Chen! Wayne @PocketSquareMedia.co!
¡ Map out what types of data and answers you are looking for
¡ Use more than one analytic (free vs. paid)
¡ Understand how they are coming up with the data before buying in fully
¡ Investigate the longevity of the platform, company and customer service history
¡ Ask friends and industry professionals for recommendations
¡ Have a transition plan and actually use your analytic platform
Contact information ¡ Wayne Chen ¡ [email protected] ¡ www.PocketSquareMedia.co
© 2012 -2013 Wayne Chen! Wayne @PocketSquareMedia.co!
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