Milk that Data How to best u1lise and proﬁt from your business data
Show of hands… How many people here are happy with the amount of data they have on their customers?
Show of hands… How many people ac1vely collect data, analyse and implement ﬁndings on a regular basis?
Show of hands… Out of those how many people have a full 1me member of staﬀ analysing or responsible data? E.g Analyst
What’s going to be covered? • Why Data? • What data have I got? • How can this help my business? • Milk that Data • Understanding the Data collected • How to report & priori1se • Some tools to help
Why Data? • Data isn’t just the past it’s also future • It’s not opinion, its factual • Shows trends and insight both posi1ve and nega1ve to your business/industry • Helps make informed decisions on how to spend 1me and eﬀort and in which priority • Customers are individuals treat them that way…Target
Interes1ng Stats. • 68% of UK marketers deliver mul1channel marke1ng messages based on customer segments, but only 35% actually know which channels their customers prefer • Only 22% of companies say they have a company‐wide strategy for collec1ng and integra1ng data analysis with business objec1ves, while almost two‐thirds (63%) say they are working on this. Some 15% do not have a strategy in place for this at all • 70% of companies have at least one person directly responsible for improving conversion, up from 60% in 2009. The propor1on of companies that have more than one person in place has signiﬁcantly increased in the last year, from 20% to 37% • 84% of organisa1ons of the 23% of companies who incen1vised staﬀ based on improving conversion have improved conversion in last 12 months compared with an average expected 76%
Grazing for Data • Online – Analy1cs – Order / Customer History – Online Marke1ng • Search (SEO, PPC) • Social • Email • MVT • Oﬄine – ERP / Back Oﬃce / Financial Systems – POS – Call Centre – Direct Marke1ng – Foohall
Online Data, How can it help? • Conversion Rate • Cost Per Visitor (CPV) • Average Order Values • New Visitor % • Ra1o New Vs Returning Visitors • S1ckiness • Life Time Value • Eﬀec1ve on oﬄine sales • Conversion Analysis • New Account Signups
So let’s milk it… Today we’ll cover: • Web Analy1cs • Social Media • Email Marke1ng • Mul1 Variate Tes1ng
Web Analy1cs • 29% of companies using Google Analy1cs exclusively are unsure if their installa1on of Google Analy1cs is properly conﬁgured. Of those that don’t use Google Analy1cs exclusively, only 61% think their installa1on is correctly conﬁgured • 87.3% of UK consumers spend at least 24 hours researching a purchase of over £200. Comparably only 6 minutes is spent on retailer product pages • In the UK £5.3Bn was spent online during May 2011, a year‐on‐year increase of 18% • 4pm Wednesday ‘is peak‐1me for workplace shopping’. The largest shopping rush comes when employees are celebra1ng the ‘hump’ of the week seeing a 75% increase of Shopping
Web Analy1cs – Key set‐ups • Ensure you have eCommerce tracking • Set‐up funnel conversions through important milestone pages • Use ‘Campaign Tracking’ • Use ‘Event Tracking’
Web Analy1cs – Things to remember • Address your main KPIs • Not everyone is interested in the same data. Create bespoke reports • Customise your dashboards for easy analysis • React and build upon ﬁndings
Social Media • In the UK Facebook accounted for more than 53% of internet visits during June 2011 • Only 7% of marketers are measuring the impact of social media and genera1ng ROI • Social networks increase traﬃc sent to online retailers by 13% • 68% of UK marketers deliver mul1channel marke1ng messages based on customer segments, but only 35% actually know which channels their customers prefer
Social Media – Key set‐ups for Facebook • Customise your Facebook page to increase ‘likes’ • Add social bupons to your site e.g. share to broaden your brand’s reach • Use compe11ons to increase your following & iden1fy loyal customers • Create mul1ple pages of relevant content • Use Apps to enrich the fan oﬀering
Social Media – Key set‐ups for Twiper • Use 3rd party tools to Manage & short urls to measure: – Re‐tweets – Men1ons – Unsubscribes • Personalise your presence • Create short, punchy tweets so it makes re‐twee1ng easy without the need for edi1ng • Ensure your measuring your followers, Klout score and unfollows. • Track your top key phrases
Social Media – Key set‐ups for YouTube • Brand your presence • Op1mise your submission for search relevancy • Make your video engaging and professional • Ensure your visibility serngs are correct
Social Media – Key set‐ups for Blogs • Keep content fresh • Op1mise for search • Set as a source in your analy1cs • Monitor your blog as you would your main site
