The Average is Always Wrong by Ian Shepherd

Author:Ian Shepherd [Shepherd, Ian]
Language: eng
Format: epub
Published: 2020-08-04T15:49:17+00:00

Part Two: Valuable data and where to find it

In this second part of the book, we turn our attention away from what analysis we might do with data and towards building an understanding of the kind of data we might have (or be able to gather) in our business and therefore the value we might unlock from it.

We’ll start, of course, with the customer, and review the critical importance of being able to attribute sales to specific customers in order to understand customer lifetime value. We’ll then review some of the ways consumer businesses can capture that data, including the big topic of loyalty programmes.

Later on in this section, we’ll review other types of data that our analytical techniques might generate value from, including data about stock, stores and other operational metrics.

Finally, we’ll review some of the external data we might generate value from, including customer satisfaction data and market share.

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