May 6, 2015

What is analytics & how can you drive value from it?

By Paul Laughlin

Technical analysisAnalytics is a topic of interest for multi-channel retailers across Europe. I’m hearing that they want to know how to maximise the value they can gain from investing in analysis teams, or how to get started with this capability.

In the run up to “Multi-Channel Sales & Marketing Strategy 2015”, #MSMS2015, a number of video interviews have been recorded on this topic.

To help you decide whether or not attending this event (in London on 1-3 July) would be valuable for you, this post shares my interview answers on analytics questions. Those start with answering: “What are behavioural & predictive analytics?” Then build on that to focus on how to add value, through answering both “How do you measure marketing payback?” & “How do you demonstrate measurable benefit?

1) What are behavioural & predictive analytics?

2) How do you measure marketing payback?

3) How do you demonstrate measurable benefit?

I hope those are useful. Obviously much of my own experience comes from application of these skills in Financial Services market. It will be interesting to learn how much Retail can learn from FS market (as well as vice versa).

What has worked for you in building your analytics function? How do you demonstrate measurable benefit from your analysts?