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Insight without action is worthless

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This document outlines a method for digital transformation or enhancement based on a swift pre-study - that will help you get the insight you need to make informed decisions, plan for the future and find a new way of operating - to increase customer satisfaction, adapt your way of working using data and thus increase your revenue.

Either its is just launching a new website, identifying the needs as well as future proof it or its is to restructure and enhance your marketing and communication from activities to department - however big or small task, local or global - you can use this method.

So let’s dig deeper into what type of activities that can help you both improve and adapt how you work using discover - plan- act and optimize.

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Insight without action is worthless

  1. 1. Insight without action is worthless VERSION 0.5 · 29 08 2016 www.veronicastenberg.se - HOW TO TURN INSIGHT INTO ACTION -
  2. 2. For digital transformation or just room for improvement With all the new technology comes new possibilities, insights and services for your business and your customers. Either you provide these services or someone else will or already does. The playing field is vast and open to anyone and everybody. Only a lack of passion and imagination - and fear of change is holding companies back today. Let’s face it old business is is going to be no business if companies don’t change and adapt how they work with the increase of digital marketing, services and technology. There is no playing it safe, and stick to doing business the old way, because “its always worked,” is not a recipe for sticking around that much longer. Since your customer is the boss today and tomorrow a new social media platform can be launched, or any other new technology invented which changes everything - again. New business is focusing on your customer and it’s easier than ever to please them - as you have new technology available at your fingertips as well as huge amounts of data to create incredible things to delight them and be a part in making their day to day lives better. But in all this - it can be overwhelming going from a traditional way to a new way of working - and let’s be frank here - you will need to adapt and change your service, business and possible the way you offer it to your customers and how you do things more than once going forward. This document outlines a method for digital transformation or enhancement based on a swift pre-study - that will help you get the insight you need to make informed decisions, plan for the future and find a new way of operating - to increase customer satisfaction, adapt your way of working using data and thus increase your revenue. Either its is just launching a new website, identifying the needs as well as future proof it or its is to restructure and enhance your marketing and communication from activities to department - however big or small task, local or global - you can use this method. So let’s dig deeper into what type of activities that can help you both improve and adapt how you work using discover - plan- act and optimize. DISCOVER PLAN ACT OPTIMIZENEED ANALYSIS
  3. 3. This method touches the following: Cornerstones for insight: 1/ Business 2/ Customer 3/ Current touch points 4/ Process - customer path to purchase 5/ Process - internal path to purchase Strategy: ● Business/organization ● KPIs ● Target audience ● Service offering ● Competitors Markets Customer insight & journey Action & roadmap: ● Communication ● Marketing ● Technology ● Ecosystem & Touchpoints (channels, reach ) ● Trends and behaviour
  4. 4. ● How to find business value online and how to reach your business goals ● What channels to invest time and money in ● Understand your customers needs and how to improve your communication and service to them ● Make data driven decisions and distribute relevant information to each department ● Understand how to measure success ● Create a modern marketing plan ● Get the insight you need to take effective action and make the right decisions ● Compare yourself against competitors ● Understand your organisational needs to achieve your goals ● Identify pain points of your business in terms of communication, marketing, customer care, etc ● How you can market adapt and what you need to do From the discovery phase, you will get an action plan or roadmap how to change, adapt and what actions you need to take in order to reach your business goals and cater for your customers. Solving your challenges would mean that you know:
  5. 5. How does this work? INSIGHT ANALYSIS & STUDY FACT /INSIGHT COMPILATION How do we do this? Effectively With insight and data driven decisions? How do we improve what we got? How can we offer a better service to our customers? Work more efficiently towards reaching our goals? What doe sthe data say? What can we do better? Against goals, vision, target audience business value & competitors What challenges do we face right now? DISCOVERY PLAN
  6. 6. How does this work? EVALUATION OPTIMIZATION How do we improve what we got? How can we offer a better service to our customers? What do we need to change, tweak and adapt? What’s the result so far? What can we do better? How can we work more effectively? ACTION Let’s do this! ACT OPTIMIZE
