So, what you see in your data? Is your objectivity hindered by your personal situation, bias, or simply because you are having difficult time looking at the complete picture? Of course no, there's no way that you are not object, what am I even talking about.
Now that we have established our objectivity, let's quickly do this, rank the campaigns according to their effectiveness:
Now, do you think that you can sort it better? Does it not help to have a a bigger picture before we take any strategic decision? How about you sorting the campaigns now? Don't even bother, you would be wring again. Because there's more data to come:
Now? Scene changes again, right? Can you observe how things might change with more and more data coming in? What if we get some more metrics into it?
Lesson: Before taking any decision try to think of all the metrics/KPIs/'effects' that you are trying to gauge. Then the next step has to be analysis of effect size. Too often we get confused with effect and forget about effect size.
Don't be scared of creating your own calculated metrics if need be, like average order value, revenue per visit. This will further help you to decide on your marketing strategy and finally hone in on the strategy which is a proven winner.
I am planning to introduce the concepts of statistics in our data, and then we will re-visit this example. But for now please do remember that incomplete half picture will result in half cooked decisions which won't even give you half the results that you expected.
Please let me know of your thoughts below.
