1993 saw the world flock to something called the Internet. It was exciting as we could take our company’s brochure and put it somewhere for the world to see. Since then we have become much more sophisticated. We transact business. We research. We click and click and click some more. Over the past 20 years we have answered questions both directly and indirectly as to our likes, dislikes, interests, buying habits and so much more. We know people’s behaviors, geo-locations and psychographic make-up. The question is what do we do with all that data.
Enter Actionable Analytics. Actionable Analytics are not new. Actionable Analytics encompasses a variety of techniques from statistics, modeling, machine learning, and data mining and analyze current historical facts to make predictions about future events. Actuarial sciences, financial services, insurance, telecommunications, retail, travel, health, and other fields have been using Actionable Analytics for years. It is only recently that marketing has found value in being able to model and predict future events in marketing consumer behavior. According to Angela Hausman, PhD (@HUBusiness), “Actionable Analytics use data regarding past behaviors to predict how individuals will behave in the future.”
How businesses use Actionable Analytics
Within the online world we have numerous sources to predict from. We can look at:
- Web Analytics
- Social Media Analytics
- Mobile Analytics
- Business Analytics
Web Analytics Include:
- Actionable Insights based on Visitor Information
- Customer Behavior Analysis. Increasing Stickiness / Profit per Visitor.
- Spend Analysis & Optimization. Measuring ROI using traffic, visitor and business information
- Optimizing Marketing Campaigns, Search Engine Marketing & Online Marketing Campaigns.
Social Media Analytics
- Discover Latest Trends, Buzz, News, Events & Updates about your Industry / Company on Internet.
- Metrics to measure performance of your Social Media Campaigns.
- Analyze Profitability & Difficulty of promoting your business on Facebook, Twitter (Social Media Sites)
- Network Analysis (Critical Mass Analysis) for Viral Marketing.
- Analytics for Widgets, Apps & more – Visitors, Engagement & Profitability
- Analytics for Mobile Ads & Campaigns
- Analytics for Mobile Applications
- Analytics for Mobile Website
- Customer Segmentation & Targeting
- Customer Retention & Churn
- Discovering Cross Sell, Up Sell, Deep Sell Opportunities.
- Personalization of Marketing Campaigns.
Marketing in general, and social media marketing in particular, is not heavily influenced by Actionable Analytics…yet. Although, that’s changing as supercomputers allow organizations to use massive data captured during transactions to build Actionable models of what consumers buy and factors that impact their purchases.
Still, relatively few companies use Actionable Analytics to drive marketing strategy. Often, I’m stunned by how few clients demand any true analytics, most don’t understand the value of the data they are receiving and even less are using that data for any actionable uses. The days of looking at traffic to a site or number of “Likes” or Re-Tweets on a social site will come to an end, as they are somewhat meaningless. Using data to predict engagement, which will lead to a prediction of sales or a CRM data point will be most important.
Today, Actionable Analytics uses data and build models to predict how groups of people will behave, in general, or classify individuals into groups but marketing professionals will soon build actionable models to:
- Identify Which Topics to Blog About
- Refine Your SEO Strategy
- Decide Which Social Media Sites to Spend Your Time On
- Determine Email Frequency
- Decide Which Content to Use in Lead Nurturing Campaigns
- Segment Your Email Communications
- Improve Your Calls-to-Action and Landing Pages
- Score & Prioritize Your Leads for Sales
- Focus on the Marketing Channels That Actually Work
For marketing departments and agencies, the days of hiring data scientists are upon us. Finding people who can write complex algorithms (models) that use all the data that they are currently collecting, to help businesses generate leads or sales or names into a CRM system will become invaluable.
Collecting, understanding and “USING” all the data available to an organization will not only be an interesting report to review, it will be a necessity for any businesses survival.
by Steve Rockman @rock7625