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Launching Data Products for Fun and Profit

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You've made your big data investments, but where is the ROI. The answer may be in data products -- using your data assets to build customer-facing solutions that differentiate and generate new revenue streams. This presentation explains the opportunity and best practices for designing, building, and launching data products.

Published in: Data & Analytics

Launching Data Products for Fun and Profit

  1. 1. LAUNCHING DATA PRODUCTS FOR FUN & PROFIT ZACH GEMIGNANI JUICE ANALYTICS @zachgemignani www.linkedin.com/in/zachgemignanizach.gemignani@juiceanalytics.com
  2. 2. DATA IS THE BACON OF BUSINESSTM
  3. 3. RETURN ON INVESTMENT FOR YOUR BIG DATA PROJECT *Wikibon — open source research agency
  4. 4. 55¢ RETURN ON INVESTMENT FOR YOUR BIG DATA PROJECT *Wikibon — open source research agency
  5. 5. “DO YOU WANT TO KNOW HOW GOOD BACON IS? …TO IMPROVE OTHER FOODS THEY WRAP IT IN BACON”
  6. 6. “DO YOU WANT TO KNOW HOW GOOD BACON IS? …TO IMPROVE OTHER FOODS THEY WRAP IT IN BACON” “IF IT WEREN’T FOR BACON, WE WOULDN’T EVEN KNOW WHAT A WATER CHESTNUT IS!”
  7. 7. “DO YOU WANT TO KNOW HOW GOOD DATA IS? …TO IMPROVE OTHER PRODUCTS THEY WRAP IT IN DATA”
  8. 8. “DO YOU WANT TO KNOW HOW GOOD DATA IS? …TO IMPROVE OTHER PRODUCTS THEY WRAP IT IN DATA” “IF IT WEREN’T FOR DATA, WE WOULDN’T EVEN KNOW WHAT A FITBIT IS!”
  9. 9. DATA PRODUCTS
  10. 10. “A PRODUCT THAT FACILITATES AN END GOAL THROUGH THE USE OF DATA” DATA PRODUCTS
  11. 11. “A PRODUCT THAT FACILITATES AN END GOAL THROUGH THE USE OF DATA” — DJ PATIL, CHIEF DATA SCIENTIST OF THE U.S. DATA PRODUCTS
  12. 12. “A PRODUCT THAT FACILITATES AN END GOAL THROUGH THE USE OF DATA” — DJ PATIL, CHIEF DATA SCIENTIST OF THE U.S. DATA PRODUCTS
  13. 13. “A PRODUCT THAT FACILITATES AN END GOAL THROUGH THE USE OF DATA” — DJ PATIL, CHIEF DATA SCIENTIST OF THE U.S. “ANALYTICS TURNED INSIDE OUT” DATA PRODUCTS
  14. 14. “A PRODUCT THAT FACILITATES AN END GOAL THROUGH THE USE OF DATA” — DJ PATIL, CHIEF DATA SCIENTIST OF THE U.S. “ANALYTICS TURNED INSIDE OUT” — ZACH DATA PRODUCTS
  15. 15. (NICE IDEA, BUT IS ANYONE REAL DOING THIS STUFF?) DATA PRODUCTS ARE SIZZLING HOT
  16. 16. (NICE IDEA, BUT IS ANYONE REAL DOING THIS STUFF?) DATA PRODUCTS ARE SIZZLING HOT $1B
  17. 17. (NICE IDEA, BUT IS ANYONE REAL DOING THIS STUFF?) DATA PRODUCTS ARE SIZZLING HOT $2B $1B
  18. 18. (NICE IDEA, BUT IS ANYONE REAL DOING THIS STUFF?) DATA PRODUCTS ARE SIZZLING HOT $2B $1B $26B
  19. 19. THREAT OPPORTUNITY
  20. 20. JUICE HELPS BUILD DATA PRODUCT BUSINESSES healthcare learning and talent management UK-based market research to global brandsmedia brand for comparison and rankings
  21. 21. SEIZE THE DAY DATA PRODUCTS ^
  22. 22. (CAN WE JUST HAVE THE EASY GUIDE TO MAKING MONEY WITH DATA?) DATA PRODUCT LAUNCH PROCESS
