How deep is your data? More importantly, how deep is your mental model of what data analytics can do for your company? Is it deep like a backyard swimming pool or – or is it deep like Lake Tahoe?
If these seem like odd questions, that could be because you may be still looking at “data analytics” in a one-dimensional way. We hear every day about the competitive advantages that data analytics affords companies. But all of that repetition can tend to flatten our view of data in a way that remains decidedly shallow.
A useful way to break out of a one-dimensional view of data is to liken our model of data analytics to a body of water as majestic as Lake Tahoe. Let’s take a dive in together.
Dive Deep Like Lake Tahoe
Lake Tahoe, straddling the border of California and Nevada, is renowned for its beauty, clarity and depth. Nestled within the Sierra Nevada mountains, it boasts 72 miles of shoreline. And at 1,645 feet (501 meters), Lake Tahoe is the second deepest lake in the United States. The lake’s varying depths create distinct ecosystems and offer a metaphor for the layers of data analytics we explore in digital marketing.
A bathymetric map of a lake simply means viewing its underwater topography – including its specific depths in various areas of the lake. Looking at a bathymetric map of Lake Tahoe is an excellent way to gain insight into its various depths, depending on where you are on the lake.
Lake Tahoe’s Various Depths
Recognizing Varying Depths of Data Analytics
Just as Lake Tahoe’s waters range from shallow shorelines to profound depths, the world of data analytics encompasses a spectrum of complexity and insight. Each level of depth in our data lake offers unique value, from surface-level metrics to deep, predictive insights that can reshape business strategies.
The Importance of Seeing the Depth of Data
Developing a deeper mental model of data analytics is crucial for making informed decisions and driving marketing success. It is important to note that we need all kinds of data at varying levels of depth. Deeper is not always better.
For example, surface-level metrics provide quick insights, while diving deeper allows you to uncover hidden patterns, predict future trends, and gain a competitive edge. By exploring all depths of your data, you can create more targeted, effective, and efficient strategies.
Examples of Data Analytics at Varying Depths
Let’s take a little dive, shall we?
Shallow (1 to 50 ft): Setting the Foundation for Analytics
In the shallows of data analytics, we find the essential building blocks of digital analytics. These are the metrics and tools that form the foundation of any data-driven strategy, including:
- Setting up Google Analytics and Google Tag Manager
- Creating custom events and key events for conducting web analytics
- Conducting data platform integrations, such as connecting CRMs, web analytics, social media analytics, cybersecurity systems, and data warehouses
- Setting up executive dashboards and alerts
- KPI determination
While these may seem rudimentary, they’re a crucial foundation for any data-driven strategy. Like the water just off of the shore of Lake Tahoe, this is where we begin our journey. We set ourselves up to gather the fundamental data that will inform our deeper analyses.
Radar View, Lake Tahoe
Less Shallow (50 to 500 ft): Diving into Performance
As we dive a little deeper into the lake, we encounter complex analyses that provide richer insights into campaign performance, operational efficiency and consumer behavior, such as:
- Campaign performance analysis
- Operational throughput analysis
- Financial health monitorin
- Consumer behavior analysis
- Social media performance monitoring
- Digital campaign optimization
At this depth, we start to see the interplay between different marketing efforts and we position ourselves to make data-driven decisions to optimize campaigns. It’s like exploring the underwater topography of Lake Tahoe, where diverse ecosystems interact and thrive.
Deep (500 to 1,000 ft): Strategic Insights
Diving deeper, we reach a level where data transforms into strategic insights that can reshape your entire marketing approach:
- Digital campaign A/B testing
- Competitor analysis
- Customer segmentation
- Cost-benefit analysis
- Breakeven analysis
- Customer surveys, interviews, and focus groups
- Website audits
At these depths, we’re not just looking at what’s happening, but why it’s happening and what it means for your business. Like the deep, clear waters of Lake Tahoe, these insights provide clarity and direction for your marketing strategies.
Diving Lake Tahoe
Deepest (Over 1,000 ft): Predictive Power
At the deepest levels of our data lake, we find the most powerful and transformative analytics
- ROI analysis
- Predictive analytics
- Neural network modeling
- Attribution modeling
- Optimal price modeling
- Real estate site selection
- Market and economic growth analysis
These advanced analytics harness the full power of your data, using sophisticated algorithms and machine learning to predict future trends and optimize every aspect of your marketing strategy. It’s like exploring the deepest parts of Lake Tahoe, where hidden treasures and unexpected discoveries await.
Expanding Your View of Data Analytics’ Depth
As we surface from our deep dive into data analytics, it’s clear that each depth offers unique and valuable insights. While the shallows provide essential metrics and the deep waters offer strategic insights, it’s the combination of all these levels that creates a truly comprehensive view of your marketing landscape.
Remember, the goal isn’t just to set up your organization to collect data the right way. It’s also to transform it into actionable insights that drive real business results. By understanding and leveraging the full depth of data analytics, you can create more targeted, effective, and efficient marketing strategies that resonate with your audience and drive growth.
So, are you ready to dive deep into your data lake? Let’s explore the depths together and uncover the insights that will take your marketing to new heights. Reach out to JLytics right now.
