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Posts Tagged ‘marketing analytics’

Email Marketing Analytics: Fight for your right to not be bored

February 7th, 2014

200,000 clicks.

Is that good? Is that bad? Who knows?

At MarketingSherpa Email Summit 2013, Matt Bailey, President and Founder, SiteLogic, compelled marketers to “fight for your right not to be bored” at marketing meetings.

Analytics by themselves, he said, don’t mean anything unless you can apply a meaning to the numbers.

In this excerpt, Matt explained that marketers should ask three questions about analytics:

  1. Where did your visitors come from?
  2. What did they see?
  3. How did they react?

 

Knowing who your customers are and establishing what prompted customers to make an action can help you better target your audience and further segment them into specialized categories.

 

Email is highest profit-per-dollar activity

During his consultations, Matt’s team discovered that regardless of industry, “email is their highest profit-per-dollar activity.”

However, he added, companies aren’t leveraging email as effectively as it could or should be used.

 

When you send the same message to everybody, it doesn’t work

Companies need to determine whether or not customers are opening emails and if they are continuing on to the website through that email send.

Matt found that “when you send the same message to everybody, it doesn’t work.”

Companies should use analytics to analyze customer behavior in emails, and look at specific metrics including:

  • Which headlines prompted customers to open an email
  • From there, whether or not they were brought to the website, or other content within that email
  • How much time they spent engaged with the content

He also added that email is best treated as a conversation.

But when you write a single-send email, “you’re not having a valued conversation; you’re having a one-way announcement,” Matt explained.

The best way to see email numbers improve is by communicating value and relevance to the customer, which enables the customer to continue or initiate a conversation with you.

As Matt said, when it comes to the customer, “it’s all about value.”

Integrating analytics with email marketing provides the marketer with insights into customer behavior and how email marketing strategies can be improved. As a result, the marketer can better serve the customer with that insight, rather than just seeing those metrics as numbers on a page.

You can watch the full video replay of Matt’s Email Summit 2013 session in the MarketingSherpa video archives.

Multichannel Marketing: 6 challenges for planning complex campaigns

November 5th, 2013

“The medium is the message.”

Or so says Marshall McLuhan.

But, when I think of cross-channel and multichannel marketing, I often think of the words of another 60s icon – Jimi Hendrix.

“You’re just like crosstown traffic, so hard to get through to you …”

Cross-channel marketing is difficult because it often involves lots of coordination to keep the messaging consistent.

For instance, you have the players involved …

Multiple departments (and often multiple companies), ranging from:

  • The brand
  • Agency vendors
  • Media partners
  • Channel partners
  • Freelance writers
  • Franchisees
  • Really, you name it

Also, don’t forget about the process …

You must get buy-in on budget, launch dates, incentives, brand use, legal regulatory compliance and real estate on the homepage or in-store.

The list goes on.

Needless to say, it can be very hard to get through to everybody.

So to help you herd cats … I mean, to help you with multichannel campaign planning, here are tips to help you overcome some key challenges. These are meant to give you a heads up on potential land mines you might hit and challenges you might run into, before you hit them, so you’re able to coordinate with all parties in a smooth, efficient manner.

Or, at the very least, appear to have some of your ducks in a row.

 

Challenge #1. Knowing who you’re talking to

No campaign, not even a multichannel campaign, should start with channels. Or even a message.

It should start with a person.

The customer.

It’s even better if you’re able to segment this starting point into several types of buyers.

“As the world becomes more connected and the consumer really has the ultimate control of the brand, I think it’s even more important that we put their perspective first in our marketing efforts,” said Tami Cannizzaro, Global Director of Marketing, Social Business, IBM.

Tami shared some of the persona work she’s done with IBM as an example …

 

“We developed ideas around the different possible stakeholders in an enterprise-buying decision. We put thought into their personalities and lifestyles,” Tami said. “I think the most important piece of the exercise was that we thought outside our standard viewpoint, put aside our knowledge and assumptions of the market, and considered our customers’ various needs first and foremost.”

