Digital marketing experts extol the virtues of analytics methodologies in its various flavours, the confusing processes, and outcomes of each should be clarified for new entrants into the competitive world of digital marketing.
Once the campaign data has been acquired, validated, cleansed, and organised into an accurate and relevant database, it is time for the analytics team to operate on the organised data.
The first stage is to use data mining and audit techniques and existing campaign reports to apply Descriptive Analytics to establish details about “What has happened”
The second process involves profiling and segmentation to apply Diagnostic Analytics which evaluates that information to identify “Why it happened”
The Clustering and Propensity modelling are part of the third stage Predictive Analytics which involves interpretation and predictive modelling to see “What could happen”
The final stage in the analysis process is Prescriptive Analytics to advise on the best course of action to adopt or “What should we do”?
The four processes of analytics, as part of XCM’s extensive toolkit, are applied to clients’ data as they are advised and guided through the most suitable analytical processes for their projects, to develop their campaigns and ultimately maximise ROI.
Jason Brown, XCM’s Director of Analytics observed that “Descriptive analytics can be considered the “simplest” but every stage of the analytical process complements each other.”
Jason then added “The level of complexity increases through the various stages hence most companies are not using Prescriptive analytics within their business. However, the value of the analytics also increases through the various stages which can have a significant impact on how businesses make decisions and ultimately impact the company’s bottom line.”
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