  7. 7. 1: DISCOVER 2: PLAN 3: ACT 4: OPTIMIZE STEP 1: Need analysis 0: NEED ANALYSIS Before we head down the magical rabbit hole of data, start interviewing people and evaluating your online presence and business online. We need to know more about your current needs, your customers, their and your purchase process and where you want to go in order to ask the right questions, and which areas you want to focus on. But also how committed you are - since we are delivering an action plan and not a fancy powerpoint. We are here to help you realise what you need to do in order for your business to improve on and offline. To do that - you answer the questionnaire - and from there we create a recommendation for the discovery and plan phase which fit your organisational, information and other needs which we need to take into consideration. To give you an example, the 5 essential cornerstones are; 1/ Business insight - interviews with stakeholders, customer support/care department, etc 2/ Customer insight - interview with customers, non customers, etc 3/ Current touch points - website, channels/reach, website data, content, technology etc 4/ Process - customer path to purchase 5/ Process - internal path to purchase
  8. 8. DISCOVER PLAN ACT OPTIMIZE STEP 1: Need analysis NEED ANALYSIS From this you can build on with more activities for insight, if relevant such as; ● Market analysis and benchmarking ● Competitor analysis ● Sentiment Analysis ● And more The method is possible to scale to fit your organisation and vision, project or initiative to deliver you the insights you need to adapt and improve in the key areas from these 5 essential areas. I.e you scale the discovery phase based on project scope, and what you want to achieve and the insights from these 5 areas help you make decisions. They are your foundation.
  9. 9. STEP 1: Need analysis Your intention/initiative/ challenge/project The Questionnaire Discovery Plan Act Optimize 1 2 3 4 5 6 This sets the scope and recommendations for the discovery and plan phase Helps you understand what actions you need to take This gives us insight on how to improve our actions moving forward Defines our actions
  10. 10. Examples from The Questionnaire Examples of relevant questions to you are: ● What is your biggest challenge today? (what do your organization need to solve?) ● What is the hard part? What obstacles have you identified? To solve this? ● What can you invest? In terms of increasing people in your team or distribute responsibility? New technology? Improved content? ● How receptive is your board and organisation to change? ● What is the purpose and goal of your online presence? ● What role does your website play in your business? (what business value does it add today?) ● How do you think your website can support your business in a better way? ● How do you measure success today? ● What marketing activities do you do today? (both off and online) ● What are the results so far? In terms of sales. (or leads and what is the value ) ● Who is your customer? And what do you know about them? ● What do you want a current customer do on your website today? ● What do you want a potential new customer to do on your website today? ● How do you communicate with your customers today? And when? ● What is your website conversion rate? ● How long is the life cycle of your customers? ● Can you change and adapt the way you work? ● Are you active in more markets than one? ● Who are your biggest competitors - and why? ● Are your customers active in social media and do you know what they say about your company - and do you actively respond to them?
  11. 11. External and internal Interviews or surveys Competitor analysis & benchmark Analysis of documentation, services, processes, business model etc Touchpoint analysis Website & data analysis After you have answered the questionnaire we make a requirement analysis and recommend a set of actions for the discovery phase. It’s a custom recommendation that takes in consideration your current status, business size, budgets, needs and your competitors. The actions can consist of actions such as; Examples of activities during the discovery phase:
  12. 12. PROCESS: the how to DISCOVER PLAN ACT OPTIMIZE The Questionnaire to establish what discovery tasks that are applicable to your circumstances: ● Business surveys ● Customer surveys ● Current website data ● Current website & touch points (content, marketing etc) ● Purchase process (external and internal) ● Competitor benchmark ● Market analysis ● Technology ● Offer, story and USP’s evaluation ● Trends & vertical research Insights and fact compilation into = ● Prioritised roadmap with actions - who, why and by when ● Define how we measure success ● What resources are needed ● Relevant channels ● Technology ● Etc Let’s do this! - Example tasks: ● Content audit ● Create new content ● Send out better newsletters ● Update the website ● Get a dashboard in place ● Educate internally ● Hire more staff or distribute responsibility ● Re-structure website ● Spruce up social media channels ● Get better photos in place ● Improve technology & systems ● Etc, etc We can only get better by evaluating our work and performance with regular intervals: ● What have been done during what time? ● What was the results? What do we need to change? ● What have we discovered? And learned? ● How do we change this and by when? ● Who in the organization needs to be involved? ● What new trends, social platforms, technology, behaviour or possibilities have been invented that we need to adapt to? Recommended baseline: Add ons:
  13. 13. Examples of what the output can be and how it will help you: ● Insight pack - summary of the discovery phase, with conclusions for your business, customers and online presence ● Identification of content gaps and improvements for you website and communication ● KPI framework for measuring success - version 1 ● Identified of improvements for technology, information architecture ● SWOT analysis ● Customer journey to online purchase map INSIGHT&KNOWLEDGEHOW,WHY&WHOTO GETTOWORK:TODAY ● Action plan - with the tasks you need to perform to reach your goal ● Roadmap for the year, with the tasks prioritized from the action plan - who needs to do what by when ● Channel plan - what, how, why and when to communicate ● Blueprint - to evaluate new technology, investments, content, marketing, etc
