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@KennethLim
NOT
ALL
DATA
IS
CREATED
EQUAL
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If Big Data was useful,
we would have called it
Useful Data
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Donald Rumsfeld:
“ There are known knowns; there are things we know we know. We also know there are known unknowns; that is to say we know there are some things we do not know. But there are also unknown unknowns -- the ones we don't know we don't know.
” 7
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Finding Data
known knowns
known unknowns
unknown unknowns
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Data Application
Analysis & Testing
Discovery
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We analyze data…
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not because
we want to report it
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not because
we can
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and certainly not because
#YOLO
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but because we want to
improve the outcomes
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We must learn
how our goals are impacted
by understanding the
relationships within the data
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Not all data
is created equal
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Goal
Performance
Process
Behavior Circumstances
Data Hierarchy
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Circumstances: variables that can influence Behavior, e.g. Seasonality
Performance: what you need to reach your goal, e.g. € 2M Profit
Process: a key figure that impacts Performance, e.g. Profit Margin per Product
Behavior: individual actions within the Process, e.g. Products Bought and Price Paid
Goal
Data Hierarchy
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: what you ultimate want to achieve, e.g. 10% Financial Growth
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Online Shop Example
Known Knowns Known Unknowns
Goal Profit
Performance Revenue Costs
Process Revenue per Customer Revenue per Order Revenue per Email Campaign
Behavior Website Visits Products Bought Orders Made Amount Paid Discounts Applied Abandons Emails Opened Email Links Clicked
Customer Online Times
Circumstances Holidays Gifts Email Campaigns
Birthdays Anniversaries
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Circumstances
Understanding Relationships within Data
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Goal
Performance
Process
Behavior
Profit
Revenue
Emails Opened
Email Links Clicked
Email Campaign
Amount Paid
Revenue per Email Campaign
Discounts Applied
Abandons Customer
Online Times
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Email Campaign Process
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1. Email Received
9. Email Order
Revenue (in €)
4. Order
Placed?
5. Abandoned?
7. Discount Applied?
8. Email Order
Discount (in €)
6. Email Order
Abandon (in €)
2. Email Opened
3. Email Link Clicked
Yes Yes
Yes
No No
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Measuring Revenue per Email Campaign
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Total Email Order Revenue
Total Number of Emails Sent
Total Unique Email Opens
Total Number of Emails Sent
Total Email Order Revenue
Total Email Order Revenue + Total Email Order Discounts + Total Email Order Abandons
*
Revenue per Email Campaign =
Adjusted Revenue per Email Campaign =
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But wait…
there’s more!
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Circumstances
Improving Revenue per Email Campaign
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Goal
Performance
Process
Behavior
Profit
Revenue
Emails Opened
Email Links Clicked
Email Campaign
Amount Paid
Revenue per Email Campaign
Discounts Applied
Abandons Customer
Online Times
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We can obtain data
by asking
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We can obtain data
by taking
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We can obtain data
by testing
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We should obtain
data by asking,
taking & testing
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Improving Revenue per Email Campaign
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Total Unique Email Opens
Total Number of Emails Sent
Total Email Order Revenue
Total Email Order Revenue + Total Email Order Discounts + Total Email Order Abandons
*
Adjusted Revenue per Email Campaign =
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An Evolving Approach to Data
1. Understand the impact of and the relationships within the data
2. Collect the data that is important
3. Analyze the outcomes
4. Optimize the approach
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The story is never
about the data itself
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Final Thoughts
• Always look to improve the outcome
• Establish a firm understanding of the relationships within your data
• Challenge the unknown
• The story is never about the data itself
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