mind of an analyst- jennifer vessenmeyer

Inside th Mi d the Mind of an Analystof an AnalystSan Francisco OMS – June 25, 2009

4355 Weaver Parkway, Suite 150 Warrenville, IL 60555 www.Stratigent.com 630.658.2200 877.427.2900

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© 2009 Stratigent, LLC. All rights reserved. | 2

Thinking hard g

about the data

isn’t the same

as analyzing

the data.

3 | © 2009 Stratigent, LLC. All rights reserved.

Most Common Mistakes

Tips for Getting Inside the Mistakes Getting Inside the Mind of an Analyst


Wh I thi ki f? One of the youngest chief

Who am I thinking of?

executives in his nation’s history

Sworn into office in January

Predecessor was a military leader who led the nation through a world war

Played a crucial role in the military Played a crucial role in the military crisis that faced his nation

Raised as a Catholic

Had vibrant charisma

His name is legendary

© 2009 Stratigent, LLC. All rights reserved. | 5© 2008. Stratigent, LLC. All rights reserved. | 5

g y

Source: “The Thinker's Toolkit: 14 Powerful Techniques for Problem Solving” by Morgan D. Jones

Faulty Analysis

Bad Data

False Confidencea se Co de ce


Too often, what passes as analysis

is, in reality, a few facts and

some assumptions all held

together with the intellectual together with the intellectual

equivalent of duct tapeequivalent of duct tape.


Faulty Analysis is most often caused by:

Reliance on substance

Erroneous assumptions

Biased questions

Confusion between

over process and mental shortcuts

correlation and causation


Example:Example:Ice cream should be banned

7

8

5

6

Ice Cream Sales

3

4Deaths by Drowning

1

2


0

Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec

Building your analysis Building your analysis

on bad data is like

building a house

out of cards.


Bad Data is most often caused by:

Improper tool configuration

Misused reports

Unclear definitions

Incomplete data collection


It’s better to guess

than to make

decisions based

on faulty analysis

or bad data or bad data.


False Confidence is most often caused by:

U i d j if Using data to justify rather than inform


Inside the Mind of an Analyst:Three TipsThree Tips

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BETTER Insight

FASTER Insight


MORE Structure

BETTER Data

FASTER Comprehension


What do you mean by

?


Methodology


How can I add

to my analysis?y y


T Target Audience Who will use the outcome of your analysis?

T

Hypothesis Do you have a hypothesis?

H

Implications What are the implications f fi di ?

yp

I

Numbers Do you have the right

of your findings?

N

Q ti

Do you have the right numbers?

N

Q© 2009 Stratigent, LLC. All rights reserved. | 20

Question What do you want to know?

Q

How do I getg

to anal e?to analyze?


Audit Audit common causes of bad data (the usual suspects)

A

C t l I l l h

data (the usual suspects)

C Control Implement controls, such as ongoing monitoring & validation

C

T


Continuous improvement is good?

New PagesNew Site Features = Incomplete DataNew Site Features

New Campaigns= Incomplete Data

New ObjectivesIrrelevant KPIsChanged Objectives

New Priorities=


Audit Audit the most common causes of bad data

A

C t l I l l h

of bad data

C Control Implement controls, such as ongoing monitoring & validation

C

Test Put your key metrics and reports t th t t

Tto the test


How much do you know about your KPIs?― Which objective does it tie to?

― Business driver or diagnostic?

H i it l l t d?― How is it calculated?

― Which report is it taken from?

― Does the metric have a different

The Big Book of Key Performance

Indicators

name in that report?

― What actions does it influence?

Wh it? IndicatorsEric Peterson

― Who owns it?

Look at your reports


with a critical eye

What is the secret to

??


Sort Metrics Sort your key metrics by how they are used

Sthey are used

OO

S


There are multiple types of metricsp ypTYPE OF METRIC EXAMPLE USED TO ANSWER THE QUESTION

O t /b i d i L d H ll I d i ?Outcome/business driver Leads How well am I doing?

Diagnostic Conversion rate How can I do better?

Smoke alarm Zero yield searches What am I doing poorly?Smoke alarm Zero yield searches What am I doing poorly?

Predictor/Leading indicator Intent to Purchase Will I do better?

Latent Correlations, VOC, Where is the opportunity? , ,competitive data, etc

pp y


*Obviously, this is not an exhaustive list.


S

O L ti G h d ’ l i

they are used

O One Location Get the data you’re analyzing in one place

O

S


When key data points are within i t th ti it’ view at the same time, it’s

easier to mentally digest them.

Put business drivers across all channels on the same dashboard.

Then, automate the data population so you can focus your time on analysis.



S

O L ti G h d ’ l i

they are used

O One Location Get the data you’re analyzing in one place

O

Show & Tell Visualize the data, add context, d id i t t ti

Sand provide interpretation


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Jennifer [email protected] e @st at ge t co630-222-4319

4355 Weaver Parkway, Suite 150 Warrenville, IL 60555 www.Stratigent.com 630.658.2200 877.427.2900

mind of an analyst- jennifer vessenmeyer

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