I OBJECT: My reaction to Per Håkansson’s talk at #IIeX @perhakansson MRX
It’s rare that a conference talk generates outright rage but that’s what happened today. Twitter got angry and an audience member asked a question that didn’t get answered.
In his talk, Per Håkansson (Per on twitter ) shared his personal experience as a digital nomad. He shared that he owns about 100 items, and own no car, no home, no TV, no CDs. As a beneficiary of the crypto currency movement, he travels the world and has lived in many different cities. He shared that this could be, or will be, the way of the future for most people.
So why were some people so enraged, myself included?
I think it was two-fold.
1) The talk wasn’t focused on the needs of the marketing research audience. As a personal story of how he weaves in and out of different cities with little physical baggage to restrict his movements, it was a fun tale. But it wasn’t a market research tale.
By not focusing the content to the needs of the audience, we were left clinging to irrelevant pieces of information. We heard a fun tale of a wealthy, white person on extended holidays. Instead, we needed to hear a tale of how research companies can support a nomadic lifestyle that might be more attractive to younger workers, e.g., remote employees, no need to buy physical offices and a central location. And this extends to our services, e.g., we can store data and reports in the cloud, use Software as a Service. It can extend to employee benefits, e.g., healthcare services that are accessible in many countries. This is the story we needed to hear.
2) Further, we heard that many/most people should/will become digital nomads. By renting BnB residences, using public transportation, and using Netflix and Spotify, we can free ourselves of physically owning stuff we don’t really need. As someone who doesn’t own a phone or a car, I’ve got an overwhelming surplus of diggity with that.
Of course, this idea doesn’t account for all the people who make public transportation and hotels and restaurants happen – bus drivers and cleaners and repair people, housekeeping staff, restaurant servers and cooks and dishwashers, all of whom earn extremely low wages and live pay check to pay check (as 78% of American do according to Diane Hessan).
These support people make it possible for wealthy people to zip around the world and live in luxurious places. These support people can never ever dream of living a romantically nomadic lifestyle. Besides, most jobs can’t be virtual jobs – 13% of jobs are mining/construction/manufacturing, 12% of jobs are health care, 10% are in leisure/hospitality, 12% are government.
On the other hand, Sinead Jefferies wrote this excellent post on Research Live in which she advocated for workplace flexibility and how it could help retain the best talent within our industry. This, I think, is the story that would have resonated with more people as being realistic and relatable.
I’d love to hear what you think.
These data prove I am worth 80% of what my male research colleagues are worth #MRX #NewMR
As a freelance market research writer (my service sheet is here), I regularly check my public profiles to make sure they’re up to date. This time, I checked my profile on Savio, a marketplace connecting market research buyers with research experts, which is maintained by GreenBook.
After clicking around the website for a bit, I realized that every researcher’s hourly rate was completely and easily transparent, not hidden behind multiple clicks and privacy walls. My brain gears sped up….
People don’t talk about salaries which is a problem. Freelancers don’t know if they’re being paid what they deserve. Women don’t know if they’re being paid less than their equivalent male counterparts. So in that regard, I have to thank Savio and Greenbook for opening the black box and helping researchers see a piece of reality.
I had planned to go see the new Solo movie but this lovely little dataset just presented itself to me. Plus, I hear there isn’t any ukulele in this movie so let’s do this.
I downloaded the data and removed the business profiles. That left me with 191 individuals who provided an hourly rate, country, and the types of work they do. I manually gendered all the profiles. Obviously, I may have gotten a few wrong as I am not the gender police (much better said by Effin Birds) – 83 women, 107 men, and 1 unknown.
