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Data Dilemma

Duration - 45 minutes

Key Takeaways

  • Data is not equal to insight: Data provides numbers, but it doesn't always provide the reasons behind those numbers. It's important to understand the context and the story behind the data to gain true insights.
  • Combine art and science: Use the science of data to understand the metrics and trends, but also use the art of intuition and understanding of your business to interpret what the data means in the larger context.
  • Trust your gut: As the creator of your service, you have a deep understanding of your business and the market trends. Your intuition can often guide you to understand what might be going wrong or what might be the reason behind certain data trends.
  • Be aware of external factors: Sometimes, changes in data trends might not be due to your own actions but due to external factors like competitors' actions or market trends. Always keep an eye on the larger market context.
  • Avoid the trap of endless data analysis: While it's important to analyze data, don't fall into the trap of endless analysis without making decisions. Use triangulation and other methods to validate your data and then take action.

Summary of the session

The webinar, hosted by a marketing professional from VWO, featured Laura, a seasoned marketing expert from Ecolby. The discussion revolved around the importance of context, data, and experimentation in decision-making processes. Laura emphasized the need to start with data but to always validate it through A/B testing before scaling. She also highlighted the importance of trusting one’s gut and understanding of the business, while being aware of personal biases.

Laura encouraged continuous learning through reading, listening to news, and staying updated with global trends. The webinar aimed to equip marketing professionals with practical insights and strategies for data-driven decision-making.

Webinar Video

Top questions asked by the audience

  • What is an A/B test? Can you touch upon that for a bit?

    Yeah. For sure. So A/B test basically, it's literally that. It's A and B. So you basically do, like, a 2 option test. And what you try and do is you change only one variable and keep everything else t ...he same. So for example, say, I keep my product exactly the same in terms of the feature. Everything is the same. I will offer it to 2 different types of audience. But I will tell them 2 different things. So let me think of an example. So let's use Netflix. With Netflix, I'm offering the exact same product features to 2 different types of groups of audiences. And then with one audience, I'm messaging and saying, hey, this learns from your choices and then we'll recommend so that you don't have to think about your next thing. And then with the other one, I'm saying, hey, this is what brings you a huge massive library to your fingertips, without you having to have multiple services. And you see which messaging works better. At the end of the day, everything else is the same. The product features are still the same. Netflix is actually offering both of them, but as a marketer, when I’m trying to message. I'm trying to see which is the kind of message that really resonates with the customers. And so that's the only thing I've changed. And you can do that similarly. So for example, you say the intelligent recommendations, piece 1 out. So you take that and this time, you go back again to 2 different groups of audience, and they should be equally sized and have equal persona and everything else. Try to keep as many of the variables the same as you can. And then you go back with, say, a pricing. So you're like, hey, would you pay $9 a month, or would you pay $14 a month and see which one wins out? So it's option A & option B. Change only one variable. Keep everything else the same. Keep the sizes of the customers the same and see what sort of reactions you get. Does that answer? Let me know if you have any follow-up questions.
  • If data is not an insight, then when do you know that what you have is an insight?

    - by Siddharth
    This is the fundamental question every marketer asks themselves. They're like, oh, is this the insight? Is this really true? Back in the day when I was in the telecom industry, I had a leader who help ...ed me out with this answer, actually. His point of view was every time you get an information or a data point, ask why five times. By the 5th time, you should be at the crux of the or the bottom line of that situation, and you should have that insight. So you ask why five times. So for example, let's say, we're saying Uber prices are up, that's your data point. You ask why? The second level is because there's more demand, less supply, not enough cars on the road. And then you ask another why. This is the second one. I was like, why? Why are there less drivers on the road? And they're like, because gas prices are off, and then you go even further. And you keep going till you feel like you can't go any further, and that's when, you know, you've kind of hit your insight. But again, it's a lot of practice as well. Over time, you will develop a gut to be able to know, okay, I have reached the smallest point I can reach, and there is no other place to go, but practice the 5 ‘whys’.
  • How do you control context when you're trying to recruit for customer research? You can't possibly know each respondent's context and how that might impact your decision.

    So it's a balancing act. You want to go as wide as fast full with the different types of customers in your respondents to be able to cover for all different types of context and hopefully it all norma ...lizes. A lot of the time you will have a fixed set of people or type of people that you want to go after. So that's why I was saying it's a balancing act. You try to cover as much of a wide audience as possible. Because at the end of the day, when you launch a product option to the market, a wide group of audience is also going to see and interpret it from their own context. So try and keep as many different types of people into your respondent group, and hopefully that becomes a sample size that's representative of the actual people out there in the market or the actual customers in the market.


Disclaimer- Please be aware that the content below is computer-generated, so kindly disregard any potential errors or shortcomings.

Siddharth from VWO: Hi, folks. Thank you for joining in. It’s just exactly time for the presentation to start. So we’ll wait for a couple of minutes for people to join in. In any case, we will start in exactly 2 minutes from now. ...