Discovering analytics was the moment when I discovered a new hero – Avinash Kaushik. I adored jumping in to data exploration, surfacing with insight and learning how to tell a story from the masters.
Here’s a few of my favourite learnings from this fine fellow:
Getting started with analytics: a simple process
1) Learn Finance 101 and the terms outlined in the slide titled “Profit The Ultimate Client Need”.
- Why? Starting with these terms means that business objectives are top of your mind for the entire process which follows.
2) Meet with your Management team (or the senior most Marketing person) and identify which strategies outlined in “What Matter’s Most” the company is executing (/wants to execute).
- Why? Getting buy-in from your stakeholders is critical. Select your metrics in the dark and you’ll hear the echo when it’s time to share them.
3) For each strategy identified in step 2, identify the Web Metrics / KPI’s with a clear line of sight to the 4 beloved levers.
- Why? This step forces you to think carefully and make sure your metrics can tell a story which relates to genuine business problems. See the section below on BFFs for a good way to add depth to the story your data tells.
4) Use Avinash’s Digital Marketing and Measurement Model as a framework for your mega dashboard, which will tie everything together – relating objectives to KPIs, targets and segments.
Some tactical bits
Finally, a summary of the tactial tips I took away from this module on analytics:
Fun places to get started: Run a report on the top 25 landing pages on your site (by volume of traffic) and pick the 3 with the highest bounce rate. Using a build-test-learn approach, see what you can do to improve the bounce rate.
Every critical metric needs a BFF
More: read the blog post
Avinash suggests matching your critical metrics with a BFF metric, to add depth to your insight. The brilliance of this approach is that it adds valuable context and meaning to each metric you use. Here’s the list of metrics & their BFFs from the post.
- CTR – Bounce rate
- Visits – Visitors
- Time on site – page views per visit
- Conversion rate – Average Order Value
- Conversion Rate – Task completion rate
- Revenue – Profitability
- Video views – subscribers
- Mobile installs – 30 day active
- Conversions – assisted conversions
You can see how each of the metrics above can combine to give meaning which is greater than the sum of the individual metrics. If I know an ad has a high CTR but the bounce rate is awful, this tells me a lot about where to focus my efforts – possibly on being more selective with my ad audience.
Perspective on your metrics
Finally, some things to think about when you’re looking at your metrics – to give you another perspective on what matters and should be measured:
- How should we prioritise owned, earned, paid?
- Where are we spending most of our efforts?
Behaviour: when people arrive
- What do we expect?
- What pages should they see?
- What vids should they watch?
- Should they visit repeatedly?
- What actions should they take?
Outcomes: Which outcomes signify value to the bottom line?
- Phone call?
- Qualified lead?
I love seeing the results of delving into data and surfacing with unexpected insights. Next up I have a ton of reading to do, having ordered both Web Analytics 2.0 and Web Analytics, an hour a day. I have a lot to get through!