Our methodology combines the work of three influencers into one incredibly powerful customer-centric analytics system.
It started with Gary Angel, mentor to founder Allison Hartsoe. Gary’s philosophy of slicing digital data correctly to achieve the right measures is unmatched and still the way we carve up data today.
Then, David Edelman’s consumer decision journey program quantified how the digital world has completely changed the old funnel into a continuous loop, one that many marketers still neglect in their drive for conversions.
Finally, we apply concepts from Wharton’s Peter Fader who wrote the book on customer-centricity.
Being customer-centric is more than calculating customer lifetime value. When we frame information by the customer, we get a much clearer statistical picture of how to make smarter marketing decisions and even target “blue ocean” product innovation strategies.
THE ANALYTIC PROCESS
Where you are in the roadmap determines what you’re ready for.
Often the words data, analysis, insight and reporting are used interchangeably, but, they actually represent different stages in a roadmap.
The first stage is Data. You need quality data—not perfect, but not a mess either. The key question here is, Do you trust your data? If the answer is yes, then you are ready for stage 2, which is Analysis.
The first part of this stage is where we provide remodeled, descriptive reports about your customers, because channels do not buy your products, but customers do.
With the reporting correctly framed for analysis, we cue up logical tests to increase performance.
Does your reporting lead to analysis and your analysis lead to testing? We might know that 45% of visits beeline to a product page, but half of those people get lost and flip around between categories, then leave. Why? Testing, often combined with survey and sometimes regression analysis, gives us the answer to this question.
The aggregation of testing across different business units, brands or categories collectively forms insight about your customers. These insights become rules of thumb also known as internal best practices. Analytics leaders have many of these internal rules of thumb, yet they continue to test them knowing their customers are now the driving force and can shift their expectations anytime.
Ultimately, the ability to describe classes of customers mathematically, deeply understand their likelihood to take action and predict their responsiveness to messages, forms your competitive advantage.
THE MODERN ANALYSIS
There is a clear shortage of people who have digital data analytics expertise. And yet, most companies have a lot of raw internal talent they simply don’t know how to empower.
Analysts are not coders, yet they can often read code and may even have a technical bent. Analysts are not marketers either, and yet with the right internal “tribal” knowledge they can extract more value from the data.
Here is a brief list of modern traits we look for in our own team: problem solvers, flexible, humble, a historic pattern of success, optimistic, previous schooling in any analytical area such as economics or banking, natural curiosity and quick thinkers. You might have people like this on your team already which we can mentor. Further, we can recommend the right conferences and trainings to enhance their knowledge.
Modern analysts work as a team pulling data and perspectives across business units to help their organizations gain insight and ultimately, competitive advantage.
Most companies, and in fact most consulting firms, do not have time to stay on top of current technology. But at Ambition Data, we love technology that helps us do our work more quickly and effectively. And we like to share these recommendations with you.
There is literally a flood of start-ups emerging, all designed to help you take advantage of data. How do you know who to trust? Can you spot the fatal flaws that separate a pretty marketing front from a quality, deep, long-term player? Often we can. Here is a review of some of our favorites.