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Why You Should Measure Less - Is Big Data Killing Your Business?

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Could big data be killing your business? You collect a ton of data, realise that it’s not quite in the right spot or in the right format. You spend weeks if not months in meetings with tech teams, solution providers, BI teams, trying to solve these issues. And, when you finally get your hands on that new gold mine ready to be exploited, you realise you simply don’t have the time or resources to dig for those gold nuggets. Chances are, you are probably measuring too much…

Let’s take a look at the current state of data and analytics and what you’re probably doing vs. what you should be doing. Here’s why you should measure less.

Why You Should Measure Less
Inspired by Filip Filipov, VP Product Management at Skyscanner I wanted to share my thoughts on the current climate of measurement. Filip’s thread on measurements sum up my own thoughts well but I wanted to dive a little deeper.

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Why You Should Measure Less - Is Big Data Killing Your Business?

  1. 1. CLICKTOCONTINUE WHY YOU SHOULD MEASURE LESS IS BIG DATA KILLING YOUR BIZ? FREDDY CHANUT MARCH 4, 2019 1
  2. 2. DIGITAL MARKETING & ANALYTICS |ENTERPRISE DIGITAL MARKETING & ANALYTICS | WHY YOU SHOULD MEASURE LESS 2 ● To Measure or Not to Measure ○ Privacy ■ Privacy and Facebook ■ GDPR ● Product and Business Development ● Metrics vs. KPIs ○ Define DUMB business objectives ○ Define SMART goals ● Be in the Wisdom Business
  3. 3. ENTERPRISE DIGITAL MARKETING & ANALYTICS | 3 TO MEASURE OR NOT TO MEASURE
  4. 4. DIGITAL MARKETING & ANALYTICS |ENTERPRISE DIGITAL MARKETING & ANALYTICS | TO MEASURE OR NOT TO MEASURE
  5. 5. DIGITAL MARKETING & ANALYTICS |ENTERPRISE DIGITAL MARKETING & ANALYTICS | PRIVACY https://www.thoughtworks.com/insights/blog/datensparsamkeit Datensparsamkeit = ● Data austerity ● Data minimisation ● Data frugality
  6. 6. DIGITAL MARKETING & ANALYTICS |ENTERPRISE DIGITAL MARKETING & ANALYTICS | FACEBOOK https://www.hastac.org/blogs/skortchmark9/2014/05/12/does-facebook-sell-my-information Germany’s antitrust regulator, the Federal Cartel Office recently ruled that Facebook was exploiting their users.
  7. 7. ENTERPRISE DIGITAL MARKETING & ANALYTICS | ANDREAS MUNDT, FCO PRESIDENT 7 “Facebook will no longer be allowed to force it’s users to agree to the practically unrestricted collection and assigning of non-Facebook data to their Facebook user accounts.”
  8. 8. DIGITAL MARKETING & ANALYTICS |ENTERPRISE DIGITAL MARKETING & ANALYTICS | GDPR ● GDPR brings increased ‘Territorial Scope’ ● Any organisation which collects and/or processes the data of EU data subjects is required to meet the obligations of the GDPR ● REGARDLESS OF THEIR LOCATION
  9. 9. DIGITAL MARKETING & ANALYTICS |ENTERPRISE DIGITAL MARKETING & ANALYTICS | PRIVACY If you’re not yet convinced, consider the guys listening in on every conversation in V for Vendetta or Big Brother in 1984.
  10. 10. ENTERPRISE DIGITAL MARKETING & ANALYTICS | PRODUCT & BUSINESS DEVELOPMENT 10
  11. 11. ENTERPRISE DIGITAL MARKETING & ANALYTICS | Astro and I at StartCon.
  12. 12. ENTERPRISE DIGITAL MARKETING & ANALYTICS | Patrick Campbell, CEO of ProfitWell spoke about calculating the expected impact of product on growth.