As all good data people do, I started with a frequency distribution. A few things were immediately apparent. 1) 3% of men and 4% of women VASTLY undervalued themselves. If you have listed an hourly rate under $50 per hour, go to your profile right now and FIX IT. I never want to see an hourly rate less than $50. From any freelancer. For anything. 2) 6% of men and 2% of women listed stunningly high rates, a couple over $1000 per hour. These rates might be for bragging, for negotiating, or for real but if you can command them, more power to you. 3) Women were far more likely to undervalue themselves while men were far more likely to overvalue themselves. [“THAT was a pencil in the neck moment!” -Luke Sklar]
Maybe group averages would paint a different picture but nope. Across all 191 rates, women asked for 81% of what men did – $168 versus $207 per hour.I tried excluding outliers from 12 people whose rates were below $50 or above $500. Women still asked for 81% of what men asked – $153 versus $189 per hour. I then focused on the three countries with at least 8 researchers. In Canada, two women and myself listed rates that were a paltry 40% of what five men listed. Among 123 US researchers, women asked for a somewhat better 80% of what men asked for. I am thrilled, though, to offer a huge hurray to the 14 researchers in the UK where hourly rates listed by men and women were equal. (Okay, women can increase their hourly rates by $5 in the UK.)
Maybe it’s because women do “less valuable” work so I tried grouping by the 25 different type of work people specified they did. Major caveat though – these data do not account for the fact that someone might charge different rates for different types of work.
I’ll pick out two examples from the chart since it’s a little bit complicated and uses two axes. At the left of the graph, among people who offer legal research services, women specified an hourly rate of $169 compared to men at $136. Thus, women listed a rate that was 124% of what men listed. There exist four categories of work where women listed a higher hourly rate than men – Legal Research, Field Services, Recruiting, and Support Services.
Second, at the right of the chart, among researchers who conduct Mystery Shopping, women listed an hourly rate of $138 compared to men at $225. Women listed a rate that was 61% of what men listed. There exist 21 categories of work where men listed a higher hourly rate than women.
I don’t know if these differences are because women undervalue themselves or because men overvalue themselves. I don’t know how much of these differences exist for bargaining or bragging purposes.
But I do know this. As much as I love statistics, t-tests and chi-squares aren’t necessary to determine the likelihood that these results are due to chance. Correlations and Cohen’s D aren’t necessary to determine whether the effect sizes are meaningful.
Women ask for less financial compensation than do men.
Women, my advice to you is simple. Give yourself a raise. Give yourself a giant fucking raise. (I’m channeling my inner Cindy Gallop and I urge you to follow this amazing woman on Twitter or LinkedIn and personally talk about your salary with her here.)
If you’re currently in the $50 to $99 bucket, up your rate to land in the $100 to $149 bucket. If you’re in the $200 to $249 bucket, give yourself a raise into the $250 to $299 bucket. Don’t think twice, it’s all right.
If you’re curious, I may have started my day claiming my worth to be 80% of what my male research colleagues felt they were worth.
It sure didn’t end that way.
You might wish to look at:
The audience doesn’t care about your company and other tactical tips for conference speakers
As a conference speaker, the best sales pitch you can offer on stage is a presentation that educates and entertains the audience. One that explicitly shows them you understand what the audience needs.
I chat with a lot of speakers who assure me they didn’t do a sales pitch and then are astonished to find out that they did. I also chat with other speakers who are so paranoid about NOT doing a sales pitch that they strip out all the good parts of their presentation. Fortunately, there are some easy things you can do to prevent both of these situations.
Ban these words
Never say the word we. Never say the word our. Never say the word us. These tiny unassuming words automatically turn the most glorious presentation into a horrid sales pitch. And your audience has no need for a sales pitch. They are sitting in front of you because they are desperate for knowledge and insights. They want to know your personal opinion, what you have discovered from your techniques. They want to engage with and listen to you as a person. They’d rather not tweet how boring and out of touch you were.
