At Product Camp 2024, Brazil’s largest product event, Minders brought to the stage of the Content Aquarium exclusive talks, organized to promote practical and inspiring discussions. One of the standout presentations was by Gustavo Esteves, CEO of Métricas Boss, who delivered the talk «Data Discovery in Practice.»
With over 10 years of experience in the data and analytics world, Gustavo shared how to turn metrics into opportunities, fix issues, and validate hypotheses. He also provided valuable insights on how to shift from a reactive analysis to a proactive approach when working with data.
If you missed the talk, here are the key takeaways and practical examples shared by Gustavo.
What is Data Discovery?
Gustavo explained that Data Discovery is a process of exploring data to identify insights that can lead to strategic actions. He emphasized that many companies still operate reactively, analyzing data only to report on the results of something that has already been done.
«Reporting is like vanilla flavor in an ice cream shop: it’s basic, everyone does it. The differentiator lies in being proactive, anticipating opportunities and problems before they become an issue.»
The essence of Data Discovery is to ask the right questions and ensure that the data collected provides clear and actionable answers.
Data Discovery Framework
The framework presented by Gustavo follows a practical and iterative approach that can be applied to any business.
- Question Everything: Before starting, go to the website, product, or app and ask yourself: Why was this implemented this way? What is its purpose? How do I measure if it’s working? Example: “Why do we have a banner on the homepage? Is it there to increase sales or exposure? Which metric validates this?”
- Plan the Metrics: If the answer to a question cannot be measured, it’s time to create metrics and indicators that provide the necessary data. Example: If the goal of a banner is to lead users to click to access the second copy of invoices, the metric should measure clicks, not the entire journey.
- Analyze and Decide: It’s not enough to create reports; you need to use them to make decisions. Example: If a banner isn’t generating enough clicks, maybe it’s time to test another format, like a pop-up, to improve results.
- Execute and Measure Again: After implementing a change, reanalyze the results to validate or invalidate hypotheses and repeat the cycle.
Practical Examples from Métricas Boss
Throughout the talk, Gustavo presented real examples of how Métricas Boss uses Data Discovery in its own products and services:
- 10-Minute Classes: Gustavo proposed the hypothesis that short classes would increase student retention on the Métricas Boss Prime platform. After implementing the change, it was found that 80% of users completed the classes. This metric validated the strategy, but he emphasized the importance of continually testing for different contexts, such as more complex courses.
- Search on the Platform: The company implemented a search feature after receiving qualitative feedback from users who complained about the difficulty of finding specific classes. Result: After implementing and measuring, they discovered that nearly all users who searched for a specific term played related classes, showing that the feature addressed the users’ pain points.
- Knowledge Tracks: Gustavo showed how Métricas Boss analyzes retention in knowledge tracks to understand if users are progressing. When the data showed that few users advanced from one course to another, the team revisited the communication of the track to engage more students.
Letting Go of Features
One of the most impactful moments in the talk was when Gustavo spoke about the need to abandon ideas that aren’t generating results:
«The product is not your child. If it’s not working, discontinue it and move on. Attachment is the enemy of growth.»
This mindset is central to Data Discovery, as it allows product teams to focus on initiatives that truly make a difference.
Key Takeaways from the Talk
- Being proactive is the true differentiator: Don’t wait for problems to arise. Anticipate and discover opportunities even before making changes.
- Data without action is useless: Long and complex reports that don’t lead to concrete decisions just waste time.
- Planning is essential: Without a clear measurement plan, any action will be a shot in the dark.
