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data analytics

Setting Your Sights When you Have No Sight

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Setting Your Sights When you Have No Sight

I read with interest an article in the Huffington Post that recounted the 1500 meter race at the Rio Paraolympic games.  The top four finishers in the visually impaired category would have beat the Olympic Gold metalist, a very talented Matthew Centrowitz Jr.  Abdellatif Baka, Tamiru Demisse, Henry Kirwa, and Fouad Baka all ran faster than Centrowitz.

The 1500 meter race at the Olympics was very strategic and not necessarily fast.  In fact, Centrowitz was way off his best time and in fact, there are over a dozen high school kids in the US that have ran faster than the time he posted at the Rio Games, but still the achievements of these blind or nearly-blind running is remarkable.

It leaves me with some “what if” questions.

What if these runners had been on the field at the regular Olympic games?  How would they have done?  They certainly were capable of finishing the distance in time.  But without their sight, could they have known their position in the strategic race that left people guessing until the end who would emerge victorious.

How does a blind or visually-impaired runner judge his position on the track?  How does he know if he is in the leading pack or one further back?  How does he pace himself (or herself) in the field that is running that day?  

And what does this have to teach us about the vision and insight we have today about our businesses, products, and projects?  Does having more information make us a better finisher?  Not in all cases. 

I am inclined to agree with Tim Washer speaking at ContentMarketing World who recently concluded “analysis is good, but don’t let it kill a good idea.” At least not all the time.
 

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The Right to Solve

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The Right to Solve

Before proceeding with a solution, ask yourself the following:

“Do we have enough data to know if customers have a problem that we have a unique right to solve?”

You will save yourself a lot of money and time if you ask this ahead of time and use it as a strategic filter for investment.  If you don’t know why you will win, then you won’t likely win.
 

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Data is No Match for Narrative

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Data is No Match for Narrative

Garr Reynolds, the presentation coach and author of PresentationZen wrote recently on Twitter:

“What I learned from watching US election coverage on cable news today: feelings beat evidence and fact, data are no match for narrative.”

I think this is truer than we’d all like to admit.  Not only in the US election coverage, but in our lives and business.  The story is what anchors and provides meaning to the facts, not the other way around.
 

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You are Gold: the cost of paying attention

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You are Gold: the cost of paying attention

In the world of advertising sponsored media (starting with the TV and extending now to games and apps on our devices), the attention we give is what is being sold to the brands sponsoring the content.  Our attention is for sales.  We don’t use the apps.  They are using us.  We might be thinking we are mining for gold in Minecraft, but in fact, we are the gold.  Our attention being traded for revenue.

Mara Zepeda and Samuel Hulick recently calculated the value of our attention on the Facebook platform using their current ad rates.  They estimated that our attention on the platform is being sold to advertisers for something like 12-cents an hour.  Apparently, that is what our attention is worth.  And frankly, it is worth even less, because we are not the one earning.

We should pay attention to what we pay attention to because they aren’t paying you for attention.  Make sure the value you are getting is worth the gold you are trading.

 

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Free Business Idea #57

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Free Business Idea #57

What if there was a real life “bull**** meter”?  I’m imagining a browser plug-in that would rate the credibility of website claims by searching for the authority of the site and author, the propositions and data in the excerpt (comparing it to other credible sources online).  There could also be a crowd-sourced element where individuals (with their own authority ratings) would comment on and rate the claim.  It could give back a credibility rating score that people could look at.  If all the reviews of a product were by employees, the credibility of the testimonial would be low.  If a number of leading data scientists agree to the recidivism rate in Orange County, then it would have a high score.  It would help people navigate the world of internet information overload and make sense of their world.  It might also elevate the dialogue around critical issues beyond the sound byte by aggregating sound bytes (in big data fashion) to provide better and more predictive patterns.

 

Someone should do this.  And tell me about it.  You’re welcome.

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It's Better to Know: What Cancer and Back-to-School Taught Me About Marketing

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It's Better to Know: What Cancer and Back-to-School Taught Me About Marketing

I had a neighbor recently diagnosed with breast cancer and as the community has risen up around her to provide her encouragement, gifts, meals, and shuttling-children-to-soccer services, it has got me thinking about tests.

Tests in school are an opportunity for you to demonstrate your mastery (or lack there of) of a subject. Your grade on a well-written test should tell you where you are relative to the standard set by the course and perhaps relative to your peers in the same field of study. 

