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Posts Tagged ‘analytics’

Advertising enters a new era

This is a great article in the NY Times talking about how the Internet is changing the way advertising is done.

One specific portion that leapt out is where it says there was a time that all research was pre or post. Now with web based advertising you can do on going tracking, measuring and optimising.

It also talks about the growing role that data oriented people are playing and will grow in the business that has traditionally been about creative ideas.

I wonder how many big businesses really practise this though.

There is a lot of data out there. How it is being used is a billion dollar Q.

I think the SMBs who have small budgets are optimising more than the big budget holders.

This may be the case till the % of spend on-line becomes more than off-line and the costs of optimisation and its outcomes are materially significant to invest in it.

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The data is the data

One of the most popular retail data stories is…

when analysing the sales data the retailer found that there was a strong correlation between the sales of diapers and sales of beer. After being puzzled by it for a while, shop observation revealed that most purchasers of diapers were fathers on the way home from work. And they ended up picking up a 6 pack of beer as well. Hence the correlation.

That is great news right? You know that chances are when someone comes in to buy diapers, they are likely to buy beer too.

Now comes the decision point.

Do you keep diapers next to the beer? Which is what the retailer mentioned above, apparently did.

Or do you separate the two by some distance, knowing that the father will anyway go to pick up beer, if you separate the two then maybe he will pick up some other stuff as well. Like say Chips, salsa etc.

What would you do?

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Can you analyse data?

This report suggests that while there is a lot of data available now thanks to the Internet very little of the analytics possible is being done or translated into action.

Reason: Lack of knowledgeable staff.

Opportunity knocking loudly for those who can bridge the data with recommended marketing action.

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