The Hard Corps Marketing Show

The Truth Behind Data Science - Ted Lorenzen - Hard Corps Marketing Show #226

October 23, 2020

Data driven analytics are essential to understanding the impact of marketing campaigns. However, with all of the data available, what should you really be focusing on? What are your goals?

A Data Science Wizard, Veteran Data Analytics Thought Leader, Translator, Methodologist, Consultant, Ted Lorenzen, delves into goal orienting your data analytics.

 

Takeaways:

  • Analytics is not just ROI. You can use the same methods or techniques you would for ROI in other metrics to expand on all your other goals.
  • Before making data driven decisions there needs to be goals in place to strive for. This is a more organized way to adjust marketing to drive efficiency or increase impact.
  • Use these steps to find out what data you should analyze in your data:
    • What does the business need?
    • What levers are you allowed to pull on?
    • Find the historical data for each lever or you will need a proxy.
  • Try having a third party experienced data analyst look at your campaign data. This provides an impartial set of eyes with no unconscious bias towards the results.
  • Don’t be afraid to experiment with new marketing ideas. For example, running an ad experiment on Facebook, allows you to see how your audience responds to inform you for the future.

 

Links:

 

Busted Myths:

  • ROI is not the only goal for data analysts. If you only chase ROI, then you are going to miss out on important things marketing is doing. Look through it with different lenses, such as total impact.

 

Shout Outs:

  • 44:25 Cassie Kozyrkov

 

Ways to Tune In:

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