Read the summary and watch or listen to the interview here: https://www.crowleylawllc.com/podcasts/the-context-triangle-business-decisions-based-on-data-with-chris-frank
Voiceover: Welcome to the From Lab to Patient, Garage to Market podcast with your host, Phil Crowley. In each episode, we discuss professionals serving the tech startup market and issues important to those companies. You can find this show on all major platforms, including YouTube, LinkedIn, Facebook, Apple Podcasts, Spotify, and our website, CrowleyLawLLC.com. Now here’s your host, Phil Crowley.
Phil Crowley: Hello and welcome. We bring you experts in the startup and technology world to demystify the process of getting products to market, things to do, mistakes to avoid, and how technology can enrich the lives of thousands or even millions.
Meet Chris Frank: Market Research Expert
Phil Crowley: Today I’m delighted to have my good friend, Chris Frank. Chris is the chief client officer at PSB Insights, a global leader in market research and consulting. His expertise has been featured in the Harvard Business Review, Fortune magazine, TEDx, and Fast Company. He’s also the author of two books: Drinking from the Fire Hose and Decisions Over Decimals. Chris is a master at turning data into actionable strategies for success, especially relevant for digital entrepreneurs. Chris, welcome.
Chris Frank: So good to see you. Happy New Year.
Phil Crowley: Same to you.
Chris Frank’s Career Journey
Phil Crowley: Chris, could you share a bit about your background? You’ve had a distinguished career in marketing and data interpretation.
Chris Frank: Absolutely. I’m thrilled to be here. I attended Stevens Institute of Technology, a great school that emphasizes critical thinking. Although it’s known for engineering, I focused on technology management—bridging data, information, and business outcomes.
I’ve started two companies: one was a financial success, and the other, while a financial failure, was a critical success. I learned the most from that second experience, which introduced me to data and analytics. Using data to make informed decisions was key.
The Importance of Data in Decision Making
Phil Crowley: That’s interesting. Entrepreneurs often tell me they learn more from their failures than successes because failures force reflection and analysis.
Chris Frank: Exactly. When your own money is at stake, you interrogate data differently. I discovered that much of the data I relied on was built on caveats with little rich thinking. I realized that to make better data-driven decisions, I needed to better understand data itself. Data alone doesn’t make decisions—it must be interpreted.
Phil Crowley: I appreciate your focus on data sources, especially with today’s misinformation risks. Critical thinking is essential.
Chris Frank: Absolutely. I’ve spent over 25 years in data and analytics, including time at Microsoft, American Express, and now PSB. Critical thinking is crucial. I’ve developed what I call the “context triangle” for interpreting data:
- Absolute Value: Is the number significant enough to matter?
- Trend Over Time: Has the number changed meaningfully?
- Benchmark Comparison: How does it compare to competitors or industry norms?
- Never view data in isolation. Context reveals insights.
Challenges in Decision Making with Data
Phil Crowley: With so much data available, why is decision-making still challenging?
Chris Frank: People resist change. Decisions require deviation from familiar processes, which creates uncertainty. Additionally, decision-makers fall into two camps: data-driven or intuitive. Extreme reliance on either paralyzes decisions. Success comes from blending both approaches.
Phil Crowley: So clear goals are key to navigating data?
Chris Frank: Exactly. Frame outcomes, not just problems. Instead of merely aiming for growth, define what success looks like. For example, targeting 60% growth instead of 20% can reshape your strategy and decision-making approach.
Phil Crowley: So setting a stretch goal shifts your mindset and efforts.
Chris Frank: Exactly. Stretch goals encourage long-term thinking, and long-term data is essential for those outcomes.
The Power of Asking Questions
Chris Frank: One powerful tool is asking “I wish I knew…” questions. This open-ended approach eliminates assumptions and biases, guiding you toward the data that truly matters.
Phil Crowley: That makes sense. It also seems vital to consult with colleagues or industry peers for insights.
Chris Frank: Absolutely. Broader perspectives help challenge assumptions and expand data insights.
Phil Crowley: Can you share an example of this in practice?
Chris Frank: Sure. I worked with a general manager analyzing business performance. We spotted a surprising data point: certain districts had unusually high customer satisfaction. Upon investigation, we found these districts were part of a hidden pilot program that provided same-day onsite support. This investment tripled satisfaction in those areas compared to the rest of the market.
That insight was buried in an appendix because it seemed like an outlier. Only by asking, “What surprised you?” did we uncover this critical insight.
Phil Crowley: That question turned out to be powerful.
Chris Frank: It really is. Asking “What surprised you?” challenges biases and encourages creative thinking. You don’t need to be a data scientist—just ask the right questions.
Phil Crowley: Great insights, Chris. Thanks for sharing.
Brand Building with Data Analysis
Phil Crowley: How does data analysis contribute to brand building?
Chris Frank: In my 25 years as a corporate researcher, I worked in marketing and brand development. Today, marketing and technology are integrated. SEO, display ads, and brand building are interconnected. A brand is a promise to employees, customers, and clients, and it must be monitored and measured regularly.
Successful brands focus on three elements: unique, superior, and ownable. Being different alone isn’t enough—you must also be better. And if what you offer can be easily replicated, it’s not ownable. Your measurement system should align with these traits. As you market, promote, and deliver experiences, assess which of these elements you’re reinforcing. Effective brand building requires consistent effort and a flexible measurement system that helps you fine-tune over time.
Phil Crowley: Does that integrate with net promoter scores? For those unfamiliar, a net promoter score measures the percentage of respondents who rate you 8, 9, or 10, minus those who rate you 6 or lower. Companies like Apple and Ritz-Carlton excel in this area. I’d recommend looking into net promoter scores for your own marketing.
Chris Frank: Exactly. The net promoter score’s power is in its simplicity—one clear question: “How likely are you to recommend [product/service] to others?” Simplicity makes measurement easier to implement, understand, and act upon. It also provides a useful benchmark.
I once modified the net promoter score question from “How likely are you to recommend?” to “Did you recommend?” The difference between intent and action is critical. Innovators need more than positive intent; they need actual behavior—real recommendations and advocacy.
Phil Crowley: Fascinating. It reminds me of Robert Cialdini’s book Pre-Suasion, which explores the psychology of influence.
Conclusion and Final Thoughts
Phil Crowley: Chris, this has been fascinating. Thank you for joining us. I hope this has been valuable to our listeners. Please subscribe, like the podcast, and visit our website at crowleylawllc.com. Remember, we’re here to help.
Voiceover: You’ve been tuning into the From Lab to Patient, Garage to Market podcast with your host, Phil Crowley. Find this show on major platforms, including YouTube, LinkedIn, Facebook, Apple Podcasts, Spotify, and our website, crowleylawllc.com. If you found this helpful, please subscribe, leave a positive review, and share with others.
