Times have changed. As the oil industry shutters and sheds investments that made sense during the two-year period in which oil rode comfortably above $90, the market is establishing a new equilibrium at $40/barrel. This despite the fact that the Baker Hughes domestic rig count is down 64 percent. It’s […]
Know your data. Do a needs analysis. Organize for success. Empower users. These are four best practices for data and analytics that you'll want to hear more about. In my first three posts in the Analytics in Real Life blog series, we learned how higher education customers are using SAS and why […]
Marketing analytics continues to explode with more data sources and fascinating predictive marketing approaches to solve important business problems, yet one challenge continues to bubble up. The ability to translate the technical math behind predictive analytics into easy-to-understand business language and visualization to help c-suite executives make data-driven decisions with confidence. Developing this business skill is highly valuable as leadership decisions will not be made with data-driven evidence without transparent understanding, and how one communicates to a senior executive within the C-Suite versus a departmental technical manager is very different.
This was the challenge I embarked to address at the 2015 &Then DMA conference in Boston, Massachusetts. Over the past few years, I have developed a personal frustration of attending various marketing conferences, and repeatedly observing high-level presentations about the potential of analytics. Even more challenging has been the recent trend of companies presenting magical (i.e. "easy-button") black-box marketing cloud solutions that address every imaginable analytical problem; in my opinion, high-quality advanced analytics has not reached a point of commoditization. There is a reason that the data scientist is the sexiest job of the 21st century, there are over 120 universities offering business analytic graduate degree programs, and U.S. President Obama appointed the first ever chief data scientist earlier this year . It is my personal belief that data driven marketing is on the rise, and will continue to provide competitive differentiation for organizations that invest in best practices and talent, as compared to others that select the short-cut approach.
When it comes to championing analytics within a marketing organization, part of the solution is to enable and perform effective marketing analysis that incorporates analytics across the spectrum - descriptive, diagnostic, predictive, and prescriptive. However, I strongly believe there are other important, and often, overlooked components that complement an analytic team's ability in becoming successful.
- The ability to communicate and frame an analytics problem as it relates to a marketing challenge
- The ability to explain the findings of the analytics process in sufficient detail (i.e. telling a story with data visualization) to ensure clear understanding
- The ability to connect the dots between analysis, and empowering a downstream marketing process
As a principal solutions architect by day for SAS, and a professorial lecturer by night at The George Washington University, I take aim to raise awareness of these subjects to my clients and students. An individual's ability to communicate clearly, succinctly, and in the appropriate language vernacular when presenting analytical recommendations to the marketing organization is extremely important when focused on driving change with data-driven methods and visualization. My main intent is to prove that the days of leaving a business meeting where the CMO states “that was interesting, but maybe next year” are over.
Did I succeed? You be the judge:
I spend a fair amount of time at the North Carolina coast, specifically at Oak Island. Over the years, I’ve noticed the attention given to saving the sea turtles, but I didn’t get involved with this endeavor until the summer of 2014. I happened to witness a nest hatching with […]
Do you have a great idea for an analytics project but need approval to get started? Or maybe you've had some initial successes with analytics and you're ready to expand the program. We talked to four analytics leaders in the higher education industry to get their advice on how to […]
With Halloween right around the corner, it's time to decide what costume to wear. The National Retail Federation did a survey to find out the popular costumes this year, and I thought it would be fun to explore and visualize the results of that survey. The survey asked three questions: […]
The post Recoding data to explore the popularity of Halloween costumes appeared first on JMP Blog.
In my first post of the analytics in real life blog series, we heard four higher education customers discuss using SAS and why they chose SAS. Today we will hear the following three customers share the positive impact of using SAS and analytics for their users and institution. Karl Konsdorf, Acting […]
Though crude oil prices edged up last week, the market remains well below VirtualOil’s original $50 strike price, meaning the hypothetical portfolio’s production is shut in in the spot market again. Oversupply continues while China GDP forecasted growth is slowing. Given the market outlook, the VirtualOil board has decided to […]
Recently, I interviewed four higher education customers to hear firsthand how each is using analytics in real life (IRL). In this blog series, we will learn how educators are using analytics, why they chose SAS, and the impact it has had on their users and their institutions. In addition, they […]
Black Dog Syndrome may sound like the clinical term for a Led Zeppelin earworm but, as any animal shelter worker will tell you, it actually describes the challenge black dogs face in getting adopted. This phenomenon is in the spotlight today because Oct. 1 is National Black Dog Day! Black […]