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Posts Tagged ‘data’

Marketing Analytics: Show your work

August 14th, 2014 1 comment

Data handling and analytics can sometimes offer shocking results, as global B2B company National Instruments discovered after a surprising decrease in an email campaign’s conversion rate.

 

Key Obstacle: Concern about the new numbers

“When I first saw the number change, I was a bit freaked out,” said Stephanie Logerot, Database Marketing Specialist, National Instruments.

Stephanie, as a strategist, felt her greatest challenge was communicating the new way of looking at the data to National Instruments’ stakeholders outside of the database marketing team. This meant making certain everyone understood why the numbers dropped after implementing the new, more stringent data criteria.

 

A little background

A recent MarketingSherpa Email Marketing case study– “Marketing Analytics: How a drip email campaign transformed National Instruments’ data management” – detailed this marketing analytics challenge at National Instruments.

The data challenge arose from a drip email campaign set around its signature product.

The campaign was beta tested in some of National Instruments’ key markets: United States, United Kingdom and India. After the beta test was completed, the program rolled out globally.

The data issue came up when the team looked into the conversion metrics.

The beta test converted at 8%, the global rollout at 5%, and when a new analyst came in to parse the same data sets without any documentation on how the 5% figure was determined, the conversion rate dropped to 2%.

While interviewing the team for the case study, as what often happens in these detailed discussions, I ended up some great material that didn’t make it into the case study and wanted to share that material with you.

 

The team

For the case study, I interviewed Ellen Watkins, Manager, Global Database Marketing Programs, Stephanie, the database marketing specialist, and Jordan Hefton, Global Database Marketing Analyst, all of National Instruments at the time. Jordan was the new analyst who calculated the 2% conversion rate.

In this MarketingExperiments Blog post, you’ll learn how the team dealt with the surprising drop in conversion, and how they communicated why data management and analytics was going to be held to a new standard going forward.

The team overcame this obstacle with a little internal marketing.

Read more…

Digital Marketing: Stop ignoring data and start learning

March 26th, 2014 No comments

March Madness has been one heck of a ride so far, huh? This year’s NCAA tournament is pumping out upsets left and right as Cinderella stories rise and brackets burst.

But I’m a Florida Gators fan, and I have to admit, I’m liking what I’m seeing from all of the college basketball madness so far (knock on wood). After a less-than-awesome football season, I’m going to soak up an undefeated record and this No. 1 ranking as long as I can. I’m not above infusing this into my marketing writing, either.

Earlier this week, University of Florida head basketball coach Billy Donovan dished out some words of wisdom off the court.

“For me, I’m always eager to learn, to get better and to improve,” he told reporters.

Gators fan or not, you should take a page from coach Donovan. I have. In fact, I’m putting that quote into play this week as I write this post from the Adobe Summit Digital Marketing Conference in Salt Lake City. I’m immersing myself in sessions, panels, interviews and networking mixers to learn, get better and improve as a young professional. (A special thanks to Adobe for footing the bill for my growth, too.)

 

As a member of the pampered press for the Summit, I was invited to a special session: “Interactive Panel Discussion: Reinventing the Marketing Organization.” Ann Lewnes, SVP and CMO, Adobe, moderated, and was joined by the following panelists:

  • Jeff Dotson, Associate Professor, Department of Business Management, Brigham Young University
  • Jana Rich, Managing Director, Russell Reynolds Associates
  • Pete Stein, CEO, Razorfish
  • Jeff Titus, General Manager of Digital Technology Solutions and Strategy, Audi of America

 

Lewnes opened the discussion with findings from Adobe’s Digital Roadblock: Marketers struggle to reinvent themselves, published this month. The study was conducted by surveying 1,000 marketers and data was collected by ResearchNow.

One of the top takeaways: “Marketers recognize the importance of data, but aren’t widely using it to make informed decisions.” Here are the supporting facts and figures:

  • 76% of marketers agree they need to be more data-focused to succeed
  • 49% of marketers report “trusting my gut” to guide decisions on where to invest their marketing budgets
  • 72% of marketers agree that long-term success is tied to proving marketing return on investment

 adobe-research-data

 

Titus, who was also a keynote speaker at Adobe Summit, highlighted the data above when asked to give the audience some practical advice.

“Every marketer should understand when you put something out there, you should have the ability to measure it,” he said.

You must orient your team to that, Titus added, and don’t just look at your customer’s journey after the fact – seek those real-time results.

“Measure something – empirical data – that is really the most important piece of advice I can offer,” he said.

Titus offered how data can even drive risk taking in marketing, suggesting short cycles for testing. These are quick little investments that allow your team to see what’s working and what’s not in an efficient period of time.

“In engineering, we say ‘fail fast,’ Titus joked.

Or perhaps, learn fast. Learn what changes you can use to refine your campaigns and efforts. Data is a key piece to figuring this out.

Dotson offered an academic perspective on the matter from his observations in the classroom.