  23. 23. (CAN WE JUST HAVE THE EASY GUIDE TO MAKING MONEY WITH DATA?) DATA PRODUCT LAUNCH PROCESS LAUNCHDEVELOPDATADESIGNVISION
  24. 24. (CAN WE JUST HAVE THE EASY GUIDE TO MAKING MONEY WITH DATA?) DATA PRODUCT LAUNCH PROCESS LAUNCHDEVELOPDATADESIGNVISION WHAT’S WRONG HOW TO FIX IT
  25. 25. VISION “Imagine a world…”
  26. 26. VISION “Imagine a world…”
  27. 27. WHAT’S WRONG RUNNING HARD TO SATISFY UNHAPPY CUSTOMERS DEMAND ACCESS TO THEIR DATA Photograph by Jeffrey Coolidge
  28. 28. WHAT’S WRONG “CUSTOMER REPORTING” RUNNING HARD TO SATISFY UNHAPPY CUSTOMERS DEMAND ACCESS TO THEIR DATA Photograph by Jeffrey Coolidge
  29. 29. WHAT’S WRONG “CUSTOMER REPORTING” “SELF-SERVICE BUSINESS INTELLIGENCE” RUNNING HARD TO SATISFY UNHAPPY CUSTOMERS DEMAND ACCESS TO THEIR DATA Photograph by Jeffrey Coolidge
  30. 30. WHAT’S WRONG “CUSTOMER REPORTING” “SELF-SERVICE BUSINESS INTELLIGENCE” “RAW DATA EXTRACTS” RUNNING HARD TO SATISFY UNHAPPY CUSTOMERS DEMAND ACCESS TO THEIR DATA Photograph by Jeffrey Coolidge
  31. 31. HOW TO FIX IT GOAL: MAKE YOUR CUSTOMERS SMARTER AND MORE SUCCESSFUL THROUGH DATA
  32. 32. “OUTCOME APP” “OUTCOME APP” “OUTCOME APP” “OUTCOME APP” “OUTCOME APP” “OUTCOME APP” “OUTCOME APP”
  33. 33. DESIGN FOR end users, not BY end-users
  34. 34. WHAT’S WRONG “WE PROVIDE OUR CUSTOMERS WITH 19TABLEAU DASHBOARDS”
  35. 35. HOW TO FIX IT
  36. 36. HOW TO FIX IT CUSTOMER PAIN
  37. 37. HOW TO FIX IT UNIQUE ASPECTS OF YOUR DATA CUSTOMER PAIN
  38. 38. HOW TO FIX IT UNIQUE ASPECTS OF YOUR DATA VALUE YOU ADD TO THE DATA CUSTOMER PAIN
  39. 39. HOW TO FIX IT UNIQUE ASPECTS OF YOUR DATA VALUE YOU ADD TO THE DATA CUSTOMER PAIN FOCUSED & PURPOSEFUL
  40. 40. CUSTOMER PAIN WHO ELSE DO I KNOW, SO I CAN EXTEND MY PROFESSIONAL NETWORK
  41. 41. CUSTOMER PAIN WHO ELSE DO I KNOW, SO I CAN EXTEND MY PROFESSIONAL NETWORK UNIQUE ASPECTS OF YOUR DATA THE LINKEDIN ECONOMIC GRAPH
  42. 42. CUSTOMER PAIN WHO ELSE DO I KNOW, SO I CAN EXTEND MY PROFESSIONAL NETWORK UNIQUE ASPECTS OF YOUR DATA THE LINKEDIN ECONOMIC GRAPH VALUE YOU ADD TO THE DATA IDENTIFY CLOSES CONNECTIONS AND ONE-CLICK ADD
  43. 43. DATA Your hot data mess can’t be swept under the rug
  44. 44. WHAT DO DATA AND THE ENGLISH NATIONAL TEAM HAVE IN COMMON?
  45. 45. THEY BOTH LOOK GREAT UNTIL YOU PUT THEM UNDER PRESSURE
  46. 46. THE MORE VALUABLE THE PURPOSE, THE MORE PROBLEMS YOU’LL FIND IN YOUR DATA.
  47. 47. DATA IS AN IMPERFECT REFLECTION OF REALITY
  48. 48. DATA IS AN IMPERFECT REFLECTION OF REALITY What do data fields mean in real life? Where is data missing or sparse? Does it capture everything you think it does? How frequently is data captured? Are steps in the data pipeline that transform meaning?
  49. 49. HOW TO FIX IT FIND YOUR DATA GURUS…AND TREASURE THEM
  50. 50. DEVELOPMENT bringing your vision to life
  51. 51. WHAT’S WRONG YOUR ENGINEERING TEAM SAYS “NO PROBLEM” THEY MAY BE THINKING… 1. CREATING A DATA EXPORT 2. DO SOME DATA MODELING (FUN!) 3. BUILD A FEW VISUALIZATIONS (MORE FUN!)
  52. 52. DON’T BRING A KNIFE TO A GUNFIGHT