Don’t name-drop your products
Companies spend thousands of dollars trademarking brand names. While it’s helpful to have names so that your employees and your clients know that they’re all talking about the same thing, no one in the audience cares about your cutesy names. They don’t care that you use SalesForce or SurveyMonkey. They care that you understand marketing and research. So if you find yourself wanting to say the name of a tool while you’re talking, instead simply say ‘these types of tools’ or ‘these types of companies.’ I can assure you that you don’t need to use any of your brand names or trademarked names in your presentation.
Don’t describe your company
Your audience doesn’t care about your company and they certainly don’t need you to present a detailed explanation of all the products and services your company offers, even if that slide only takes 3 minutes. That slide explaining your company needs to be turned into a discussion of how your specific topic impacts the industry. Don’t tell the audience that Annie Pettit Consulting is a business that combines artificial intelligence and eye tracking. Instead, tell the audience that eye tracking has seen huge advancements with the application of artificial intelligence. Strip out the branded content and focus on the educational content.
Don’t describe your company philosophy
Don’t waste valuable presentation time talking about your company mission and philosophy. It is not important for the audience to understand your company philosophy in order to understand the research. The audience doesn’t need to know that your company believes research should be easy. The audience DOES need to know how research can be made easy. They also don’t need to know that your mission is to solve problems. Instead, explain to them how research processes can be used to solve problems.
What is your reward?
If you do a great job of educating and entertaining your audience, they will line up to ask questions, get your business card, and they will email you afterwards asking for advice and copies of your presentation. Guaranteed.
Sincerely,
Every person who’s ever sat in a conference audience
The next generation of market research and insights creation #IIeX
Live note taking at the #IIeX conference in Atlanta. Any errors are my own.
Panel: The Next Generation of Market Research & Insights Creation
; Moderated by Leonard Murphy (GreenBook) with panelists Chris Enger (Periscope by McKinsey), Tamara Char (Periscope by McKinsey), & Simon Chadwick (Cambiar)
- Periscope by McKinsey is a suite of tools for collecting learnings, analytics
- Our entire industry is fragmented, over half of companies that source data did not exist ten years ago and they may not exist ten years form now
- Technology is not the driver of change, client needs and circumstances are the drivers of change, they are being asked to do far more with budgets lower than they used to be, they much get creative
- Behavioural data and analytics techniques to analyze that data is suddenly easily available and analyzable, this changes everything about being able to identify insights and work in an agile way, can get to 80/20 answers more quickly, we don’t need the 100% answer, we need to make progress on problem solving
- Are analytics pushing the business forward, are the ‘researchers’ falling behind and failing to get seat at the table?
Need to elevate the quality and consistency of data so that the leadership is never getting three answers to the same question nor are employees hearing diverging answers- You must have a c-suite leader and hopefully the chief financial officer who has a longer tenure in a company, not the chief marketing officer
- The CMO needs to spend time developing strategies not waiting to get data, let the machines do the heavy lifting so the team can spend their time strategizing
- What is the role of the methodologist, understanding fit for purpose of all the tools, this is why we’re seeing so much fragmentation,
- In the USA, people are attracted by tools. In the EU, they are more focused on ideas and creativity, and try to be creative all through the entire process. Need to be less technologically focused in the USA.
- Try assigning various people on th c-suite to BE a person in a segment, have them go shopping for her, experience her, all to get them to empathize more clearly, because c-suite lives are so completely different from their segments
- Is automation a dirty word? Machine learning templates and speeds everything up, may eliminate bias of an individual person although it will perpetuate bias that exists within the data
- We need to present data for ten minutes and then discuss the oilers and solutions for the remaining 50 minutes
Panel: The GRIT Report & Future Impacts
; Moderated by Leonard Murphy (GreenBook) with panelists Aaron Reid, Ph.D (Sentient Decision Science), Patricia Chapin-Bayley (Toluna), Rick Kelly (Fuel Cycle) & Isaac Rogers (20|20 Research)
- Automation is mostly used for analysis of surveys data, charting and infographics, analysis of text data, analysis of social media, sampling
- “My clients aren’t asking me for social media data” no they aren’t, they’re asking someone else
- Automation frees up time to expand capacity and do more, many things will soon be automated. We must adapt to this or fall by the wayside.
