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essentials business analytics

Questions and Answers of Essentials Business Analytics

11 Go back to step 1. Rinse and repeat (this is a never-ending process improvement)
10 Define and implement actions you can take that permanently improve your website or define a new test hypothesis (if the previous one has failed).
9 Check statistical significance. This should be 95 per cent or better (see section 7.5, point 2).
8 Leave the test running for a full 7 days minimum. Depending on your site running the test for a full month may be wise (see section 7.5, point 3).
7 Set up a test with a simple control (the same site you’re trying to improve)versus your test (the item or items you think will improve things).
6 Do an A–A test on your control (see section 7.5, point 7)
5 Check your analytics to see if there is any evidence your hypothesis is correct(do your segments tell you there is a potential problem?)
4 Define a test hypothesis for your control experience and your test experience.
3 Define persona gaps in the user experience from the scores registered in the heuristic walk through you just did.
2 Based on your persona (see Chapter 6) heuristically walk through the website and score the results:– Score on considerations– Score on pain points– Score on trigger terms
1 Look at your analytics persona segments and find out which type has driven the most value
Are there warranties and guarantees? Any associated costs?
Are the installation instructions clear on the website
Does the system come home fitted? Is it manual installation? If so is it easy?
Are the brands used for the various items well known and trusted?
Can he connect his computer to the entertainment system?
Does the service work with HDMI sound and picture quality?
Do any free accessories come with the service that might help his wife come around to the idea?
Does the cost vary based on technology? If so how? If not is the price fixed or could there be hidden surprises?
Are there any options like hire purchase or leasing
What is the cost per year?
12 You’re now at an advanced level of analytics segmentation that few are using well. Practice and tweak your segments until you’re ready to start testing. Only by testing the segments in live
11 Map your segments to your REAN points and integrate your persona profiles(section 6.6).
10 Flesh out your persona characters by matching either yourVan Welie method with the persona type and/or using the PA method. See also the template of examples at www.blackbeak.com/cult2/files.
9 Conclude which type of personas you need to create.
8 Determine whether the attributes are logical/fast (LF), logical/slow (LS), emotional/fast (EF), emotional/slow (ES).
7 List benefits and attributes of the product and service and categorise them as logical decisions, emotional decisions and whether the attributes are a fast or a slow decision.
6 Introduce the workshop concept to your team. Ask the following questions about your service to get the conversation started:(a) What is the best benefit of the product/service from the customers’
5 Do your background research (as with point 1 above).
4 Read and understand section 6.4.
3 Score your website based on the scoring model provided (see section 6.3).
2 Develop a persona template (the Van Welie method) as shown in section 6.2.List the following:– Goals– Scenario– Tasks prior to taking action– Considerations and questions– Pain points–
1 Define all the data sources you can get to help develop your personas. Include:A Demographic (age, gender, geography, work titles, CRM data, external data like Hitwise or comScore).B Psychographics
If not what are the needs that really pain him/her the most?
If he/she is potentially defecting from one product or service to yours, what pains him about the current situation?
What makes the persona cry out in frustration?
What are the next four factors that need to be understood out in order to have a better idea of all the risks involved?
What is his/her first major concern about the product or service?
What does he/she need to find out?
How would the person do his/her research?
What specific methods are involved in reaching you (REAN – Chapter 2)?
How would they find out about the product or service?
What would be the typical way that the persona would know about your product or service?
11 Train your staff about the importance of data integrity and if possible ensure quality control by piggy backing on existing quality control methods. For instance if updating website content has a
10 Implement and test the outcomes. Validate the data (see point 6 above) and setup alerts to monitor any fluctuations. If for instance uniques visiting your website on a Monday is 75 per cent lower
9 Do your technical audit. What tools do you need to add to fully track your website?
8 Make sure there is a method to record all the different variables you’re tracking. Either via documentation or if you’re using a tag management system via identified tag rules with a clear
7 Identify an individual whom you can trust to be responsible for data quality and integrity.
6 Validate the data integrity across all devices, operating system and browsers.(a) Is the data being recorded in exactly the way it should?(b) Is the data being allocated to the correct profile or
5 If you are tracking via beacons or tags select an appropriate tag management tool. It’s not good enough to simply put tags on your website manually any longer.