To put a face behind those customer segments, you can include fun little doodles, real pictures or stock photos, but most importantly, try to put yourself in the customers’ varied shoes.

A mistake I often make is to think about how I would react to a certain message or piece of content that I’m working on. But, unless my audience is comprised only of devilishly handsome directors of editorial content living in Jacksonville, Fla., I’m missing the boat.

A great example of this often happens at marketing events. A speaker will ask, “How many people in the audience have smartphones?”

Invariably, 99% of the audience raises their hands. Then, they’ll say, “See, everybody has smartphones!” and then proceed to harangue the audience for not engaging in mobile marketing.

But, unless your target market is people who attend the same marketing conference as you, by following this advice, you are not considering the customer. If, for example, your audience is poor or old, mobile marketing may not be a priority for your company’s marketing budget.

So, never make the argument, “Well, I would love a campaign like this.” Instead, take a good, hard look at “Oliver Old Skool” in your buyer persona, and ask, “What would Oliver think?”

 

Challenge #2. Hitting it where they are

The purpose of a multichannel marketing campaign isn’t to get your message out to as many channels as you can. It’s to get your message out to the most effective, most efficient channels.

“A millennial is likely going to interact with greater frequency and preference on mobile, so mobile would be a priority channel if you’re targeting that audience. If you’re trying to reach a senior B2B buyer, that might not be your best channel,” Tami said.

“Social properties like Facebook and Twitter may provide you data and insight into your customers, your owned properties can provide your insight into how your customers seek information, engage and transact with your brand,” Tami suggested.

The personas can really help here, as well.

“Millennials might like less text and more video. The techy guy might like more hands-on demo. [The persona] forces the exercise of targeting so your website isn’t completely generic,” Tami said.

As you’re selecting channels, budgets have a way of focusing the mind. After all, if we all had our druthers, who wouldn’t want a Super Bowl spot? But, the varied channel costs, much like a fantasy football draft, force us to make those trade-offs.

As an example, in our “How much should leads cost?” panel at MarketingSherpa Lead Gen Summit 2013, Tom Reid, Executive Director, Hacker Group, shared the following media mix review for a health care company …

 

So, how do you get started?

“By starting with small tests and proper Web analytics and attribution, marketers can get a good enough grip on the role each channel plays towards reaching the campaign objective and allocate budgets accordingly,” advised Lori Davis, Online Writer, Qwaya.

 

Challenge #3. Finding their voice, not your voice

Once you know where to say it, you have to know what to say.

“Too often brands lead with product-focused messaging. It’s the wrong approach. Customers don’t know what you’re talking about, or worse, know that you’re trying to sell them something without providing them value. That’s a branding misstep,” Tami advised.

“Marketing should approach any customer-facing campaign by putting their customers’ needs first; it should provide value, it should be like a service. You need to build a conversation with your customers and first speak to their interest or pain point and then, after multiple interactions, consider a solution. It’s about relationship building.”

 

Challenge #4. Creating a consistent message and experience

To help build that relationship, once you know what you want to say, you must ensure everyone is saying the same thing across all channels – with a seamless customer experience to boot.

If the email department sees the campaign focused around luxury, and the agency copywriters creating prints ads think the message is about value, there can be a serious disconnect to the consumer.

As you’re thinking about this, take a look at the world of politics.

Political parties are essentially one big brand, with hundreds of owner-operator franchisees.

It’s also a world where a single slip-up by any one of those owner-operators will be broadcast across the 24-hour news networks and blogosphere with a maddening speed threatening to torpedo the brand.

To stay on the same page, the parties create talking point memos.

“In an attempt to influence public opinion, the leaders of both major parties — Democrats and Republicans alike — craft talking points, scripts for rank-and-file members to follow when discussing particular policy issues. Talking points, when used frequently, become the party line.” – FactCheck.org

Likewise, when you are launching a complex campaign across many entities, you need to ensure the messaging, and central thesis behind the entire campaign, is understood and embodied by all involved.

Your brand comes into play here. A clear primary value proposition along with derivative value propositions is essential.

