Context is Data

Context is data about your customers and prospects. Data is a continuum of current information on people from what their interests are (Search) to what they have purchased (Behavioral). There are many data points in the middle that also need context themselves.

Say your prospect purchased eye glasses and visited a Lasik’s eye surgeon. Which came first? Either they don’t need glasses anymore or they need legal services. The challenge for marketers is again the profile. How does one identify the timeline?

If a prospect is a Weight Watchers customer and a health club member are they health oriented or on a diet? Do you Send them an ad for a new bike or discount at a clothing store? Interest data, read search engine and behavioral data, read purchase data can be deceptive as we as human beings have aspirations and realities. This data put to work with what we consume from an information perspective and how often we consume that information can tell a better story of what we are doing and aspiring to, in that order.

Marketers who think about how data is clustered and “Profile” of their customer/prospect is way ahead of the game. Yes I did say customers, today we build community through activity that adds value and listening to our customers online. Not only what they are saying about us to us, but how they are speaking of us to others.

For years in the wireless industry we worked to predict churn based on our own data. Trial and error taught us a lot but was never enough to prevent the most valuable of customers so we resort to long contracts and literally buying that customer back every two years. If we connect their interest data to the customer profile we have a new strong trigger.

Power users do a lot of reading on devices and service roadmaps before they churn. Let’s try to add the behavioral and media activity data to that profile and perhaps a new segment can be retained through proactive customer marketing.

Data No Absolute Data Point!

Data is a funny thing, we all think of it as an absolute and frankly it is not. As events like the neutron experiment published last week that potentially ends the validity of E=MC2 happen we are reminded that even the rules of Physics we believe in are subject change.  Actually science has shown to hold inaccurate beliefs as truths many times in history.

Data collection has two phases:

1)      Collection

2)      Analysis and Presentation

Many will say errors and manipulations only happen in the second phase but errors are common in the collection phase. The challenge is how the human mind works. We start with an end in mind that we often call a hypothesis. Regardless of our honest desire to remain neutral our prejudice enters here.

There are three areas in the collection phase where we go wrong:

1)      Sample – Quality and size matter here – GIGO = Garbage In, Garbage out!

2)      Methodology – Subjective interviews, surveys….  The questions and how responses are interpreted.

3)      Data Processing -  Is the point that seems an outlier the actual beginning of a new set? How do we group and chose? Where is the bell? Standard deviations and set size?

As you can tell we are living in a random world where not admitting to data relativeness’ is  foolish. It shows a strong researcher who can admit to the relative nature of their data based conclusions. Like many things if you do not honestly understand the weakness you will be caught blind by it.  If you present the risk you begin to have a Plan B which is a powerful position to be in.

New Data Centric Solutions, or Products

For every dollar an application vendor gets, there’s five dollars for hardware and services. This rule is changing with the advent of the Cloud, SaaS and Virtualization. Today Data is driving Application usefulness more than any single factor. Big Data is the term emerging from the world of IT as integration of records becomes a moon shot of sorts.

I have spoken many times of the three stages of the web as Tim Berners-Lee predicted and presently we sit on the threshold of the third stage. Data will drive the contextual and pervasive internet. We will no longer use the internet as a library or a Cocktail party. In the next few years driven mostly by unwired portable devices behavior will be to ask the web for information, entertainment and to so certain things for us.

Star trek always had the crew talking to the Air. “Computer, what is? Computer, Raise the shields? Computer, Run virtual reality program X.” Life imitates art!

As a Product Manager or Marketer are you thinking about solutions? How we are going to use data? Is your product the command or the fulfillment of that command? The new frontier of solutions, Data!

The World as I want It?

Lately I have been having some great conversations about data, Marketers live by data and earlier I commented that this is unique to today. Well I was wrong. Marketers have always lived by data. Yes, traditionally market data was mostly up front from focus groups and back end in results. 

Today we have incredible streaming data about events real-time and can mine and process that data ourselves. We are also with online marketing able to change our message at a user level almost on the fly. Web tracking and rules engines allow behavioral cross sell and up sell, we can suggest based on history with our company and others. We can use information as barter for data in CRM and lead maturation tools. It is all the preverbal tightly woven cloth that creates a picture of our world. 

Yet still product managers try to see the world as they want it not as it is. To some extent it is the nature of the person that is drawn into product creation. This is visible in entrepreneurs, the winners understand this about themselves and have the courage to adapt and learn to see the world more as it is. It is painful to allow a great idea to morph, harder maybe than changing our own behavior is to change an idea! 

Reading this week (I can’t remember where) was an investor who spoke of the winning attribute for a team was to be brutally honest. Share that idea with everyone and your mom is not a focus group. Many say that in our online world where one can find like thinkers in a group regardless of how obscure the hobby or thought. This can be a trap!

So what is this about? Just thoughts as I begin a project on data, that’s all!