As both a Googler and ClickZ team member, I recently attended and participated in the always-inspirational ClickZ Live New York event.
Along with Katie Morse, Vice President, Social and Search at Nielsen and Pierce Crosby, business development and experienced data analyst at StockTwits, we had a panel discussion on how brands can take their analytics practice to the next level.
First, a quick description of the panel:
Data has become everyone’s domain, in all aspects of your marketing and business. Most companies do a good job at collecting and reporting data and have a basic process in place. But many are stuck as to what to do next to elevate value of data in their company. A
s our conversation, and those questions the audience asked, were so good, I wanted to pull out some of the best questions and summary of answers we shared with attendees. Let’s go through them after the jump.
Pierce, Katie, and Adam presenting at ClickZ Live NYC. Photo by Search Engine Watch columnist Thom Craver (used w/permission)
1. Most companies have varying groups that need access to analytics insights. How do you efficiently get them all what they need and how do you ensure it’s most useful for them?
The answer is process. Ensure that you have the right metrics delivered to the right people at an anticipated frequency. Also ensure that you have conducted proper resource allocation in order to allow time not just to share dashboards, but flesh out insights for your teams to take action on.
If you are just delivering dashboards without context, you’re not doing your job. Actually, you’re performing the job a script can do – which isn’t a good place to be.
The more formalized you can be with your processes, the better, as this (Read more...) make you incredibly efficient and free up time for the creative, valuable (and fun!) analyst projects.
2. How do you see a breakdown of time spent on analytics between data capture, reporting, and analysis? What are the best ways to help get organizations to move up the value chain?
The more time you can spend on analysis, the better. But if you’re not capturing the right data and reporting it in an articulate way, your analysis won’t be accurate or defensible. That’s why it’s important to spend time up front on ensuring your data quality is excellent and you’re effortlessly generating beautiful reports.
Need some hard numbers to serve as a guideline? Aim for 10% of time spent on data capture, 20% on reporting, and 70% on analysis and delivering insights to your team (my previous ClickZ column goes over the reporting part in more detail).
The way to get an organization to move up the value chain is easy: trend down the time you spend on capture and reporting. It’ll happen organically.
3. Can you talk about how you are using data across tactics — such as how does search inform social, email or other areas of marketing?
Data should not exist in a silo. You should be using it to inform everything you do, and you should be using it to understand your users, not simply to fill in dashboards.
For example: if you notice visitors to your ecommerce site are frequently querying a product name or type you don’t have in site search, you should share this data with your product team and persuade them to offer it. Marketing isn’t just about promoting products anymore.
Marketing now needs to be involved in the actual strategic decisions companies make, and data is how we get a seat here. Our user data should be informing what we do next, not just showing successes of our sites and apps. This all starts with breaking down silos and using insights cross functionally – beyond marketing.
4. Let’s talk about goal setting: how you can quantify success outside of just ROI? What are some other metrics that we might want to take a look at?
ROI in dollar terms is great. Everyone can understand this, especially your CFO. But generating revenue is just one outcome from your marketing and content, and just one thing to optimize.
For example, if your call center or social CRM team notices a recurring question about your company’s product they have to answer repeatedly, that’s a huge opportunity. What you need to do in this type of situation is measure what your user’s problems are and use this information to power answers in an automated / self-service fashion such as an FAQ page on your site or chatbot.
Creating this type of content in a data-driven manner can help trend down easily answered questions, freeing up your customer service team to focus on tougher problems which require a human touch and making your customers happier by simply getting the information they need immediately. That’s a win-win: and very measurable!
5. What are some actionable ways or things we could all do to become better at analyzing the “what happened” and “why” at our metrics?
This is an area of practice makes perfect. The answer is to hire skilled leaders for your team that can inspire and grow your team’s analyst skills. But personal growth helps too: so attending events like ClickZ Live, trainings and courses (such as our Analytics Academy) and reading blogs and books (like Avinash’s definitive book, Web Analytics 2.0).
Although, there is simply no substitute for hands on experience at making data-drive decisions and becoming fluent in the world of digital measurement.
Working at an agency and on hundreds of clients across industries helped me get to where I am, so that’s a path I can personally recommend. Although there’s no reason you can’t build your skills in-house too.
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