data is not enough
TRANSCRIPT
DataIsNotEnough:Itneedstobeturnedintoinsights
“Thekeytogooddecisionmakingisnotknowledge.Itisunderstanding.Weare
swimmingintheformer.Wearedesperatelylackinginthela;er.”
-MalcomGladwell,Blink
Datavs.Insight
Data=facts,eitherquan@ta@veorqualita@ve
Dataiseasy,quick,one-dimensional
ResponseRates
TopTwoBox
Impressions
Likes
LikelihoodtoPurchase
PageViews
ClickThroughRates
Importance
JustgeKngdataislikegoingtoarestaurantandthewaiterplopsalltherawingredientsofyourdishonthetable.
Data Insightsvs.
Datavs.Insight
Insight=outcomeofaprocessthatcombinesfactswithbusinessknowledge,[email protected]@meintensiveandmul@-dimensionalandyouhavetoknowthebusinessques@onandthebusinessinordertocreateinsights.
Howtoturndataintoinsights
1. Knowthebusinessques@onyou’retryingtoanswer2. Studythebusiness
3. Analyzethedataavailable
4. Bringthedatatolifethroughvisuals5. Lookforthemesinthedata
6. Combinewithotherknowledgeanddetermineinsights
Data Insights
1.Knowthebusinessques@onyou’retryingtoanswer
It’snotenoughtojustfieldastudyorlookupananswertoaques@onthatisthrownatyou.Youneedtoknowthebackground.Whatledtothisques@onorproject?Howdoesitfitintothebiggerpicture?Whatwillyoudowiththisinforma@on?Allofthisinforma@onwillhelpyouobtaintherightfactsthatwillleadtoinsights.
Example:Someofourbankbranchesaremoreprofitablethanothers.Wewanttoknowifitisthecustomers,loca@on,orsalesteam.
2.Studythebusiness
Looktounderstandthebiggerpicture.Howdoesthebusinesschallengeorques@onrelatetotheirplansortheindustrytheyarein?Talktopeopleabouttheimpetusfortherequest.Howdoesyourprojectfitintotheoverallstrategicplan?Whatproblemisitsolving?Inotherwords–doyourhomeworkandgetsmartaboutthebusiness.Usethisinforma@onwhencrea@nginsights.
ToDo:Readtheannualreportandexis@ngstrategicplansorotherbackgroundinforma@onaboutthecompany,industry,andcompe@@on.
3.AnalyzethedataavailableNowyouhaveapileofdatafromeitherastudyyou
fieldedorsecondarysearching.Readthroughit.Whatisittellingyou?Ifit’sadataset,runyoursta@s@calanalysisonit.Lookatsignificantdifferencesacrossvariousgroups.Allofthisanalysiswillleadtoaddi@[email protected]@ons.Fillyourmindwithasmuchdataandinforma@onaspossible.
Lookat:Addi@[email protected],secondaryresearchandpastprimaryresearcharegreathere.Alsotalktoindividualsatthecompanytoseeiftheyhaveanswers.
4.Bringthedatatolifethroughvisuals
It’sodeneasiertoseethemostrelevantpointsonceisvisualized.Thiscantakemanyformsfromasimplepiecharttoamorecomplexchartincorpora@ngmul@pledatapoints.Themainpointhereisthatthevisualaccuratelyshowsthedataandthatitiseasytounderstand.Whilewordsshouldalwaysbeincludedtoexplainit,thegraphshouldbeabletostandonitsownifneeded.
Thinkabout:Whatisthebestwaytohelpthereaderunderstandthemeaningofthedatainthequickestandmostcompletewaypossible?
5.Lookforthemesinthedata
Nowthateverythingisvisual,it’seasiertoseehowthedatarelatestoeachother.Spendsome@melookingforsimilari@esanddisconnectsamongthedatapoints.Whatdoesthedatatellyou?Whatstoriesarebeginningtoforminyourmindfromthedata?Whatarethemostimpaceuldatapoints?Dotheyallrelatetoonearea?
LookFor:Trends,anomaliesandoutliers.What’sdifferent,what’sthesame?Arethererela@onships?Developahypothesisastowhythedatalooksthewayitdoesandthinkofwaystotestyourtheory.
6.Combinewithotherknowledgeanddetermineinsights
Bythispoint,thedatashouldbemakingsense.You
knowwhatitissaying.Thekeynowistocombineitwithotherresearch,businessknowledgeandexperiencetohelpformtheinsights.Onceyou’vecombinedsomepoints,thinkaboutwhatit’sreallytellingyouaboutthebusiness.Nowstar@[email protected].
Tip:Stepawayfromalltheworkforabit–goforawalkorsleeponit.Whenyoucomebackwithafreshmindornewperspec@ve,youmightseenewthingsandalsodeterminethemostimpaceulinsights.Theseshouldbeusedtobuildrecommenda@ons.
Data Insights Recommenda@ons
Dataaloneisnotenough.Youhavetotakeittothenextlevelforittobeuseable.Datatoinsightstorecommenda@onswinsevery@me!
Thebrandstoryyourclientsthinktheyhavemaynotbethesameonethattheircustomersarethinking.ThisiswhereLong&ShortofItcanhelp.Weuseinsightsbasedsolu@onstoprovideclear
strategicdirec@on.
BrandingBrandelementsconnecttheinternalvisionwiththeexternalbrandexpression.
StrategicPlanningMeasurableobjec@ves,insights,strategyandtac@cstoachievethedesiredoutcome.
Idea8onStructuredbrainstormingyieldingmanyideasandthendis@lledintoashortlisttobetested.
Innova8onDesignthinkingprocess,tools,andmethodologiestohelpcreatenewproducts,system,orsolu@ons.
CustomerInsightsResearchtodeterminewhatcustomersarethinking,feelinganddoing.
ResearchThecornerstoneofeverything;weemployallqualita@veandquan@ta@vemethods.
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