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4 steps to being data driven

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4 steps to being data driven

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To succeed today, brands need to be creatively powered and data-driven. Marketers need to focus on what really matters, recognize meaningful patterns and trends, and share insights and take action with teammates.

In this session, we'll discuss:
- The 4 steps to being data-driven.
- How traffic sources fit together and what this tells you about the changing context of your customer.
- What is attribution and why is it important?
The more you see, understand and use your data to build on what works and eliminate what doesn't, the better you can connect, communicate and sell.

To succeed today, brands need to be creatively powered and data-driven. Marketers need to focus on what really matters, recognize meaningful patterns and trends, and share insights and take action with teammates.

In this session, we'll discuss:
- The 4 steps to being data-driven.
- How traffic sources fit together and what this tells you about the changing context of your customer.
- What is attribution and why is it important?
The more you see, understand and use your data to build on what works and eliminate what doesn't, the better you can connect, communicate and sell.

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4 steps to being data driven

  1. 1. Do what you love, Measure what you do. 4 steps to building a successful, data-driven online brand.
  2. 2. Hello! Katie Iles and Monica Pereira Katie co-founded Nine Lines, a strategic marketing agency specializing in online retail. Monica directs Nine Lines accounts and strategic marketing. We’ve had the pleasure to work with 40 brands over the last 4 years from FILA, Marc Ecko and John Varvatos to emerging brands like Jack Erwin and Bib + Tuck. Recently, we launched Tycoon, an easy-to-understand analytics app for ecommerce teams. Download it today for Beta pricing and a 30 day free trial! Katie and Monica are faculty members at General Assembly where Nine Lines leads the global Digital Marketing program. Education is incredibly important to us. Tycoon – www.tycoonhq.com Nine Lines – www.ninelin.es
  3. 3. Is this really how you shop?
  4. 4. Customer Decision Journey by Harvard Business Review Consider Evaluate Buy Enjoy Advocate Bond Loyalty Loop
  5. 5. The Marketing Map aka how the channels fit together
  6. 6. Prospect Quality Does this person resemble your target customer?
  7. 7. Conversion Probability Is this person ready to buy?
  8. 8. Conversion Probability Prospect Quality Brand Awareness Point of Sale Beware: Unreliable Avoid Like The Plague
  9. 9. Social Media Email Brand Search Conversion Probability Prospect Quality Display Retargeting Affiliate Marketing Generic Search
  10. 10. 4-steps to being data-driven 1. Determine KPIs 2. Establish normalcy 3. Suspect exceptions 4. Compare + contrast
  11. 11. 4-steps to being data-driven 1. Determine KPIs Visits * Conversion Rate * Avg Order Value = Revenue
  12. 12. Scale metric Answers: “How many?”,“How much?” Examples: Visits, Revenue
  13. 13. Efficiency metric Answers: “What percentage?”, “How productive? Examples: Conversion rate, Open rate, Clickthrough rate, ROI
  14. 14. What’s a KPI? Key Performance Indicators are the most important metrics for measuring your business. Don't be afraid to look beyond commonly cited KPIs to find the most important metrics for your business.
  15. 15. 4-steps to being data-driven 2. Establish normalcy Know your typical daily, weekly and monthly numbers.
  16. 16. Historical comparisons Triangulate performance with 2 of these 3 comparisons. % vs. Sequential % vs. Last Year% vs. Average Same time just before. Today vs. Yesterday This month vs. Last month This week vs. 4-week average Same time last year. Today vs. This date last year March ‘14 vs. March ‘13 Average performance. Today vs. Daily Average This month vs. Monthly avg.
  17. 17. 4-steps to being data-driven 3. Suspect exceptions If something deviates outside your normal range - above or below - investigate it thoroughly. You may discover a problem that needs fixing, or uncover a new opportunity.
  18. 18. 4-steps to being data-driven 4. Compare + contrast Why does search traffic see better conversion rates than Facebook visitors? (hint: remember the marketing map!) What products are outperforming the norm?
  19. 19. Link tracking Ask your customers where they came from. SOURCE Facebook MEDIUM Ad CAMPAIGN New Jeans
  20. 20. Link tracking Ask your customers where they came from. Time For New Glasses?! warbyparker.com! Our new Linwood ! glasses are flying! off our digital shelves!! Check them out here! !
  21. 21. Link tracking Ask your customers where they came from. http://www.warbyparker.com/men/optical/ linwood-revolver-black-m vs http://www.warbyparker.com/men/optical/ linwood-revolver-black-m? utm_source=tellapart&utm_medium=retargeting &utm_campaign=product_feed_retargetting
  22. 22. Link tracking Ask your customers where they came from. SOURCE Facebook MEDIUM Ad CAMPAIGN New Jeans Tag sources based on the specific traffic source.
  23. 23. Link tracking Ask your customers where they came from. SOURCE Facebook MEDIUM Ad CAMPAIGN New Jeans Tag mediums based on the broader category (e.g. email).
  24. 24. Link tracking Ask your customers where they came from. SOURCE Facebook MEDIUM Ad CAMPAIGN New Jeans Tag campaigns based on the insights you’re trying to draw.
  25. 25. Link tracking is tedious critical. 100% worth it!
  26. 26. Google URL Builder Your website URL 3 UTM elements: - Campaign Source - Campaign Medium - Campaign Name
  27. 27. One last thought…
  28. 28. MARKETING ENTANGLEMENT
  29. 29. Quantum entanglement Two separate particles are not independent – even when separated across space and time.
  30. 30. Marketing entanglement Two separate interactions are not independent – even when separated across space and time.
  31. 31. Marketing entanglement Your customer doesn’t experience ‘channels’.
  32. 32. A holistic customer experience Deserves a holistic marketing (and measurement!)strategy
  33. 33. Customer Decision Journey by Harvard Business Review The Last Click Consider Evaluate Buy Enjoy Advocate Bond Loyalty Loop
  34. 34. Customer Decision Journey by Harvard Business Review Consider Evaluate Viewthrough Conversions Buy Enjoy Advocate Bond Loyalty Loop
  35. 35. Press Retargeting Email Search Buy Now
  36. 36. Press Retargeting Email Search Buy Now Viewthrough Conversions Clickthrough Conversions
  37. 37. Data is a proxy for people.
  38. 38. Analytics won’t tell you everything. Don’t try to explain customer behavior without understanding what they’re going through. When was the last time you purchased something from your website? Have you tried it from your phone or tablet recently?
  39. 39. Recommended reading Web Analytics 2.0 By Avinash Kaushik “Don’t Make Me Think” By Steve Krug “Information Dashboard Design” By Stephen Few
  40. 40. Get in touch! Katie Iles katie@tycoonhq.com Monica Pereira monica@tycoonhq.com Tycoon Website - www.tycoonhq.com Twitter - @tycoonhq Instagram - @tycoonapp App Store – “Tycoon Analytics” Nine Lines Website – www.ninelin.es Twitter - @nine_lines

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