4 If you need to talk to a vendor send them a questionnaire (see section 5.9). If you’re using a free version how many of the questions in section 5.9 can you answer yourself? For the questions you
3 If there are tools missing identify free or paid tools that can solve your data problem.
2 For each data set list the tools you use to collect the data. Are there any tools missing?
1 Which of the following data sets applies for your business:(a) Clickstream data?(b) Experience data?(c) Ecosystem data?(d) Social data?(e) Big data
5 If the process is slow to start, ask the senior guys in the room specifically what they think would be useful to know.You could ask open questions like “Carol, what’s the hard part about your
4 Encourage questions by agreeing with the actor and help justify the question where possible. For instance if the question “What is the value of a download to our organisation?” was asked by a
3 Give the actors a benchmark. 49 questions defined is the record I have had from a workshop. When I mention that you would be surprised how many workshop teams try to beat it. Most of them don’t
2 Write the questions down. When you start it off, write it on the flip chart.When someone else asks a question which hasn’t been asked, write it on the flipchart. This shows the people in the
1 Start off the questions. One I always ask is “Which source of traffic is best in terms of volume (number of visitors) and cost?” I then explain the thought process behind asking this question.
21 How do we know when something isn’t working on our website?
20 What are the top paths through our site?
19 How engaged are our visitors with our content?
18 What is best, getting people to buy direct or getting people to come back and buy?
17 What’s the average lead value?
16 What is the average response time for lead response?
15 How many leads become sales?
14 What is the value of a free download to ACME?
13 How many software download trials do we get?
12 What’s the most searched product or service on our site?
11 Do the registered users buy more than others?
10 Which landing page converts the best? (And why?
9 Which channels are overlapping – are reaching the same visitor/ visitors?
8 Where are our visitors coming from?
7 How many prospects make the purchase decision online but buy offline and vice versa?
6 How can we get prospects to buy?
5 Is it good or bad that the content in our site changes?
4 So what for instance was the best campaign channel to reach new customers versus old customers?
3 What kind of campaign worked in different environments?
2 Which channels are the most productive?
1 What is the best source of traffic in terms of volume and sales?
8 Create a graphic representation of the REAN model that can be shared via PowerPoint or email.
7 Develop the model into a mind map visualisation. I use Adobe Illustrator or Photoshop, but there are free tools such as MindNode1 and others to create your visualisation very quickly.
6 How do you get customers to consume again? List the top 10 on- or offline most important engagement or interaction points with current customers.
5 What are the actions you want people to take? List the top 10 on- or offline most important conversion points with potential customers.
4 List the top 10 on- or offline most important engagement or interaction points with potential customers.
3 List the top 10 on- or offline most important reach sources to this business.
2 Identify the activities they’re most focused on.
1 Identify a division (IE a product or service line) within your business.
1 How do you create urgency?
A national veterans’ organization wishes to develop a predictive model to improve the cost-effectiveness of their direct marketing campaign. The organization, with its in-house database of over 13
Tayko is a software catalog firm that sells games and educational software. It started out as a software manufacturer and later added third-party titles to its offerings. It has recently put together
Money lending has been around since the advent of money; it is perhaps the world’s second-oldest profession. The systematic evaluation of credit risk, though, is a relatively recent arrival, and
In this problem, you will use the data and scenario described in this chapter’s example, in which the task is to develop a model to classify documents as either auto-related or
The time plot in Figure 19 . 15 describes actual quarterly sales for a department store over a six-year period (data are available in DepartmentStoreSales.csv, data courtesy of Chris Albright).a.
Impact of September 11 on Air Travel in the United States. The Research and Innovative Technology Administration’s Bureau of Transportation Statistics conducted a study to evaluate the impact of
Impact of September 11 on Air Travel in the United States. The Research and Innovative Technology Administration’s Bureau of Transportation Statistics conducted a study to evaluate the impact of
Customer Rating of Breakfast Cereals. The dataset Cereals.csv includes nutritional information, store display, and consumer ratings for 77 breakfast cereals. Data Preprocessing. Remove all cereals
University Rankings. The dataset (Universities.csv) on American College and University Rankings (available from www.dataminingbook.com) contains information on 1302 American colleges and universities
and the problem of what to recommend to student E.N.a. First consider the process of creating a user-based collaborative filter. This requires computing correlations between all student pairs. For

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