  53. 53. DATA JOCKEY QA ENGINEER UI/UX DESIGNER BUSINESS ANALYST TECHNICAL ARCHITECT DON’T BRING A KNIFE TO A GUNFIGHT
  54. 54. LAUNCH …is just the beginning
  55. 55. WHAT’S WRONG DATA PRODUCTS ARE TOSSED FROM THE NEST
  56. 56. WHAT SHOULD BE PRODUCT MANAGER CUSTOMER TRAINING OPERATIONS & SUPPORT MAINTENANCE/ENHANCEMENTS MARKETING SALES
  57. 57. DEDICATED PRODUCT OWNERSHIP LESSONS FROM “THE HUB” Single person who owns the product and is held accountability Convincing internal account teams was as hard as selling clients. They response to competition and real incentives. START WITH INTERNAL AUDIENCES Be discerning about which clients to target first. Identify the early adopters to build your case studies. FIND THE LOW-HANGING FRUIT Don’t underestimate the time, training, and meetings required to sell your stakeholders IT’S A SLOG Clients will want customizations at first. Don’t chase the money. MAINTAIN YOUR PRODUCT VISION Customers don’t want to change from stuff that works. The solution needs to offer obvious and dramatic improvements for them to care. CHANGE IS HARD
  58. 58. DATA PRODUCT LAUNCH PROCESS LAUNCHDEVELOPDATADESIGNVISION WHAT’S WRONG HOW TO FIX IT
  59. 59. “BITS OF BACON ARE LIKE THE FAIRY DUST OF THE FOOD COMMUNITY…
  60. 60. “BITS OF BACON ARE LIKE THE FAIRY DUST OF THE FOOD COMMUNITY… …YOU DON'T WANT THIS BAKED POTATO? BRRRING! NOW IT'S YOUR FAVORITE PART OF THE MEAL.”
  61. 61. 1. DATA PRODUCTS ARE A REAL AND CURRENT OPPORTUNITY FOR YOUR BUSINESS
  62. 62. 1. DATA PRODUCTS ARE A REAL AND CURRENT OPPORTUNITY FOR YOUR BUSINESS 2. THE SAME OLD REPORT OR DASHBOARD IS NOT A SOLUTION TO MAKE YOUR CUSTOMERS SMARTER
  63. 63. 1. DATA PRODUCTS ARE A REAL AND CURRENT OPPORTUNITY FOR YOUR BUSINESS 2. THE SAME OLD REPORT OR DASHBOARD IS NOT A SOLUTION TO MAKE YOUR CUSTOMERS SMARTER 3. DATA PRODUCTS NEED DESIGN-THINKING AND NURTURING
  64. 64. RESOURCES How to Build Better Data Products: Getting Started http://www.juiceanalytics.com/writing/building-better-data-products-getting-started Create Healthcare Data Products for Your Customers Webinar http://www.juiceanalytics.com/writing/create-healthcare-data-products-for-your-customers Our Favorite Data Products http://www.juiceanalytics.com/writing/ourfavoritedataproducts Popular Data Product Myths http://www.juiceanalytics.com/writing/product-managers-data-monetization-myths The Future of Dashboards http://www.juiceanalytics.com/writing/the-future-of-dashboards Putting People First in Your Big Data Initiative Ebook http://www.juiceanalytics.com/writing/putting-people-first-in-your-big-data-initiative Analytics 3.0 and Data Monetization http://www.juiceanalytics.com/writing/analytics-30-and-data-monetization Turning Data Into Product http://www.juiceanalytics.com/writing/turning-data-into-product A Checklist for Creating Data Products http://www.juiceanalytics.com/writing/a-checklist-for-creating-data-products

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