Telling Story using Data
April 16, 2018Into :
Terminator. Public said we will create them someday. Today is 2018, The hypest topic in technology is Machine Learning, Data Science, and Internet of Think. Our every activites is recorded and become data but how is our knowledge is result from brainwash? Have you ever heard the job about Driving Public Opini.
I wanna share knowlegde which I got from seminar yesterday. The Topic is "Telling Story using Data". I can say if we make analogical how data works like how to cook.
We have a customer, he has bunch of data but he don't know what to do with it. Imagine the data is egg from poultry farm.
Data Flow
What do you want to Eat? (Introduction)
What we want to make.
Let's define what is our goal.
Where we can get the Ingredient? (Data Gathering)
Let find which egg we should use, duck or chicken.
then you will know what kind of data you'll need to gather. What technique method to understand it and what informations you'd like to get, best way to visualize
What can we do with the Ingredient? (Data Visualisation & Analytics)
We can create omelet and fried egg.
Enjoy it! (Business Implementation)
Let me try it taste.
Let see the story result
An e-commerce must care about their conversion rate, customer rate, customer lifetime value, retention rate
usually we should have north star metric, what is that? The North Star Metric is the single metric that best captures the core value that your product delivers to customers
Metrics
Here are list of metric that can be matter.
Acquisition
Function : Generate attention through a variety of means
Relevant metric : Traffic, mentions, cost per click, search results, cost of acquisition, open rate
Activation
Function : Turn the resulting drive-by visitors into users who are somehow enrolled
Relevant metric : Enrollments, signups, completed, onboarding process, used the service at least once, subscriptions
Retention
Function : Convince users to come back repeatedly
Relevant metric : Engagement, time since last visit, daily and monthly active use, churns
Revenue
Function : Business outcomes (purchases, ad clicks, content creation, subscriptions, etc)
Relevant metric : Customer lifetime value, conversion rate, shopping cart, size, click-through-revenue
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