- Buyers are slow to adopt automation, automation is a dirty word because they think it is DIY and it will be more work. It will actually free up resources and allow you to do more once you are trained and moving forward.
- Do you want to be at a data collection conference in five years or at an insights conferences? Your business must adopt automation.
- People don’t CARE if you automate, they want better research insights and thinking. You must have automation to get there.
- Automation may not cut your budget but it allows you to move your budget into higher value endeavours.
- What should samplers do? Advise on representativity, enforce length of interview limits, consult on questionnaire design, restrict to mobile only, forbid mobile-unfriendly. it is an absutive relationship – clients don’t want to pay for consumer friendly and respectful questionnaires.
- There is no such thing as a non-mobile study. Every device must work and work well. You cannot run a survey without mobile respondents or you are guaranteed a nonrepresentative sample. Why is this even a conversation?
- If you aren’t thinking mobile first, you are being stupid. We spend half of our time on our devices. It is a data quality issue. [Cannot agree with this comment enough]
- Educating the researcher of the future – they need critical thinking and storytelling skills. We all need to be critical thinking experts, you shouldn’t in the business without that. We need to train the current workforce on how to do this. We’ve trained people on how to run cross-tabs but they need training on storytelling and turning insights into action.
- Quick research doesn’t have to be quick and dirty or poor quality
- The technology doesn’t matter, the platform doesn’t matter, we need to stop talking about the technology and focus on consultation, understanding the problem
Future tech: Real-time feedback, video, and agile research #IIeX
Live note taking at #IIeX in Atlanta. Any errors or bad jokes are my own.
Chaired by Marc Engel
Service Recovery, Gurt and Paul from Feedtrail
- [presented with 11 minutes notice so huge kudos to you!)
- Customer feedback program that measures the experience immediately not 2 days or 2 months from now
- Helps you ensure the appropriate person knows about the problem immediately so the issue can be resolved immediately
- You don’t need to wait until the end of your hotel experience to give your review of the bed or the bathroom. Give your review now so they can fix things when you still need them fixed,
Email is Dead. PowerPoint is Dead. Smart Video is Now the Killer Way to Communicate Insights! By Paul Field (Touchcast)
- [they set up a live green screen, he’s running all his slides from his cell phone]
- It’s easier to talk with people using video, more memorable, more expressive, more human
- You can show videos, products, documents, polls, surveys, quizzes but also be on the screen yourself to point at things or write on the screen
- They’ve included instagram style filters but nobody uses them. But of course people would be upset if there were no filters 🙂
- Bit.ly/touchastlive
Empathy: The Real Killer App for Insights by Katja Cahoon (Beacon)
- [game to play: write down all the numbers she will say and answer the questions that are to come]
- Most people write down the four primary colours, bed/table/chair/desk, and Einstein. Most people choose the same set of common words due to stress and bias, stereotyped, programmed ways of thinking. It’s hard to break out of them during pressure. It happens so during brainstorming sessions too.
- You can ask questions a different way and get completely different answers. Questions help you develop empathy.
- Perspective taking – consider from the perspective of the consumer, do you feel you know everything, have you walked in the consumers shoes, have you worn the adult diapers yourself?
- Don’t judge – is your team diverse or biased?
- Recognize the emotion in others – do we truly feel what they’re feeling or are we just measuring it
- Communicate the emotion and understanding – use cocreation
- Get out of the well worn thought pathways and brush aside the stereotypes
How to Drive Smarter Product Decisions with Agile Research by Thor Ernstsson (Alpha)
- Old research is gated decision making, decisions are irreversible, consensus is required.
