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Exclusive: CEO Andrew Hiddleston Shares How To Profit from Patterns While Avoiding Anomalies
LeanMeanMarketing CEO and top notch business coach Andrew Hiddleston recently spoke on optimizing patterns in a business and getting rid of anomalies in order to optimize the gains and minimize losses.
How to recognize patterns could play a crucial role in your business. By pattern, we mean anything that involves a certain configuration, distinctive style, tendencies, design or characteristic arrangement as the business flows into its regular operation.
Although these patterns usually happen in businesses, business owners, marketers and anyone at risk should see to it that the patterns discovered are in essence significant patterns and not an anomaly.
Hiddleston shares, "You want to be able to identify patterns in your data so that you can optimize them. Patterns happen within a certain degree of probability which means you can predict the behavior and you know that if you insert this input you will most likely get this output."
In other words, when there is a pattern of positive action (http://www.leanmeanmarketing.com/
"An anomaly is quite different. An anomaly may present itself as a pattern but it lacks the key ingredient of being predictable which means you do not have that same degree of certainty that it will happen." Hiddleston added.
Whether it be happening internally within your business like in your data administration, or an external event like for example, a race to top the competition in your marketplace, it is always good to stay in focus and cautious.
Knowing on how to differentiate an anomaly from a pattern and vice versa will help you render decisions in a good if not better way. Having an enough data for this is significant according to Hiddleston.
"Become familiar with Excel or Google docs spreadsheet and get comfortable with pivot tables because pivot tables will make your life a whole lot easier looking through all of these different data. You can extract data in CSV format from analytics webmaster tools and other analytical tools, upload them into these tools and run them into pivot tables." He suggested.
"If you don’t know how to use pivot tables, I highly recommend you spend an afternoon learning how to use them. It makes data analysis so much simpler and so much easier and will also help you recognize patterns within your data."
Lastly, Hiddleston left a useful reminder, "Remember it is absolutely awful to base a business decision on a hunch or an assumption. That is a great starting point but that’s just it, it is just a starting point. So start with your hunch or your assumption based off a possible pattern and test for it; make sure that your results are conclusive and then you can move forward with it if you need to full scale roll it out."
About Andrew Hiddleston (http://www.leanmeanmarketing.com/
Andrew Hiddleston is a successful business coach, online entrepreneur and internet marketer. He is the CEO of LeanMeanMarketing.com. Visit http://www.leanmeanmarketing.com/