Medical tests are different. They test for the presence of something or the degree of something. Not against some standard (a good score is always 100), but against a backdrop of normal ranges. They can show progress, just like school tests, but interpreting them can be a challenge.

But both type of tests strike fear into our hearts. Being measured is hard. But is it better to avoid the test? Is it ever better not to know? 

I certainly am thankful that my friend’s test results indicated that she could take action to rid herself of cancer and she is taking those actions. Had she not had the test, she would not have known to take action and the cancer might have taken her.  

And without grades on tests throughout a semester, your grade at the end of the course would be a surprise, and perhaps an unpleasant one. As I was reminded by my children's teachers, tests early in the school year are meant to provide direction and insight. And without constant feedback, you might not know what to focus your study time on and you might not seek out the help or assistance that you need to master a concept or skill.

In marketing, there has been a huge push for measurement and metrics in the past decade. Online advertising has made it possible for even smaller companies or smaller marketing budgets to rely on metrics to help them make investment decisions. Advertising is measured in clicks and conversions. Events can be measured by attendance and a follow-on marketing automation lead nurturing program.  Even digital signage can be measured with sensors and cameras to deliver metrics like impressions, dwell time, and even basic demographic information.  Goals can be set. Campaigns measured against those goals. The value of the campaign taken all the way from the lead to the sale. 

And I have seen marketers both embrace and reject this kind of analysis and the impact it has on their decision making. Some use the metrics to validate experiments, to test variants, and to invest in what has been working. To let the data lead them. Others use it as a source of insight, but choose not to reduce their decision to a scientific equation. To recognize that there are some things that can’t yet be measured. As in medicine and in education, there is both art and science in marketing.

John Wanamaker, the pioneering retail merchant of the turn of the 20th century, is claimed to have said “half the money I spend on advertising is wasted; the trouble is, I don’t know which half.” Despite all the progress, I still feel like that is true. Although I do believe that our probability of success is higher than 50/50 with today’s toolkits, there is still an art to the process of reaching people in a way that affects their thinking and their actions. And throughout, more relevant insight and data can provide confidence. And just like the healing processes in our bodies or in our ability to learn something new, that confidence can make all the difference!

This article was first published on LinkedIn Pulse.

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Service Business Models

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Service Business Models

Software as a Service (SaaS) is all the rage today with companies like Salesforce.com racking up huge profits and trading multiples, and companies like Microsoft introducing their own versions of the same.  The same is true with people turning data insights into a business model (data-as-a-service or analytics-as-a-service).  But the “as-a-service” business model isn’t new.  Here are some examples of other products that have been sold as a service.

Alcohol-as-a-Service (AaaS): a bar

Food-as-a-Service (FaaS): a restaurant

Equipment-as-a-Service (EaaS): equipment rental and staging

Personal-hygiene-as-a-Service (PHaaS): beauty salons and barber shops

Reading-as-a-service (RaaS): story time at the library

Exit-as-a-Servce (EaaS): what a doorman does when you leave the hotel

Wayfinding-as-a-Service (WaaS): what the hostess does when she shows you to your table

Shelter-as-a-Service (SaaS): a hotel or even Airbnb

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Turning Your Marketing Team in Data Wonks

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Turning Your Marketing Team in Data Wonks

Marketing ROI has never been sexier… or more possible.

With today’s data analytics, digital marketing spend, and marketing automation systems, the opportunities are ripe for changing the ways that we approach marketing and its management.

Direct marketing professionals are ahead of the trends here, having focused on response rates, revenue generation, and list management long before these things rose to their current level of popularity.

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There are new positions showing up in marketing organizations to address this need, ranging from marketing operations managers to marketing data scientists. CEOs across industries are now learning a whole new set of acronyms (like SEO and SQL) as the CMO and CIO are working more closely together.

This change has very real implications for the marketing organization overall. People who were attracted to marketing and have performed exceptionally well in their previous roles might make a smooth transition to the new world of data accountability.

Here are three ways to help:

Demystify Data

Wanting to make data-driven decisions is all well and good, but if the data that would drive those decisions are not easily accessible, then the effort is for naught. Make sure that the metrics you want to see are available to your team.

This requires the insight to be in data form (that is, systems and report structures in place) and for the team who needs the data to have permissions to access it. I have heard of organizations where the marketing organization wanted to measure lead-to-opportunity conversions, but didn’t have access to the CRM system from which this data might be pulled.

This article was published in the Puget Sound Business Journal, Denver Business Journal, Los Angeles Business Journal, as well as other American City Business Journals.

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