Social Media – Things to remember • Look at your own or network analy1cs to see content which engages your customers • Reply to ques1ons or nega1ve comments promptly on social networks • Social Monitoring tools make social life easier • Resource correctly as it’s public domain and out of your control
Email Marke1ng • 72% of respondents to an Econsultancy survey in early 2011 described email’s ROI as excellent or good. Only organic SEO scored beper • In 2011 there has been an increase in Retailers split test subject lines and content to perfect their campaigns for maximum response and ROI
Email Marke1ng – Key set‐ups • Personalise and target email content for your subscribers • Run split tes1ng • Synchronise your data • Track and analyse results • Integrate with social media
Email Marke1ng – Things to remember • Collect customer emails at every opportunity • Mix it up – try out diﬀerent designs to engage the subscriber • Find the mailing frequency that’s suits your customer • Stay on top of your database and ensure it’s current and clean
MVT Marke1ng • Only 17% of online marketers are currently using MVT, but 42% intend to use it in order to improve conversion rates • Of those using MVT, 95% felt it was either highly valuable or quite valuable in improving conversion rates • A 30% increase on conversion can be easily achieved with the use of MVT • Only 10 – 20% of marketers that would generate great ROI from MVT are ac1vely using MVT
MVT Marke1ng – Key set‐ups • Don’t just do A/B. Make the most and of tests and MVT • Test your landing pages • Test and target your campaigns to suitable audiences based on apributes and/or ac1ons using a combina1on of sta1c and dynamic criteria
MVT Marke1ng – Things to remember • Monitor the test regularly – it’s not an on‐oﬀ ac1vity • Pick a tool/service that suits you. Some tools are free but are limited or take a lot of resource to manage • Be open to test anything and everything e.g. copy, graphics, size colour/posi1on of bupons
Some KPI’s • Conversion Rate • Cost Per Visitor • Average Order Value • New Visitor Percentage • Ra1o of New Vs Returning Visitors • Life Time Value • Conversion Journey Analysis • Landing Page S1ckiness • New Account sign ups • Added items in basket (and abandonment) • Eﬀect on Oﬄine Sales
I’m milking! But I’m drowning • Day role doesn’t allow for analysis • So much data that nothing is done, everything is a big job • How to interpret the numbers is another problem • What takes priority, so much to do as a result…
Show of hands… How many people here have heard of scorecards? In par1cular balanced or weighted scorecards?
Balanced Scorecard • Kaplan & Norton from Harvard Business School realised that measuring the health of an organisa1on merely by its ﬁnancial results was ﬂawed. Financial results (in par1cular Sales Revenue) tells the story of past events without providing indicators to the future success of an organisa1on • They suggested analysing other measures, that should be combined with the Financial perspec1ve including training, HR, business processes to give a ‘balanced’ view of an organisa1ons health • We can apply the same concepts to our online strategy, balancing the conversion rate with your email address acquisi1on rate, balancing your online sales with the cost of PPC campaigns, balancing revenues from aﬃliates with the number of returns.
Balanced Scorecard • It’s a combina1on of several of your KPIs • Scorecard needs accurate data • Balanced Scorecards then need weigh1ng to priori1se result importance to a business • Re‐inforces data cannot looked at in isola1on
Weigh1ng the Scorecard • Depending on the importance of the KPI to the business • Diﬀerent roles appreciate diﬀerent KPIs • Role of the analyst is the weight these to the business
Scorecard Example What makes a great customer to a business? – Friendly, happy and polite ‐ Recep1on – Someone who places frequent orders – Sales – Someone who pays on 1me ‐ Finance – Take part in arranged events & gives recommenda1ons – CEO
Scorecard Example Top Trumps • Diﬀerent cars have diﬀerent strengths such as speed. Which are ‘round winning’ individually • However to increase the likelihood of winning you’ll need cards which have many proper1es above average making it a valuable asset in a game • Create a Top Trump summary card for your business which can be updated frequently as a health check
Balanced Scorecard • Create an execu1ve dashboard which displays a graphical representa1on of your KPI’s and we suggest it should be the single access point for management teams to view the success or see which areas are failing in your organisa1on • A single traﬃc light display can show a weighted representa1on of the importance of your scores – green is good!