“We've benefited in our practice from being able to do significantly better pattern-matching, the ability for advanced statistical approaches to understand the underlying relationships nested inside our portfolio, and significantly improved predictive analytics.”
We recently sat down Avinash Kaushik, Digital Marketing Evangelist, Blogger and Author of “Web Analytics 2.0 and Web Analytics: An Hour a Day at Author” who will be speaking at Marketing Analytics & Data Science West in San Francisco at the end of this month.
What is the biggest data science trend of 2020?
Avinash Kaushik: The continued acceleration of the amount (and type) of data available for us to learn from, our ability to use ever smarter algorithms, and (finally!) the infusion of optimally trained talent into the field. We are nowhere closer to where we want to be on that last one, we are in a better place. (And, if you are an awesome data scientist, please send me your resume! Seriously.)
Why are data science and marketing analytics powerful when they work together?
AK: As we look across the entire portfolio of marketing activity - owned, earned, and paid - it has been extremely difficult to make portfolio level decisions with any degree of confidence. Marketing has been particularly prone to sparsity of data and incompleteness. This is where data science has made valuable contributions. For example, we've benefited in our practice from being able to do significantly better pattern-matching, the ability for advanced statistical approaches to understand the underlying relationships nested inside our portfolio, and significantly improved predictive analytics (budgets, channel allocation, points of diminishing returns etc.).
Why is a data-driven mindset important to embed into organizational culture today?
AK: Because you don't want to die as an organization. I'm sorry, it probably sounds harsh. But, even with all the caveats around imperfections surrounding data and analysis, a company that is not data-informed in a very active way will have a hard time being competitive (products, customer service, innovation, and more). This does not mean creativity goes away, it does not mean we don't experiment with "crazy" ideas. Both are important. It is just that you now have data to help you understand what's real and full of promise and what's a mirage.
What has been the proudest moment of in your career?
AK: When others said this, I would look at them funny but....As a people leader, I am obsessive about learning and teaching (perhaps not surprising for an author). I take immense pride in the professional accomplishments of my peers.
What is the most valuable piece of advice you hope attendees will take away from your MADS West session?
AK: The stories I share will have a strong underlying message of applied analytics. Data and science not purely as an intellectual pursuit in a modern business organization, rather almost exclusively for the purposes of having an impact. What attendees will take away is how simple and complex it is to switch to an applied analytics mindset, and the incredible benefits of it.
Don’t miss Avinash’s keynote session at MADS Virtual 2020, “Measurement in a Pandemic: Do These 5 Things and Don't Do These 5 Things."