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BizReport : Advertising archives : December 02, 2015

Top 3 tips to improve analytics use

Analytics are just about the only thing standing between a brand and their customers. The right analysis will tell brands whether their campaigns and messaging are engaging. One expert offers advice on how to improve the use of analytics.

by Kristina Knight

Kristina: Do you foresee analytics having a big impact on ecommerce?

Arijit Sengupta, CEO, BeyondCore: Absolutely, without a doubt. Once e-tailers tap into the power of smart pattern discovery and real-time analytics, it becomes abundantly clear what they've been missing all this time. The agility to make fast adjustments to featured products, marketing and promotions based on up-to-the minute data is a unique benefit of the e-commerce model. And, once you see the impact it can have on sales, you'll wonder how you ever got along without it.

Kristina: How can retailers better use analytics?

Arijit: First, speed is critical. In the holiday season and year-round, you don't have time to spend months trying to figure out what to do. By the time you do, your competition has already used real-time analytics to beat you to it. Retailers must use analytics systems that deliver insights now.

Second, you're only human. With so many variables, it's almost impossible for even your smartest forecasters to think of all the questions to ask of your data to get answers on how you should merchandise, market and engage with customers. The answers from conventional presumptive analytics systems are only as good as the questions asked. Using smart pattern discovery can solve that problem. It asks all the questions of your data--even ones you never would have thought to ask--giving you insights and guidance that even your best analysts would probably have overlooked.

Finally, accuracy is crucial. "Black box" analytics programs that give you answers without validation of statistical soundness, or any explanation as to what prompted those answers, can quickly lead you down the wrong path. Retailers need to know that the data they're basing critical decisions on is accurate and makes sense given the context. Without that, you're blindly following the recommendations of a machine that you don't fully understand, and I believe we'd all agree that's not a good idea.

Tags: ad campaign analysis, advertising tips, BeyondCore, ecommerce analysis

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