Measurement & ROI
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Measurement & ROI

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This is a revision to a presentation I gave at Hyper Island Master Class, and shared with a lunch & learn session hosted by Prudential Ad

This is a revision to a presentation I gave at Hyper Island Master Class, and shared with a lunch & learn session hosted by Prudential Ad

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    Measurement & ROI Measurement & ROI Presentation Transcript

    • MEASURE WHAT MATTERSunderstanding measurement & roi for digital experiences
    • @FARRAHBOSTIC
    • 4 THINGS: WHY WHAT HOW(AND HOW TO SELL IT)
    • 1. WHY YOU SHOULD MEASURE
    • BINGO TIME SIGN- KPI UPS ON CPM IMPRESSIONS SITE CPA CPC REACH & FREQUENCY LIKES ENGAGEMENT PAGE LTV SENTIMENT ANALYSIS ROI VIEWS FOLLOWSMENTIONS CTR DOWNLOADS BRAND MEDIA MIX ATTRIBUTES MODELING SHARESALIENCE LIKEABILITY RECALL OF ?? WALLET
    • A WORD OF CAUTIONI notice increasing reluctance onthe part of marketing executivesto use judgment; they are comingto rely too much on research, andthey use it as a drunkard uses alamp post: for support, ratherthan for illumination.David Ogilvy
    • WHY DO METRICS MATTER? 1. Metrics reduce arguments based on opinion. 2. Metrics give you answers about what really works. 3. Metrics show you where you’re strong. 4. Metrics allow you to test anything you want. 5. Clients love metrics.http://bokardo.com/talks/metrics-driven-design-sxsw.pdf
    • WHAT ELSE CAN MEASUREMENT HELP YOU DO? UNDERSTAND CONTEXT OF BRAND & PRODUCT DETECT DEMAND EXPLORE CONSUMER SENTIMENT MENTIONS Now we can easily assess pre- Spontaneous product comments Digital makes it is easier toexisting demand among our target: and mentions reveal sentiment detect problems or possiblehow easy is user acquisition going around them, and help us areas for improvement related to be? overcome existing boundaries for products/service use. product adoption. DEFINE CONSUMERS’ OBSERVE SOCIAL GESTURES & CONTENT UNCOVER CONSUMER MOTIVATION MULTIPLE IDENTITIES INTERACTION Digital traces reveal important Understanding different Our targets’ gift-giving of content drivers of human behavior that identities our audience assumes gives us insights into where we we can use in shaping brand’s lets us help them in their role- can insert brand into their social online actions. playing and is also useful in exchanges. targeting.via @andjelicaaa
    • THERE ARE ONLY 3 RULES OF MEASUREMENTYour metrics will be as UNIQUE as your business.If metrics aren’t ACTIONABLE, they aren’t worth using.DON’T TRY TO MEASURE EVERYTHING.
    • MEASURE WHAT MATTERS... TO WHOM? To your To your BUSINESS PROSPECT
    • IT’S EASY TO FOCUS ON VANITY METRICS “Numbers that make us look good but don’t really help make decisions.” Eric Ries, The Lean Start-up
    • WHAT’S A VANITY METRIC? A lot of the time, we measure for a show reel, instead of for business results.http://bokardo.com/talks/metrics-driven-design-sxsw.pdf
    • WHAT MATTERS IS VALUE CREATION To your To your BUSINESS PROSPECT CONVERSION ENGAGEMENT
    • 2. WHAT YOU SHOULD MEASURE
    • USE ‘PIRATE’ METRICSAcquisition: users from channels cometo site, landing page, widget, etcActivation: users enjoy 1st visit, "happy"user experience *Retention: users re-visit multiple timesReferral: users like experience enough *to refer others via email, links, likes,blogs, widgets, word-of-mouth, etcRevenue: users buy, download, sign-uphttp://www.slideshare.net/dmc500hats/startup-metrics-for-pirates-long-version
    • WHAT ARE SOME ‘VALUE’ METRICS? To your To your BUSINESS PROSPECT CONVERSION ENGAGEMENT
    • Acquisition - drawing people into the brand experienceTo yourBUSINESS Revenue - converting visitors into customers Referral - converting customers into advocates CONVERSION
    • BEWARE THE CTR...The starting metric for Acquisition isn’t CTR or “SiteVisits”...It’s CPA: Cost Per Acquisition(e.g., how much did you spend to get a new user)But this by itself is irrelevantIf the CPA is higher than the lifetime value (LTV) of a newuser, you’re in trouble
