Simple web traffic volume and conversion metrics are no longer good enough. You need to know what visitors are doing on your website and how to react NOW. Learn how you can find monetizable insights in your web analytics data and how you can make data-driven decisions that quickly impact revenue, traffic, and stickiness. Understand why your current analytics system isn’t suited to online data analysis, why time is your enemy like never before, and why “train-of-though” analysis is critical to your online business success.
ACCELERATING ONLINE BUSINESS INSIGHTS
Competitive advantage belongs to those who
more quickly turn web data into web intelligence.
Author: Jim Sterne Target Marketing jsterne@targeting.com www.targeting.com +1 (805) 965-3184
Sponsored by:
TABLE OF CONTENTS Executive Summary ............................................................................................................................................ 3 Introduction ....................................................................................................................................................... 4 Data Analysis: Computerized But Slow ............................................................................................................... 4 Getting in Line for Answers ....................................................................................................................................... 4 Time is of the Essence ........................................................................................................................................ 5 The Quickening Business Tempo ............................................................................................................................... 5 The Speed of Thought ................................................................................................................................................ 6 Train of Thought Analysis ................................................................................................................................... 7 Discovering the Most Salient Points .......................................................................................................................... 7 What Problem Are You Solving For? .......................................................................................................................... 9 Uncovering Correlations More Quickly .............................................................................................................. 10 Dynamic Segmentation Detection ........................................................................................................................... 10 Summary .......................................................................................................................................................... 11 About the Author... ........................................................................................................................................... 12 About the Sponsor... ......................................................................................................................................... 12
Page 2 of 12 EXECUTIVE SUMMARY
The ability for business people to glean meaning from customer data has been improving steadily - right up until the Internet provided a flood of online customer behavioral data. It has overwhelmed our computing power just when faster response to market conditions and customer expectations has become a critical competitive advantage.
We can no longer wait days to extract valuable patterns from data systems when actionable insights are needed in hours or minutes. Working at the speed of thought frees the mind from the process and allows decision makers to focus on the business rather than the technology. A new type of data analysis tool can act as an "affinity database" to uncover correlations and unearth previously unobserved patterns.
The company that can derive business insights from customer data faster, act faster, and make course corrections faster will prevail regardless of the state of the economy.
This white paper discusses the data dilemma we have inherited, an approach for bending data to our will in a timely way and the resulting business benefits.
Companies need to act quickly but are unable to recognize meaningful patterns from an overabundance of data. In order to succeed, we need a technology capable delivering actionable correlations at the speed of thought across vast data sets.
Page 3 of 12 INTRODUCTION If you knew that "Free Shipping" lifted online sales in the morning and "Bonus Reward Points" lifted sales in the afternoon would you change your website according to the time of day? Of course you would.
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