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Data Driven Decision Making, Digiday Retail Summit, June 28th, 2016

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Kelly Goldson's presentation from the Digiday Retail Summit in Nashville

Published in: Marketing
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Data Driven Decision Making, Digiday Retail Summit, June 28th, 2016

  1. 1. DATA MEANS NOTHING @mskellygoldston @ELOQUII Kelly Goldston, VP Marketing
  2. 2. DATA MEANS NOTHING
  3. 3. DATA MEANS NOTHING WITHOUT 3 THINGS
  4. 4. DATA MEANS NOTHING WITHOUT GOALS COMMON TRAP: Reports for the sake of reporting. INSTEAD: - Start with the questions you want to answer - What data will answer these questions? - What specific result defines success & failure? PRO TIP: Write out a sample results summary, as you’d share with your boss, CEO or board of directors. Leave blanks where the metrics will go. How will you fill them in?
  5. 5. DATA MEANS NOTHING WITHOUT VALIDATION DATA COMMON TRAP: Believing that your data is valid by default. INSTEAD: - Channel your inner Fox Mulder and trust no data until you validate against at least one independent source. - Gut check: If it feels off, it probably is. PRO TIP: Since it’s easier to find validating comps for blended data, start by summing or averaging a metric across all customers/orders/products and validating that first.
  6. 6. DATA MEANS NOTHING WITHOUT CURIOSITY COMMON TRAP: Answering only the questions you originally asked. INSTEAD: - Treat data as clues on a scavenger hunt toward the truth about what’s happening with your business and customers. - Follow your curiosity; one interesting metric leads to another, which could lead to a brand new insight. PRO TIP: Spend at least 20% of your analysis time pursuing a path you didn’t intend to follow. The metrics that surprise you will often yield the most valuable insights.
  7. 7. DATA MEANS NOTHING WITHOUT GOALS VALIDATION CURIOSITY
  8. 8. Thanks! @mskellygoldston @ELOQUII

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