Data Leaders Series
Steen Rasmussen Interview - Data Leaders Series
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Hi I'm Steen Rasmussen, co-founder of IIH Nordic. I've been doing analytics for more than 20 years now, but from a different angle, more from a commercial analytics saying how can you get business value out of data. So, how can you pull the data you already have and make it do something for the business. So, it's not getting more data, it's using your data better. So for me, this is my third MeasureCamp this year and the main reason I keep going to MeasureCamps are the people. So, I think I used it a little bit in the introduction when I said when you get an area of subject matter where people are willing to travel across Europe to spend a Saturday, not even getting a day off work, to talk about digital analytics, then you get a certain caliber of people here. You get the nerds that know what they're doing and that care. And I think that is the most beautiful thing about MeasureCamp. It's people who care there is not a non-qualified conversation in the room. So, even though people do not take the mic. they could. And then you can talk to everybody and we all share a certain love. It would be like the Golden Retriever clubs of Europe meeting up, right? So, the three key areas in marketing analytics that we're focusing on this year is, I think, the first one for us is data loss. With cookie compliance, ITP, and all that that side of things, ad blockers, we see a lot of data getting lost in translation. S,o a lot of people are actually operating with less than 50% of data in their analytics. Now we have solved that, we think. So, that has been a big part of getting the message out there, making people aware that they're losing this data and that is actually hurting them because that's the other problem. So, it's actually tied to marketing data. So, what we see right now is there's people think that if they get a 50% consent rate on their data, then it's the same 50% across all channels and it's not. So, marketing is being hurt much more. All our analysis showed the same thing: the more people have, the closer relationship people have with you, the more likely they are to give consent and marketing is the top of that, right? So it's where people don't know you. So what we see is like could be banners having a 5% consent rate and your existing customer emails having 98% consent rate, right? And then you see the 50 and thenit means that marketing is massively under represented in the data. And, the other thing when it comes to that then, it's the actually that this is a whole thing, data quality when it comes to campaign tracking that people needs to get much better at. Having rules of campaign tracking. They have a lot of rules in relation to gathering data. But I think for most people, the worst point of their data is the place they use the most, the marketing channel attribution for a lot of people. That is horribly bad because they have not set up their campaign tracking correctly. I guess this is what you do for a living because the natural one for us is also helping people move to Google Analytics 4. Yeah, so everybody is being forced in that direction. People standing at a waypoint, they either need to move to Google Analytics 4 or find an alternative and no matter what most people say, I'm in a place where most alternative sucks for one reason or another. So, either you can find qualified staff or it doesn't fulfill the data you need. So it's the curse of the double curse, right? So there might be a tool, but you can't find people. I have a thing that I've been going around saying for a while, it's it's about context. Saying we have a tendency to focus too much on the data we have in our own bucket. So being an analyst, you log into your analytics system and you look at the behavior there. But, hard truths: what is the main reason why people's conversion rate drop? It's because the competitors are doing something. But if you try to solve that problem by only looking inside your your own data, it's like yeah, trying to understand why it's wet inside your house by only looking inside your house because there's a storm going on outside. Right? So, as you get this, you're trying to solve the problem with what you have at hand and in reality the real problem is outside. So, context is a thing that we need to be much better at and it's not just in digital analytics and business in general. I think all all data industries have a tendency to focus too narrowly on what they have available and not look outside. Okay, we need to focus on the opposite of what we have been focusing on for a lot of years. It's not about getting more data, it's getting value out of less data. So, I think a classic thing to get a chance to quote yourself saying it's not about how much data we can have, it's actually how little data do we need. So kind of turning things completely the other way around saying what is the core data that I need and then protect there and then build from there instead of saying the old mantra of 'track everything' is both illegal and impossible. So there's so many things you can track now, so instead focus on what do I need to track for my business, what is business critica, and how can I protect that? So gathering that data, it's key thing. And then on the other hand, activating that data back, could be automated systems. It could be AI machine learning. All these things that will take the data and make it do stuff. But if you make it do stuff, you also need to be safe. I think nobody would want a self-driving car being controlled by Windows 98. And we've been cursed with too much data. And now we're just crying like Children that has been taken out of the candy store because we don't have all the data anymore and we didn't really do that much with it. So now it's actually flipping the thinking and saying okay, what commercial value can we do by recalibrating on what we need, instead of all the stuff that we lost.