JBTD & CustDev. Analyzing data

Question 1

research shows that ____ of customers feel frustrated when a shoppinh experience feels impersonal

Answer 1

71%

Question 2

What is Customer Analysis?

Answer 2

• combines qualitative and quantitative research methods with the goal of better understanding of your TA.
• knowing your TA means you’ll be able to cater to their specific needs

Question 3

Customer Analysis moves through the ff stages: (3)

Answer 3

1. Identifying who your customers are
2. Discovering their needs and pain points
3. Grouping target audiences accdg to similar behaviors

Question 4

The Process of Analyzing data

Answer 4

• data analysis follows a rigorous step by step process. Each stage requires diff skills and know - how

Question 5

Step 1: Defining the question

Answer 5

First step in any data analysis process is to define your objective. (“Problem Statement”)

“Defining your objective” means coming up with a hypothesis and figuring how to test it. Start by asking what business problem am I trying to solve?

Question 6

TOOLS in helping you define your objective:

Answer 6

• mostly about soft skills, business knowledge & lateral thinking
• keep track of business metrics & key performance indicators (KPI)
• Monthly reports can allow you to track problem points in the biz
• Klipfolio, Asana, Dashthis, Databox

Question 7

Step 2: Collecting the data

Answer 7

• strategy for collecting and aggregating the appropriate data
• KEY PART: determining which data u need.

Question 7

Step 2: Collecting the data

Answer 7

• strategy for collecting and aggregating the appropriate data
• KEY PART: determining which data u need.

Question 8

All data fit into one of these 3 categories:

Answer 8

First party
second party
third party

Question 9

All data fit into one of these 3 categories:

Answer 9

First party
second party
third party

Question 10

What is First-Party Data

Answer 10

• your company have directly collected from your TA
• might come in the form of transactional tracking data or info from your company’s customer RM
  ex: Monthly reports, analytics report

includes:

• customer satisfaction surveys ((like sa restau nagbbgay feedback paper))
• focus groups
• interviews or direct observation

Question 11

What is Second Party Data?

Answer 11

• is the first party data of other organizations
• include websites, app / social media activity, online purchase history or shipping data
• competitors 1st party data

Question 12

What is third party data?

Answer 12

• collected from numerous sources by a 3rd party org. ((many orgs collect big data to create industry reports // market research)) ((what are the biggest socmed in 2022 – for meta))
  ex: open data repositories & govt portals

Question 13

TOOLS to help collect data:

Answer 13

DMP - Data Management Platform - piece of software that allows you to identify data from numerous sources
ex: Salesforce DMP & SAS

Question 14

Step 3: Clearing the Data

Answer 14

Key data cleaning tasks include:

• removing major errors, duplicates and outliers
• removing unwanted data points
• bringing structure to your data
• filling in major gaps

Question 15

TOOLS to help you clean your data

Answer 15

• Opensource like OpenRefine

Question 16

Step 4: Analyze the Data

Types are: (4)

Answer 16

1. Univariate or bivariate analysis
2. Time-series analysis
3. Regression Analysis

Question 17

All types of data analysis fit into one of the four categories:

Answer 17

1. Descriptive
2. Diagnotics
3. Predictive
4. Perpective

Question 18

1. Descriptive ana

Answer 18

• identifies what has already happened

- common first step for businesses, companies, marketers carry out

Question 19

2. Diagnotic ana

Answer 19

• WHY something has happened

- literally the diagnosis of a problem

Question 20

3. Predictive ana

Answer 20

• future trends based on historical data

- commonly used to forecast future growth

Question 21

4. Perspective ana

Answer 21

• allows to make recommendations for the future.
• final step in the analytics part of the process
• most complex
• incorporates aspects of all the other analyses described

Question 22

Step 5: Sharing your results

Answer 22

share your insights with wider audience
- more complex

• interpretation of outcomes
• presentations
• should be digestible for all types of audiences

Question 23

TOOLS for sharing your findings:

Answer 23

Google Charts, Tableau, Infogram

Question 24

Step 6: Embrace your failures

Answer 24

Data analytucs is messy and the process you follow will be different every proj

Question 25

Step 6: Embrace your failures

Answer 25

Data analytucs is messy and the process you follow will be different every proj

Question 26

Implementation in Digital Marketing

Answer 26

- data gathered can ba used on how you can properly target your market in terms of PAID ADS - can help create content that going to cater TA's pain points - brand positioning can be easier - easily figure out w/c platforms or digital marketing strategy you will use

Question 27

DEFINE THE QUESTIONS

Answer 27

what biz problem are you trying to solve?

Question 28

COLLECT DATA

Answer 28

- create strategy for collecting data

Question 29

CLEAN THE DATA

Answer 29

Explore, Scrub, De-dupe and structure your data

Question 30

ANALYZE THE DATA

Answer 30

- carry out various analyses to obtain insights. Focus on 4 types of data analyses

Question 31

SHARE YOUR RESULTS

Answer 31

How best can you share you insights and recommendations? A combi of visualization tools and communications is key.

Question 32

EMBRACE YOUR MISTAKES

Answer 32

Learn from it. this is what transforms a good data analyst into a great one.