    • Activation - people enjoyed theexperience... To yourRetention - enough to come PROSPECTback more than once...Referral - and recommendedthe experience to others ENGAGEMENT
    • HOW DO YOU MEASURE RETENTION & REFERRAL? Returning Visitors Registered Users Likes, +1s, RTs Frequency Mentions Time on Site Email referrals Daily Active Users
    • VALUE CREATION =CREATING CUSTOMERS To your To your BUSINESS PROSPECT CONVERSION ENGAGEMENT
    • SO WHAT’S MORE IMPORTANT?Brand growth comes from Acquisition.Contrary to popular belief, acquisition is actually cheaper,and more beneficial to the brand, than retention.Marketing should be geared toward Acquisition.Product & service design should be geared towardActivation & Retention.
    • BUT WHAT ABOUT THE OTHER STUFF?Brand attributes?Loyalty?Share of wallet?Media mix modeling?
    • THERE ARE MARKETING LAWSDouble Jeopardy Law: the lower market share brands in a markethave far fewer buyers in a time period and also lower brand loyalty.Retention Double Jeopardy: All brands lose some buyers; this loss isproportionate with market share.Pareto Law is 60/20 (not 80/20): Slightly more than half of a brand’ssales come from the top 20% of customers.Law of Buyer Moderation: Heavy buyers sometimes buy less often,light buyers sometimes buy more often, non-buyers sometimesbecome buyers.Law of Prototypicality: Image attributes that describe the productcategory score higher than less prototypical attributesDuplication of Purchase Law: A brand’s customer base overlaps withthe customer base of other brands, in line with their market share.
    • AND SOME INCONVENIENT TRUTHSUser bases seldom vary:Rival brands sell to very similar customer bases.Attitudes and brand beliefs reflect behavioral loyalty:Consumers know and say more about brands they use often,and they think and say little about brands they do not use.Usage drives attitude:Consumers like what they buy.
    • 3. TOOLS YOU CAN USE FOR DIGITAL EXPERIENCE MEASUREMENT
    • APPS & SITES HELP ANSWER QUESTIONS... I NEVER FELT LIKE I WAS LEARNING ANYTHING IMPORTANT
    • WHICH ONE IS MORE SUCCESSFUL? @37SIGNALShttp://www.slideshare.net/stueccles/lean-startup-metrics
    • WHEN DOES SUCCESS HAPPEN? EXTENDED SIGN-UP FUNNELhttp://www.slideshare.net/stueccles/lean-startup-metrics
    • WHERE IS SUCCESS COMING FROM? COHORT METRICS - CREATED PROJECThttp://www.slideshare.net/stueccles/lean-startup-metrics
    • DON’T HAVE ACCESS TO GOOGLE ANALYTICS?First -get access. :)Second -try QuantCast:Gives high-levelinsight into trafficsources, frequencyand volume to site,and basicdemographic andsocio-economic dataabout your visitors.And it’s free.
    • OR THERE’S CHARTBEATFor $10/month, tryChartBeat. It providesreal-time tracking andengagement metrics likeuser paths, time spentwith content, and micro-actions like clicks,downloads, and scrollsthat show whether peopleare actively engaging withthe site content.
    • HACK THE METRICSUse unique links - through services like Bit.ly - totrack the behavior that a social mention or displayad or site/page leads to.Stop paying for CPMs - pay for conversions (butdefine clearly what a ‘conversion’ is, and design adunits & digital experiences for conversionmoments).
    • REMEMBER RULE 3 - DON’T MEASURE EVERYTHING -[WE’RE LOOKING FOR WHAT MAKES MEANINGFUL DIFFERENCES]
    • TITLEMain Idea•Bullet•Bullet
    • TITLEMain Idea•Bullet•Bullet
    • TITLEMain Idea•Bullet•Bullet GOOGLE BING
    • 4. HOW DO YOU ‘SELL IT’
    • HOW TO TALK TO CLIENTS & COLLEAGUES ABOUT METRICS Setting Goals Accountability Transparency Assessing Optimizing Learning Effectiveness Good measurement practices improve: client-agency relationships insight design results
    • SETTING REASONABLE KPI’SWhat are the business objectives?What are the campaign objectives?What are the channels/touchpoints?What is the campaign experience & message?What do we expect people to do?
    • SUMMING UPMeasure what will teach you the most and help you make themost important decisions.Use bespoke, not off-the-shelf, metrics and measurementtools.Focus on ‘metrics’ that connect to value creation for thebusiness and drive brand growth.Don’t measure everything.
    • THAT WAS FUN.