Data Storytelling:
The New Horizon in Business Analytics
Dave Wells
dwells@bacollaborative.com
Data Storytelling Basics
© Ted Cuzzillo and David Wells
The Power of Stories
Why Bother with Stories?
Four Reasons to Pursue Storytelling:
• Stories are memorable
• Stories are passed on and retold
• Stories invite personal involvement & engagement
• Stories motivate people to take action
© Ted Cuzzillo and David Wells
The Power of Stories
Statistics vs. Stories
tension
data
deductive
suspend belief
© Ted Cuzzillo and David Wells
context
inductive
suspend disbelief
averages & norms
individuals & actions
outside looking in
point of view
determinate
metaphorical
The Power of Stories
Statistics vs. Stories
tension
average
median
mode
standard deviation
variance
© Ted Cuzzillo and David Wells
usual
typical
normal
unusual
exceptional
probability
chance
odds
correlation
relationship
connection
Storytelling in Business
Explanatory vs. Exploratory Stories
Explanatory
Exploratory
•
clear path from start to finish
•
uncertain path from start to finish
•
telling the story to the audience
•
asking and involving the audience
•
seeking understanding
•
seeking interaction and ideation
•
influencing actions & behaviors
•
trigger inspiration & engagement
© Ted Cuzzillo and David Wells
Storytelling with Data
Source: boston.com
http://www.boston.com/yourtown/specialsstarbucks_vs_dunkin_donuts/
Visual with Narrative
© Ted Cuzzillo and David Wells
A split country – Dunkin’ vs. Starbucks
Dunkin’ is orange
Starbucks is green
Dunkin’ dominates the east
Starbucks dominates the west
The Anatomy of a Story
© Ted Cuzzillo and David Wells
Story Elements
Components of Stories
Setting:
Where & when.
TRADITIONAL STORY ELEMENTS
Protagonist
Main character. Tries to attain a goal.
Complication
An event, tangible or intangible, that
complicates the protagonist’s life.
Struggle
Resolution
© Ted Cuzzillo and David Wells
Protagonist's work toward a resolution.
Completion of the struggle.
Story Elements
Components of Stories
Setting:
Where & when.
TRADITIONAL STORY ELEMENTS
Protagonist
Main character. Tries to attain a goal.
Complication
An event, tangible or intangible, that
complicates the protagonist’s life.
Struggle
Resolution
Protagonist's work toward a resolution.
Completion of the struggle.
BUSINESS STORY ELEMENTS
Setting:
Situation, beginning state.
Spark
Search
Goal setting. Desired end state.
Surprises
Discovery. The unexpected.
Selections
Choices and decisions.
Solution
© Ted Cuzzillo and David Wells
Trigger or stimulus creates need to change
the beginning state
The end state.
Kinds of Stories
Traditional Forms
Man in Hole
boy Meets girl
Cinderella
© Ted Cuzzillo and David Wells
Kinds of Stories
Classic Narrative
Exposition
•
•
•
protagonist
goal
relationships
© Ted Cuzzillo and David Wells
Complication
•
•
•
spark
disruption
problem state
Development
•
•
•
reaction
•
search & struggle •
decisions
•
Resolution
change
goal reached?
conclusion
Kinds of Stories
Modern Story Forms
Detective
Inspirational
Transformational
© Ted Cuzzillo and David Wells
Bringing Stories to Life
The Intent of a Story
inspire
transform
Vision of the Future
Innovation and Creativity
Culture and Values
Collaboration and Relationships
Driving Change
detect
Motivation and Enthusiasm
Goals and Commitment
Problem Solving
Understanding
© Ted Cuzzillo and David Wells
What Makes Stories Work
The Dynamics of Stories
Strong connection of
the audience (readers and listeners)
and the storyteller
through the narrative
© Ted Cuzzillo and David Wells
What Makes Stories Work
The Storyteller
Make a human connection
Listen ... don’t just tell
Make the audience care
© Ted Cuzzillo and David Wells
What Makes Stories Work
The Audience – Listeners and Readers
© Ted Cuzzillo and David Wells
What Makes Stories Work
The Narrative
crisis/climax
exposition
© Ted Cuzzillo and David Wells
What Makes Stories Work
Other Principles
Engaging the senses – Don’t just tell the story. Show the story in a way that engages as many senses as practical.
Character development – People must be part of the story, even data stories, to employ the principle of character-centric.
Let the audience see themselves in the story – Help them to answer questions such as: Where do I fit? Why do I care?
Show your voice – Don’t be too cautious. Stay away from neutral language and style. Don’t hide your beliefs and feelings.
Metaphors work -- They make the story tangible instead of abstract.
Keep it simple – Simple stories are often more effective than complex stories.
