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EMetrics Summit Digital Analytics Association Jim Sterne What Makes a Great Analyst? Jim Sterne – – emetrics.org.

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Presentation on theme: "EMetrics Summit Digital Analytics Association Jim Sterne What Makes a Great Analyst? Jim Sterne – – emetrics.org."— Presentation transcript:

1 eMetrics Summit Digital Analytics Association Jim Sterne What Makes a Great Analyst? Jim Sterne – – emetrics.org

2 What Makes a Great Analyst? Understand the Raw Material Understand the Tools Understand the Problem to be Solved Understand the Art of Analysis Understand the Art of Communication

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4 Big Data Volume Variety Velocity Get used to not being able to get used to how much data you have Jim Sterne – – emetrics.org

5 Demographic Data Psychographic Data Marketplace Data Direct Marketing Metrics Customer Analytics (CRM) Sales Force Automation Data Call Center Data Web Analytics Social Media Metrics Jim Sterne – – emetrics.org Big Data

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7 Web Website Mobile Retail Call Center Social Jim Sterne – – emetrics.org Touchpoints:

8 Web Website Mobile Retail Call Center Social Jim Sterne – – emetrics.org

9 Web Website Mobile Retail Call Center Social Jim Sterne – – emetrics.org

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11 Understand the Raw Material Valid Credible Reliable Consistent Clean Unbiased Defined Relevant Correlate-able Understandable Complete Timely Jim Sterne – – emetrics.org

12 Stephen Few Jim Sterne – – emetrics.org

13 What Makes a Great Analyst? Understand the Raw Material Understand the Tools Understand the Problem to be Solved Understand the Art of Analysis Understand the Art of Communication

14 Technical breakthroughs: cheap disk storage taking the processing to the data Volume Variety Velocity ?????? ????? ????? ????? ????? ????? ????? ????? Big Data Map Reduce Hadoop Jim Sterne – – emetrics.org

15 What Makes a Great Analyst? Understand the Raw Material Understand the Tools Understand the Problem to be Solved Understand the Art of Analysis Understand the Art of Communication

16 Analytics are Worthless without Goals Defined – language Specific – amount and time Supported– politically aligned Jim Sterne – – emetrics.org

17 Example: Business Goals Raise Revenue Lower Costs Increase Customer Satisfaction Jim Sterne – – emetrics.org

18 Subordinate: Marketing Goals Raise Awareness Improve Attitude Influence Inspire Interaction Generate Sales Drive Value Jim Sterne – – emetrics.org

19 Art of Analysis Jim Sterne – – emetrics.org Color = Segment Keywords Source Persona Location Recency Frequency Preferences Social media links Social media sentiment..... Size = LTV

20 Jim Sterne – – emetrics.org The Art of Marketing Analysis

21 Jim Sterne – – emetrics.org The Art of Marketing Analysis

22 Jim Sterne – – emetrics.org The Art of Marketing Analysis

23 Jim Sterne – – emetrics.org The Art of Marketing Analysis

24 What Problem Are We Solving For? Jim Sterne – – emetrics.org The Art of Marketing Analysis

25 Analytics are Worthless without Goals Defined – language Specific – amount and time Supported– politically aligned Example: Business Goals Raise Revenue Lower Costs Increase Customer Satisfaction Optimize for Customer Life Time Value Jim Sterne – – emetrics.org The Art of Marketing Analysis

26 Find more like these Find more like these Find more like these Color = segment Size = LTV Relinquish to competition $ $ $ $ $ $ Jim Sterne – – emetrics.org The Art of Marketing Analysis

27 Find more like these Find more like these Find more like these Relinquish to competition Turn into higher value customers Jim Sterne – – emetrics.org Color = segment Size = LTV The Art of Marketing Analysis

28 Turn into higher value customers Marketing Program 1A, 1B... 1n Marketing Program 2A, 2B...2n Marketing Program 3A, 3B... 3n Deprioritize List Offer Medium Creative Turn into higher value customers Jim Sterne – – emetrics.org Color = segment Size = LTV The Art of Marketing Analysis

29 Understand the Problem to be Solved Jim Sterne – – emetrics.org

30 What Makes a Great Analyst? Understand the Raw Material Understand the Tools Understand the Problem to be Solved Understand the Art of Analysis Understand the Art of Communication Jim Sterne – – emetrics.org

31 The low hanging fruit of analysis Errors/omissions/complaints Spikes & troughs “That’s funny” Anomalies Jim Sterne – – emetrics.org Art of Analysis

32 Jim Sterne – – emetrics.org Art of Analysis The low hanging fruit of analysis Keywords Source Persona Location Recency Frequency Preferences Social media links Social media sentiment..... Segmentation

33 Jim Sterne – – emetrics.org Art of Analysis The low hanging fruit of analysis Segmentation Reason Backwards Identify the desired result Identify those who have done it Identify what they have in common How are they different from the rest? How do we find more like them? How do we get others to act like them?