  13. 13. ENTERPRISE DIGITAL MARKETING & ANALYTICS | Most product managers think they’re shipping amazing features when they are in fact shipping garbage. How do we stop this? Define your KPIs in order to define your metrics.
  14. 14. ENTERPRISE DIGITAL MARKETING & ANALYTICS | METRICS VS KPIS 14
  15. 15. DIGITAL MARKETING & ANALYTICS |ENTERPRISE DIGITAL MARKETING & ANALYTICS | METRICS VS KPIS ● KPIs - Quantifiable value reflecting a business goal or objective ● Metric - Nothing more than a measurement to track an aspect of business activity KPIs define a set of values against which your metrics are measured.
  16. 16. DIGITAL MARKETING & ANALYTICS |WWW.INMARKETINGWETRUST.COM.AU | DEFINE D.U.M.B. BUSINESS OBJECTIVES What’s the core and unique value proposition that we offer? Doable Understandable Manageable Beneficial
  17. 17. DIGITAL MARKETING & ANALYTICS |WWW.INMARKETINGWETRUST.COM.AU | IMWT D.U.M.B. BUSINESS OBJECTIVES 1 INCREASE REVENUE 2 REDUCE COST 3 IMPROVE LOYALTY Business objectives can generally be broken down into 3 buckets Doable Understandable Manageable Beneficial
  18. 18. DIGITAL MARKETING & ANALYTICS |WWW.INMARKETINGWETRUST.COM.AU | DEFINE S.M.A.R.T GOALS 1 INCREASE REVENUE 2 REDUCE COST 3 IMPROVE LOYALTY INCREASE NB OF BOOKINGS INCREASE AVG BOOKING PRICE DECREASE CPA INCREASE CONVERSION RATE INCREASE NEWSLETTER SUBSCRIBERS INCREASE SOCIAL MEDIA INTERACTION Every business objective needs to be translated into goals Specific Measurable Assignable Realistic Time-related
  19. 19. DIGITAL MARKETING & ANALYTICS |WWW.INMARKETINGWETRUST.COM.AU | CHOOSE KPIs & TARGET + 5% CvR 1 INCREASE REVENUE 2 REDUCE COST 3 IMPROVE LOYALTY INCREASE NB OF BOOKINGS INCREASE AVG BOOKING PRICE DECREASE CPA INCREASE CONVERSION RATE INCREASE NEWSLETTER SUBSCRIBERS INCREASE SOCIAL MEDIA INTERACTION TRANSACTION REVENUE CAMPAIGNS COST CONVERSION RATE COMMENTS, SHARES, LIKES FORM SUBMISSIONS + 10% REVENUE +20$ ON AVG BOOKING - 10% CPA >10 LIKES PER CONTENT +100 / MONTH A Key Performance Indicator is a metric that reflects performance against business objectives. Fix achievable targets for each KPI. Specific Measurable Assignable Realistic Time-related
  20. 20. WWW.INMARKETINGWETRUST.COM.AU | BE IN THE WISDOM BUSINESS 20
  21. 21. WWW.INMARKETINGWETRUST.COM.AU | THE WISDOM BUSINESS Cartoon by David Somerville, based on a two-pane version by Hugh McLeod. Data hunter & gatherer. Value: Low Salary: Low Replacement: Easy Report creator. Value: Low Salary: Lowish Replacement: Easy Run team of data hunters. Value: Medium Salary: Medium Replacement: 2 months Analyst. Value: High Salary: High Replacement: 6- 9 months Analyst in business team. Value: Priceless Salary: High x5 Replacement: Impossible’ish
  22. 22. DIGITAL MARKETING & ANALYTICS |WWW.INMARKETINGWETRUST.COM.AU | BE IN THE WISDOM BUSINESS
  23. 23. DIGITAL MARKETING & ANALYTICS |WWW.INMARKETINGWETRUST.COM.AU | GET IN THE WISDOM BUSINESS ● Constant quest for self-improvement ● Top skills required: Business savvy, NOT data-crunching ● Capturing data is only 1 part of the solution Reduce the noise and capture the RIGHT data to measure your business objectives.
  24. 24. NEED HELP WITH DATA OVERLOAD? LET’S CHAT FREDDY CHANUT frederic@inmarketingwetrust.com.au www.inmarketingwetrust.com.au +61 438 371 981 24

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