© Ted Cuzzillo and David Wells
Crafting Stories with Data
© Ted Cuzzillo and David Wells
Business Need
Business Problems and Questions
Business Goal:
•
Promote growth and minimize shrinkage of account balances
Business Questions:
•
•
•
© Ted Cuzzillo and David Wells
What are the causes of diminishing account balances?
What actions can be taken to minimize diminishing balances?
What opportunities can be found to drive growth of balances?
Business Need
Context for Data Analysis
© Ted Cuzzillo and David Wells
Accounts
Customers
deposits
investments
credit cards
mortgages
loans
location
credit rating
employment
tenure
age
Data Selection
Data Sources
ACH
TRANSACTION
WITHDRAWAL
DEPOSIT
ACCOUNT
CUSTOMER
© Ted Cuzzillo and David Wells
SOCIAL
MEDIA
Data Selection
Data Understanding
transfer
patterns
WITHDRAWAL
ACH
TRANSACTION
patterns
over time
DEPOSIT
ACCOUNT
demographic
correlations
life events
CUSTOMER
© Ted Cuzzillo and David Wells
SOCIAL
MEDIA
customer
sentiment
Listener Experience
Intent of the Story
understand behavior over time of account balances
generate ideas to increase balances growth
know why balances diminish
generate ideas to decrease balances shrinkage
© Ted Cuzzillo and David Wells
Listener Experience
Listener Engagement
•
•
•
•
•
•
•
•
•
© Ted Cuzzillo and David Wells
relevant ... every part of the story connects to the intent
free of noise and unnecessary information
logical, easy to follow flow ... don’t let the listener get lost
avoid rambling and disjoint narrative
avoid getting “in the weeds”
avoid stating the obvious ... give the listener credit
shape the story from listener point of view
narrative doesn’t always have to “tell” ... sometimes it can “ask”
seek opportunities for conversation and interaction
Story Elements
Five W’s as Parts of the Story
what
when
where
setting
spark
search
surprises
selections
solution
© Ted Cuzzillo and David Wells
which W’s to use
for which parts
of the story?
seeking
discoveries
stimulus
choices
the to
goal
context
change
the
orand
end
desired
and
beginning
the
state
beginning state
unexpected
decisions
end
state
state
who
why
Story Elements
The What of a Story
What?
understanding
behavior over time
of account balances
Patterns in Diminishing Account Balances
© Ted Cuzzillo and David Wells
Sudden Drastic Diminishing
Products:
Investments
Semi-Steady Diminishing
Products:
Investments
Steady Diminishing
Products:
Investments, Savings
Uneven Diminishing
Products:
Savings & Checking
Cyclic Diminishing
Products:
Savings & Checking
Balance-Building Diminishing
Products:
Savings & Checking
Story Elements
The When of a Story
When?
understanding
behavior over time
of account balances
Patterns in Diminishing Account Balances
© Ted Cuzzillo and David Wells
Sudden Drastic Diminishing
Products:
Investments
Semi-Steady Diminishing
Products:
Investments
Steady Diminishing
Products:
Investments, Savings
Uneven Diminishing
Products:
Savings & Checking
Cyclic Diminishing
Products:
Savings & Checking
Balance-Building Diminishing
Products:
Savings & Checking
Story Elements
The Where of a Story
Where?
understanding
behavior over time
of account balances
Patterns in Diminishing Account Balances
© Ted Cuzzillo and David Wells
Sudden Drastic Diminishing
Products:
Location:
Investment
Evenly Spread
Semi-Steady Diminishing
Products:
Location:
Investments
Evenly Spread
Steady Diminishing
Products:
Location:
Investments, Saving
Evenly Spread
Uneven Diminishing
Products:
Location:
Savings & Checking
Evenly Spread
Cyclic Diminishing
Products:
Location:
Savings & Checking
Evenly Spread
Balance-Building Diminishing
Products:
Location:
Savings & Checking
Evenly Spread
Story Elements
The Who of a Story
Who?
understanding
behavior over time
of account balances
Patterns in Diminishing Account Balances
© Ted Cuzzillo and David Wells
Sudden Drastic Diminishing
Products:
Location:
Age:
Investment
Evenly Spread
Evenly Spread
Semi-Steady Diminishing
Products:
Location:
Age:
Investments
Evenly Spread
Evenly Spread
Steady Diminishing
Products:
Location:
Age:
Investments, Saving
Evenly Spread
Boomers
Uneven Diminishing
Products:
Location:
Age:
Savings & Checking
Evenly Spread
GenX and Millenial
Cyclic Diminishing
Products:
Location:
Age:
Savings & Checking
Evenly Spread
Evenly Spread
Balance-Building Diminishing
Products:
Location:
Age:
Savings & Checking
Evenly Spread
GenX and Millenial
Story Elements
The Why of a Story
Why?
