When we are looking for business insights that are answers we often have some hypothesis or at least an idea in mind when we look at it. If instead, we look a little deeper and uncover data insight questions we are challenging it. Both approaches can be valuable for marketers.
Data silos can happen in a company for many legitimate reasons. It can also be a symptom of a bigger problem – people silos. Tackling one can help to get at the root of the other.
While we may want to have an easy formulaic answer to how to track LTV, it really depends on your business and your customers. How and why your track it can be unique to your business. So, what do you need to consider when making decisions around it?
Some people would ask, as a data scientist are you upset that the data actually failed you. Not really. Because I know in data science gaining insights from data is a combination of what the data tells you as well as a business person’s intuition and experience. It is a failure to rely too heavily on one or the other. You need to question everything. The data as well as our cognitive biases.
If we want to see your data impact trends, then we need to look at metrics rather than just tracking data. The thing is that we have to track the data to produce the metrics. But it’s seeing the trends in metrics that really drives business outcomes and behavioural change .
Marketing contribution is often overlooked when marketing is thought of as a cost center. It takes time and effort to demonstrate the real contribution to profits.
Customer Lifetime Value helps us understand a typical customer journey. Watching trends, or deviations from trend, can highlight points in time to improve engagement. Improving the value we both give and gain.
In the pre-industrial days when people were more in tuned to agricultural practices where you could literally see the fruits of your efforts better. Farmers focused on all the tasks that needed to get done to insure a great harvest. In the end, it wasn’t doing these tasks that they celebrated. They celebrated with feasts where they shared and consumed all the great foods produced.