Analytics is becoming a competitive edge for organizations. Once being a “nice-to-have,” applying analytics is now becoming mission-critical. An Aug. 6, 2009, New York Times article titled, “For Today’s Graduate, Just One Word: Statistics” reminds me of the famous quote of advice to Dustin Hoffman’s character in his career breakthrough movie The Graduate. It occurs when a self-righteous Los Angeles businessman takes aside the baby-faced Benjamin Braddock, played by Hoffman, and declares, “I just want to say one word to you – just one word – ‘plastics.’ ” Perhaps a remake of this movie will be made and updated with the word analytics substituted for plastics.
So, what should we do about quantifying what customers want? The answer is simple: don’t even try. What you can do, and what I have done for my own products, is to model customer behavior using qualitative data, and then use quantitative data to verify and adjust those models. "Good inventors and designers deeply understand their customer. They spend tremendous energy developing that intuition. They study and understand many anecdotes rather than only the averages you’ll find on surveys. They live with the design. Customer surveys can become proxies for customers — something that’s especially dangerous when you’re inventing and designing products. “Fifty-five percent of beta testers report being satisfied with this feature. That is up from 47% in the first survey.” That’s hard to interpret and could unintentionally mislead.
The best articles on how to use analytics to grow your business. Analytics are the collection of both quantitative and qualitative data that are used to measure the performance of a business, product, marketing campaign or other initiative. Learn how growth marketers use analytics to find new opportunities for growth.
Join over 70,000 growth pros from companies like Uber, Pinterest & Twitter