Kathy Williams Chiang is VP of Business Insights at Wunderman Data Management, and the co-author of the book Monetizing Your Data: A Guide To Profit-Driving Strategies And Solutions. We dig into how too much data is a major bottleneck, how to shorten time to insights, why you can’t analyze away risk, and how to think about the two buckets of unknowns in your work.

 

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Key Takeaways:

[2:08] Kathy began her journey into data analysis when she became frustrated with the inability to trace data issues to the root cause. It proved difficult to find the right metrics and framework for aggregation averaging.

[4:01] Tamara shares that often when a team is working together, it’s easy to focus on the wrong thing. Data can easily take us down the wrong rabbit hole.

[5:16] Find out how and why Kathy teamed up with co-author, Andrew Wells, to write their new book, Monetizing Your Data.

[7:33] How can you leverage data to push smart innovation forward and avoid the ‘too much’ analysis data trap?

[10:30] Kathy discusses the advantages of one-to-one marketing. It allows you to retain information on individuals as well as track real time responses and websites. It also allows you to respond to the things you feel are important. It gives you the ability to track and get under the hood of how products are working the market. This brings a richness to manage and drive innovation.

[12:27] Kathy shares with listeners how to determine which metrics to focus on.

It’s important to avoid the lens of what we want to see. Instead, have the discipline to look at why the market is reacting the way it is.

[16:37] Tamara gives two pieces of advice: First, start with the end in mind. Second, understand that you can’t analyze away risk. More data and anchors won’t lower the risk of trying something new!

[19:32] Tamara points out a powerful exercise to help define both known and unknown risk. Think through the process and learn how capturing the known and unknown risk can help you to move forward.

[24:15] Kathy shares a client experience about pulling information together and working with the different teams to harmonize and visualize the data.

[28:18] Tamara shares an experience about taking too much time to pull and create the data. This hinders innovation, because you don’t have time to look at the patterns and innovate. 

[30:26] Tamara challenges us to think about what you’re spending your time doing. Set aside time to communicate insights that you can make decisions on. That’s what’s important!

[33:04] Connect with Kathy and Andrew on their website.

Mentioned in This Episode:

Monetizing Your Data: A Guide to Turning Data into Profit-Driving Strategies and Solutions, by Andrew Roman Wells and Kathy Williams Chiang

Diffusions of Innovations, by Everett M. Rogers

Crossing the Chasm: Marketing and Selling Disruptive Products to Mainstream Customers, by Geoffrey A. Moore