4 Big Analytic Types That You Should Know By Wayne Chen

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Understanding the difference between analytics can help marketers and managers decipher their data faster and more effectively. pocketsquaremedia.co

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4 Big Analytic Types That You Should Know By Wayne Chen

  1. 1. Understand  the  difference  in  analytics  types  By:  Wayne  Chen  © 2012 -2013 Wayne Chen! Wayne @PocketSquareMedia.co!
  2. 2. ¡  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!
  3. 3. ¡  Key  Analytic  Groups  §  Business  Intelligence  §  Descriptive  Analytics  §  Optimization  §  Predictive  Analytics    © 2012 -2013 Wayne Chen! Wayne @PocketSquareMedia.co!
  4. 4. ¡  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!
  5. 5. ¡  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!
  6. 6. ¡  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!
  7. 7. ¡  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!
  8. 8. ¡  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  
  9. 9. Contact  information  ¡  Wayne  Chen  ¡  Wayne@PocketSquareMedia.co  ¡  www.PocketSquareMedia.co  © 2012 -2013 Wayne Chen! Wayne @PocketSquareMedia.co!
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