Data science is sexy.
But profitable growth is sexier.
5 ways to scale your startup with data science:
But profitable growth is sexier.
5 ways to scale your startup with data science:
First Off - What is Data Science?
Data science is a fancy term for using math to extract insights from data and make predictions about future results.
Here are 5 ways data science can help your startup grow.
Data science is a fancy term for using math to extract insights from data and make predictions about future results.
Here are 5 ways data science can help your startup grow.
1) Lower Your Customer Acquisition Costs
Data science can model spend, revenue and margin curves for your marketing channels.
Dial in your optimal marketing budgets depending on your ROAS goals.
Let your marketing team focus on ad creative and campaign optimization.
Data science can model spend, revenue and margin curves for your marketing channels.
Dial in your optimal marketing budgets depending on your ROAS goals.
Let your marketing team focus on ad creative and campaign optimization.
2) Predict Lifetime Values
Imagine knowing within minutes how valuable a customer will be a year from now?
Data science can use early engagement signals to predict customer lifetime values.
Double down on effective marketing and cut spend on low value users.
Imagine knowing within minutes how valuable a customer will be a year from now?
Data science can use early engagement signals to predict customer lifetime values.
Double down on effective marketing and cut spend on low value users.
3) Increase Customer Retention
Identify customer behaviors and product issues correlated with churn.
Build a special retention practice that focuses on these customers.
Save these customers before they cancel.
Identify customer behaviors and product issues correlated with churn.
Build a special retention practice that focuses on these customers.
Save these customers before they cancel.
4) Increase Your Conversion Rates
Marketers love A/B tests.
But interpreting results correctly is daunting:
• p-value
• z-score
• statistical power
• minimum detectable effect
• Bayesian vs frequentist
• Multi-armed bandits
These concepts lead many marketers astray.
Marketers love A/B tests.
But interpreting results correctly is daunting:
• p-value
• z-score
• statistical power
• minimum detectable effect
• Bayesian vs frequentist
• Multi-armed bandits
These concepts lead many marketers astray.
5) Model Incrementality
Last-click attribution is the standard for measuring digital advertising.
But what happens when you scale to billboards, TV, mail and branding?
Data science can tell you to what extent those efforts are producing incremental sales and revenue.
Last-click attribution is the standard for measuring digital advertising.
But what happens when you scale to billboards, TV, mail and branding?
Data science can tell you to what extent those efforts are producing incremental sales and revenue.
TLDR:
5 ways to scale your startup with data science:
1. Lower your customer acquisition costs
2. Predict lifetime values
3. Increase customer retention
4. Increase conversion rates
5. Model incrementality
5 ways to scale your startup with data science:
1. Lower your customer acquisition costs
2. Predict lifetime values
3. Increase customer retention
4. Increase conversion rates
5. Model incrementality
That's a wrap!
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If you enjoyed this thread:
1. Follow me @bbourque for more of these
2. RT the tweet below to share this thread with your audience
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