Patterns in Diminishing Account Balances
Sudden Drastic Diminishing
Semi-Steady Diminishing
Steady Diminishing
Uneven Diminishing
Cyclic Diminishing
Balance-Building Diminishing
© Ted Cuzzillo and David Wells
understanding
behavior over time
of account balances
Products:
Location:
Age:
Hypothesis:
Products:
Location:
Age:
Hypothesis:
Products:
Location:
Age:
Hypothesis:
Products:
Location:
Age:
Hypothesis:
Products:
Location:
Age:
Hypothesis:
Products:
Location:
Age:
Hypothesis:
Investment
Evenly Spread
Evenly Spread
Dissatisfied Customer
Investments
Evenly Spread
Evenly Spread
Dissatisfied Customer
Investments, Saving
Evenly Spread
Boomers
Retirement Drawdown
Savings & Checking
Evenly Spread
GenX and Millenial
Life Events
Savings & Checking
Evenly Spread
Evenly Spread
Recurring Life Events
Savings & Checking
Evenly Spread
GenX and Millenial
Life Events
Telling the Story
Setting and Spark
quarterly
tax payments?
college tuition
& expenses?
Cyclic Diminishing
monthly mortgage
pymts?
Products:
Savings & Checking
Age:
Evenly Spread
Hypothesis: Recurring Life Events
purchase of
a home?
Balance-Building Diminishing
© Ted Cuzzillo and David Wells
Products:
Savings & Checking
Age:
GenX and Millenial
Hypothesis: Life Events
Telling the Story
Search and Surprises
Balance-Building Diminishing
Cyclic Diminishing
escrow at time of
offer?
payment at
closing?
© Ted Cuzzillo and David Wells
ACH transfer to
mortgage lender?
Telling the Story
Balance-Building Diminishing
receive the payments
& earn the interest
own the mortgage
secure the escrow account
recognize the pattern
pursue the mortgage
Selections and Solutions
Cyclic Diminishing
escrow at time of
offer?
payment at
closing?
© Ted Cuzzillo and David Wells
ACH transfer to
mortgage lender?
Telling the Story
Selections and Solutions
With No Action Taken ...
Balance-Building Diminishing
Cyclic Diminishing
before
after
Mortgage Accounts
Investment Accounts
Deposit Accounts
Total Assets
when investment
accounts diminish
and deposit accounts
diminish
total of managed assets
shrinks
© Ted Cuzzillo and David Wells
Telling the Story
Selections and Solutions
With Positive Action Taken ...
Balance-Building Diminishing
Cyclic Diminishing
before
after
Mortgage Accounts
Investment Accounts
Deposit Accounts
Total Assets
when investment
accounts diminish
with conversion
to mortgages
and deposit
accounts diminish
© Ted Cuzzillo and David Wells
total of managed
assets grows
Telling the Story
The Power of Contrast
© Ted Cuzzillo and David Wells
Telling the Story
The Power of Consolidation
before
after (no action)
after (positive action)
© Ted Cuzzillo and David Wells
Data Storytelling and Visualization
© Ted Cuzzillo and David Wells
Visual Storytelling
Visualization and Story Elements
what
setting
when
where
spark
who
why
search
surprises
comparisons
z
proportions
z
distributions
locations
relationships
probabilities
behavior
over time
© Ted Cuzzillo and David Wells
selections
solution
Visualizing What
© Ted Cuzzillo and David Wells
WHAT
WHEN
WHERE
WHO
WHY
Choosing Charts and Graphs
COMPARISONS
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RELATIONSHIPS
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PROPORTIONS
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PROBABILITIES
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DISTRIBUTIONS
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DATA OVER TIME
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LOCATIONS
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Visual Language
Variety of Charts and Graphs
© Ted Cuzzillo and David Wells
www.datavizcatalogue.com
www.dataviscatalogue.com
Visual Storytelling
Infographics
When we own the mortgage we
receive the payments instead of
seeing them as
transfers to another
lender. Much of the
mortgage payment
is earned interest with
direct bottom line impact.
When the pattern is recognized
start contact with
the customer to
make them aware
of the bank’s
various mortgage
programs and current
customer incentives.
Balance building diminishment
is a distinct pattern in deposit accounts
with high frequency in millennial and
GenX customers.
© Ted Cuzzillo and David Wells
When successful
in pursing the
mortgage we gain
managed assets.
Although deposit
balances diminish,
total managed
assets grow.
Early recognition of
the pattern is the
key to action that
supports customer
goals without
shrinkage of assets
under management.
Visual Storytelling
Visual Choices and the Listener
© Ted Cuzzillo and David Wells
Thank You
to see what I consider to be the “gold standard” in data storytelling visit
http://www.ted.com/talks/hans_rosling_shows_the_best_stats_you_ve_ever_seen?language=en
© Ted Cuzzillo and David Wells