Data Science: Known Unknowns

by Marissa Marazzi on August 16, 2016

Do you know your data? 

Data Science Convert Leads

Everyday we are able to solve for problems relative to our own situations.

Scenario:  A Baby Cries.

New parents try and solve for this variable everyday.  The unknown factor is why (y). 

However, the possibilities are endless; but we know the baby needs:

A.) Food or water

B.) Comfort

C.) Diaper Change

D.) Etc etc... 

Once we are able to solve for (y) we have then solved for the unknown variable of why (y) thus learning how to quickly remedy the problem. This is similar to the concept of machine learning algorithms.  Whether we realize it or not every anomaly is due to an equation with an unknown variable.

Conversions on your website have the same theory in mind.  A platform that can convert leads is amazing but why does a customer convert?  Intice solves the "why" in this equation.  We know your customers are in the market and we also know that they have many choices so why should they choose you?  What will set you apart from the competition?  We know that everyone loves incentives and a recognizable brand like visa; coupled with no gimmicks is just enough to set you apart.  So you know how and why the intice incentive system works but this is only a fraction of your automotive budget.

You've invested countless dollars in advertising.  You've dropped vendors and added vendors looking for the next best product to solve for (y) but there's something missing.  Why a product worked or didn't.  Always ask yourself "why" before making marketing decisions.  Challenge yourself to not be satisfied with the end result but the reasons why the results were successful or unsuccessful.  In today's digital age it's very easy to make an impromptu decision without understanding the data behind the numbers.

With enough data behind the end result you will be amazed with what you can uncover, if you take the time to understand the data points.  This may even uncover hidden variables in your market that you never knew existed.  Even something that may seem silly such as moon phases and weather exhibit patterns and they may even unlock patterns within your own data. 

In the words of Donald Rumsfeld,

"Reports that say that something hasn't happened are always interesting to me, because as we know, there are known knowns; there are things we know we know. We also know there are known unknowns; that is to say we know there are some things we do not know. But there are also unknown unknowns – the ones we don't know we don't know. And if one looks throughout the history of our country and other free countries, it is the latter category that tend to be the difficult ones."

Doing something, "because it works" simply isn't a good enough answer and you shouldn't be satisfied with just the success of the program but why the program is successful.

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Topics: automotive, digital marketing, Digital Marketing Strategies