5 Inside Secrets of Data-Driven U.S. Companies
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RJMetrics works with hundreds of the fasting growing online businesses. Here are five of their secrets for using data to grow faster.
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5 Inside Secrets of Data-Driven U.S. Companies
- 1. 5 Inside Secrets of Data-Driven U.S Companies Presented by: Robert J. Moore CEO, RJMetrics October 15, 2014 | SÃO PAULO @robertjmoore
- 2. About me & RJMetrics @robertjmoore
- 3. What you’re going to learn today @robertjmoore $50 to $1M+ in six months $100M to $300M+ in one year 8,443% 3-year growth
- 4. Data storage costs have plummeted @robertjmoore There is virtually no penalty for storing data. What are the consequences?
- 5. Abundance of data across many sources @robertjmoore The number of SaaS marketing and business optimization solutions is larger than ever.
- 6. Creation of data silos @robertjmoore
- 7. Secret #1: Break down the silos
- 8. 4x increase in revenue from email over one quarter. Silos Combined: + Quantified impact of e-mail campaigns on CLV
- 9. Followed the ROI and increased holiday sales by 165% 1. Try new marketing channel 2. Measure ROI 3. Adjust & focus efforts on best channel 4. Iterate daily Silos Combined: + Measured ROI of marketing channels using CLV
- 10. Secret #2: Data in non-technical workflows Deliver consumable data to the front lines @robertjmoore
- 11. Social media team exceeded New Buyer goal by 77% - Victor Hanna, Betty Mills CEO Top consumers of data: ● Not engineers ● Not analysts ● Not data scientists Social media and marketing teams could iterate without data lags or technical intervention
- 12. Doubled ROI on affiliate marketing program Silos Combined: + Trimmed low-value affiliates, doubled-down on high-performers
- 13. Remove the IT bottleneck in getting reports to users. “One of the most important things for us is to be able to build up and tear down reports as things change -- because they change literally week to week and day to day.” - Josh Levy, CEO at BeenVerified Up-front investment in doing this right reduces long-term burden on technical and data teams. Data Science teams are most valuable for exploratory strategic analyses-- they are a bottleneck when serving tactical needs.
- 15. Secret #3: Find the “golden motion” Replicate the driving behavior Know the outcome you want to improve Identify influencing behaviors
- 16. We wanted to boost free trial conversion. So much data to choose from: ● Logins ● Number of accounts created ● Data sources connected ● Charts created ● Number of support tickets ● Dashboards shared ● and dozens more...
- 17. The Golden Motion: Editing a Chart This action consistently increased conversion likelihood Baseline 30% One golden motion behavior 60% Two golden motion behaviors 77% Without combining data sources and empowering non-technical team members, this discovery would not have been possible.
- 18. Data’s Cost: Local Maximums @robertjmoore
- 19. Local Maximums are Ugly @robertjmoore
- 20. Blindly Following Data is Scary
- 21. Secret #4: Adopt a “T” shaped data strategy Broad, simple, quantitative @robertjmoore Event Logs A/B Tests Web Analytics Databases
- 22. Secret #4: Adopt a “T” shaped data strategy Broad, simple, quantitative @robertjmoore Narrow, unstructured, qualitative Event Logs A/B Tests Web Analytics Databases Customer Interviews Market Intelligence Vision Values
- 23. Marketers as growth hackers & scientists
- 24. Data + marketing technology Data and technology opening up new avenues of growth beyond traditional marketing. @robertjmoore
- 25. Secret #5: Don’t Just Hack Marketing @robertjmoore
Editor's Notes
- (all of these data points are publicly available) Today I’m going to be talking about these megatrends impacting businesses today, and the secrets that high-growth companies have learned about leveraging these trends. These companies are exceptional and have all grown an extraordinary rates, and they have one thing in common -- they’re all data-driven. Let’s get started by looking at some of the trends that make this unprecedented growth possible...
- Back in the 80’s, just a few MB of data used to cost thousands of dollars; when google was founded, the co-founders invested hundreds of thousands of dollars in hard drives that they would wire together in order to download the entire text of the internet… today storage in the cloud, by the megabyte, is about as close to free as you can imagine; there is no penalty for putting data somewhere for later retrieval, and the amount of information you can store for pennies a day is more than your brain could hold in a lifetime.
- You can can pull reports from your email service provider, Salesforce, your shopping cart platform, your customer support desk, your social platforms. This helps you optimize a specific silo, but won’t help you answer questions like: What’s the lifetime value of customers acquired from Adwords vs. Facebook? Are customers who interact with support staff more likely to purchase from me again? Are my email campaigns creating repeat purchases or just driving one-off transactions?
- Knew that sending transactional-focused messaging created a poor customer experience, but were unable to see long-term impact. Action: created a series of conversational messages delivered throughout the lifecycle, some transactional, some not. Result: Linked email UTMs to revenue, while not every individual email resulted in revenue, revenue from the channel as a whole increased by 4x.
- Set measurable KPIs for every marketing team, tracked these automatically in RJMetrics. Action: The social team was lagging on their New Buyer’s goal. They teamed up with the email marketing team, implementing promotions that worked in email on social channels. By the end of the quarter they had exceeded their New Buyer goal by 77%
- Affiliate program was performing ok, but they knew there were some duds. Action: Used RJMetrics to measure the LTV of customers acquired through affiliate program. Result: close to 500% ROI on affiliate program
- Explosive success after product launch left tech staff with a ton of work on their plates and business users in desperate need of critical data to support marketing and retention efforts. Getting those reports was creating a bottleneck. It was taking up to 24 hours for a programmer to code a new report, and then half the time the new report was useless. This bottleneck was slowing growth. W/ RJMetrics business users have access to things like cohort analysis, customer lifetime value, and can build new metrics & reports as they need them.