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Mind Of An Analyst- Jennifer Vessenmeyer

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Mind Of An Analyst- Jennifer Vessenmeyer

  1. 1. Inside the Mi d th Mind of an Analyst San Francisco OMS – June 25, 2009 4355 Weaver Parkway, Suite 150  Warrenville, IL 60555  www.Stratigent.com  630.658.2200  877.427.2900
  2. 2. MORE Insight BETTER Insight FASTER Insight © 2009 Stratigent, LLC. All rights reserved. | 2
  3. 3. Thinking hard g about the data isn’t the same as analyzing the data. 3 | © 2009 Stratigent, LLC. All rights reserved.
  4. 4. Most Common Tips for Mistakes Getting Inside the Mind of an Analyst © 2009 Stratigent, LLC. All rights reserved. | 4
  5. 5. Who Wh am I thinking of? thi ki f?  One of the youngest chief executives in his nation’s history  Sworn into office in January  Predecessor was a military leader who led the nation through a world war  Played a crucial role in the military crisis that faced his nation  Raised as a Catholic  Had vibrant charisma  His name is legendary g y Source: “The Thinker's Toolkit: 14 Powerful Techniques for Problem Solving” by Morgan D. Jones © 2008. Stratigent, LLC. All rights reserved. © 2009 Stratigent, LLC. All rights reserved. 5| 5 |
  6. 6. Faulty Analysis Bad Data False Confidence a se Co de ce © 2009 Stratigent, LLC. All rights reserved. | 6
  7. 7. Too often, what passes as analysis is, in reality, a few facts and some assumptions all held together with the intellectual equivalent of duct tape tape. © 2009 Stratigent, LLC. All rights reserved. | 7
  8. 8. Faulty Analysis is most often caused by: Reliance Erroneous Biased Confusion on substance assumptions questions between over process and mental correlation shortcuts and causation © 2009 Stratigent, LLC. All rights reserved. | 8
  9. 9. Example: Ice cream should be banned 8 7 6 Ice Cream Sales 5 Deaths by Drowning 4 3 2 1 0 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec © 2009 Stratigent, LLC. All rights reserved. | 9
  10. 10. Building your analysis on bad data is like building a house out of cards. © 2009 Stratigent, LLC. All rights reserved. | 10
  11. 11. Bad Data is most often caused by: Incomplete Improper tool Misused Unclear data collection configuration reports definitions © 2009 Stratigent, LLC. All rights reserved. | 11
  12. 12. It’s better to guess than to make decisions based on faulty analysis or bad data data. © 2009 Stratigent, LLC. All rights reserved. | 12
  13. 13. False Confidence is most often caused by: Using d U i data to justify j if rather than inform © 2009 Stratigent, LLC. All rights reserved. | 13
  14. 14. Inside the Mind of an Analyst: Three Tips
  15. 15. MORE Insight BETTER Insight FASTER Insight © 2009 Stratigent, LLC. All rights reserved. | 15
  16. 16. MORE Structure BETTER Data FASTER Comprehension © 2009 Stratigent, LLC. All rights reserved. | 16
  17. 17. What do you mean by ? © 2009 Stratigent, LLC. All rights reserved. | 17
  18. 18. Methodology © 2009 Stratigent, LLC. All rights reserved. | 18
  19. 19. How can I add to my analysis? y y © 2009 Stratigent, LLC. All rights reserved. | 19
  20. 20. T Target Audience Who will use the outcome of your analysis? H Hypothesis Do you have a hypothesis? yp I Implications What are the implications of your fi di f findings? ? N Numbers Do you have the right numbers? Q Question Q ti What do you want to know? © 2009 Stratigent, LLC. All rights reserved. | 20
  21. 21. How do I get g to analyze? anal e? © 2009 Stratigent, LLC. All rights reserved. | 21
  22. 22. A Audit Audit common causes of bad data (the usual suspects) C Control C t l Implement controls, such as I l l h ongoing monitoring & validation T © 2009 Stratigent, LLC. All rights reserved. | 22
  23. 23. Continuous improvement is good? New Pages New Site Features = Incomplete Data New Campaigns New Objectives Changed Objectives = Irrelevant KPIs New Priorities © 2009 Stratigent, LLC. All rights reserved. | 23
  24. 24. A Audit Audit the most common causes of bad data C Control C t l Implement controls, such as I l l h ongoing monitoring & validation T Test Put your key metrics and reports to th test t the t t © 2009 Stratigent, LLC. All rights reserved. | 24
  25. 25.  How much do you know about your KPIs? ― Which objective does it tie to? ― Business driver or diagnostic? ― H is it calculated? How i l l t d? ― Which report is it taken from? ― Does the metric have a different name in that report? The Big Book of ― What actions does it influence? Key Performance ― Wh owns it? Who Indicators Eric Peterson  Look at your reports with a critical eye © 2009 Stratigent, LLC. All rights reserved. | 25
  26. 26. What is the secret to ? © 2009 Stratigent, LLC. All rights reserved. | 26
  27. 27. S Sort Metrics Sort your key metrics by how they are used O S © 2009 Stratigent, LLC. All rights reserved. | 27
  28. 28. There are multiple types of metrics p yp TYPE OF METRIC EXAMPLE USED TO ANSWER THE QUESTION Outcome/business driver O t /b i di Leads L d How well am I doing? H ll Id i ? Diagnostic Conversion rate How can I do better? Smoke alarm Smoke alarm Zero yield searches Zero yield searches What  am I doing poorly? What am I doing poorly? Predictor/Leading indicator Intent to Purchase Will I do better? Latent Correlations, VOC, , , Where is the opportunity?  pp y competitive data, etc *Obviously, this is not an exhaustive list. © 2009 Stratigent, LLC. All rights reserved. | 28
  29. 29. S Sort Metrics Sort your key metrics by how they are used O One Location O L ti Get h data you’re analyzing G the d ’ l i in one place S © 2009 Stratigent, LLC. All rights reserved. | 29
  30. 30. When key data points are within view at th same time, it’s i t the ti it’ easier to mentally digest them.  Put business drivers across all channels on the same dashboard.  Then, automate the data population so you can focus your time on analysis. © 2009 Stratigent, LLC. All rights reserved. | 30
  31. 31. S Sort Metrics Sort your key metrics by how they are used O One Location O L ti Get h data you’re analyzing G the d ’ l i in one place S Show & Tell Visualize the data, add context, and provide i t d id interpretation t ti © 2009 Stratigent, LLC. All rights reserved. | 31
  32. 32. © 2009 Stratigent, LLC. All rights reserved. | 32
  33. 33. MORE - BETTER - FASTER
  34. 34. Jennifer Veesenmeyer je jennifer@stratigent.com e @st at ge t co 630-222-4319 4355 Weaver Parkway, Suite 150  Warrenville, IL 60555  www.Stratigent.com  630.658.2200  877.427.2900

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