Spike and Drop Story
How Can You Use Spike and Drop Stories?
Any metric can be tracked based on it’s increasing or decreasing movement. Thus, Spike and Drop story types are one of the most common story types that show up in an Outlier feed as they help to alert you to sudden changes more quickly and can help you monitor changes that may become new trends over time. Here are a few examples of how functional teams use Spike and Drop stories:
A Marketing team can use Spike and Drop stories to track ad performance, spend, and customer behavior changes. For example, this retailer was notified about an increase in customer cost per acquisition (CPA) for a specific customer group that was not accompanied by an expected corresponding increase in site traffic or revenue. This CPA could have continued well outside the optimal range indefinitely. Outlier’s identification of this spike saved the retailer potentially many thousands of dollars of CPA budget for this customer group.
Why Spike and Drop Stories Matter?
An enterprise dashboard can show you increases and drops too, but it only shows you the metric or KPI that you know to look for. Outlier shows you the Spikes and Drops that you might not be expecting or tracking in your dashboard. Also, dashboards tend to miss small changes that could also strongly impact your business.
Automated business analysis platforms, like Outlier, help you find these small (or big) changes quickly. Outlier delivers you a diversity of insights in a semantic-free approach. Instead of relying on the meaning behind your data, Outlier focuses on the numeric properties of your data to find interesting and important patterns.See how this story alerts to a drop in product checkouts