Understand the difference in analytics types By: Wayne Chen © 2012 -2013 Wayne Chen Wayne @PocketSquareMedia.co
4 Big Analytic Types That You Should Know By Wayne Chen
Dec 05, 2014
Understanding the difference between analytics can help marketers and managers decipher their data faster and more effectively. pocketsquaremedia.co
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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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