METHOD 1 : BUSINESS INTELLIGENCE
LOWERING YOUR AD SPEND WITH BETTER INSIGHTS
Many companies start their analytics maturity and data science initiatives only to realize that their marketing teams could really benefit from better Business Intelligence (BI). To understand the difference between data science and BI, it’s important to note that BI measures what happened yesterday, while data science forecasts what will happen tomorrow. Without these foundational reports, analytics teams can struggle with complex ad hoc analyses or requests for reporting updates when they lack a strong foundation. To improve BI analysis, start by asking four key questions: • What are the most labor-intensive questions your team frequently asks to make key marketing decisions? • Who asks the questions and how do they apply the answers to accelerate business impact? • What are the key performance indicators (KPIs) you use to measure success? • Is the compiled data trustworthy and reliable? Once you’ve answered these questions, you’ll be able to determine which reports to automate first based on potential time savings. For example, creating an executive dashboard or a deep dive dashboard with various drill down options and filters can offer valuable insights for analysts. Additionally, a standardized dashboard can increase stakeholder confidence in the data. By investing in a Business Intelligence program, your team will be empowered to spend their time optimizing your business and lowering your ad spend, instead of compiling reports. Those daily, weekly, or near real-time optimizations add up to big wins over the course of a quarter.
Data to Dollars
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