200 - Making sense of data — with Neil Hoyne

The Futur with Chris Do

The Futur

Arts, Education, Marketing, Design, Business, Self-improvement

4.9 • 998 Ratings

🗓️ 3 August 2022

⏱️ 61 minutes

🔗️ Recording | iTunes | RSS

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Summary

Neil Hoyne is an author, researcher, and marketing executive working at Google as Chief Measurement Strategist. He is also a senior fellow at The Wharton School and an advisor for Capital G. Neil specializes in building strong customer relationships by analyzing data like customer lifetime value (CLV) and consumer psychology. In this informative conversation, Neil and Chris discuss the power and pitfalls of relying on data to make business decisions. They start by defining what “data-driven” means and how awkward current marketing tactics are when you think about it. It’s easy to get caught up in data analytics, which is why we like Neil’s advice: you don’t have to be the best; you simply need to be better than the alternatives. If you are confused by your customer data, this episode will help dispel some of that analytical haze. Sponsored by Peloton - https://onepeloton.com/app Learn more about your ad choices. Visit podcastchoices.com/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	I'm surprised as to how many companies, how many entrepreneurs,
0:03.0	when they're confronted with the problem,
0:04.0	it's like, all right, a bear is chasing you.
0:05.7	And they're like, all right, we need to do is we need to sit here
0:08.0	and think about what's the strategy for outrunning the bear?
0:10.9	And then they sit there for 8, 12, 16 months. 16 months like we need to collect more data to solve this problem
0:15.3	there's too many companies are sitting there being like we want to be deliberate and think about this is like no just start running
0:20.9	just just move faster than the other campers and you win. I'm going to talk to my guest today. His name is Neil Hoyne. He's the chief measurement
0:52.8	strategist at Google and he's got degrees from Purdue University in UCLA. Senior
0:58.2	Fellow at Wharton, if that wasn't impressive enough for you, I also wrote this book.
1:02.4	It's called
1:03.0	converted. The data-driven way to win customers hearts. Neil, welcome to the
1:07.7	show. Yeah, thank you so much for having me, Chris. So I just want to dive
1:10.9	right into it. I'm skimming through the things I can pick up and the first thing that you say is a real person is on the other side of the transaction and you say, well, this book will teach you how to win their hearts. Can you explain what that means? I mean in the simplest sense, you know, we become the more we use digital, the more we use technology, the more we become disconnected from people on the other side. And you see this with people that just rely on dashboard and data.
1:35.0	A lot of what I like to say, a lot of head in there, a lot of thinking and logic,
1:39.0	not a lot of heart.
1:41.0	And so it's not uncommon to see people whether they're entrepreneurs or
1:44.1	their marketers at large companies looking at dashboards.
1:46.7	They just be like look how many page views we had.
1:49.2	Look how many, even on social media, look how many likes we have, and you get disconnected from the story of the people behind it.
1:57.1	And you know, the greatest problem that we've had with marketing over the past 25 years, at least,
2:02.1	probably you can make the case a hundred years has been
	...

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