peter hammer - using consumer insights and analytics to drive digital product innovation -...
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Using consumer insights and analytics to drive digital product innovationPeter Hammer, Managing Director18 October 2017
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The following presentation has been edited from the original, to protect certain data sources. Should you need access to those slides, please contact [email protected].
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Marketing Scientist is a marketing and research consultancydelivering evidence-based strategy and actionable insights
to help brands grow
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When you think of digital product innovations …
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How to best use consumer insights and analytics to drive digital product innovation
Big Data Market Intelligence Custom Research
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Big Data
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Big Data is Good
Big Data is being put to lots of really good uses :
Explore distant planets
Feed the hungry
Cure disease and prevent cancer
SOURCE : https://www.forbes.com/sites/bernardmarr/2017/03/14/the-complete-beginners-guide-to-big-data-in-2017/#4fc399da7365
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You don’t always need Big Data,you need the Right Data,at the Right Time!
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You need Fast Data!
SOURCE : http://whatis.techtarget.com/definition/fast-data
“Fast data is the application ofbig data analytics to smaller data sets in near-real or real-time in order to solve a problem or create business value.”
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You need a summary of your summary dashboard
1. Focus on the most relevant and actionable metric for the business unit
2. Set and show a target value
3. Share daily with all key stakeholdersand tell them what happened
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Fast data in action :
`
App Downloads totalled 1,727 (-23% vs. target);Facebook Install Ad Conversion were down 42% WOW.
2,401
2,9422,702
3,104
1,502 1,498
2,834
1,727
0
1,000
2,000
3,000
4,000
1-Jan 2-Jan 3-Jan 4-Jan 5-Jan 6-Jan 7-Jan 8-Jan
Do
wn
load
s
Target = 2,240
Example data, based on real-world client.
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Think fast data overvast data
Concentrate on fewer data points that drive actionable business decisions to focus innovation
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Market Intelligence
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Let’s imagine that you’re a product manager for a big consumer brand “Brand D”, responsible for building their mobile app …
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You’ve been setting targets …
… but using internal analytics data!
853775
946
0
200
400
600
800
1000
1200
1400
1600
July 2016 July 2017
Mo
nth
ly A
ctiv
e U
sers
(‘0
00
s)
Target
Actual
Exceeded target by 11%
NOTE : The following data is not real.Used for illustration purposes only.
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“Nobody is an industry of one”
Peerview Data
“No man is an island”
John Dorne,English Poet (1572 – 1631)
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“I already have lots of data / analytics in my app”
“That’s for media companies, I’m not selling advertising”
“It’s such a small sample size”
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Suddenly your target goes from this ….
Based on internal analytics data
853775
946
0
200
400
600
800
1000
1200
1400
1600
July 2016 July 2017
Mo
nth
ly A
ctiv
e U
sers
(‘0
00
s)
Target
Actual
Exceeded target by 11%
NOTE : The following data is not real.Used for illustration purposes only.
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…. to a target that reflects the market
Based on market data
1426
775
946
0
200
400
600
800
1000
1200
1400
1600
July 2016 July 2017
Mo
nth
ly A
ctiv
e U
sers
(‘0
00
s)
Target
Actual
Missed target by 33%
Ad
just
ed f
or
% a
pp
sh
are
NOTE : The following data is not real.Used for illustration purposes only.
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But market data also helps you reach your targets …
… with deeper insights about your brand users, and your competitors users :
• Rich demographic profiles
• Duplication of audience across other brands
• Device type – Computer, Mobile
• Device OS – iOS, Android
• Day of the week*
• Content type – Text, Video, Audio *
* Part of Digital Content Ratings, requires tagging
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No brand is an island
Benchmarking to competitors will reveal innovation opportunities to grow your brand
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Custom Research
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Analytics vs. Research
Analytics
Faster
Bigger data, census
Limited profile, more transactional
More structured
Research
Slower
Smaller data
Richer demographic/ profile information
Less structured
What are some of the key differences?
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Analytics vs. Research
O-data tells you what happened.
X-data tells you why it’s happening.
SOURCE : Qualtrics.
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It’s a bit like the choice between Hard and
Soft Tacos
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- Old El Paso “Wise” Girl
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What are practical ways of combining such data?
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With enhancedinsight, we can innovate socustomers lovetheir experience
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Don’t be a one-trick pony
Combine research and analytics to gain enhanced customer insight to drive new innovation and product optimization
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In conclusion …
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How to best use consumer insights and analytics to drive digital product innovation :
In conclusion :
Focus on fast data over vast data
No brand is an island – so benchmark!
Don’t be a one-trick pony for insights
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