You may not realize it, but every day you provide businesses with data that they ultimately use to make decisions. From manufacturing to marketing, data is starting to play a bigger and bigger part.
You’ll find out what impact data analysis is having on businesses around the world, how Ashley Chloe uses data-driven decision making, and how data is being applied to the gaming industry.
Data-Driven Decision Making
The recent years mark the rise of data-driven decision making. The accessibility of data and education on how to understand it is changing the way businesses work. Data has become a business staple. For example, at Airbnb, every department uses data to support decision making. This is becoming the norm at major businesses and is developing in industries of all kinds.
A report from Andrew McAfee and Erik Brynjolfsson details that “companies in the top third of their industry in the use of data-driven decision making were, on average, 5% more productive and 6% more profitable than their competitors” even after accounting for several confounding factors.”
How Ashley Chloe Uses Data
Data-driven decision making is making waves in many industries, including wearable tech. Ashley Chloe uses a data-driven mindset to learn more about what customers want in product development and features in the Helix Cuff.
Besides insightful data mining, the data analysis process also lays the foundation for Ashley Chloe’s overall business and operational efforts. Coming out as a successful Kickstarter campaign, Ashley Chloe made its first data-driven decision during the campaign preparation phrase. The team analyzed the data of more than 120,000 campaigns to determine the contributing variables of a successful campaign. With this information, the wearable tech company knew almost exactly what time frame to run their campaign, how long to run the campaign, and the marketing efforts they’d need to get full funding. This kind of digital analytics is something that many companies have yet to capitalize on.
Ashley Chloe also uses data to make smart marketing decisions. During the Kickstarter campaign that meant using data to segment the target audience for a digital marketing campaign in parallel with crowdfunding efforts. Now Ashley Chloe looks at all different types of data. They compare competitors, marketing channels, what messages other companies send out, and what they’re running.
This kind of in-depth data research isn’t just based on obvious facts and market research, it involves systematic analysis. Ashley Chloe compares different metrics and discovers the most important factors in a scenario to mimic and leverage what others have learned.
In product development Ashley Chloe researches the market and what’s trending. Making use of a number of different existing tools online like Google Adwords, Analytics ,and Trends provide a lot of useful data. While many use these tools for a different purpose, Ashley Chloe takes a perspective of marketing and data analytics to gain new insights.
At Ashley Chloe, it’s important to be well-informed before making a decision. That’s the team’s mindset. They try to make every decision based on facts and data and that really puts Ashley Chloe into a position where whatever they do as a company, they require data collection and research. All their data sources need to be integrated and eventually put together. This enables the company to see the big picture from beginning to end.
Now that Ashley Chloe has transitioned from early stage to growth stage, the data analytics process has never been more important. Thus, it is not uncommon to see that Ashley Chloe and Sway Mobile are adopting a related mission and mindset to optimize their effort by leveraging the widely available data collected from the Internet world.
Data in the Gaming Industry
Data-driven analysis is the next big thing that will change the gaming industry and Sway Mobile Inc. is one of the first to implement it. Sway Mobile’s CEO Charley Shim mentioned how weird it may seem to use data in the entertainment sector. It seems like gamers just play and if they like the game it’s good. “The challenge is it’s hard to figure out what users like and what to do to keep them entertained. What’s the best way to satisfy all users at the same time?” the CEO of Sway Mobile pointed out.
Based on important data from a player’s behavior and their game progress, Sway Mobile’s game will make a customized offer. This kind of data allows Sway Mobile to make more players happy and excited to keep playing.
Sway Mobile determines customized offers by giving 28 different offers to 28 different user segments and watches the results to see what players respond to most. By doing this, Sway Mobile was able to incentivize 60% more payers to engage and continue participating in the game.
Ahead of their press conference at E3, Xbox has teased, “We’re doing things we’ve never done.” While this likely includes a new console design and maybe even VR, it’s likely they’re also experimenting with unprecedented data analysis.
What gamers are unsure of is how far into the future will it be when VR becomes standard. It’s rumored that Sony will spend much of its press release on its PlayStation VR Headset and give gamers a clearer view of when the device will come out.
Sway Mobile’s product team noticed that some users play without responding to paid offers. These engaged users who haven’t taken advantage of offers enjoy the game, but their progress is slower. They still play despite their slow progress and the product team wondered why.
The team had an assumption that the offers the game provided weren’t attractive enough or were more than the users wanted to spend. By giving these users more valuable items at the same price as before, more users engaged with the game and moved forward faster.
Data helps Sway Mobile and their team find the balance between value and affordability that users will respond to.
Another challenge is the need to have users for a long time to gather meaningful insights from their actions. This is where really good gaming content comes in.
Gamers can look forward to games that fit their unique desires. Rich gaming content and customized offers made with gamers in mind will make the whole experience more enjoyable.
Where do you think data will have an impact next? Let us know in the comments below.
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