If we were to make two wagers with visitors to this blog, we’d suggest these two things:
And that’s the challenge: It’s not about the data – it’s all there if you want it. Everything is to hand, BUT the more hay in the stack, the harder it is finding the needle!
Big Data is exactly that: big, ugly, unforgiving and frustrating. So, how can you slice through the fog? How can you discover your online business KPIs (Key Performance Indicators)?
Last month we covered some important digital marketing KPIs and examples of businesses who’ve got it wrong. Today we’re going to look at how you can find them.
We find real world analogies useful when discussing online for two reasons. Firstly, because when we can picture things in our mind’s eye, it becomes easier to make sense of it, and secondly because we need to personalise these clicks, visits, downloads, signups and purchasers. Your stats are REAL PEOPLE, not just pixels.
Picture a shop on a high street where you can just about discover anything and everything about the people in it: where they came from, their purpose for entering, where they go to in the shop, what they pick up from the shelves, whether they look at the prices, ingredients or materials, what size they are, their favourite colours and, ultimately, what they bring to the till to purchase.
With online all of this is possible. Yet if you tried to analyse all the data, you would end up chasing your tail. The large online stores have analytics teams to hand, but for most of us, we need to work smarter. We need to be much more incisive.
So, returning to our shop analogy, let’s think about the shop owner, what information would be useful for him. Here’s a list they could start with:
For each of the six items above, the online business KPIs can be picked up from your website and online marketing.
The last thing to do is then to relate these different online KPIs to each other as taking these items in isolation can lead to the wrong conclusions – for example you may have a very popular product, but it could be because it’s run out stock being sold at a loss.
However, with online you can relate different items to each other. So, if you want an effective means of measuring what visitors really want from your site, then you can do this by isolating just the direct visitors to your website. This filters out promotions (e.g. PPC and Email) and gives you an indication of the ‘latent’ interest in your site, what people go to your site for and what they purchase.
Or how about isolating visitors from an emailshot and comparing their purchasing habits with what was promoted to them in the emailshot? It could be that the main promotion was the most purchased, but equally it may be that it was just a trigger for a visit and then the purchasing was spread across the site.
Even if you run a non-ecommerce site, you still need to identify and focus on your own KPIs. If your site generates leads, app downloads, page impressions or audience reach, much of the list above still applies even if the way in which the data applied is different.
If you want to discover your KPIs and improve your digital marketing, then please talk to us and we’ll do our best to help you get the best plans in place for your marketing.
Driving traffic with no clear understanding of revenues or profitability
Intent led, tracked and accounted for profitable marketing spend
An unsteady flow of low-quality enquiries yielding little business
Motivated enquiries, in the buying cycle, who fit your ideal target market
Business critical tasks relying on staff time, subject to user error
Make processes more efficient, thorough, predictable and measurable
I spend most of my development budget fixing errors and bugs
Fast and reliable cash-generative e-commerce and lead generation websites
My organic traffic is not translating to the bottom line
Rankings with purpose, targeting your converting keywords
Dated branding which doesn’t match the quality of your business
Modern, digital, flexible brand, guidelines, messaging and identity
Low resolution homebrew quality with little impact
Short, sharp videos designed specifically for the right media channel
Marketing visuals that fail to engage your audiences
Smart, precise imagery demonstrating design with purpose
Lack of regular contact with previous customers and clients
A clearly segmented customer base with fine-tuned strategies for repeat business
I have analytics, but it doesn’t help with our decision-making
A connected analytics layer providing confidence in tactical and strategic marketing work
Vaguely written aggregated words with little meaning
Refined, considered and targeted persuasive copy with calls to action
Finding it a challenge to come up with quality ideas and engagement
Well-considered, precise, relatable and polished content
Occasional ad-hoc generic email communications
Focused varied marketing content, adapted to suit customer profiles
A store where most of your budget fixing bugs and maintaining
A store where the stock, turnover, margins and yield dwarfs the marketing spend
Leads and customers are mainly in spreadsheets and inboxes
Win and retain more business by selecting the right CRM and systems