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The Influential Analyst 4 Steps (Jared Waxman)


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Does your company know what to do, but it just can't make it happen? Are there more insights coming out of your business intelligence, web analytics, or A/B testing teams that you are really putting into action? Jared Waxman examines the role of the analyst at turning data insights into actions that drive income.

Published in: Business, Technology

The Influential Analyst 4 Steps (Jared Waxman)

  1. 1. Jared Waxman<br />Jared Waxman presents…<br />The<br />Influential<br />Analyst<br /><br />1<br />
  2. 2. The Opportunity<br />The “analyst” is the person with the most data and often the most objectivity. Any decent analyst turns data into information and information in recommendations.<br />YET, how often can a large organization really turn on a dime and course correct based on what the data is telling it?<br />Let’s briefly dig into the process of getting insights out of data, and explore some best practices for becoming “The Influential Analyst”<br />Jared Waxman<br />2<br />
  3. 3. Data Insights Process<br />Insights<br />What the data means.<br />Influence<br />Journey to influence…<br />What you should do about it.<br />Focus of this presentation<br />Income<br />Calculate the bottom line impact.<br />3<br />Jared Waxman<br />
  4. 4. Influence: Why is it your job?<br />or<br />?<br />You quantify the opportunity or gap<br />You’ve got the numbers<br />You’ve got the skills to understanding them<br />You’ve got the context and perspective<br />You quantify the results or solutions<br />Testing or tracking, did we succeed is the question you’ll provide the insights to answer<br />You “look across” segments<br />No agenda or biases (ok, maybe just fewer)<br />Jared Waxman<br />
  5. 5. One template That highlights path from “insights to income”<br />Lead ‘em into ACTION!<br />Big credit is due to Jim Sterne for his eMetrics talk calling upon analysts to tell the business guys and gals what exactly the data means and what they should go do. <br />Jared Waxman<br />
  6. 6. Conclusion<br />Process Phase:<br />“Insights-to-Income”<br />Insight<br />Influence<br />Income<br />done<br />What the data is<br />What we did or can do about it<br /><ul><li>Steps we can take
  7. 7. tbd
  8. 8. data</li></ul>What the data means<br /><ul><li>Benchmark
  9. 9. Target
  10. 10. Scale to population
  11. 11. Trend to future
  12. 12. Compare to other priorities
  13. 13. Etc.</li></ul>Jared Waxman<br />
  14. 14. $1.0M opportunity in Checkout<br />Process Phase:<br />“Insights-to-Income”<br />Influence<br />Insight<br />Active<br />What the data is<br />What we did or can do about it<br /><ul><li>Steps we can take
  15. 15. Make it more clear that you can pay without registering
  16. 16. Turn up proactive chat in checkout visits
  17. 17. Accept payments from international visitors
  18. 18. 25% of non-logged in visitors who hit “checkout” do not complete their purchase on</li></ul>What the data means<br /><ul><li>This compares to 5% abandonment from logged-in visitors. This represents the ebb of prospects who just ‘change the mind’
  19. 19. The process of filling out name and billing causes 20% of checkout initiators to bail.
  20. 20. Closing this gap would mean $1.0M additional revenue</li></ul>Jared Waxman<br />
  21. 21. That’s when the analyst needs to get on a “war footing” to turn the insight into income.<br />But a PowerPoint slide is rarely enough to drive action…<br />Jared Waxman<br />
  22. 22. 4 Steps for War Path to drive Big Growth<br />Get air cover<br />Craft the story why we need to go war on this issue<br />Make ubiquitous your propaganda<br />Find a General<br />Jared Waxman<br />
  23. 23. Step 1: Get Air Cover<br />Developing the insight is one thing. Developing the strategy to get the org to move on it is another<br />Need time to do steps 2-4 below<br />May also need to convince the owner we have a quick win or at least the right resources or game plan to succeed. This may need to do legwork investigate general paths forward.<br />Jared Waxman<br />
  24. 24. Step 2: Craft the Story<br />Craft the story why we need to go war on this issue<br /><ul><li>Uncover root cause for why we’re in the situation we’re in
  25. 25. Could mean dissecting sacred cows
  26. 26. Most likely means quantifying the relative return on investment vs other current priorities</li></ul>Jared Waxman<br />
  27. 27. Step 3: Make Ubiquitious<br />Make ubiquitous your propaganda<br /><ul><li>Keep the issue front and center. Tomorrow’s “gotta do” bury today’s priorities without an op mech to keep it in the headlines</li></ul>Jared Waxman<br />
  28. 28. Step 4: Find a General<br />Who’s annual goal sheet would this relate to?<br /><ul><li>The analyst can’t operationalize the whole go-to-market plan
  29. 29. But insights without influence (or advocacy) can leave the outcomes to chance</li></ul>Jared Waxman<br />
  30. 30. Personal War Stories – Victory!<br />Pricing Policy<br />Air Cover: Got ok for ‘skunkworks’ project.<br />Craft the story: Up to X Million visitors a year with negative sentiment. <br />Ubiquity: Sent hundreds of customer verbatims every week to Segment team. Selected verbatims shared weekly at Exec staff.<br />Find a General: Customer churn was indeed on someone’s Annual Goal Sheet<br />Result:<br />Finally got OK to run A/B Test<br />Outcomes of test were extremely positive<br />Launched new price policy<br />Saved company $Millions in re-acquisition costs<br />Jared Waxman<br />
  31. 31. The Influential Analyst<br />Jared Waxman<br /><br />