Measure the numbers well
MANILA, Philippines –“Without big data analytics, companies are blind and deaf, wandering out onto the web like deer on a freeway,” writes Geoffrey Moore, noted American organizational theorist, management and consultant.
In the age when data analyst is considered 21st century’s sexiest job by CNBC.com and USA Today, it’s not just gathering or owning the right data and seeing these as strategic asset for your business.
But before this even happens, you must be able to understand basic statistical concepts that will serve as foundation of your analyses.
Why? Because Avinash Kaushnik, the modern data guru and Google evangelist says so: “The root cause of failure in most digital marketing campaigns is not the lack of creativity in the banner ad or TV spot or the sexiness of the website. It is not even (often) the people involved. It is quite simply the lack of structured thinking about what the real purpose of the campaign is and a lack of an objective set of measures with which to identify success or failure.”
International Institute for Digital Marketing (IIDM) names three branches of data analytics and how each can work for you.
Descriptive data analytics is mainly geared towards providing a picture of a specific social phenomenon through simpler, face-value statistical methods such as frequencies, percentages, central tendencies, etc. It involves a branch of statistics, aptly called, descriptive statistics.
Relational data analytics involve finding relations to two independent phenomena through statistical technique, for instance finding relationship between Facebook usage and a student’s grades, or increase in taxes and brand consumption.
Prediction data analytics, a higher tier of data analytics, involves forecasting the business or economic future which consists of gathering and interpreting data from the past. This is what Target Data, a marketing firm that combines big data and analytics to help business target consumers during major event, recently revealed in an article in Forbes.com.
“We have built a model that can predict with 75% accuracy the likelihood that a home will sell in the next 30, 60 or 90 days,” says Scott Bailey, EVP of strategy and analytics.
Make better and informed marketing decisions with the Digital Marketing Analytics Specialist Track of the Certified Digital Marketer Program.
To learn more about the course, log on to imadigitalmarketer.com or call 927-0096, 0928-506-5382.
