Unlocking the formula for growth
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This document discusses how understanding data is key to business success in today's digital world. It notes that the amount of data and online interactions have increased dramatically in recent years. While this data provides opportunities, businesses are often overwhelmed and don't know how to analyze and apply the data effectively. The document warns against only looking at quantitative metrics, treating all data as equal, and viewing data sources in isolation. It argues that businesses need tools to connect different data sources, remove subjectivity, and directly point to actions based on insights. Understanding and properly applying data can provide opportunities to influence strategies and experiences.
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Unlocking the formula for growth
- 1. Unlocking the formula for growthWhy understanding data is key to business success.
- 2. The new world “The direct, unfiltered, brutally honest nature of much online discussion is black gold to companies that want to spot trends or find out what customers really think...”
- 3. Search volume has more than trebled with 131bn searches in 2010 24hrs a minute to 24 hrs a second More searches than Yahoo & Bing combined 200m and growing Facebook added 493m users over the last 4 yrs
- 4. Business drowning in Information In 2010 we created 1.2 zettabytes of information.Up 50% from 2009 (1 zettabyte = 1 trillion gigabytes) Equivalent to an episode of ‘24’ running continuously for 125 million years
- 5. Reputation can be business critical
- 7. Where data can influence strategy Marketing and PR Distribution Business strategy Customer Experience sHRM Sales Pricing &product development
- 8. The hierarchy of knowledge KNOWLEDGE INFORMATION DATA
- 9. “The only thing to do with good advice is pass it on”
- 10. What must we avoid?
- 12. Member engagement (74%)
- 13. Unique visitors (72%)
- 15. WOM influence (31%)
- 16. Comments per post (25%)
- 17. Cost savings (16%)
- 18. Tech. support (11%)
- 19. Insights, content, employees,
- 20. Competitive intelligence 10%Qualitative Source: Online Community Research Network
- 21. No.2 Treating all data as equal Make suggestion Make an observation Offer a greeting Offer an opinion Rally support Respond to criticism Acknowledge receipt Advertise something Rally support Recruit people Ask question Answer question Show dismay Solicit comments Give shout out Make a joke Distribute media Express agreement Express criticism Express surprise Solicit help Start a poll Call for action Disclose info Source: KD Paine & Partners
- 22. No.3 Viewing data sources in isolation Blogposts Searches Tweets News Customer purchases
- 23. We need tools that are...
- 24. No.1 Inter-ConnectedBlend sources and allow cross-comparison + Business KPIs
- 25. Provide a comparative view Powered by
- 26. No.2 Free from subjectivity Use algorithms to avoid human error “A finite list of well defined instructions used for calculating an outcome”
- 27. No.3 Action-orientedDirect me to action based on insight
- 30. In god we trust…All others must bring dataRobert Hayden
- 31. Thank youContact us at info@reformdigital.com0207 874 1898
Editor's Notes
- At the heart of our business sits data. Or to be more specific its consumer behaviour data. We turn that into insight. There’s a difference.From that we are able to deliver business/market intelligence, develop strategy, and activate it. Right across your business.
- Lets put the challenge in visual perspective. What part of the landscape do you want to own or compete in ?
- At the heart of our business sits data. Or to be more specific its consumer behaviour data. We turn that into insight. There’s a difference.From that we are able to deliver business/market intelligence, develop strategy, and activate it. Right across your business.
- At the heart of our business sits data. Or to be more specific its consumer behaviour data. We turn that into insight. There’s a difference.From that we are able to deliver business/market intelligence, develop strategy, and activate it. Right across your business.
- At the heart of our business sits data. Or to be more specific its consumer behaviour data. We turn that into insight. There’s a difference.From that we are able to deliver business/market intelligence, develop strategy, and activate it. Right across your business.
- At the heart of our business sits data. Or to be more specific its consumer behaviour data. We turn that into insight. There’s a difference.From that we are able to deliver business/market intelligence, develop strategy, and activate it. Right across your business.