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BizReport : Internet : October 09, 2015

3 ways analytics may be clouding your strategy

Analytics are a great thing. Surveys, customer behaviors, interests and even the time of life a person is in can be crucial in targeting the right message at the right time. The problem? According to one expert the dearth of analytics out there are becoming a problem for many businesses. Here's how - and how to overcome the noise.

by Kristina Knight

Dangerous Trend 1: We're Relying Too Much on Quantitative Analytics

"Depending too heavily on quantitative analytics is a bad idea. Sure, you'll have a lot of data, and a sense of where the problems exist, but no real direction for why those problems exist, and what the customer would prefer. What happens when marketers invest billions into quantitative data tools without first properly evaluating the analytics of those tools is disappointment," said Collin Sebastian, Chief Product Officer of YouEye.

Dangerous Trend 2: We're Not Scaling Results

"More than any time in history, we have the ability to gather massive amounts of data. Yet that only takes us so far, as we've seen from results like those from the CMO Survey," said Sebastian. "Typically, we want to gather some form of qualitative research to complement that quantitative data, but right now, most of the options available for qualitative research at scale fall short. Scale is vital to market research, because top executives need to grasp the needs of the wider market, and not just a handful of people."

Dangerous Trend 3: We're Not Understanding Our Customers

"The truth is, we need more than quantitative data and we need more than just 10 people to weigh in on a yes/no answer (as in a survey). We need deep insights from our target audience in order to fully understand what's happening with whatever challenge we're facing," said Sebastian.

Image via Shutterstock

Tags: advertising, analytics, analytics tips, analytics trends, ecommerce, YouEye

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