According to Mike Grigsby, your business is like an iceberg — there’s a lot happening below the surface, but you can’t see it without analytics.
Grigsby is the SVP of Strategic Business Analytics at Targetbase, a data-driven strategic communications agency, with 27 years of experience in analytics, including leadership roles at HP and the Gap. He’s also the author of the new book, Marketing Analytics: A Practical Guide to Real Marketing Science. Grigsby explains that for most marketers and business leaders, analytics can be overwhelming and can get in the way of decision-making.
“Analytics not guided by strategy is like a special effects movie with no plot — there may be explosions and cool battles, but there’s no point to it,” he said. “Likewise, strategy devoid of analytics will have no predictive power and you won’t be able to quantify results. They each need each other to operate effectively.”
In the latest episode of Ramp, Grigsby reveals how marketing leaders can use analytics to better understand their customer and drive growth.
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The problem with most data analysis, for Grigsby, is that it has no focus and no intent behind it. Many people assume that running the numbers will answer all their problems, when in fact, a lot of analysis just tells you what you already know.
“Very often what parades around as an insight is not much more than a mere observation,” he said. “To be an insight it has to be new, it has to quantify the causality of consumer behavior, it has to provide an action, and it has to give a competitive advantage.”
In this exclusive 26 minute interview, Grigsby reveals:
- The metrics every marketer should be tracking
- Understand a buyer’s journey to purchase your product
- Why surveys are such a powerful marketing tool
- …and more.
Get the data analysis strategies you need to run your marketing team in the newest episode of Ramp, the InsightSquared podcast.