Use Of Analytics Is Limited, But Poised For Growth
Posted by John Soat | July 28, 2008
At least, according to our very unscientific, quick-and-dirty online poll, that is. Analytics is important, not just for the sake of data analysis but for the cultural significance it imparts.
Here are the results of our online poll:
Characterize your company's use of analytics:
>> Heavy investment; significant ROI – 18%
>> Limited investment; limited success – 23%
>> Just started; we'd like to do more – 54%
>> We have no interest – 5%
(Note: poll results are not statistically valid to extrapolate to the population of analytics users at large.)
Analytic technology plays a big part in the N=1, R=G environment (check out chapter three in the the book, or read this blog). It's important to track market trends closely, to stay on top of what your customers are saying to you about your products or services through their use of them. That in-depth data analysis is a big step down the road to co-creating value with customers individually.
Sreenivasan Ramakrishnan, the co-founder and CEO of Marketics Technologies, a market analysis service provider, said this in a recent blog:
Analytics truly operationalizes the N=1 vision by understanding both customer transactions as well customer attitudes in perspective (vs. in silos), leading to actionable microsegments of consumers that can be very specifically targeted for attractive return.
While a significant number of these respondents (41%) already have invested at least some amount of effort and money in analytics, most have just started and would like to be doing more. That signals a healthy growth curve for the practice.
Use of analytics is important because it brings companies closer to their customers. Not only that, it signals a corporate culture that values data and careful analysis and action based on that careful analysis.
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