Fantastic presentation! It exposed the audience to the depth of data science in marketing, including unfamiliar terms and concepts. From one side, the event reminded to some of us in the audience “how much we do not know,” from another side, the presentation reassured us that the entire industry is struggling to understand the new marketing reality. Scary, but exciting!
The most common conversation thread in data science realm: “This is not the report I wanted…”
Currently, data scientists spend more time “getting the data” than analyzing it.
Interesting: data scientists typically find something what was not requested and that finding becomes the most important for the business.
Slide above shows spike in transaction at the point of lowering the price, but not that dramatic impact on revenue.
Slide above helped to identify a “sweet spot” of customers in about 50K+ range. These customers purchased faster than customers with lower deal sizes. The company executed a very successful campaign to target this segment.
Grover Righter also recommended The Cluetrain Manifesto to understand fundamental industry changes.
Interesting: email is considered the best medium for A/B testing.
Survey emails are popular: people like answering surveys, as they are perceived as industry experts, they can receive the result of the research, and they have a chance to win a gift certificate.
For “freemium” industry the most popular download is “Why to pay for something that can be available for free?”
The session informed and clearly explained the need for an expert in the filed.