Presentation Transcript

1. eMetrics Summit Digital Analytics Association What Makes a Great Analyst? Jim Sterne Jim Sterne – jsterne@targeting.com – @jimsterne – 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 Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
3. Big Data Volume Variety Velocity Get used to not being able to get used to how much data you have Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
4. Big Data 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 – jsterne@targeting.com – @jimsterne – emetrics.org
5. Big Data Big Data
6. ETL Touchpoints: Web Website Mobile Retail Call Center Social Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
7. ETL Web Website Mobile Retail Call Center Social Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
8. ETL Web Website Mobile Retail Call Center Social Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
9. Understand the Raw Material Defined Relevant Correlate-able Understandable Complete Timely Valid Credible Reliable Consistent Clean Unbiased Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
10. Stephen Few http://www.perceptualedge.com/blog/?p=820 Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
11. 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 – jsterne@targeting.com – @jimsterne – emetrics.org
12. Big Data Volume Variety Velocity ? Technical breakthroughs: cheap disk storage taking the processing to the data ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Map Reduce Hadoop Jim Sterne – jsterne@targeting.com – @jimsterne – 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 Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
14. Analytics are Worthlesswithout Goals Defined – language Specific – amount and time Supported– politically aligned Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
15. Example: Business Goals Raise Revenue Lower Costs Increase Customer Satisfaction Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
16. Subordinate: Marketing Goals Raise Awareness Improve Attitude Influence Influence Inspire Interaction Generate Sales Drive Value Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
17. Art of Analysis Size = LTV Color = Segment Keywords Source Persona Location Recency Frequency Preferences Social media links Social media sentiment ..... Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
18. The Art of Marketing Analysis Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
19. The Art of Marketing Analysis Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
20. The Art of Marketing Analysis Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
21. The Art of Marketing Analysis Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
22. The Art of Marketing Analysis What Problem Are We Solving For? Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
23. Example: Business Goals The Art of Marketing Analysis Analytics are Worthless without Goals Defined – language Specific – amount and time Supported– politically aligned Optimize for Customer Life Time Value Raise Revenue Lower Costs Increase Customer Satisfaction Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
24. Find more like these Find more like these Find more like these Color = segment Size = LTV The Art of Marketing Analysis Relinquish to competition $ $ $ Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
25. Find more like these Find more like these Find more like these Color = segment Size = LTV The Art of Marketing Analysis Relinquish to competition Turn into higher value customers Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
26. Color = segment Size = LTV The Art of Marketing Analysis List Offer Medium Creative Marketing Program 1A, 1B... 1n Marketing Program 2A, 2B...2n Marketing Program 3A, 3B... 3n Deprioritize Turn into higher value customers Turn into higher value customers Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
27. Understand the Problem to be Solved Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
28. 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 – jsterne@targeting.com – @jimsterne – emetrics.org
29. Art of Analysis The low hanging fruit of analysis Errors/omissions/complaints Spikes & troughs “That’s funny” Anomalies Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
30. Art of Analysis The low hanging fruit of analysis Segmentation KeywordsSource Persona Location Recency Frequency Preferences Social media links Social media sentiment ..... Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
31. Art of Analysis The low hanging fruit of analysis Segmentation 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? Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
32. Art of Analysis The low hanging fruit of analysis Segmentation Segmentation Reason Backwards search  landing page  product A  product B  product A  product C  details  basket  reviews  about us  checkout Microconversions Return once more Click once more Agree once more Purchase once more Mention once more Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
33. Art of Analysis Analytics Traps Lies, damned lies, and statistics - Mark Twain People Love Ads!! 68% agree: “Advertising stimulates competition, which leads to better products and lower prices” People Hate Ads!! 68% agree: “I do not like my online behavior tracked and analyzed” Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
34. Art of Analysis Analytics Traps Lies, damned lies, and statistics - Mark Twain Do not use statistics as a drunken man uses lamp-posts – for support rather than for illumination - Andrew Lang Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
35. Art of Analysis Analytics Traps It’s easy to misuse numbers It’s even easier not to know you’re doing it Bias Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
36. Art of Analysis Analytics Traps 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 http://www.youtube.com/watch?v=3RsbmjNLQkc http://www.clickz.com/clickz/column/2076211/dont-believe Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
37. Art of Analysis Analytics Traps We Really Love Puzzles Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
38. Art of Analysis Analytics Traps Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
39. The Peril of Trick Questions Art of Analysis Analytics Traps Airplane crash Bus ride Bear hunt Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
40. Art of Analysis Analytics Traps Correlation is not causation Umbrellas cause rain Ice cream vendors cause global warming Smoking lengthens seniors’ lives Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
41. Analyst Tech Math Business Multilingual Puzzle Solver Lateral Thinker Dreamer Knowledge To make sense of lots of data Intelligence Intuition Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
42. Analyst Books Blogs Conferences Practice Exercise Daydream Brainstorm Knowledge Intelligence Intuition Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
43. Stephen Few http://www.perceptualedge.com/blog/?p=820 Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
44. Art of Analysis Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
45. Art of Analysis Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
46. Art of Analysis Data tomato Information tomato is a fruit Knowledge fruit salad is good and easy to make Wisdom don't put tomatoes in fruit salad Insight tomatoes can be treated like vegetables Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
47. Art of Analysis Consilience(Merriam Webster): the linking together of principles from different disciplines especially when forming a comprehensive theory Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
48. Art of Analysis Insight Inference Inspiration Moment of genius “Where do ideas come from? Looking at one thing and seeing another” -Saul Bass Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
49. Art of Analysis “...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 Insight Inference Inspiration Moment of genius Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
50. Art of Analysis 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 Insight Inference Inspiration Moment of genius Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
51. Art of Analysis filtering/sorting/ranking/comparing/grouping Not: What’s the right answer But: What’s the next question? The most exciting phrase that heralds new discoveries, is not Eureka! (I found it) but: Hmmm, that's funny - Isaac Asimov Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
52. Art of Analysis It’s not reporting Reporting is the stripping away data for the purposes of communicating Analysis is the aggregation of data for purposes of pondering Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
53. Data Art of Analysis Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
54. Data Art of Analysis All models are wrong some models are useful George Box Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
55. Data Art of Analysis Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
56. Creativity Art of Analysis 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 – jsterne@targeting.com – @jimsterne – emetrics.org
57. Art of Analysis The ability to ask good questions Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
58. 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 – jsterne@targeting.com – @jimsterne – emetrics.org
59. Art of Analysis Being Indispensable Impart useful insight Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
60. Art of Analysis Being Indispensable Impart useful insight Data Metrics Reports Benchmarks Alerts Automation Insights Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
61. 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 Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
62. Art of Analysis Being Indispensable Have an Opinion and be Specific We can improve thisnumber bythispercent inthis timeframe withthis investment And we can prove it withthistest We have thisproblem which we think is caused by this whichmight be fixed by this inthis timeframe withthis investment And we can prove it withthistest Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
63. Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
64. Art of Analysis Being Indispensable Statistics Accounting Probability Certainty Likelihood Inevitability Chance Determined Indicator Fact Projected Proven Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
65. All models are wrongSome models are useful George E. P. Box Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
66. Art of Being Indispensable Insight Inference Inspiration Moment of genius Deliver it Ship it Sell it Communicate it Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
67. Art of Being Indispensable Leave off the sausage making details Tie everything to the bottom line Help individuals achieve their goals Tie those stories to individuals’ goals Jim Sterne – jsterne@targeting.com – @jimsterne – emetrics.org
68. 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