Historically, he said, “marketing was the fuzzy major for students.”

Read more…

Marketing Analytics: 20% of marketers lack data

February 25th, 2013 1 comment

The huge benefit of optimization and testing is to have your customers tell you what is most effective – which headline, which offer, even which value proposition – with their real-world actions during actual purchase decisions.

Of course, for this to work, you must be able to listen to what your customers are telling you through their actions.

In a world where “big data” is a big buzzword, many marketers might take this ability for granted. However, in the MarketingSherpa 2013 Marketing Analytics Benchmark Report, 20% of marketers told us they have very limited or no data …

Q: How much analytics data does your organization collect?

 

A full 40% of marketers only have “an average amount of data,” which does not sound like an overwhelming vote of confidence they have the information they need to intelligently plan, and execute, tests that will help them learn more about their customers.

As you review your analytics capabilities and plan for future improvements, Andrew Wise, VP of Global Sales, Prospectvision, offered a series of questions to help guide your efforts:

  • How many discrete marketing tools are you using?
  • How many channels (and sub-channels) are you juggling?
  • How are you reconciling the data you get back from multiple activities?
  • Do you know which campaigns are working? For which segments of your database?
  • Can you watch a prospect move through stages of sales-readiness? Can you map your marketing actions to those stages?
  • Can your sales team see what you see? In real time?

To the list, I would add one last crucial question …

  Read more…

Marketing Analytics: 6 simple steps for interpreting your data

November 7th, 2012 No comments

You’ve finally set up tracking on your site and have gathered weeks of information. You are now staring at your data saying, “Now what?”

Objectively interpreting your data can be extremely overwhelming and very difficult to do correctly … but it is essential.

The only thing worse than having no insights is having incorrect insights. The latter can be extremely costly to your business.

Use these six simple steps to help you effectively and correctly interpret your data.

Read more…

Web Analytics: Tips from your peers about metrics

July 11th, 2012 1 comment

It’s so easy to latch on to numbers. 50% increase. 20% decrease. However, without meaning — not just labels like “bounce rate” or “page views,” I’m talking about real understanding of their impact on your bottom line — those numbers are pretty worthless.

So how can you use metrics and Web analytics to improve your marketing performance?

Dr. Flint McGlaughlin, Managing Director and CEO, MECLABS, will share insights from our online marketing lab on today’s free Web clinic, at 4 p.m. EDT, “Metrics Simplified: How to translate your Web analytics into ROI.”

But first, we asked your peers how they use metrics. Here are a few of the most helpful responses:

 

Take a step back and think about ROI

My metric tip:

1. Go outside to a café. Leave your notebook/tablet behind. Take a piece of paper and a pencil.

2. Order a decent coffee and remember to tip.

3. Ask yourself (and be honest) – what is really important to me and my business? There can be 1,000 metrics out there that you can calculate.

4. Narrow down to your top three metrics, and then go discuss this with your team.

All metrics are good, but not all metrics are relevant to ROI. Find out what is relevant to ROI, what will give you the intelligence to do a better job, and then track them.

NOTE: Have a way to record them for later.

Oh, also – you can always experiment with different metrics as you go along. The main thing is to have less than four; you don’t really need more than that.

– Vijay Vasu, Founder, GunShot Digital

 

Read more…

How to Predict, with 90% Accuracy, Who Your Best Customers Will Be

June 20th, 2012 2 comments

So you want to optimize the amount of success you have converting your customers?  Well, one approach could be to optimize the customers with which you choose to do business. In other words, only market to customers who can really get value from your product.

Not only can you gain more business, but you can also find customers who are more compatible with your organization. This allows for smoother transactions with a higher success rate, which in turn raises the profit with fewer headaches.

How do you do that? It comes down to some math, namely statistics. If you have a data analyst on your team or in your company, I’m going to show you one tactic they can use to help you choose customers to market to who are much more likely to choose your product.

This analysis can even help you set pricing. After all, customers who can get more value from your product will likely pay more for it as well, or, at the very least, need less incentive to encourage them to buy.

 

Partition analysis helps you predict who will buy

Partition (or decision) trees are a multivariable statistical approach to identifying and classifying members of a population into groups based on a set of dichotomous attributes that are unique to them. The first step, just copy and paste that sentence into an email to your data analyst to show them that you know what you’re talking about.

All the above sentence really means is that you can use these advance statistical approaches to separate the wheat from the chaff of potential customers.

One of the benefits of this type of multivariate analysis is that on top of classifying groups, they can be used to predict which group a particular individual member of the population will be in. If your current and potential customers make up the population, this method will tell you if the potential client you seek to do business with will be a great fit for your company, or if they will be more hassle then they are worth.

In other words, you’re looking for potential customers who have attributes similar to those who have already bought from you. It’s the marketing equivalent of your buddy asking you if your football-loving girlfriend has any sisters.

  Read more…