marketing ROI advanced analtyics

Improve Marketing ROI With Advanced Analytics

Andrea Steffes-Tuttle Predictive Analytics

These days, business leaders demand more than gut feelings to back up marketing spending decisions. No wonder CMOs are turning to marketing models and advanced analytics to improve the ROI on their ever-growing list of marketing programs. As most of us know, ROI helps to measure the return on investment from the amount you spend on marketing efforts. Sometimes called …

Are You Using Segmentation Properly?

Gary Robinson Marketing Analytics

This post is the first of a three part series on segmentation. In this article, we will discuss what segmentation is and how it’s sometimes used ineffectively. In part two we plan to dive into the various methods of segmentation and discuss their pros and cons with the purpose of tying this back to improving the effectiveness of segmentation. And, …

Business Intelligence Basics

Andrea Steffes-Tuttle Insights

Part detective, part interpreter—business analysts play a role in everything from strategic planning to business models to information systems, all in an effort to help companies make better business decisions. Considering the amount of available data these days, that’s no small feat. But, deriving insights through data analytics is only part of the job. To truly help executives and stakeholders …

third-party customer data

Does Third-party Data Help You Better Understand Your Customers?

Simon Poole Marketing Analytics, Predictive Analytics

Is it worth appending third party data to better understand your customers? Invariably one will be in a better position to understand what their best customers look like. This is foundational knowledge for any marketer and can then be used to inform messaging and marketing communication. Moreover, third party data will enable more precise target marketing that can dramatically improve …

The Cost of Bad Data

Andrea Steffes-Tuttle Data Management

They don’t call it “big data” for nothing. Companies today are struggling to store, manage, and most importantly, use the massive amounts of customer data they collect. Even worse, bad data is holding them back from tremendous business opportunities. Poor data quality costs the U.S. economy around $3.1 trillion per year, according to IBM. This unreliable data forces everyone in your …

insights-to-action gap

Closing the Insights-to-Action Gap

Gary Robinson Insights, Marketing Analytics

A recent article in KDnuggets presented the four types of data analytics we encounter in data science: Descriptive, Diagnostic, Predictive and Prescriptive. This grouping is familiar to many. At Lityx we find Gartner’s analytic progression chart useful when explaining the types of analysis we can do and their relation to business value and complexity. In the article, the author notes, “When I talk …

customer-driven

For Today’s Evolved CMOs, Customer Insights are Critical

Andrea Steffes-Tuttle Predictive Analytics

Say hello to the new CMO. Now customer and revenue-driven, today’s Chief Marketing Officers are expected to understand complex customer data and use the latest technology to create efficient, effective sales and retention programs. More than ever, your marketing efforts are tied to the emerging customer experience (CX) discipline, where you manage the cumulative experiences across multiple touchpoints over multiple …

Excel and Tableau Templates for a Population Stability Index Approach

Gary Robinson Marketing Analytics

In a previous post, ‘The Right Tool for the Job’, I included an example of a method for comparing groups of people, called the Population Stability Index (PSI).  It’s a useful approach for when there’s a lot of information and it would otherwise be time-consuming and inefficient to comb through hundreds of tables and charts to determine which variables are most …

Predictive Analytics Combined with Constrained Optimization for Efficient Marketing

Andrea Steffes-Tuttle Predictive Analytics

It’s an exciting time to work with technology. Daily, it seems there’s a new tool or approach released that enables us, the people working with data, to do our jobs better. One of the powerful approaches we focus on is predictive analytics. This approach isn’t exactly new—we’ve been in the business for years. But, it has become more accessible. This, …