On the next Analytically Speaking, we’ll hear from Xan Gregg, JMP Director of R&D and the creator of the drag-and-drop Graph Builder. Here is a preview of what he’ll discuss. Tune in Wednesday, March 16, at 1 pm ET to hear the rest. Q: Tell us about the importance of […]
Gerhard Svolba is a colleague at SAS who is not only an experienced analyst and a caring father, but also an author for SAS Press and an enthusiastic sailor. He has done valuable research about detecting data quality problems and their consequences for data analysis. As a statistician, I’m well […]
I shared in my previous post that I scoured my baby book and tracking notebooks and requested various medical records to gather historical information about my weight fluctuations over the years. I used this data to construct JMP graphs with annotations and pinned hover labels containing pictures (thanks to the […]
If you follow pro football (and probably even if you don't), you know that last night the Denver Broncos beat the New England Patriots to earn their spot in Super Bowl 50. But as if a shot at the Super Bowl wasn't big enough, this game meant even more than […]
How do public higher education institutions get funded? In the past, state funding was tied to enrollment, but now more states are tying funding to institutional performance. State Legislatures want more accountability for money spent on higher education and have turned to performance-based funding (also called outcomes-based funding). As such, […]
Last year, you heard from many people in JMP Development here in this blog. And it turns out you liked that best! Almost all of the top 10 posts of 2015 were written by R&D folks, and that's not a surprise. Our developers have tons of useful information and examples, […]
Although the title of this blog posting has all the ingredients to attract the eyes of an analyst, the content is targeted for all personalities of a digital marketing organization. Before we jump into the marketing analytic use case regarding forecasting, scenario analysis, and goal-seeking for digital analytics, let's spend some time on the magic of stories. As Tom Davenport stated in his fantastic article titled, Telling a Story with Data:
"The essence of analytical communication is describing the problem and the story behind it, the model, the data employed, and the relationships among the variables in the analysis. When the relationships among variables are identified, the meaning of the relationships should be interpreted, stated, and presented relevant to the problem. The clearer the results presentation, the more likely that the quantitative analysis will lead to decisions and actions—which are, after all, usually the point of doing the analysis in the first place."
While creative visionaries and data scientists are both tremendous organizational assets within a team, it is the alliance between these two segments that will push marketing forward. Although aspirational, this is a difficult challenge to overcome. Let me begin by sharing a bit of my story - one that began with a four year career start in graphic design and creative marketing communications, and then taking making a leap to the quantitative side of marketing. I've seen and listened to how DIFFERENT these two segments of the marketing world are, and now as a preacher for the potential of marketing analytics, one's ability to make analysis interpretable and approachable is critical.
"The true value of data emerges when marketers are able to use it to tell a meaningful story. Enter the data storyteller, or marketing measurement analyst. This is the person who can push the tools, translate insights across the business, and motivate stakeholders to participate."
This quote nails the crux of the issue - if we don't take ACTION on the insights of analytics, it was nothing but a school project. Influencing decision-makers within an organization isn't easy, and if they do not understand the analysis, nothing will ever change. There are people who are good at creative marketing strategy, and there are people who are good at marketing analytics. However, there aren't many people who can toggle between the two, and serve as the translator who inspires both sides.
In my personal opinion, the recent surge in analytic technologies becoming more approachable is key. The special ingredient in that trend is visualization and analytics joining forces in ways we have never seen before. Why is this happening? Seeingand understanding data is richer than creating a collection of queries, dashboards, and workbooks. According to the infamous American mathematicianJohn W. Tukey:
"The greatest value of a picture is when it forces us to notice what we never expected to see.”
The "ah-ha" moment. The best part of my work day!
In addition, when analytics becomes approachable, interpretable, and transparent to the entire marketing organization, the behavioral change of how we work together highlighted in this video becomes a reality:
Visual Analytics represents a new category of interactive and collaborative technology to provide a path to be curious and innovative. Marketers are imaginative, and are constantly pushing to analyze new and exciting data sources (i.e. clickstream, social, IoT wearables, etc.), which require the ability to scale to very large amounts of information. However, what is different here is the ability to perform sophisticated analysis, and produce visualizations to support data-driven storytelling.
Finally, we arrive at the digital analytic use case. The intention is to highlight my personal approach to tip-toeing that fine line of producing meaningful analysis, while narrating the marketing storyline. Here is the description of the business case, and my demonstration video.
How do I allocate digital media spend to drive more traffic to my website in a future time period?
Identify the most important acquisition channels (i.e. attribution)
Simulate & optimize ad spend to acquire incremental traffic and meet business objective
Let me know what you think in the comments section below. If you enjoyed this article, be sure to check out my other work here. Lastly, if you would like to connect on social media, link with me on Twitter or LinkedIn.
Hidely-hodely, everyone! As you might imagine, the size and variety of the gift inventory at the North Pole puts Wal-Mart to shame. And while we’ve been at this for hundreds of years, we still make too many of some things and not enough of others. No elf can forget the […]
Since it debuted earlier this year, the New User Welcome Kit has become one of the most fun and efficient ways to learn how to use JMP. Now it’s been updated with six new hands-on activities that let you apply your skills within JMP itself. The new activities include: Using Graph […]