Measuring for Successs5 Key Metrics

What we are covering today• Filtering the data overload.• 5 Key Stats.• Managing your analytics data.• So, you have the information, what do you do with it?

Matt By the Numbers• 17: Years of experience in digital marketing – it

all started with a website for the Albion Economic Development Corporation• 14: Number of years he has been happily

married to his wife Jennifer• 21: The Number of countries he has traveled to• 36: The number of states he has traveled to• 3: The number off pets in the house (2 cats, 1

dog)• 1: The number of kids he regularly chauffeurs

around soccer fields and karate tournaments

Data, Data everywhere

Identifying the valuable data•3 questions to ask in order to filter your data!• Is the data relevant to my marketing goals?• Is there something that I can do with this data?•Does this data help me make a decision? Useful Data

Data

Data

Data

#1: Know Your Audience• Website Visitors• Social Fans/Followers etc.• Email List• SMS/Text Database• App Downloads• Other???

#1 Know Your Audience• Total is good but knowing the breakdown is better. • Monthly detail is enough for most purposes. • Hourly/Daily/Weekly will give you more data. If you are

looking optimize delivery of the message (what time, what day, what medium, which message,…) the additional detail is very useful.

• Pay attention to the winners and losers. • Look for the why.

#2: Engagement• Website• Pages per visit• Registrations• Transactions• ???

• Email• Opens are good, Clicks are better.

• Social• Likes are good, Shares are better.

#2: Engagement• Once again, total is good but seeing the breakout by

media is better in most cases.• Present each media’s value as a percentage of the

total.

Media Total % of TotalWebsiteEmailSocial

#3: Growth • When looking at your totals for each month, it is

important to put the numbers in perspective. • How are the numbers comparing to the previous month?• How are numbers comparing to the same month last year?

Media Total % of Total

+/- M/M

+/- Y/Y

WebsiteEmailSocial

#4: Online Revenue• What is the total value of revenue that can be attributed to

online activity?• This is applicable to ALL BUSINESSES – not just business conducting

eCommerce.• Direct Online Revenue (eCommerce): 100%• Indirect Online Revenue (Order placed online but collected Offline): 80-100%• Online Lead/Referral (Offline purchase but sales effort originated from lead or

registration in an online source): ??%• Online Research (Offline purchase that was dependent upon research or other

efforts conducted online by the customer such as social media or review sites): ??%

• Online Marketing (Offline purchase that was triggered by email, advertising or other promotional message in online medium): ??%

• This is not an exact science.

#4: Online Revenue• Once again, total is good, but the ability to track

revenue back to specific sources is even better.• If you have the details, compute a percentage of total

revenue if it is a feasible amount.• How does the revenue for transactions associated with

online sources compare to purely offline transactions?• Track the mix – are there times where the online

revenue grows in proportion to overall revenue? Is it driven by specific online mediums? Is this cyclical/seasonal?

Calculating Online RevenuePercentage of Sales

Revenue % Sales

% Credit

% of Total +/- M/M+/- Y/Y

Total Revenue $75,000Direct Online Sales $5000 100% 100% 7%Offline Sales $70,000 93%Website Leads $3,500 10% 50% 5%Email Leads $6,300 15% 60% 8%Website Research $1,225 5% 35% 2%

Total Online Revenue

$16,025 21%

#5: Value of Audience• What is each visitor/friend/email address etc. worth to

your business?• Single Unit Value• Per Thousand Value

• Total Online Revenue / Total Audience = Audience Value

Computing the Value of Your Audience

Online Revenue

Audience Value

Website $8,500 12500 $ 0.68

Email $6,300 3250 $ 1.94

App Downloads $1,225 250

$ 4.90

Total $16,025 16000 $ 1.00

Other useful tidbits of data• Frequency of visit• Depth of visit• Source of visit• Source of

opt-in/registration• New vs. Returning

ratio• Geography• Other sites visited

Collecting the data!• Direct online sales are most likely measured directly online – use

the data that is in your shopping cart system• For offline sales, Ask Questions:

• Informal survey at the cash register (don’t overdo it, ask only one or two each visit). If you have a CRM, build a personal profile over time. • Did you happen to research this purchase online on our website within the last 5

days?• Yes – make a note of it• No – “Did you know we have a website, you can find all sorts of great deals like this one

(sample coupon/offer) there. Here’s the address.• Do you have our mobile app?

• Yes – make a note of it• No – It’s a great way to stay up to date on our specials an offers, here’s the link to get it.

• Formal surveys sent to customers via mail or email (this can be another sales opportunity)

Managing the Data• Good: Go to all of the sites, find the relevant data,

throw it in to a spreadsheet.• Better: Don’t spend your time chasing. Have the

various sites and services send the information to you via email and record it in a spreadsheet.• Best: Use a Business Intelligence (BI) service to

retrieve, track, and display all of your data in a simple to use dashboard.

Managing the Data

What can you do with this information?• Easy filter on solicitations for advertising/marketing• Judge the efficiency of your marketing efforts• Prioritize marketing• Provide perspective to transaction volumes• Provide perspective to cost of goods sold

Take Aways• Whether you use it or not, the data is there. You might

as well put it to work for you.• It all starts with knowing your audience.• Knowing what your audience is worth enables you to

make a lot of informed decisions for your business.• There are ways to make the collection, manipulation,

and display of this data much easier.

MS Digital Solutions•Matching businesses with technologies that allow them to work smarter, not harder at Digital Marketing.•We Can Do it WITH Youor•We Can Do it FOR You

• SEO• Identity/Reputation Management• Social Media• Email• Website and App Development• Ad Campaign Management• Analytics • Strategic Planning• Technology Deployment

What’s next?Social Media Web CMS