Successfully Closing the Insights-to-Action Gap in Big Data Projects, with Case Studies in Digital Analytics Paul Maiste Mark Kovscek
PAUL MAISTE , President Lityx, LLC 2
BUSINESS VALUE AND BIG DATA 100% 90% 80% ALL BIG DATA PROJECTS 70% 60% 50% 40% PROJECTS w/ ADVANCED ANALYTICS & BETTER DECISIONS AS #1 GOAL 30% 20% SUCCESSFUL PROJECTS 10% 0% 3
CAN BIG DATA CLOSE THE INSIGHTS TO ACTION GAP? Reporting Insights to Action Gap BI BIG Modeling DATA Optimization 4
THE PROMISE OF ADVANCED ANALYTICS ✓ Improved decision making Cross- Channel ✓ Faster time to market Optimization Media/ ✓ Higher ROI Budget Optimization Media Attribution ➢ 330% lift in identifying at-risk customers Customer ➢ 20%+ increase in prospect campaign response rates Behavior Modeling ➢ 265% lift in predicting re-purchase behavior Optimized ➢ 50%+ reduction in cost per opportunity in channel Targeting ➢ 90% improvement in acquisition rates + reduced cost per acquisition Customer Segmentation ➢ 70% reduction in annual spending/ higher net revenue per donor 5
KEYS TO ADVANCED ANALYTICS SUCCESS 1. 2. 3. Getting the Data Science Aligning Insights & Scalable and Right Audiences Automated ✓ Technique and approach matter ✓ Insights only become actionable ✓ Integrating and automating where data is concerned when the intended complex tasks “operatio nalizes ” audience/user is able to easily analytics act upon them 6
MARK KOVSCEK , Founder and CEO of Conservation Labs Water Conservation Media Supply Chain Tax Audits Optimization 7 Icons made by Freepik from www.flaticon.com
CASE 1 OPPORTUNITY : Search optimization. Identify patterns and trends in keyword performance and deliver bid change recommendations CHALLENGES • Solution must be easily usable by non-statisticians (search analysts) • Keyword data can quickly "blow up" to billions of records or combinations of records • Response time must be seconds to minutes • Solution must be scalable and extensible to many client situations APPROACH • Leverage existing reporting and visualization solutions • Translate "analytic speak" to "search speak" • Create and embed new features to select analysis periods, targets and other data to refine campaigns • Deliver simple outputs that provide confidence in the answer and allow for easy activation 8
CASE 1 SOLUTION : ➢ Advanced analytics that "sits on top of" search campaign management platforms ➢ Segment keywords with statistical tools to provide visibility into keyword performance and segment keywords into behavioral profiles ➢ Provide specific bid change recommendations PERFORMANCE : ✓ 20% reduction in CPA ✓ 30% increase in KPI performance ✓ 40% increase in ROI 9
CASE 2 OPPORTUNITY : Moving from rear-view, descriptive measurement to predictive, prescriptive, and actionable insights CHALLENGES • Solution must be easily usable by non-statisticians (analysts, brand managers, marketers) • Massive amount of data, often with suspect quality • Decisions have to be made from real-time to twelve months ahead with an understanding of the relationship • Conventional analytic models, approaches, and outcomes are black box, expensive, hard to update and sometimes hard to explain APPROACH • Ensure the data is correct and trustworthy • Reduce time spent on data cleanup and increase time spent on insight development • Deliver outcomes with a stunning and interactive user experience 10
CASE 2 SOLUTION : ➢ The analytics manages the analytics (AI for AI) ➢ Accept any data that has an outcome, dimensions, and metrics ➢ Focus on the insights, not the methods ➢ Build trust in results ➢ Highly interactive stories PERFORMANCE : ✓ Improve the productivity of labor and technology ✓ Increase the efficiency of media spend ✓ Improve customer acquisition, retention, and revenue per customer 11
QUESTIONS Paul Maiste Mark Kovscek Paul: 410-919-8093 maiste@lityx.com
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