Make Money Out of Data

The real reason businesses pursue data help is to make better decisions.

They have a hunch, then they decide yes or no to pursue their initiative.

If the manager in charge just went with their past experience, they're leaving it to past performance to dictate the future, leaving a lot to chance, as past performance is not an indicator of future success.

In business this just pisses everyone else off now that you and I have so much data at our fingertips.

But how do you synthesise the data into money for your business?

See below in my screenshot charting customer engagement. The 28-38 and 46-52 month marks we can see some clear retention issues bubbling to the surface.

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This period is where we look to make some decisions, do we (A) go straight to customer support and get complaints from users in that subgroup that have the issue? Do we (B) go to the user research team to get some insights from a test group? Or do we (C) just use our hunch to make an improvement?

I would do A and B then monitor users in that group making incremental change based on what I know now. Then go and make some experiments for C in a minimum viable product.

See it's folly to just make a big decision without the data, but you can do tests to make them quicker, for better monetised outcomes.

P.S. There's always an option D. Reply if you can guess what it is.