Magdalena asks, “From your point of view, what are the main indicators of performance in marketing?” It depends. What is the goal of your marketing? That’s what the key performance indicator is. I define KPI as, if this number goes to zero (or the maximum bad state), you get fired. So for every company, and…
Mohammed asks, “Are we entering a recession? Is a recession looming?” This was also the subject of a trending topic on LinkedIn. To understand the greater economic picture, we need to look at a basket of metrics. Watch the video for my analysis of almost two dozen economic indicators. Disclosure/disclaimer: I am in no way…
Kevin asks, “What’s the difference between unrefined and refined data?” As part of a larger discussion about metrics in marketing, Kevin’s question came up in reference to the importance of data. Unrefined data is as useful to business as crude oil is to a car – which is to say, it isn’t useful at all.…
Kerry asks, “How do you choose data science software if you’re not already a data science expert? My company is evaluating some vendors and I’m not sure what to ask.” By definition, a data science platform should be flexible enough and robust enough to fully embrace the classical scientific method. Be VERY suspicious of anyone…
Yariv asks, “What are the differences between data analytics, data science, business analytics, and business intelligence?” It depends on who you ask. Thanks to consulting and marketing, these terms all have varying degrees of overlaps, and companies which make their money on clarifying terms like this – consulting shops – often have conflicting definitions. You’ll…
Glen asks, “What’s the best way to use Google Data Studio for marketing reporting?” While I appreciate the sentiment, there is no one best way. Rather, there are ways to think about setting up Google Data Studio that help you get the answers you want as quickly as possible, Google Data Studio Dashboard best practices.…
Marcus asks, “How do you measure brand equity?” Huge question, but the answers have been well known for decades. One of the best summaries of brand equity measurement comes from the Spring 1996 California Management Review. In that review, Professor David Aaker cites the following 10 dimensions of brand equity measurement: Price premium Satisfaction/loyalty Perceived…
