Statistical Analytics in Marketing Decision Making*Don Ryan, iKnowtion
Keywords: statistical analytics, marketing decision making, digital and offline data
Prompted by calls for greater effectiveness and accountability in their spending, marketers in recent years have increasingly turned to analytics, and specifically statistical analysis and modeling, to improve their decision making. Drawing on examples from clients such as GM, Fidelity Investments, CVS, and SunTrust Bank, this session will explore the use of a variety of statistical methods in marketing decision making and how business have benefited in driving customer growth, revenue, and profitability. Segmentation, preditive modeling, and optimization techniques will be discussed in brief case studies. This session will also review how statistical analysis has been enhanced through a wide variety of data now available to analysts, including both digital and offline data dealing with consumer attirbutes, attitudes, transactions, and interactions. Finally, the session will present a simple framework to help analysts ensure their work has the desired business impact.