- Agile research is high velocity, decisions are reversible, there is disagreement and committment
- We aren’t building space ships, it’s basic products
- The problem is never the idea, most people are in their jobs because they know what they are doing
- It’s okay to launch small decisions that are wrong and reversible that you can continually improve on
- Change your bias from planning to acting, change from being comfortably predictable to uncomfortably unpredictable, go from upfront exhaustive research to iterative experimentation
- Be ruthlessly outcome oriented
Merck Showcase – Eye tracking, Values, and Navigating Controversy #IIeX
Live notetaking at the #IIeX conference in Atlanta. Any errors or bad jokes are my own.
Unlocking consumer insights: Navigating controversy using behavioural sciences to change the conversation by Lee Carter and Lisa Courtade
Crises are always around us, there is no time to think, we’re always under pressure to think and act immediately- It’s never been more difficult to be heard. If you don’t tell the story, someone else will. And they might tell it negatively.
- Just because you are right does not mean people will believe you. And often, the facts just don’t matter.
- We’re always on the defensive. Our attempts to correct the record fail.
- Crises are emotional and our messages should be emotional as well. We must engage people before we can persuade them.
- Just because the message makes US feel better doesn’t mean it’s the right message
- Impact – how personal and emotional is the impact, what are the priorities that are impacted. What is the impact of healthcare, the soda tax to me personally.
- Values – what beliefs and fears does the issue raise, what underplaying moral foundation is at play.
- Language – what language and rhetoric is being and could be used to address the issue
- Show people you understand why they are upset, show you want the same things they want, show you’re doing something about it, show there’s always room for improvement
- This can’t take 18 days like it did for United Air, that hurt the entire airlin industry not just them
- Messaging is rarely prepared in advance. This slows our response time which is damaging.
- We need to be in hero mode, not react mode.
Unlocking insight to foster innovation: a values link journey by Andy Ford and Steve Schafer, Brado Creative Insight
- Learning interesting things is not insight – insight is fresh intimate understanding that has the power to genuinely change behaviour
- “I never knew I always wanted this” this is insight. You can only get to insight with empathy.
- Need to understand values first so take the time to truly understand the consumer, interview theme to understand who they are and WHY they think what they think
- How does KFC become a breakfast destination? [I am totally open to chicken and waffles 🙂 ]
- There are key drivers for breakfast – “my time”. The “first bite” needs to be familiar flavours, smells, and textures, a multi sensory experience to set the tone for the rest of the day.
- Consumers want a craveable first bite of breakfast but it still has to be familiar. [I think these people are way more into breakfast than I am. Wow.]
Unlocking attention: how eye tracking is boldly going where no market researchers have gone before by Mike Bartels, Tobii Pro
- Eye trackers used to be stationary and invasive. Now, they’re just a pair of glasses.
- Why study visual attention – 50% of all neural tissue is related to vision
- Eye tracking applies to attention in the workplace, training and skill transfer, fatigue and workload analysis, efficiently and error reduction [this is huge for air traffic control and other high stress jobs that have people’s lives on the line]
- Use eye tracking along with augmented reality so you can test visibility of retail locations
- You can learn how much people are actually reading messaging or just taking note of the messaging
Behavioural Science Measurement #IIeX
Live note taking at the #IIeX conference in atlanta. Any errors or bad jokes are my own.
How the classic fairy tale inspired the mobile ad strategy by Vuk Pavlovic, True Impact (Winner of Best New Speaker at #IIeX Europe)
- What are good guys? Give to others, honest, helpful, kind, polite. What are bad guys? Uninvited, rude, inconsiderate, force their will, vain, self-serving. Which of these reflects your brand?
- Brands need to humanize the customer and not treat them like eyeballs with a screen. The mobile environment is personal, their own social network, with their friends, in their bedroom. We need better relationships with brands that are this close to us.
- Ads need to be seen – attention, be relevant – receptivity, and be chosen.
- They tested ads during games. The ads were presented only when they person actively stopped the game to get help.
