Cheetah Digital Data Masterclass_How to get more value from your data
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The document discusses the importance of using data for marketing decisions, with only 25% of marketers consistently using analytics effectively. It highlights challenges such as data silos, the need for customer-centric strategies, and the impact of intuition versus data-driven insights. Furthermore, it emphasizes the necessity of structured analysis, prioritization, and free access to data for maximizing customer engagement and business value.
Cheetah Digital Data Masterclass_How to get more value from your data
- 1. GET MORE VALUE FROM YOUR DATA
- 2. DO YOU USE DATA TO MAKE DECISIONS ON HOW BEST TO MARKET TO YOUR CUSTOMER? A) ALWAYS B) OFTEN C) SOMETIMES D) RARELY E) NEVER F) TOO EMBARRASSED TO SAY
- 3. “25% OF MARKETERS USE ANALYTICS TO DRIVE ACTIONABLE RECOMMENDATIONS, WHILE A FURTHER 60% ARE ‘SOMETIMES’ ABLE TO MAKE DATA-DRIVEN DECISIONS.” Econsultancy research, 2017
- 5. HOW DO 75% OF MARKETERS DECIDE WHAT TO DO “MOST OF THE TIME”?
- 7. DATA HELPS ME MAKE SOME DECISIONS BUT MOST OF THE TIME I GO WITH MY INSTINCT AS A MARKETER A) STRONGLY AGREE B) AGREE C) DISAGREE D) STRONGLY DISAGREE
- 8. A BAT AND BALL COST $1.10, THE BAT COSTS ONE DOLLAR MORE THAN THE BALL, HOW MUCH DOES THE BALL COST?
- 9. THE BALL COSTS: A) 1¢ B) 2¢ C) 5¢ D) 6¢ E) 10¢ F) 15¢ G) 20¢
- 10. x + ($1.00 + x) = $1.10 $1.00 + 2x = $1.10 2x = $1.10 – $1.00 2x = $0.10 x = $0.05
- 11. “intuition is nothing more and nothing less than recognition” Daniel Kahneman
- 12. USE ME BUT CHECK ME USE ME MUCH, MUCH MORE Intuition Involuntary control Effortlessness Speed Innate skills Reflex Reason Effort Analytics Constructed Thoughts Concentration Patience
- 14. 1) OBJECTIVES
- 15. CREATE THE MOST CUSTOMER-CENTRIC, SMARTEST ORGANISATION FREE OUR DATA TO POWER EVERY ASPECT OF OUR CUSTOMER EXPERIENCE FASTER, MORE VALUABLE INNOVATION REDUCED WASTAGE IN MARKETING AND SERVICE IMPROVED MARKET SHARE AND BRAND POSITION OPTIMAL COST PER ACQUISITION & COST TO SERVICE VISION MISSION STRATEGIC THEMES STRATEGIC RESULTS INCREASED CUSTOMER LIFETIME VALUE ONE TO ONE CUSTOMER EXPERIENCE
- 17. MUCH OF THE TIME I SPEND ON ANALYSIS IS TAKEN UP CONSOLIDATING CAMPAIGN RESULTS FOR REPORTING A) STRONGLY AGREE B) AGREE C) DISAGREE D) STRONGLY DISAGREE
- 18. KNOWN KNOWNS Things we know, we know campaign engagement metrics UNKNOWN KNOWNS Things we think we know, but haven’t measured Customers are more likely to respond on a Wednesday KNOWN UNKNOWNS Things we know, we don’t know Next best action/product UNKNOWN UNKNOWNS Things we’re not even aware we don’t know ? PRIORITIS E CHOOSING WHERE TO START EXPLORE AUTOMATE TEST
- 19. FINDING UNKNOWN UNKNOWNS Do things that don’t scale Do things that do scale Look everywhere (not just data you have at hand)
- 22. IN MY ORGANISATION DATA IS… A) OPEN AND SYSTEMATICALLY SHARED BETWEEN TEAMS B) AVAILABLE ON REQUEST C) ACCESSIBLE TO A PRIVILEGED FEW D) COMPLETELY SILOED
- 23. PLANNING Strategy, Organisation, Business Process EXECUTION Operational excellence, Technical Expertise ANALYTICS & INSIGHT Analysis, Forecasting
- 24. ANALYTICS & INSIGHT EXPERIMENTATION, OPTIMISIATION UNKNOWN KNOWN, KNOWN UNKNOWN OPPORTUNITY, DISCOVERY, INNOVATION KNOWN UNKNOWN, UNKNOWN UNKNOWN PLANNING EXECUTION
- 25. YOUR DATA UNIVERSE KNOWN DEMOGRAPHIC DATA TRANSACTIONA L DATA CHANNEL ACTIVITY DATA CUSTOMER SERVICE DATA 3RD PARTY DATA PRODUCT DATA THINGS YOU COULD ASK RETAIL DATA PUBLIC DOMAIN DATA 2ND PARTY DATA MARKET RESEARCH BENCHMARK DATA OTHER CHANNEL DATA IS BIGGER THAN JUST YOUR DATA
- 27. CHANGING PRIORITIES You don’t have to do it, so you don’t do it (you don’t know the value of it, so why would you do it?) CHANGING CONSUMER S What’s the point? In a year people won’t even be using the internet anymore INNOVATIVE DISTRACTION S Let’s wait, that will be really easy/redundant when we have a DMP/AI/etc. CHALLENGIN G TECHNOLOG Y It’s just so hard to get at my data
- 28. CREATE THE MOST CUSTOMER-CENTRIC, SMARTEST ORGANISATION FREE OUR DATA TO POWER EVERY ASPECT OF OUR CUSTOMER EXPERIENCE FASTER, MORE VALUABLE INNOVATION REDUCED WASTAGE IN MARKETING AND SERVICE IMPROVED MARKET SHARE AND BRAND POSITION OPTIMAL COST PER ACQUISITION & COST TO SERVICE VISION MISSION STRATEGIC THEMES STRATEGIC RESULTS INCREASED CUSTOMER LIFETIME VALUE ONE TO ONE CUSTOMER EXPERIENCE
- 29. 5) RABBIT HOLES
- 30. KEEPING FOCUS PICK TWO DECISION FOCUSED MEANINGFU L (to customer experience) INTERESTIN G (to you) VALUABLE (to business)
- 31. 1. SET MEANINGFUL OBJECTIVES 2. STRUCTURE YOUR APPROACH TO DISCOVERY 3. AUTOMATE WHAT YOU CAN, PRIORITISE WHAT YOU CAN’T 4. FREE YOUR DATA & ANALYTICS 5. STAY FOCUSED AND PURPOSEFUL GET MORE VALUE FROM YOUR DATA