Marketing Natives Event #3 Big Data - Simon Hefti
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2 Marketing Natives | Big Data in Marketing - Risks and Opportunities | 2014-09-15 | (c) 2014 D|ONE
EVOLUTI
ON
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15’
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DATA DRIVEN VALUE CREATION:
OPPORTUNITIES FOR MARKETING
RISKS
RECIPIE
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OPPORTU
NITIES
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EFFECTIVE CAMPAIGN
Identify perusable customers and lost
cases to define campaigns with high
sales/cost ration and which are perceived
well.
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ANTICIPATE DEMAND
Identify products and/or services which a
specific customer might be using in the
future. Typically combined with campaign.
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RECOMMEND DURING SHOPPING
Propose products which complement the
basket while shopping (in brick & mortar
shop).
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DETECT COMPLAINTS
Conceive an early-warning system which
reacts on subtle signals in the client
relationship to indicate clients which you
risk losing.
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ANTICIPATE ORDER
Prepare for an order even if the actual
order has not yet arrived, e.g. by pre-
delivering to close-by ware house
(Amazon) or by dynamic pricing.
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DETERMINE OPTIMUM PRICE
Use a different price, drawn from a
distribution, for each proposal,
and track conversion to find optimum
price, i.e. price with best margin and best
acceptance.
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DESIGN TO DEMAND
Use customer events to understand
preferences, and design product
accordingly (e.g. House of Cards).
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RISKS
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TRIVIAL RESULTS
Annoy customers with information which
they already have. Example: recommend
vacation location even though customer
has spent vacation.
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≠ 42
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WRONG RESULTS
Article on the Web:
«If TiVo Thinks You Are Gay, Here's How
To Set It Straight»
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GO RIGHT
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UNEXPECTED RESPONSE
Intention: subscription extension.
Response: cancellation.
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PRIVACY INVASION
Drive customers away through concerns
about privacy invasion. Combine two
recent apple stories: selfies on iCloud and
health data on iWatch.
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DATA MISUSE
Destroy brand by misusing data, e.g. to
define a personalized risk premium.
Note that misuse can also occur through
theft (recent story: leaked gmail
passwords).
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TAKE AWAY #1
ES LOHNT SICH,
SICH SELBST ZU
ÜBERFORDERN.
RECIPIE
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MITIGATE:
TRIVIAL OR WRONG RESULTS
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TAKE AWAY #1
ES LOHNT SICH,
SICH SELBST ZU
ÜBERFORDERN.
USABLE DATA
Obvious, right? Important nevertheless.
Data is the core ingredient for data driven
value creation and needs proper handling.
Invest in good data.
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TAKE AWAY #1
ES LOHNT SICH,
SICH SELBST ZU
ÜBERFORDERN.
THE RIGHT TEAM
You need a team which knows your
business and your data, can deal with the
data gaps and peculiarities, and masters
and maintains its tools.
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TAKE AWAY #1
ES LOHNT SICH,
SICH SELBST ZU
ÜBERFORDERN.
MODEL MAINTENANCE
Predictive models are not based on first
principles. They are just tuned to work. No
guarantee that they still work next year.
Monitor model performance and maintain
the models.
Recent story: Google flu trends.
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29 Marketing Natives | Big Data in Marketing - Risks and Opportunities | 2014-09-15 | (c) 2014 D|ONE
MITIGATE:
UNEXPECTED RESPONSE
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30 Marketing Natives | Big Data in Marketing - Risks and Opportunities | 2014-09-15 | (c) 2014 D|ONE
TAKE AWAY #1
ES LOHNT SICH,
SICH SELBST ZU
ÜBERFORDERN.
SMALL BATCHES, ADAPT OFTEN
Instead of doing choose approach for all
customers / all products, use an
evolutionary approach and test ideas in
small batches. Adapt approach often and
select best performing.
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31 Marketing Natives | Big Data in Marketing - Risks and Opportunities | 2014-09-15 | (c) 2014 D|ONE
MITIGATE:
PRIVACY INVASION AND DATA
MISUSE
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TAKE AWAY #1
ES LOHNT SICH,
SICH SELBST ZU
ÜBERFORDERN.
GOVERNANCE
Define and publish standards and
guidelines for data use. Establish
processes to monitor and control data
use. Align with Datenschützer.
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SUMMARY
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THE
IMPACT,
STUPID.