- Ads viewed during a more convenient time got more view time, more cognitive engagement
- People ignore pop=up ads but they do pay attention to ads that play at a convenient time. These ads also perform better after the game is finished.
- Ads viewed by choice get a 40 second view compared to 9 seconds for interrupting ads. Heatmaps show people are less likely to be looking for the X Close button
- Annoying ads have more engagement and motivation because they are seeking the X Close button
- Need to consider the person on the other end of the phone. Don’t force them to change the rotation of their phone. If their phone is vertical, then play the ad vertical.
How Home Depot is optimizing the shopper experience by Dan Braker (Brakethrough research) and Brendan Baby (Home Depot)
- Inverted pyramid – customer sits at the top of the pyramid, front line associates, field support, corporate support, CEO
- Use a blend of in store eye tracking, qualitative shop alongs, exit surveys, employee interviews and more to give nagivation behaviours, reasons for behaviours,, experience metrics, operational issues, concept screening
- Asked shoppers on arrival at the store if they would do their shopping trip with eye tracking glasses. Measure area of interest, time in the area of interest, count of shoppers touching or holding a product, time touching or holding a product.
- Path tracking watches the path they walked through the store, where do people spend much more or less time, is it due to interest or confusion
- Can measure pupil dilation for engagement measures, can also measure voice pitch analysis if they talk or ask questions
- Don’t overlook the employees in your research, they know how shoppers navigate, when shoppers need help
- Need to use emerging and raditional approaches to maximize learnings
- Changes to store elements should be thoroughly tested before roll out
Leveraging Artificial Intelligence to do Real-time fan research during NASCAR’s biggest race by Brooks Denton (NASCAR) and Andrew Konya (Remesh)
- Time with friends, cooking and eating, arguments about strategy, social media, ad consumption all together equals the experience
- Asked a set of questions throughout the race, like a live bulletin board, to collect qualitaive data. Choose a few responses that best reflect the full range of responses and match those with segments and demographics
- Build a distribution of opinion for each answer, create a consensus for each answer
- Sometimes they show the live responses to people answering the questions to increase engagement and other times they don’t show the other resposnses to maintain research rigour
- Viewers want split screen commercials, the data proves this and now they can bring that data to the broadcast partners
The automation of behavioural science by Aaron Reid (Sentient Decision Science)
- Some associates are hard wired (attractive person, babies) or learned (police cars, spiders)
- Can you differentiate fear of spiders and spiders using sweat in the hand, do you sweat more for one or the other
- Automation is a major trend in survey design, push button question types and dashboard reporting, full study design is becoming automated, tracking analysis is automated, regression analysis can be automated [I really hope that a person monitors all of these things because humans creating data are not robots]
- STICKY does eye tracking online not in the lab, it may not be great right now but we improve so quickly that it’s worth it to get in early
- We need to automate the science so that cientists can wok on theory, discussion, ideas not button pushing. This gives us time to work on the importat parts. Gives you time to increase empathy for people and brands.
VR, AR, and Future Tech with Vanguard, Isobar, and SciFutures #IIeX #MRX
Live note taking at the #IIeX conference in Atlanta. Any errors or typos are my own.
Adding innovative techniques to a researcher’s toolbox by Julie Mon, Vanguard
They use research companies from among our midst but also a lot of other providers who don’t call themselves researchers.- Research used to happen top down, and only show it to clients once the research was polished. Now they talk to clients first, and then involve the businesseses afterwards.
- They use IDIs, diary studies, ethnography, eye-tracking, surveys, card sorts, click tests, tree tests, but also newer techniques like design sprints, lean startup, design thinking from user experience research
- Design thinking: empathize, analyze, synthesis, envision. They used small sample sizes, 6 per region across the country. They started broad and asked general questions about people’s lives and goals, how they organize their money.
- Design sprints started with research and brainstorming and in total took 2 or 3 days. They started with competitive research and then brough in ideas from design thinking stage. They came up with a prototype and built a wireframe and then tested a handwritten wireframe with clients.