  14. 14. … and then what? We have done the work, you now need to know what you need to do and have a plan for action for the next 6-12 months. You know what to do, what is prioritized and who needs to do what in order to make this happen. Either we are a part of the process moving forward or not - we can use the “Checkpoint” method which means that we have regular installments of checkpoints every 2 weeks, once a month and then every other month. We check in and help you move, adapt the plan, prioritize and plan.
  15. 15. Still not convinced? Let’s consider some possibilities Okay then. Let’s take a step back and form a hypothesis. From the new knowledge your company invest in the following with fictional investment cost: 1/ Improved photography - € 5 500 2/ How to videos of your products - € 5 500 3/ Updated website with content, structure and improved use of keywords based on search data - € 8 000 4/ A landing page to be used for campaigns - € 3 500 5/ Improved newsletters using content from above investments - € 0 6/ A new ESP and segmented database for subscribers - € 1 000 + internal work to segment database 7/ Help with implementing goals and simple dashboard set-up to track progress - € 1 000 Help with creating 3-4 different attribution models for helping you evaluate media investments - € 1 500 And we let 6 months pass from the day your company got all this in place and your business invested €26 000 in total for a couple of quick fixes
  16. 16. Let’s then say that you business have the following results the day before everything you just ordered on the slide prior to this is implemented: 15 000 unique visitors per month An average sale is worth €150 Conversion rate of 1% Bounce rate of 75% on your website Bounce rate of 90% of your landing pages for campaigns used today Open rate of newsletters: 2% & CTR: 0,5% Forwards of newsletters: 0% Still not convinced? Let’s consider some possibilities
  17. 17. Let’s see which effect this may have after 7 months have passed: 1/ Improved photography 2/ How to videos of your products 3/ Updated website with content, structure and improved use of keywords based on search data 4/ A landing page to be used for campaigns - € 3 500 5/ Improved newsletters using content from above investments 6/ A new ESP and segmented database for subscribers 7/ Help with implementing goals and simple dashboard set-up to track progress 8/ Help with creating 3-4 different attribution models for helping you evaluate media investments More satisfied customers - 10% increase in return rate - buy more or other products from you Increase in relevant traffic from search engines to your website: 15% Decreased bounce rate: 20% Conversion rate increase: 1% Open rate increases to 15% 2% forward rate for newsletters Increase in conversion rate from campaigns, decrease in bounce rate: - 15% Better distribution of media investments - regardless of paid, owned , earned - increase in sales with 10% increase in ROI 25% Still not convinced? Let’s consider some possibilities
  18. 18. So the new numbers are now after month 7 have passed: 15 000 unique visitors per month = 17 250 An average sale is worth €150 Conversion rate of 2% = 345 sales this month = € 51 750 in sales revenue Bounce rate of 55% on your website (20% more possible customers) Bounce rate of 75 % of your landing pages for campaigns used today (15% more possible customers) Open rate of newsletters: 15% CTR for newsletters: 5% Forwards of newsletters: 3% 10% more of your media budget is better spent and invested more wisely Still not convinced? Let’s consider some possibilities
  19. 19. Now, show me the money: You invested € 26 000 During month 7 alone - you have the possibility to earn € 51 750 in sales revenue. The possibility of an increase during the 6 months your website, content and so forth is most likely to happen gradually. You also now have the tools to send relevant newsletters with killer content to your customers or prospects They are so good people are actually talking about them now - and they generate traffic to your website. You also have the tools in terms of a dashboard to monitor performance - and instantly tweak anything that is not working or take immediate action if so required. As well as attribution models to help you to maximize and justify both media investment and continuous investment in new content for your website, newsletters and social media platforms. So the question is - can you afford not to consider the possibilities what an investment in your online presence can do for your bottom line?
  20. 20. Want more food for thought, knowledge and/or free resources? The purpose of this document is to illustrate how I think and work. This is the first draft of how to illustrate my thoughts and I’m going to update this to evolve and illustrate further*. However in the meantime: Head on over to my blog to read articles: http://www.veronicastenberg.com/blog/ Download free resources such as radmap templates, KPI frameworks etc or know where and what I use to get my hands on news in the business: http://www.veronicastenberg.com/resources/ Use the contact form to ask me a question or just say hi: http://www.veronicastenberg.com/contact/ *because “real artists ship - Steve Jobs”
  21. 21. Throughout this presentation I’ve used icons from the noun project using CC - the incredible artist behind these are the following: Icon credits to: Linh Pham Icon Fair Gregor Črešnar Anatolii Babii Chameleon Design Pham Thi Dieu Linh Lastspark Paweł Wypych icon 54 Stuart McCoy Pham Thi Dieu Linh Ryan Speziale Bastian König Yu luck Lorenzo Alfano Mario Bieh Photo credit shout outs to: Death to the stock photo

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