Peter Hammer - Using consumer insights and analytics to drive digital product innovation - FutureData 2017

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 info@marketingscientist.com.

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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

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sers

(‘0

00

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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

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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

775

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July 2016 July 2017

Mo

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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.

peter.hammer@marketingscientist.com

www.marketingscientist.com

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