- Collected contextual, heart breaking and heart warming stories around the research that people still talk about.
Translating emotion science into digital experiences by Jeremy Pincus, Isobar
Traditional copy testing measures attitude toward the brand, purchase, recall, memories. But this is not in the moment. It’s highly rational and people in action aren’t rational.- Normal biometrics are facial coding but you cant see the face in VR. Google daydream helps but it’s only a simulation of a face, not their real face. Normal eye tracking won’t work. Many of these technologies hide much of your face.
- Use heart rate, galvanic skin response and other techniques that get right at your physiology.
- Measure attention (heart rate, GSR), attention (facial), arousal.
Is there room for science fiction prototyping in the research industry by Ari Popper, SciFutures
- Early tech is deceptively disappointing.
- Superpowers – superhomes are adaptive, responsive, learning, insightful. AI will make our homes become extensions of ourselves. What real time data will we get from these homes.
- Superhumans – sense no visible light, radio waves, current, magnetic fields, photons, radiation
Supermobility – autonomous driving and implications for impulse purchases, decreasing use of convenience stores, road infrastructure, insurance- Robots and AI – Lowes has a robot customer service function, they speak 20 languages, can help you find anything in the store, monitor story inventory
- B2A – business to algorithm [watch this term people!] Robots might become another form of civil struggle and rights. Will you outsource all your decision making to AI?
- Futuristic product placement – fedex delivery robot, Taco Bell tablets, the shoe in Back to the Future
- Prototyping in VR – model realistic environments and products and then do research to get the biometrics and emotional measures
- Grocery store before AR, but after Augmented Reality every package will be messagedexactly to you, also the price and colours. We’ll know exactly every item that was touched or looked at or pushed aside. VR hacks the brain and transports you to a different environment. It is improving FAST.
- Imagine testing a new shopping experience with little kids in tow, or cleaning a bathroom twice the size of your own.
- [Really nice talk to help you get up to speed in these new technologies.]
Get inspired at #IIeX – culture and consumption #MRX #NewMR
Live notetaking at the #IIeX conference in Atlanta. Any errors or bad jokes are my own.
Culture: Blue coean or black swan, by Grant McCracken, Culturematic
Organizations exist in a state of perpetual surprise – Peter Schwartz- Where does disruption come from? It’s hard to detect it went it beings and it’s hard to detect danger.
- Should we factor culture into our considerations? Of course, yes.
- Bitters remained out of fashion for a very long time until the mixology reevolution in California. Sales spiked.
- But data spikes all the time so how do you distinguish noise from signal?
- We’ve seen a spike in hard soda recently [yuck. Don’t mess with my root beer!] Does this mean the end of mixology?
- Social data is great for politics but not so great for culture. Political supporters live in their own worlds on twitter, they are completely separated.
- On the other hand, Google trends tracked the love of goats and goat cheese and the loss of the south beach diet. You can watch markets on Amazon, google, and etsy to learn how and where a trend is changing.
- We need to factor culture into the mix, like a weather map, show the changes in motion, make predictions about where and how fast they’re changing.
Macro Matters; Looking forward to the future context of consumption, by J. Walker Smith
- The third age of consumption, just coming out of an age of unlimited expectations and promises, everything could be overcome. But now we are bumping up against capacity.
- Aspirations of lifestyles are now changing. Live large, carry little. We want to live as big a life as possible but without all the badge of the past – less stuff, less upkeep, less hassle, less debt, but no decrease in enjoyment. THis is because of constraints of capacity.
- Cognitive capacity – absorbing and processing the entire marketplace is impossible. Fragment nation (white paper). People are trying to keep up and marketing activities have skyrocketed. We are outstripping capacity of consumers to keep up. People feel like we are stalking them online. And we are.
- Economic capacity – defying gravity (white paper).
