Category Archives: Smart Data

Throwback Thursday: Big Data & Analytics Edition

5.18.17 — This week’s #TBT is titled, “CMO Or SCHMO? Clinging To Old Marketing Models May Be Hurting Rather Than Helping Drive Growth.” I posted this on Forbes.com on 12/19/16. The article is timely in light of several recent developments: Coke’s decision to eliminate the CMO position, lawsuits filed against Google and and Facebook over phony metrics or fraudulent clicks, and the announced decreases in ad budgets by P&G and Unilever.

I detailed in the article how the Coke CMO told a conference that his firm received a return on every dollar spent of $1.26 for digital and $2.13 for TV. I questioned these figures, and now I question whether he should have made the presentation to the CEO of Coke and their board to save his position. Perhaps he did and they weren’t buying those metrics either.

I end with the advice for marketers to move beyond old measurements and models, steer clear of theoretical attribution models and focus on real consumer analytics. Hopefully this message is getting though to some.

Click here to read the article. 

Fung Global Retail & Technology Sees Spending On Home Goods Driving Near-Term Sales Gains

From Forbes.com on March 31, 2017…

Consumer confidence continues to fluctuate, but remains well above the 13 month average. What does it mean for spending? Deborah Weinswig, Managing Director of Fung Global Retail & Technology, weighs in on consumer confidence, spending, and autos.

Prosper Consumer Confidence: Post-election economic sentiment continues to fluctuate: in April 53.7% report that they are confident/very confident, down four points from March. Despite declining month over month, sentiment is tracking 15%+ higher year over year and remains well above the 13 month average (47.8%). At 68.4%, confidence among small business owners is also down from last month (72.0%). “One month does not a trend make and we would look at the substantial year over year increases in these metrics as a bullish sign for the US economy. Continue reading…

confidence-Apr17.fw

Throwback Thursday: Big Data & Analytics Edition

Today’s Throwback Thursday article “Big Data And The Madness Of Crowds” was written for Forbes.com on 6/17/2014. The context deals with the madness of crowds, which was the topic of a book written by Charles Mackay in 1841. Mackay wrote of the crowd psychology that drives numerous “national delusions.” Among the various manias were the tulip bubble of the 17th century, witch mania of the 16th and 17th centuries, and alchemists who sought to turn base metals to gold.

The problem with crowd psychology is that it created an emotional feedback loop, whereby dissent is often stifled by the crowd. This article counseled about not becoming victim of big data mania and its magic wand solutions. The reader was advised that “the value of big data is in analytics that are specifically designed for your business.” Isn’t that where we are today?

Click here to read the article.

Latest Consumer Analytics Indicate A Glass Half-Full Start To Spring

From Forbes.com on March 31, 2017…

Consumer confidence is at a 15-year high and Prosper’s Impulsivity Score and Consumer Mood metric are up as well. Deborah Weinswig, Managing Director of Fung Global Retail & Technology, weighs in on the state of the US consumer with the arrival of the spring shopping season.

Prosper Consumer Confidence: Heading into spring, sentiment climbs 7+ points m/m to 57.8% who are confident/very confident in the economy in March. This month’s reading represents a 15-year high (March 2002 = 61.1%). At 72.0%, confidence among small business owners is up from last month (62.2%). “The glass is certainly half full in 2017, based on Prosper’s confidence indicator among both consumers and small business owners. With optimism riding higher, we could see continue reading…

Throwback Thursday: Big Data & Analytics Edition

March 30, 2017: Today’s Throwback Thursday article is “David Vs. Goliath: Why Little Data Will Win Over Big Data” from my Forbes.com column on May 29, 2014. The issues discussed concerning big data are now apparent today. In the Internet data scraping world, numerous marketers are now disillusioned by the hype about the quintillions of unstructured big data bits filled with bot fraud, unverifiable assumptions, unknowable demographic representations, and privacy issues. Forget the size of the data and focus first on the business issues/challenges cautions the article. Second, seek out the relevant data to better understand the business issues/challenges. Finally, apply advanced analytic processes to the relevant data to empower executives to make better evidence-based decisions to manage challenges.

Click here to read the article.

Throwback Thursday: Big Data & Analytics Edition

March 24, 2017: Today’s Throwback Thursday article I wrote for my Forbes.com blog on May 15, 2014. The title of the article was “I’ve Got A Secret: The Real Big Data Opportunity”.

The article references an old TV Show, I’ve Got a Secret, and advises senior management to look beyond programmatic ad platform applications for big data and to seek more valuable strategic applications. Such applications have less to do with the “bigness” of the data, but rather should focus on the accuracy and relevance of data to provide answers for better decision making.

Click here to read the article.

Throwback Thursday: Big Data & Analytics Edition

March 16, 2017: “Is Mass Hysteria Driving The Big Data Market?” is the title of today’s Throwback Thursday article which was published on May 5, 2015 on Forbes.com.

In the rush towards anything to do with big data, many suffered temporary symptoms of hysteria, characterized by excitement, anxiety or irrational behavior, or beliefs in which many cases led to big data disillusionment.

The article advises a focus on identifying meaningful findings from relevant data for better informed business decisions by senior management. Are many experiencing similar hysteria to when it comes to big data driven analytics?

Click here to read the article.

Throwback Thursday: Big Data & Analytics Edition

March 9, 2017:

Today’s Throwback Thursday article is entitled, “Three Legs Of Big Data Stool Needed For Success.” First published on Forbes.com on April 23, 2014, it details three key areas for getting started in big data.

1. Data Sourcing and the potential pitfalls of big data streams from social networks full of fraud and incomplete data requiring numerous unverifiable assumptions.

2. Human resources capable of developing a strategy to exploit big data for a competitive strategy. (Hint: most fail here.)

3. Analyzing right types of data for meaningful outcomes.

Finally, the article advises about the use or integration of outside data sources which are much more specific, detailed, and accurate, in order to better inform digital data.

Click here to read the article.

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Gary Drenik is CEO of Prosper Insights & Analytics, a company that prides itself on turning data into evidence-based solutions for the C-Suite. www.ProsperDiscovery.com

Throwback Thursday: Big Data & Analytics Edition

This week’s Throwback Thursday article comes from a Forbes.com post I authored in March of 2014 titled, “Is Big Data Today’s Sock Puppet?” To set the context of the article, recall all the hype centered on big data in 2014, as if it were capable of solving about every problem known to man. The issue of methbots, bot fraud, and unverifiable data accuracy was largely overlooked. Today those issues are undermining many initiatives. Enjoy this replay of “Is Big Data Today’s Sock Puppet?”

Click here to read the article.

The Emerging Challenge Of ‘Fake Data’

From Forbes.com on February 22, 2017…

In just the last few years, iconic names like Borders, Radio Shack and Sports Authority have all gone the way of the T-Rex…they are extinct!  Disruption is and will continue to be a constant as we can see from political campaigns to consumer’s shopping behaviors.

Today, the effects of this disruption can be seen in accelerated retail store closings, legacy brands increasingly on life support and plummeting mall real estate values.

In response, private equity, corporations, and academic institutions have responded by pouring billions of dollars into an ever-expanding universe of big data firms with services, hardware, software and course offerings all promising to find the magic potion when firms aggregate their data gold mines.

This, in turn, leads to a bright light shined on the most important variable in this equation…the data.  And the resulting reflection has uncovered continue reading.