MeasureCamp Columbus 2018 | Benchmarks are BS
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Presented for MeasureCamp Columbus 2018, a presentation on why benchmarks are BS and how to make a better benchmark.
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MeasureCamp Columbus 2018 | Benchmarks are BS
- 1. 1 | Perspective Matters. www.mindstreaminteractive.com Benchmarks are BS Columbus April 2018
- 2. 2 | Perspective Matters. www.mindstreaminteractive.com Competitor Benchmarks VANITY METRICS, IT’S ALL ABOUT ME (VS THEM)
- 3. 3 | Perspective Matters. www.mindstreaminteractive.com Am I Normal? Am I normal? How do I compare? What if my competitors are better than me? Wait, what if they aren’t? I’ll look great! How do we find out?! I have to know. Right now.
- 4. 4 | Perspective Matters. www.mindstreaminteractive.com You & Your Competitors You Your Competitor
- 5. 5 | Perspective Matters. www.mindstreaminteractive.com
- 6. 6 | Perspective Matters. www.mindstreaminteractive.com It’s Soooo Fluffy! I’M GONNA DIE
- 7. 7 | Perspective Matters. www.mindstreaminteractive.com Fluffy Numbers
- 8. 8 | Perspective Matters. www.mindstreaminteractive.com What Makes a Good Benchmark? CLICHÉS FORTHCOMING
- 9. 9 | Perspective Matters. www.mindstreaminteractive.com Back to the Basics
- 10. 10 | Perspective Matters. www.mindstreaminteractive.com Satisfy the Benchmark Craving Since benchmarks aren’t going away anytime soon, make them useful.
- 11. 11 | Perspective Matters. www.mindstreaminteractive.com <Insert cliché here> Data-driven insights DATA DECISIONS PROGRESS
- 12. 12 | Perspective Matters. www.mindstreaminteractive.com Not So Much Data-driven justification DECISIONS DATA PROGRESS?
- 13. 13 | Perspective Matters. www.mindstreaminteractive.com The Path to Benchmark Bliss ASKING THE RIGHT QUESTIONS
- 14. 14 | Perspective Matters. www.mindstreaminteractive.com Question 1 WHAT’S MISSING? Is my data flawed or incomplete? Can I make this data better by any means? Are there gaps that shouldn’t be there? How can I address those gaps?
- 15. 15 | Perspective Matters. www.mindstreaminteractive.com Question 2 IS THERE A TREND? Is this trend explainable? Does this trend impact my business? Will it repeat? Can I make it repeat? Do I want to? How can I continue or discontinue this trend?
- 16. 16 | Perspective Matters. www.mindstreaminteractive.com Question 3 HOW DO I SET GOALS? (See previous questions.) Use the data at hand to fill, shift or uplift. Fill gaps and holes. Shift away from the bad. Uplift the good.
- 17. 17 | Perspective Matters. www.mindstreaminteractive.com Question 4 HOW WILL THIS IMPACT MY BUSINESS? Uplifting traffic does NOT impact your business. Shifting the quality of traffic while uplifting does. Shifting away from bad tactics DOES impact your business. Filling the gaps does NOT impact your business. Filling the gaps with meaningful data and activities DOES.
- 18. 18 | Perspective Matters. www.mindstreaminteractive.com The Missing Piece I’M GIVING AWAY THE SECRET SAUCE RIGHT HERE
- 19. 19 | Perspective Matters. www.mindstreaminteractive.com Do Better. Be Better. We focus on the numbers, the goals, whether met or not met. We forget sometimes, this is about people. Rarely, if ever, is the goal set that says “I want to do more with what I have.” Make the customer your first and only priority. Improve their experience, entice them to come back, give them what they expect to find or change their expectations. Ask yourself – what did we achieve for them?
- 20. 20 | Perspective Matters. www.mindstreaminteractive.com It’s Storytime! ME FIRST, THEN YOU
- 21. 21 | Perspective Matters. www.mindstreaminteractive.com Challenge Accepted. Background: Once upon a time there was a client, with many locations, spread all over the nation. “What is normal?” they asked. “How can we even tell? There are so many variables – location, seasons, weather, economy and the list just goes on and on.” “Never fear, I have a way,” said the data analyst.
- 22. 22 | Perspective Matters. www.mindstreaminteractive.com Enter Princess Bell Curve
- 23. 23 | Perspective Matters. www.mindstreaminteractive.com Enter Princess Bell Curve
- 24. 24 | Perspective Matters. www.mindstreaminteractive.com The Data was in, the Decisions were made “There are holes!” “There are gaps!” “Oh, look how well that did, I never knew!” “There is something we can do!”
- 25. 25 | Perspective Matters. www.mindstreaminteractive.com Happily Ever After…until next quarter The client was happy, changes were made throughout the business. No, really. They shook things up and really changed the way they were doing their marketing.
- 26. 26 | Perspective Matters. www.mindstreaminteractive.com The End. What’s your benchmarking story? Kim Towne Sr. Marketing Analyst Phone: 614.754.2055 Email: ktowne@mindstreaminteractive.com Twitter: @kimtowne
Editor's Notes
- Let’s talk about competitor benchmarks, the ultimate vanity metrics COMPETITOR benchmarks.
- Benchmarks are based on the human desire to know where we stand versus others. What feeds this desire to know stack up against others? If there’s a way to prove my worth against a competitor, I am totally going to do it.
- You would never say you were exactly the same as your competitor, there must be some differentiator. If you were exactly the same you wouldn’t both exist. If they are better than you, is that your only bar. If they are below you, are you content with where you are? Are they the bar by which you set your standard? So…apples and oranges…
- It’s not quite as bad as comparing apples to oranges, but it will make you a little nuts. See what I did there…
- Let’s talk about competitor benchmarks, the ultimate vanity metrics COMPETITOR benchmarks.
- Fluffy numbers are the high level metrics that really don’t mean a damn thing. They are the one shot metric that makes an impact and leaves and impression but you can’t do anything with. They have a time and place.
- Let’s move to what does make a good benchmark
- On one side you have your shiny, fluffy number, on the other you have your real, useful information
- Data-driven, the hottest buzz word in town right now. Everyone wants to have it, very few have it.
- A decision is made, then the data is gathered to show that decision was a success, everything else is ignored.
- No such thing as perfect data. Automating to avoid human error, gathering data in advance, looking at additional data sources, was there a data processing error? (is data fluffly)
- Weather, seasons advertising budget changes GDPR/Net Neutrality
- Super-simplified, but everything can fall into these three buckets: fill, shift or uplift. Data gaps, trends - prepare for predictable trends, affect change in trends where possible.
- Super-simplified, but everything can fall into these three buckets: fill, shift or uplift. .
- Enter Princess Bell Curve, the fairest of all the data princesses.
- They had given their locations the tools but not the incentive to use them. That’s changed drastically. They were failing to connect with their customers where their customers were. They made huge changes to address that. Results to be seen.