- Resource capacity – planet cannot support more growth happening the way we’ve done it before. Global warming is a capacity we’ve lost. There are 8 other capacities and we are risking those too.
- Third age of consumption – growth, value, competitive edge are driven by relationships, experiences, and algorithms. People don’t want the product, they want the benefit. We need to decouple products and benefits. People don’t want to connect with brands and logos. They want to connect with people. People want algorithms from marketing to find the right fit. Now we need to advertise to algorithms.
- After the war, people had no stuff and they wanted stuff. A couple decades after that, we switched to wanting experiences. Now we are in a social market place. The locus of value has changed.
- Uprising of allegiances – pundits think America is falling apart but this is false. America has never been more connected and networked than today. It looks different and has sharper elbows but there is more focus on allegiances than ever before.
- [He is really an impassioned speaker! And, he uses notes effectively. You CAN use notes as a speaker and do an awesome talk.]
Co-creating the future #IIeX #MRX
Live note taking from #IIeX in amsterdam. Any errors or bad jokes are my own.
Using insight and analytics to steer change in an organization by Melissa Gill, Credit Suisse
- The five stages of grief – you show us things we don’t we to hear, you make us question our sense of purpose, create a sense of loss for ourselves and our team, people go through denial as they read the results, it takes a while to accept the final results
- Mission statements are a call to action, be part of the change, have clear direction, creating a vision is less functional
- Define the problem you want to solve next year, create a team to act on a critical issue, don’t make people boil the ocean, get value this year so you can create a budget for next year
- Assess the ideal situation, work requires part of a person not a whole person and it’s expensive, find out where the data is, where the expertise is within your company
- Plan for a win, get results in 6 to 9 months minimum, don’t demonstrate technical competition yet, demonstrate value for the business within the budget timeframe
- Solve your mission problem with incremental wins
- Communicate, don’t communicate your wins or learning, also communicate what you can do better, help other people see other areas where they can contribute or add to your success
- Create the right environment, who is the lead – the CRO, CEO, or someone else, the spehere of influence is quite broad
- Its better to focus on learning how to improve things rather than asking questions that reflect your KPIs
Made you look! Using eye-tracking to see digital advertsing in a new way by Colin Deller and Maria Sealey, AIMIA
- 46% of impressions are not viewable, this costs 1.6 billion pounds per year for UK companies
- What do people actually look at online, do they look at native as much as display advertising
- Infra-red eye tracking technology is available
- Eye tracking showed that people weren’t pay much attention to a text ad, indexed it to a penguin ad and you could see much more attention paid to the image ad versus the text ad, more people viewed, for longer time
- Only 35% of ads we purchase are viewed by people, only 9% of people look at them for more than one second
- This is low in comparison to traditional ads, press gets more views because there is no load time and it’s viewed longer, 40% look at the ads for more than one second, 2.2 seconds average for print
- But you cant just lift the print ad and use it is a a digital ad
- Ads aren’t always immediately viewable and sometimes they switch to a different ad immediately
- Viewable does not mean its being viewed
- Think like.a poster not like direct mail
- User cost per view, not cost per thousand
FinTech and Disruptive Innovation in Financial Services by Anthony Michelini, Citigroup
- Citigroup is over 200 years old
- Ingenuity has been art of their DNA
- Banking isnt just credit cards, it’s advising, investments, money transfers, bill payments
- The bank is the hub of people’s money but there our spokes coming out of it
- Half of millennials are already using financial tech solutions, 60% are happy with it, two thirds will use more going forward
- Only half of millennials would be happy if they only had financial tech, but the trend is similar for older people, B2B are the furthest behind but still want digital
- We can’t be all things to all people
- Six markers of progress makers – optimistic, driven, resilient, future focus, worldly outlook, generosity of spirit
- These come from motivations as people and how they view their lives, not just how they use banks
- They use communities, advisory boards, innovation labs around the world
The LoveStats Blog 