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Using Big Data to Reveal Consumer Values and Inform Storytelling

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These are slides from a session at FutureM (Future of Marketing) Boston 2013. This joint session from Zenzi Communications + Ranker showed how online data can be used to understand the deeper values …

These are slides from a session at FutureM (Future of Marketing) Boston 2013. This joint session from Zenzi Communications + Ranker showed how online data can be used to understand the deeper values and motivations of consumers. We are inundated with graphs of data (e.g. social graphs, interest graphs, opinion graphs). We’ll give you techniques for mining actionable insight from graphs of data, which when studied correctly, can allow you to go beyond the specific interests of your customers and begin to understand their deeper motivations. By understanding their lasting motivations, brands can begin to find customers who will resonate with their strengths and tell value-specific stories that will turn customers into advocates.

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  • 1. SESSION PARTNER Using Big D to ata Reveal Consumer V alues and Inform Storytelling VISIONARY SPONSORS INNOVATOR SPONSORS TA A O T U # LK B U S! FUTUREM # CA A SO ILV LUES @ RaviD ataIyer
  • 2. Talk Overview - Using Big Data - Revealing Consumer Values - Informing Storytelling
  • 3. Talk Overview - Using Big Data - Revealing Consumer Values - Informing Storytelling
  • 4. How we do things - Data
  • 5. What is Big Data?
  • 6. Big Data is a function of... Number of Observations? Disk Space Taken up by Data?
  • 7. Size Matters to Engineers
  • 8. Big Data is a function of... Number of Observations? Disk Space Taken up by Data? Connectivity!
  • 9. Connected Data 2009
  • 10. Connected Data 2011
  • 11. Connectivity Matters Because.... Algorithms generally do similar things.
  • 12. Connectivity Matters Because.... Algorithms generally do similar things. More of the same type of data usually gives you more precision, not more prediction.
  • 13. Algorithms and # of observations only get you so far.
  • 14. Connectivity Matters Because.... Algorithms generally do similar things. More of the same type of data usually gives you more precision, not more prediction. Connectivity reduces error.
  • 15. Connectivity reduces error
  • 16. Connectivity Matters Because.... Algorithms generally do similar things. More of the same type of data usually gives you more precision, not more prediction. Connectivity reduces error. Connectivity allows you to predict more variance for longer periods by providing depth to one's measurement.
  • 17. Talk Overview - Using Big Data - Revealing Consumer Values - Informing Storytelling
  • 18. Why we do things
  • 19. Why we do things
  • 20. Serving Psychological, not Physical Needs
  • 21. Serving Psychological, not Physical Needs
  • 22. Values in the marketplace of ideas
  • 23. Values != Liberal Values
  • 24. What values exist?
  • 25. There is a gap between what we care about how we use data Tangible Things What we analyze: - Demographics - Purchasing behavior - Financial Markets - Baseball Outcomes Intangible Things What we care about: - Living our values - Being fulfilled - Living a meaningful life - Being happy
  • 26. How do you measure values? I spend my money on experiences, not goods. How much do I value Stimulation? 10/17/13
  • 27. How do you measure values? I spend my money on experiences, not goods. How much do I value Stimulation? 10/17/13 error
  • 28. How do you measure values? I spend my money on experiences, not goods. How much do I value Stimulation? error I travel a lot. error I eat at diverse restaurants. 10/17/13 error
  • 29. How do you measure values? I spend my money on experiences, not goods. I value Stimulation! I travel a lot. I eat at diverse restaurants. 10/17/13
  • 30. Ranker is a Data Company To consumers, Ranker is a “Yelp for Everything Else” Engaging Gamification Hook 15% of visitors to page vote on an average 10 items/list. Rankings Are Built By The Crowd Users are entertained and informed - people love lists - but at its core, Ranker is a consumer data aggregation machine.
  • 31. Ranker’s Data Production Engine Ranker ingests semantic“big data” (14MM+ objects)… …into platform for user-and-system generated lists Producing crowdsourced answers to 1000s of questions that previously had none Facts Lists Proprietary Rankings Freebase Factual •The Scariest Diseases •The Best Inexpensive Cars Wikipedia Any semantic data source Visitors engage w/ 15% interaction Opinions Output: Opinion Graph “People who think Priuses are a good value worry more than average about heart disease”
  • 32. Values & What You Eat
  • 33. Discovering Deeper Motivations Breaking Bad The Nissan 370Z appeals to people who like being different and are non-conformist. error Arrested Development error It’s Always Sunny in Philadelphia error
  • 34. Discovering Deeper Motivations Breaking Bad The Nissan 370Z appeals to people who like being different and are non-conformist. error Arrested Development error It’s Always Sunny in Philadelphia error
  • 35. Talk Overview - Using Big Data - Revealing Consumer Values - Informing Storytelling
  • 36. Communication = Storytelling
  • 37. Storytelling is Human
  • 38. Storytelling is Human
  • 39. The Social Values Project: Values, Social Media & Storytelling
  • 40. Values Domains PrestigeSeeker FreedomSeeker PurposeSeeker PleasureSeeker SecuritySeeker TraditionSeeker
  • 41. Correlations with Schwartz Values Prestige Seeking = Power (.67) + Achievement (.46) Freedom Seeking = Self-Direction (.56) Tradition Seeking = Tradition (.50) + Conformity(.58) Pleasure Seeking = Hedonism (.54) + Stimulation (.54) Purpose Seeking = Universality (.56) + Benevolence (.51) Security Seeking = Security (.58) + Benevolence (.47)
  • 42. ValueBase …where we leverage data that predicts a consumer’s values…. ValueBase
  • 43. ValueBase …to predict what matters to your business. What people eat What stories people read ValueBase What people buy Where people want to live
  • 44. Values & What You Buy
  • 45. Values & Where You Want to Live
  • 46. Values & What You Eat
  • 47. Values & Storytelling
  • 48. Narrative Ads work better. (Edson Escalas, 2007)
  • 49. Preliminary Results 25 20 15 Open Rate Clickthrough 10 5 0 Tips for Great Skin You Let the Dogs Out
  • 50. Talk Overview - Using Big Data - Revealing Consumer Values - Informing Storytelling
  • 51. Looking for Beta Testers - - - - Analyzing current communications strategies from a values perspective. Values surveys of current customer base. Identifying new opportunities for values based marketing. Developing new communications strategies. A-B Testing of Values Messaging
  • 52. Questions? Email:Ravi@Ranker.com Web: Zenzi.com Web: Data.Ranker.com