If you are short on cash for headcount or other analytics projects or tools, then consider cutting back on the number one waste of cash … REPORTING. Now I have gone back and forth about whether to push this post because it can be a controversial topic. It is not the report itself that bleeds cash but the way your team’s time is used to produce something with very little value. You can determine if any report has value by asking two simple questions: Was it read? If so, then what actions were taken from it? Now, on with the post.Read More
This article was originally posted on Forbes.com.
I have often wondered why some companies languish in their use of customer data and others feast on it. The stakes are high because data-driven companies see an average of 6% gross revenue increase and 5% in productivity, according to McKinsey research. But even more impressive, these companies are using digital data signals to listen and learn who their valuable customers are, what amount should be paid to acquire them and how to innovate to keep them.Read More
Many years ago when I was first starting out in digital analytics I captured a piece of valuable advice from Avinash Kaushik. He essentially said if you want to be an expert in anything, read 3 books on the subject and then you will know 80% of what everyone else knows. Indeed this follows the Pareto curve (aka the 80/20 rule) and is also cited in Nate Silver’s book, The Signal and the Noise.
When faced with overwhelming information, such as a billion quickly changing data sources, I use this three-step technique. You may notice, this is very similar to testing … or Bayesian theory… or similar to cracking the Enigma code if you saw the recent movie. Here is how it goes:Read More