In this episode of The Brainy Business podcast, Melina Palmer and Christopher Frank, Chief Client Officer at PSB Insights, dive into the art of decision-making in a data-driven world. Christopher, who has a rich background with industry giants like American Express and Microsoft, shares his expertise in leveraging consumer insights to gain a competitive edge. As a thought leader in critical thinking and decision science, he offers valuable perspectives on how to ask the right questions and interpret data for smarter business decisions.
Christopher’s insights are not only theoretical but also practical, drawn from his extensive experience and his acclaimed books, Drinking from the Fire Hose and Decisions Over Decimals. He emphasizes the importance of starting with the right questions to truly understand the problem at hand and how to make decisions that are both informed and intuitive. His approach to synthesizing data with judgment offers a fresh perspective on navigating the overwhelming amount of information available today.
In this episode:
- Uncover the power of asking the right questions to make better decisions.
- Learn how to leverage data and intuition to drive business strategy.
- Discover the importance of context in interpreting data points.
- Explore the concept of "quantitative intuition" and how it can be developed.
- Understand the role of culture in fostering an environment that thrives on data-driven decisions.
Show Notes:
00:00:00 - Introduction Melina Palmer introduces Christopher Frank and highlights his extensive experience in data analytics and decision science.
00:04:12 - Christopher Frank's Background Christopher shares his journey through American Express, Microsoft, and his current role at PSB Insights, emphasizing his focus on leveraging data for smarter decisions.
00:09:35 - The Importance of Asking Questions Christopher discusses the value of starting with questions to understand the problem and make better decisions, sharing some of his favorite questions to ask.
00:16:28 - The Power of "What Surprised You?" Christopher explains how asking "What surprised you?" can unlock valuable insights and create a safe learning environment.
00:22:50 - Case Study: Outliers in Data Christopher shares a compelling story about how investigating outliers in customer satisfaction data led to significant business insights and strategic decisions.
00:30:17 - Moments of Truth in Consumer Behavior Christopher talks about identifying and understanding the critical moments that matter to consumers and how they can shape business strategies.
00:35:42 - Summary vs. Synthesis Christopher explains the difference between summarizing data and synthesizing it with judgment to make informed decisions.
00:40:05 - The Context Triangle Christopher introduces the concept of the context triangle and how it helps in interpreting data points from multiple perspectives.
00:41:05 - Conclusion, What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media -- you'll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn.
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