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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
© Marketing Scientist Pty Ltd. The information in this document is confidential to Marketing Scientist and is also subject to copyright. No part of this document may be reproduced, communicated or disclosed to any person not authorised by Marketing Scientist in writing to receive it.
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When you think of digital product innovations …
© Marketing Scientist Pty Ltd. The information in this document is confidential to Marketing Scientist and is also subject to copyright. No part of this document may be reproduced, communicated or disclosed to any person not authorised by Marketing Scientist in writing to receive it.
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© Marketing Scientist Pty Ltd. The information in this document is confidential to Marketing Scientist and is also subject to copyright. No part of this document may be reproduced, communicated or disclosed to any person not authorised by Marketing Scientist in writing to receive it.
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© Marketing Scientist Pty Ltd. The information in this document is confidential to Marketing Scientist and is also subject to copyright. No part of this document may be reproduced, communicated or disclosed to any person not authorised by Marketing Scientist in writing to receive it.
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How to best use consumer insights and analytics to drive digital product innovation
Big Data Market Intelligence Custom Research
© Marketing Scientist Pty Ltd. The information in this document is confidential to Marketing Scientist and is also subject to copyright. No part of this document may be reproduced, communicated or disclosed to any person not authorised by Marketing Scientist in writing to receive it.
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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!
© Marketing Scientist Pty Ltd. The information in this document is confidential to Marketing Scientist and is also subject to copyright. No part of this document may be reproduced, communicated or disclosed to any person not authorised by Marketing Scientist in writing to receive it.
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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.”
© Marketing Scientist Pty Ltd. The information in this document is confidential to Marketing Scientist and is also subject to copyright. No part of this document may be reproduced, communicated or disclosed to any person not authorised by Marketing Scientist in writing to receive it.
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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
© Marketing Scientist Pty Ltd. The information in this document is confidential to Marketing Scientist and is also subject to copyright. No part of this document may be reproduced, communicated or disclosed to any person not authorised by Marketing Scientist in writing to receive it.
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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.
© Marketing Scientist Pty Ltd. The information in this document is confidential to Marketing Scientist and is also subject to copyright. No part of this document may be reproduced, communicated or disclosed to any person not authorised by Marketing Scientist in writing to receive it.
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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 …
© Marketing Scientist Pty Ltd. The information in this document is confidential to Marketing Scientist and is also subject to copyright. No part of this document may be reproduced, communicated or disclosed to any person not authorised by Marketing Scientist in writing to receive it.
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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.
© Marketing Scientist Pty Ltd. The information in this document is confidential to Marketing Scientist and is also subject to copyright. No part of this document may be reproduced, communicated or disclosed to any person not authorised by Marketing Scientist in writing to receive it.
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“Nobody is an industry of one”
Peerview Data
“No man is an island”
John Dorne,English Poet (1572 – 1631)
© Marketing Scientist Pty Ltd. The information in this document is confidential to Marketing Scientist and is also subject to copyright. No part of this document may be reproduced, communicated or disclosed to any person not authorised by Marketing Scientist in writing to receive it.
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© Marketing Scientist Pty Ltd. The information in this document is confidential to Marketing Scientist and is also subject to copyright. No part of this document may be reproduced, communicated or disclosed to any person not authorised by Marketing Scientist in writing to receive it.
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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
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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.
© Marketing Scientist Pty Ltd. The information in this document is confidential to Marketing Scientist and is also subject to copyright. No part of this document may be reproduced, communicated or disclosed to any person not authorised by Marketing Scientist in writing to receive it.
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…. to a target that reflects the market
Based on market data
1426
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July 2016 July 2017
Mo
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ctiv
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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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Thank you.
www.marketingscientist.com
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