34 Jim Sterne – – emetrics.org Art of Analysis The low hanging fruit of analysis Segmentation Reason Backwards search  landing page  product A  product B  product A  product C  details  basket  reviews  about us  checkout Return once more Click once more Agree once more Purchase once more Mention once more Microconversions

35 Lies, damned lies, and statistics - Mark Twain 68% agree: “Advertising stimulates competition, which leads to better products and lower prices” People Love Ads!! 68% agree: “I do not like my online behavior tracked and analyzed” People Hate Ads!! Art of Analysis Analytics Traps Jim Sterne – – emetrics.org

36 Do not use statistics as a drunken man uses lamp-posts – for support rather than for illumination - Andrew Lang Art of Analysis Analytics Traps Lies, damned lies, and statistics - Mark Twain Jim Sterne – – emetrics.org

37 It’s easy to misuse numbers It’s even easier not to know you’re doing it Bias Jim Sterne – – emetrics.org Art of Analysis Analytics Traps

38 Hindsight bias... I knew it all along Representativeness bias... stereotyping Anchoring bias... small detail sets baseline Availability bias.. the first thing that comes to mind Confirmation bias... I only listen to what I agree with Self-serving bias... my success and your failure Expectancy bias... Seeing only what I expect Self-consistency bias... I have always thought this Jim Sterne – – emetrics.org Art of Analysis Analytics Traps

39 We Really Love Puzzles Jim Sterne – – emetrics.org Art of Analysis Analytics Traps

40 Jim Sterne – – emetrics.org Art of Analysis Analytics Traps

41 The Peril of Trick Questions Airplane crash Bus ride Bear hunt Jim Sterne – – emetrics.org Art of Analysis Analytics Traps

42 Correlation is not causation Umbrellas cause rain Ice cream vendors cause global warming Smoking lengthens seniors’ lives Jim Sterne – – emetrics.org Art of Analysis Analytics Traps

43 Analyst Tech Math Business Multilingual Puzzle Solver Lateral Thinker Dreamer To make sense of lots of data Jim Sterne – – emetrics.org Knowledge Intelligence Intuition

44 Analyst Books Blogs Conferences Practice Exercise Daydream Brainstorm Jim Sterne – – emetrics.org Knowledge Intelligence Intuition

45 Stephen Few Jim Sterne – – emetrics.org

46 Art of Analysis Jim Sterne – – emetrics.org

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48 Art of Analysis

49 Jim Sterne – – emetrics.org Datatomato Informationtomato is a fruit Knowledgefruit salad is good and easy to make Wisdomdon't put tomatoes in fruit salad Art of Analysis Insighttomatoes can be treated like vegetables

50 Jim Sterne – – emetrics.org Art of Analysis Consilience (Merriam Webster) : the linking together of principles from different disciplines especially when forming a comprehensive theory

51 Jim Sterne – – emetrics.org Art of Analysis “Where do ideas come from? Looking at one thing and seeing another” -Saul Bass Insight Inference Inspiration Moment of genius

52 Jim Sterne – – emetrics.org Art of Analysis Insight Inference Inspiration Moment of genius “...data scientists... make discoveries while swimming in data... [their] dominant trait is intense curiosity... This often entails the associative thinking that characterizes the most creative scientists in any field.” Tom Davenport & D.J. Patil

53 Jim Sterne – – emetrics.org Art of Analysis Insight Inference Inspiration Moment of genius As one grows older, one sees the impossibility of imposing your will on the chaos with brute force. But if you are patient, there may come that moment when, while eating an apple, the solution presents itself politely and says, ‘Here I am!’ - Albert Einstein

54 filtering/sorting/ranking/comparing/grouping Art of Analysis The most exciting phrase that heralds new discoveries, is not Eureka! (I found it) but: Hmmm, that's funny - Isaac Asimov Not: What’s the right answer But: What’s the next question? Jim Sterne – – emetrics.org

55 It’s not reporting Art of Analysis Reporting is the stripping away data for the purposes of communicating Analysis is the aggregation of data for purposes of pondering Jim Sterne – – emetrics.org

56 Data Art of Analysis Jim Sterne – – emetrics.org

57 Data All models are wrong some models are useful George Box Art of Analysis Jim Sterne – – emetrics.org

58 Data Art of Analysis Jim Sterne – – emetrics.org

59 Creativity Is there a pattern? Is there an anomaly? What can be omitted? What if we did it backwards? Can we look at it from the other side? What if this is the wrong problem? What if we changed the time scale? What additional data would be dispositive? What if it had wheels? What would Chuck Norris do? Jim Sterne – – emetrics.org Art of Analysis

60 The ability to ask good questions Art of Analysis Jim Sterne – – emetrics.org

61 What Makes a Great Analyst? Understand the Raw Material Understand the Tools Understand the Problem to be Solved Understand the Art of Communication Jim Sterne – – emetrics.org

62 Art of Analysis Being Indispensable Impart useful insight

63 Jim Sterne – – emetrics.org Art of Analysis Being Indispensable Impart useful insight Data Metrics Reports Benchmarks Alerts Automation Insights

64 Jim Sterne – – emetrics.org Art of Analysis Being Indispensable Tell stories instead of delivering reports Leave off the sausage making details Tie everything to the bottom line Help individuals achieve their goals Have an opinion

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66 Jim Sterne – – emetrics.org Art of Analysis Being Indispensable We can improve this number by this percent in this time frame with this investment And we can prove it with this test Have an Opinion and be Specific We have this problem which we think is caused by this which might be fixed by this in this time frame with this investment And we can prove it with this test

67 Jim Sterne – – emetrics.org

68 StatisticsAccounting ProbabilityCertainty LikelihoodInevitability ChanceDetermined IndicatorFact ProjectedProven Jim Sterne – – emetrics.org Art of Analysis Being Indispensable

69 All models are wrong Some models are useful Jim Sterne – – emetrics.org George E. P. Box

70 Jim Sterne – – emetrics.org Art of Being Indispensable Insight Inference Inspiration Moment of genius Deliver it Ship it Sell it Communicate it

71 Jim Sterne – – emetrics.org Leave off the sausage making details Tie everything to the bottom line Help individuals achieve their goals Tie those stories to individuals’ goals Art of Being Indispensable

72 What Did We Learn? Big Data is simply more than you are used to Analytics are worthless without goals Creativity is a skill / gift / necessity All models are wrong, some are useful Indispensable analysts have opinions


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