Throughout a disaster just like the one we’re experiencing, with the ability to use accessible information to derive insights that assist companies thrive, and even survive, is important. Over the previous few months, we’ve been utilizing open supply information to reinforce our purchasers’ buyer and prospect perception. We’ll discover some examples on this article, in addition to specializing in the chance elements related to COVID-19, and explaining how understanding these and the way they apply to your prospects can assist you re-engage with shoppers and employees.
The previous few months have been a problem for everybody, each personally and professionally. Some companies have thrived, however many have suffered. It leaves quite a lot of questions for the long run. However there’s information accessible that may assist companies remedy the challenges they’re dealing with. At current, the most important are COVID-related, so we’ll begin with these, however first we’ll take a fast take a look at the information that’s serving to to make this attainable.
Open supply information magic
Way back to 2017, earlier than GDPR was launched, we had been working with open supply datasets, utilizing the huge portions of knowledge they supply to reinforce what we find out about shoppers and the place they stay. Primarily this has been employed to create postcode degree datasets that can be utilized both in isolation, or mixed with particular person degree information.
There’s loads of superb open supply information accessible, resembling:
- Transport For London’s every day journey information
- Physician’s surgical procedures’ prescription information
- Authorities petition information
We take this information and use a modeling approach referred to as disaggregation to unfold the information from the next geography – e.g. a physician’s surgical procedure or parliamentary constituency – to a decrease degree, usually postcode degree. Meaning the information is at a low sufficient degree to be helpful and it may also be appended to any buyer document the place we’ve an deal with.
Wealth and well being
In follow, what this implies is that we are able to rank the UK by wealth and well being primarily based on some open supply information at postcode degree. We will then overlay buyer information on this to see the place the hotspots are. This may then be used to assist goal shoppers, primarily based on some simply obtainable information and a few intelligent maths.
For example, this information can be utilized to assist tailor on-line content material in promoting or on an internet site at a regional, native and even particular person degree. Alternatively, it may be used to assist prioritise postcodes or sectors for partially addressed mail or door-drops.
One other good instance is a bit of labor we did for a serious UK charity. The problem right here was a lot greater: we had been trying to decide what elements influence giving, and specifically, whether or not the presence of the companies the charity offers influence how a lot cash the charity makes. This was a giant venture with quite a lot of analysis, however the easy reply is sure.
In doing the work, quite a lot of smaller, extra fascinating items of data additionally got here to mild. A few of them, for instance, associated to charity retailers: we discovered that as much as six retailers in an space was good when it comes to revenue however in areas with greater than six, the revenue dropped.
We discovered that having a store in a neighborhood space elevated legacy revenue. We additionally discovered that closeness to a store elevated revenue however with an extended tail – i.e. there are richer areas exterior cities the place folks come into city and donate to retailers. This is sensible however with out the evaluation, and the underlying geographic information, we might not have identified that.
The subsequent few months shall be dictated by how we pull ourselves out of the present coronavirus-impacted state of affairs. Utilizing the identical sources – e.g. open supply information – and marrying this to the wealth of knowledge that ONS, well being companies and the federal government are releasing about COVID-19 and its influence, we’ve developed some fashions that are related to the influence on folks from the lockdown, together with lack of jobs, incapacity to journey and so forth.
The fashions are constructed utilizing open supply information disaggregated to totally different geographies. Fourteen fashions have been created thus far, to attempt to perceive the totally different danger elements related to COVID-19. The danger elements are then correlated with the an infection fee to analyse the affiliation between the 2. The info sequence for the precise danger measures are ranked by percentile, with 1 being lowest danger and 100 highest danger.
The dangers embody Age and Family Danger (bigger households with older persons are extra in danger); Financial Resilience (primarily based on job varieties, chance of shedding a job or revenue); Engagement Danger (do you take heed to the federal government recommendation and have interaction with it); and Journey Danger; as nicely an infection fee, dying fee and r-rate modelled to the decrease geographies.
There are a variety of makes use of for the datasets which have been created:
- Screening to de-select weak shoppers from campaigns
- Attaching codes to inbound contact information to grasp the buyer on the cellphone
- Including the information to fashions to make sure these elements are being taken under consideration when deciding on shoppers for campaigns
- Screening employees to grasp danger elements forward of any lockdown restrictions being lifted.
The info is offered at a spread of various geographic ranges, and the appliance of every depends on the utilization. On the lowest degree, the fashions are created at OA (Output Space) degree and might be hooked up to any particular person or family with a postcode. My firm offers ward degree information, for instance, free of charge, so why not obtain it and have a look.
We nonetheless consider that there isn’t a drawback that information can’t assist remedy. In the intervening time, there’s a wealth of knowledge on the market to assist remedy the challenges we’re at the moment dealing with. With a lot of it freely accessible, the important thing query is the way to get hold of entry to it and translate it into one thing usable and relevant. End up a knowledge accomplice and also you’ll be on step one to placing information to good use and enhancing buyer engagement.