Need advanced data analytics techniques to analyze profitability data
Here’s an example of how customer segmentation helped identify some low margin service offerings:
Consider a chart like the one shown below (Sales Amount VS. State region). When a user moves their mouse over one the bars then you want them to show them the value (sales amount) of that bar as well as show them the category grouping values (State region)
(The Visualization is just for demo purpose. It’s not presentation-ready)
Here are the step by step instructions to set up Tool Tip based on the requirements:
1. You’ll have to open the series group properties to add the Tool Tip. There are a couple of ways to open the series property
1A Select the Chart. Right Click on any of the bar and select Series Properties
1B Select the Chart. Click on any of the bar. You should see chart data pane. you can click on down arrow button on the series to open series property:
2. Once you’ve opened the Series Property, here’s what you’ll do.
Make sure you’re on Series Data tab. You can either select one the fields or write an expression.
To meet our requirement of showing State & Sales Amount, I am going to write an expression.
From Tool Tip. Click on Fx
3. I wrote an expression that meets the requirements I stated earlier.
4. Preview the report. Move your mouse pointer over one of the bar chart, you should see a Tool Tip:
This makes the charts a little more easier to read. I hope this helped!
SSRS chart didn’t show all axis labels. Here’s an example.
Note: it does NOT show all country names:
So what do you do if you want to show all axis labels in the report and do not want to skip the axis labels? Here are the steps:
1. Go to the Chart Axis properties
2. Under Label, change the value of Label Interval from Auto to 1
3. Preview your report to see if you see ALL axis labels now:
The above chart is NOT perfect. There are other things that can be done but the goal of the blog post has been achieved! We have changed the axis label property so that all axis labels now show up on charts.
It’s great to see Insights that data can uncover. I saw a nice insight in a report I read about Analyzing customer acquisition channels for e-commerce sites and in this blog post, I am sharing it with you. So what are the top customer acquisition channels for Commerce sites? The Top channels are Organic Search, Emails & Paid Search.Here’s the report: E-Commerce Customer Acquisition Snapshot
It was not surprising to me to see Organic Search and Emails being among the Top customer acquisition channels but what surprised me was relatively poor performance of social media in acquiring customers. Here’s the chart showing performance of various online channels for acquiring customers:
Note #1: The post is NOT about devaluing the benefits of social media and it comes to down to understanding the goals of having a social media presence in the first place. While computing the ROI of social media, there are other factors like increased brand awareness, customer loyalty to be considered. But I posted this data because it’s a great way to show how data can uncover insights and sometimes it may surprise you
Note #2: The percentage of customers acquired does not add up to 100% for a year because the data does not include things like direct traffic. The author of the report confirmed it over an email w/ me.
That’s about it for this post. Your comments are very welcome!
The value created by Analytics in an organization can be more than one and it depends on what an organization is trying to do with analytic’s – with that, Here’s the list that I compiled from my readings over the past few weeks:
I’ve posted tutorial/resources about the Technical Side of Sentiment Analysis on this Blog. Here are the Links, if you need them:
Apart from this, I’ve used other Tools per project requirements and It’s been fun designing and developing projects on “Sentiment Analysis” primarily using Social Media Monitoring. Having worked with clients on projects that use “Sentiment Analysis” – I reflected about the role of Sentiment Analysis in Social Media Monitoring. And in this blog post, I am sharing these reflections:
Social Media Monitoring is a process of “monitoring” conversations happening on social media channels about your brand/company.
Is it NEW? Not really. The idea of monitoring or gathering data about what is being talked about the brand/company is not new. Earlier, it was newspapers and magazine-articles and now, it’s the social media channels including online news, forums and blogs and thus the name given to this process is “Social Media Monitoring”
Analyzing data to categorize it under a “sentiment” (emotion).
Example. Is this review saying positive, negative or neutral thing about our product.
side-note: Sentiment analysis is often categorized under “Big Data Analytics”.
We’ve seen that in social media monitoring, we gather all online conversations about a brand/product/company. Now wouldn’t it be great to take the data that we have and bucket it under “Positive”, “Negative” or “Neutral” categories for further analysis?
So few questions that can be answered after we have results from sentiment analysis:
1) Are people happy or sad about our product?
2) What do they like about our product?
3) What do they hate about our service?
4) Is there a trend or seasonality in sentiment data?
Among other business insights that may be not be easily answerable with just plain text data.
Thus sentiment analysis is one of the step in social media monitoring that assists in analyzing sentiment of all the conversations happening on the social web about a brand/product.
