We are in the dawn of the Recommendation Age, and analytics are more important than ever. We believe that if you can measure it, you can sell it. And, that’s the bottom line of interactive marketing. At McElroy, we’re focused on Prescriptive Analytics – getting beyond the data dump to real site improvements. That’s where the data hierarchy comes in.
Not to get biblical, but …
In the beginning, there was the data, and it was without form and void, and generally incomprehensible for decision-making. So the designated analysts or tools set about categorizing and formatting the data, giving it shape and re-presenting it in a way that provides directional information. The product of this work illustrates major areas of activity, quantifies things like traffic or response volumes, perhaps it includes funnels representing buy-flow or campaign completion as well.
Spreadsheets, graphs and charts are created to deliver this "Information" up the line, and they call it "Reporting". This "Information delivery" is the current state of reporting in most organizations. This is the world in which most Marketing Managers find themselves. It amounts to little more than a dump of the data, albeit summarized and categorized for easier navigation. This type of reporting certainly provides Information; but it doesn’t truly provide the Knowledge we seek.
Knowledge occurs when you apply a deeper level of understanding. It is true intelligence, taking the information provided and synthesizing from it the actions required based on understanding. Prescriptive Analytics means understanding the data at a level that informs and supports tactical changes in your marketing. These are the "ah-ha’s" that truly inform decision-making and provide a grounded rationale for future activity.
If you want to get beyond the data dump, you’ve got to apply smart thinking to get to what’s going to really matter to the bottom line.
Posted by Kimberly Ramin on April 18, 2007 @ 4:37 PM
Segmentation Strategies: Satisfying the Different Behaviors of Your Visitors
Presented by McElroyPosted by Katie Frankle on March 22, 2007 @ 4:41 PM
McElroy Hosts Prescriptive Analytics Webinar
McElroy will host a free web seminar: “Prescriptive Analytics: Go beyond the ‘data dump’ to make a difference on your bottom line” on Wednesday March 21 at 10 a.m. PST. To register, please click here. Spaces are filling up!Posted by Katie Frankle on March 05, 2007 @ 2:31 PM
Aloha and welcome to the McElroy Blog. If you have arrived here and are still wondering what a SPI is; then let me start there.
A SPI is a Social Persuader and Influencer - the individuals who take on the task of disseminating product and service information. SPIs are the 10% who influence the choices of 90% of the population - what to buy, what to watch and listen to, how to vote, how to dress and occasionally how to think. SPIs have universal characteristics and behavioral traits that are identified in three intersecting dimensions: size of social network, persuasive power and propensity to disseminate product or service information.
Offered on a quarterly and annual review basis, the SPI Report provides insights into the unique characteristics, attitudes, behavior, and media consumption habits of this group.
Enough with the marketing speak as there are plenty of other pages on this site designed to accomplish that.
The debate about how to identify and engage the most influential people is not new. In the mid-80's at the height of the Lakers-Celtics rivalry, I moved from LA to Boston. When I wore my Magic Johnson edition Converse basketball shoes to gym class, my forty-something gym teacher responded with "You chose the wrong weapon." With the benefit of hindsight, I think we were both expressing our own special version of brand evangelism.
What is new is the level of attention, discussion, and analysis in the field. The Chinese proverb "May you live in interesting times" feels custom made for the current WOM climate. Now I am sure cable operators in the late 80's felt the same way. If they had had blogs, then I could prove it. But the point is not diminished.
From winking, insider mentions on Aaron Sorkin's Studio 60 to the run-away, cross-platform success of Dove's Evolution of Beauty viral video, WOM is in vogue and in the spotlight. If we take the Hawthorne effect into consideration (many don't), then the current focus should definitely change and hopefully improve the understanding of WOM marketing.
Our goal with this trend report is to bring some actionable insights and intelligent debate to the dance. We are excited to introduce our offering at the upcoming WOMMA Conference. Larry Burns, president and CEO of StartSampling will be presenting some early findings from the initial SPI Report at the Research Symposium on December 11th.
So I fibbed and added a little more shameless marketing, but it's for a good cause.
Posted by Alexander Fowler on December 05, 2006 @ 11:22 PM