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From Insight to Action: Are You Using the Marketing Data You’re Gathering?

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Dana Millard
May 23, 2016 15:21
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According to data scientist, Michael Wu, there are three classes of analytics:

Descriptive: Statistics that summarizes the existing data.

There is a time and place for descriptive analytics and predictive analytics, but if you re looking to take action, prescriptive analytics should be your focus.

It is a prediction whose predictive window is longer than the reaction time.

If your current approach consists of collecting data and reviewing it without action, then you re merely investing in descriptive and predictive analytics.

Everyone from the CEO down needs to understand the importance of not only collecting data, but also using that data to make educated and strategic decisions that better the company.

If you want to take a firm stance on the importance of actionable data, then establish a policy that says every single element of any marketing plan must be based on insight you gather from customers.

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Dana Millard
May 23, 2016 15:21
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