At MercerBell, we’re continuously focusing on developing our team to reach their full potential. We facilitate fortnightly Lunchtime Lesson sessions that range from topics on data, strategy, creative and technology through to people management and business acumen. Recently, our Senior Data Analyst Sophia Zhou delivered a session on how to make big data work for your business.
Data is everywhere, and sorting through it to find what is useful and relevant is a necessary skill to be effective in the current marketplace. These days, data is being used to determine everything from identifying new business opportunities to personalised marketing efforts. As a Customer Experience agency, we believe data-driven strategies are an important point of competitive differentiation when it comes to delivering delightful customer experiences.With all the data out there, where do we start and how do we make sense of it? When evaluating your approach to data analytics, less is more. Although there may be a tendency to over-complicate data, you might need to step back and assess what the information you collect will be used for. Below I’ve highlighted three key takeaways from this session.
What’s the purpose?Data with a clear purpose results in outputs that can be used across an organisation. If you think about it, data analytics is a means to an end. It’s a critical tool to identify and implement a value-driving answer. And you’re much likelier to land on a meaningful one if you’re clear on the purpose of your data.
Ask the right questionsWith data, analysts are trained to use analytics to find the right answers. But do we have enough people who ask the right questions? It’s not enough to just think about your data and all of the sources that you can aggregate it from. In the end, the accuracy of your analytics may well depend on how well you asked the question. Some questions to start with could be: What are the most pressing challenges in my business? What data do we need and how do we obtain it? Is the exisiting data easy to analyse? By asking the right questions you can ensure insight captured is focused and valuable, leading to your chosen output.
To succeed with big data, start small. Maybe one of the reasons data isn’t working for you is because you’ve gone ahead of yourself. Instead, define a few relatively simple analytics that won’t take much time or data to run. Finding opportunities in many small areas can deliver an overall large reward.
Keep in mind that all data is incomplete. Data is just the starting point. But finding the right story in the data is the key to unlocking powerful customer experiences. Using data to inform creative can help meet consumers’ expectations by delivering more relevant and useful messages at every stage of the purchase funnel.
Our clients, such as Qantas and Toyota, have already seen more engagement with their advertisements by using highly personalised creative driven by data.
At MercerBell, our data team is focused on gathering and analysing the full scope of data available to design and deliver measurable experiences. We specialise in building advanced analytics models that can help you answer business questions around retention, acquisition propensity and opportunity forecasting.
Get in touch today to find out what we can do for you.