Get The Most From Your Data Flashcards
What is the difference between Analytics and Insight?
Analytics is collecting and analyzing data to understand it.
Insights are actionable conclusions made from analyzing the data.
What is the customer journey?
Customer’s path from awareness to conversion.
What is an example of insight ?
Data: sales decline by 20%
Insight: we need to innovate because our competitors have a new feature
What are the 4 steps of the data cycle?
- Plan - make a realistic goal and how to reach it.
- Do - Implement plan
- Check - review data relevant to goal. Give plan time before analyzing. (2-3 months)
- Act - adjust based on Insight
What are 5 tips for gathering data?
- Focus on relevant data
- Review at periodic intervals
- Use online analytic tools
- Review relevant past data
- Use AI to analyze data
What are actionable insights?
Actions made from the conclusions made through data analysis
How do you find qualitative and quantitative data?
Qualitative : Reviews, Online Servey, etc. (Open-ended questions)
Quantitative : Web analytics tools and social media analytics features.
What are tips for finding qualitative/ quantitative data?
- Choose the best approach depending on goal
- Combine data types for a richer picture of what’s working
- Can use online and offline data together. (Ex. In-store surveys with online product reviews for qualitative data)
What are website analytics?
Quantitative data (numerical) about the performance of a website. Used to track effectiveness of SEO strategy.
What is the customers journey track?
Awareness : how did they find you?
Engagement : how do they engage with your site
Conversion : purchase, subscribing, etc
Retention : loyal repeated customer
What are goal examples for the stages of the customer journey?
Awareness goal- click a link on socials
Engagement goal - sign up for consultation
Conversion goal - first purchase
Retention goal - using voucher from email
How can you use AI to help you when on a Spreadsheet?
- Help create templates
- Help create formulas
- Find/predict trends from data
- Explain or summerize data
- Help you learn how to use the spreadsheet.
How would you present data to an Investor, Sales Assistant, or Marketing Manager?
- Investor: present past/current costs, revenue,profits and $ performance predictions.
- Sales Assistant: present daily transaction volumes, purchase patterns, and product popularity trends.
- Marketing Manager: present current/past conversion rates for different channels
How should you use different formats to display data on a spreadsheet?
- Tables : showing smaller data sets (quick)
- Pie Charts : display % ot proportional info
- Bar Charts : showimg the comparison of related items in a group.
- Line Graphs : display how data changes over time.
- Heat Maps : display performance by area
