Archive for the ‘critical role’ tag
During and after Hurricane Katrina Coast Guardsmen saved more than 33,500 lives. I have spoken to many people that didn’t know that the Coast Guard is considered part of our military defense; they are and they play a critical role. Two crucial roles are protecting our borders (Ports, waterways, coastal security) and rescuing many Americans [...]
Marthe types the word “Melkeallergi” into Google.no, searching for information about a health condition she’s worried about. In her discussion group for Norwegian school moms, one parent suffered from stomach cramps just like she did, and mentioned the diagnosis of “milk…
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Now that some of the dust is settling around Facebook’s massive acquisition of Instagram this past week, we can all take a step back and think about the bigger picture. Yes, Facebook understands the critical role mobile will play in how billions of people interact and communicate but they also understand that interactions, engagement, consumption or whatever you want to call it generates one thing.
Facebook wants it. Google wants it. And all businesses will want to understand it. There is huge, big business to be built around all kinds of data. Targeted marketing is the first salvo and it’s a pretty big one. But that’s likely the tip of a gargantuan iceburg. I had some fun recently chatting with Richard Quest from CNN on some of these issues. It’s only a few minutes, but you get the idea. The Web is going social, mobile and local. All of this will generate a lot of data, and that’s going to be valuable in a lot of ways. What do you think? Where is all of this going?
We’re in an age of online excess. There are more than 500,000 apps in the Apple app store, and the web is exploding with sites and services. Consumers are being bombarded with choices, and marketers have been inundated with data. If you’re looking to successfully launch a product in this strange new world, you need a way to see and cut through the noise. To survive, you need data science.
Data science can play a critical role in helping marketing decision makers know how to spend their money online. In this new world, it’s all about measuring the efficacy of your social dollars, moving beyond listening platforms and understanding the early consumer signals that predict whether or not you are making the right moves. The right intelligence will help you avoid misfires and pull in more of the people who are most likely to monetize, so you get the most bang for your marketing buck.
Make your data actionable
From games to casinos to healthcare to Wall Street, data science is transforming every industry, offering businesses a whole new level of insight and an efficient way to optimize the customer experience. But what many organizations fail to understand is that simply being able to collect huge quantities of data doesn’t make that data useful. If the big data doesn’t lead to meaningful, actionable insights, then it’s a big waste of time.
Data science translates all those stats and figures into meaningful signals. It’s a rigorous, complex process that, when done by experts, gives your company the ability to make smarter decisions — faster than the competition. Data scientists have the know-how to take the analysis and build it into a dashboard or easy-to-use system that any person or team in an organization can access and use to make clean, clear data-driven decisions on a daily or even real-time basis. But unlocking the data is only step one.
Know which metrics matter
The second step is determining which Key Performance Indicators (KPIs) matter most to your specific business depending on what stage you’re in. For instance, in the game world, there are early indicators that are predictive of revenue. In the old days, a company would just look at basics like cost of acquisition and revenue as a result of the folks they bring in who use their service. But now, in the age of data science, we also measure things like one day, seven day, and 30 day retention rates, and which marketing channels are generating the customers with the highest propensity to stick around and become valuable customers. In the launch stage, focusing on the right KPIs can be a game-changer.
Another important metric to look at early is “virality.” We call it the “K factor.” The higher your K factor, the greater the likelihood that users will bring in their friends through viral channels like Facebook streams, posts, and invitations. If you can focus on marketing channels that generate the most influential people to build an organic following, your cost of acquisition will decrease in the long term.
It’s not easy to look at a dashboard and understand things like this. You need the guidance and expertise that data scientists provide.
When you purchase a copy of “Hillstrom’s 2012 Preview” (print click here, kindle click here), you are introduced to a topic called “Merchandise Forensics”. The booklet represents the only place where we’ll cover the topic of Merchandise Forensics.
When you think of Merchandise Forensics, you think of three important concepts.
- The critical role that “winning products” play in the growth of your business.
- The importance of various items to “promote themselves” from marginal status to “winning products” status.
- The critical importance of new products. If you think about new products in the same way you think about new customers, you’re suddenly liberated to grow your business in new ways!
I think that’s worth $9.95 via print, or $3.95 via Kindle, don’t you?