That’s about this for this post. Here’s a related post: Three Data Collection Tips for Social Media Analytics
your comments are very welcome!
In this post, We’ll explore a Business metric called “Customer Retention Rate”
What is it?
It is a metric that helps an organization monitor the % of customers retained.
Let me give you an example:
|Year||Number of Customers||Retention Rate|
Do you notice the third column that keeps a tab on the percentages of customer retained? This is the basic Idea behind customer retention rate.
How is it used?
This metric correlates with other key business performance measures like: customer service, product quality, customer loyalty. Think about it. If the customer retention rate is higher than the organization must be doing “something” right – that something could be: great loyalty program, great customer service or great product quality! If it’s low then it requires some action from decision makers – they would want to know the reasons so that they could fix the situation.
In earlier post, we talked about Customer Lifetime Value – now higher customer retention rate would also help us have a higher customer lifetime value.
Also it’s important to realize that the cost of acquiring a new customer is typically higher than keeping existing customer – and so organization that sells products/service like to measure the customer retention rate.
Also, if you customer data then you can drill down to find trends in the retention rate. Questions like: Which Age group has the highest retention rate? or which has lower? Retention rate for male customers? And also predicting customer retention rate of a new customer?
In this post, we learned about a business metric “customer retention rate”.
And as a reminder, This series is meant to understand Business Metrics from Analytics Perspective.
Data integrity is important especially if critical business decisions are based off on data. To that extent, in this post, I’ll write about five data collection tips to help you have accurate data for “social media analytics”. So here are the tips that are applicable to social media analytics irrespective of the tool you are using:
Select the right social media platform for capturing data. You do not want to select few such that you miss data.And you do want to select irrelevant social media platforms because if you do, then you’ll introduce noise in the data. Let me take an example. If your project needs to be based on USA only then you do not need to add “sina weibo” (Chinese social network) in your social media sources.
Now, Based on your business need for “social media analytics” campaign, you should test all possible social media platforms – you never know who might be talking about things that you are interested in. After you have selected the right social media platforms for your project, let’s go the next step:
Some of the social media platforms let’s you collect data via “search keywords”. Like twitter allows you to collect data via “hashtags” and/or keywords. So if you want to collect data about all social media posts having “american airlines” then you should not collect data using:
AMERICAN OR Airlines:
If you select the above rule, then it will introduce a LOT of noise because we’ll collect data people talking about just “American” PLUS data about people talking about just “airlines”. That’s bad! What you want is rules like these:
1. American AND airlines
2. “American Airlines” (as a phrase)
Now, I can’t stress the importance of selecting the right search keywords enough. Choosing wrong keywords will add noise that would be bad for analytics. So choose keywords such that you are not adding noise as well as not missing on conversations. There’s no secret formula here, continuous improvement is the way to go!
Social networks are GLOBAL in nature and so it’s important to filter (or include) based on the project that you’re working on. Not doing so would add noise in your data. And also remember to include country and language because you do not want to miss out on conversations either.
Three Data Collection Tips for Social media analytics that I shared in this post are:
1. Select Right Social Media Platform
2. Select Right search keywords
3. Select Right Country and Language.
This is Guest Blog by Jugal Shah. Jugal is pursuing MBA w/ focus on Marketing from a premier university in India. He shares his views on marketing, sales and strategy via his Blog & Facebook.In this post, He briefly comments on “How to measure Social Media Marketing ROI”.
In social media marketing, ROI is not in just monitory terms. So, for social media ROI, my focus would be on
1) to how many people I have reached
2) How many people I have engaged through online activities
3) Becoming a conversation enabler and perception driver
Then focus on
1) how much increased revenue is due to social media reach (you can do this by tracking referred link)
2) How many leads you generated through social media
3) How social media efforts helped to resolve customer query/problems and led to more customer satisfaction (remember customer acquisition cost 10 times more than customer retention cost).
In a nutshell, It’s of utmost important to use Social Media as:
Paras: Jugal, Thanks for this post. I am sure, this short post would be a great food for thought for readers who are interested in Digital Marketing Analytics or analytics in general. Readers, Feel free to reach out to him on his blog and/or Facebook page.
Think of “continuum” as something you start and you never stop improving upon. In my mind, Business Analytics Continuum is continuous investment of resources to take business analytics capabilities to next level. So what are these levels? Douglas McDowell explained about this concept in recent post here – I think it was a great food for thought for me and hence I posting about this particular concept here.
Here is the visual representation of the concept:
And I would encourage you to read the entire post and other posts in the series here: PASS BAC Preview Series: Business Analytics Defined