But, it would also help to have your own version of a talking points memo. Tami presented a Campaign Message Map at Lead Gen Summit that her team uses, and she was kind enough to allow you to download it for free and use it for your own campaigns.

“We start by building a very simple conversation map. It starts with key pain points of our customers, then drops to the business value and finally to our capabilities,” Tami explained.

 

Beyond messaging, there is also the functional aspect of ensuring a consistent experience from one channel to the next.

“Only marketers think in terms of channels – consumers don’t. They consume content, not caring if it’s via the ‘mobile, social channel’ or via the ‘print channel.’ Keep that in mind to make sure the consumer’s transition between channels is natural,” Lori said.

Lori provided this example, “If you advertise a URL in offline media, make sure the website provides a good experience on mobile devices. Sounds obvious, but it is often missed.”

The next level is to gain a single view of the customer.

“You need to create a consistent experience and then you need the ability to track your customers whether in-store, online or via mobile so you have a single view of the customer and can personalize their experience in a way that they will appreciate, to build loyalty,” Tami advised.

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Marketing Analytics: Now that marketers can collect data, interpretation is the top challenge

May 3rd, 2013

Technology is fantastic. But, it’s not magic.

Marketing analytics can be extremely powerful. However, just like any other tool or technology, it takes hard (and smart) work to turn data into knowledge.

So, in the MarketingSherpa 2013 Marketing Analytics Benchmark Report (sponsored by Paramore), we asked marketers …

Q: What were your organization’s most frustrating challenges with marketing analytics in 2012?

Then, we asked your peers what they thought about this marketing research. Here’s what they had to say …

 

Interpretation of data

What is interesting is that the top two challenges are related to the interpretation of data, not the collection of data.

We have finally turned the corner on the basic blocking and tackling of data consolidation through technology and processes, and now the most important challenges are focused on how to effectively use the analytics for improved decision making.

It has taken a long time to get to this point, but it is encouraging to see that 42% of respondents stated that acting on data to improve marketing performance was their #1 challenge, followed by combining data from multiple sources to draw correlations and make predictions (41%).

Integrating systems and siloed data finally has fallen to the bottom as most marketers have the technology and tools to do this process. Now we have to do the hard part and make the data talk to us, guide us, and give us insights.

– Cyndi Greenglass, Senior Vice President, Strategic Solutions, Diamond Marketing Solutions

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Marketing Analytics: Managing through measurement and marketing as revenue center

April 26th, 2013

“What gets measured is what gets done.” So says the old business maxim, at least.

We wanted to know what marketers get done, so to speak, so in the 2013 Marketing Analytics Benchmark Report, we asked…

Q: Which of the following are you involved with tracking, analyzing or reporting on for your organization?

 

We asked the MarketingSherpa community about these results, and here’s what they had to say …

 

Managing through measurement

These results highlight the indifference, or perhaps lack of experience, when it comes to tracking marketing, especially social media marketing.

As these channels can be tracked offline (via call tracking) and online, via dynamic numbers and email tracking, it still seems as though there are trackers and non-trackers in terms of marketing specialists.

Even with a nudge effect of marketing across several channels, the ROI of these nudges is important and should be tracked.

The old adage of “managing through measurement” is still important and not having accurate measurement to call upon leaves marketing specialists arguing based on their opinions rather than facts. (And, that’s a sure way to the exit door).

– Boyd Butler, Consultant

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Marketing Metrics: Do your analytics capture the real reasons customers buy from you?

April 16th, 2013

How can you track the most impactful elements of your marketing funnel? Let’s start with an analogy …

I once had a crush on a girl.  I talked to her every day, but she rarely took notice of my existence.  She liked the “bad boys,” and I was kind of a nerd.  It seemed as if the stars were aligned against us.

I tried asking sweetly, coming up with inventive date ideas, even appealing to her sense of pity, all to no avail.  Finally, after a year or so of trying, I wrote her a letter telling how I felt.  She finally accepted my invitation and we went on a date.

My takeaway from this exchange was letters work best. (Admittedly, my letters are particularly awesome.)

What I didn’t know was my letter had relatively little to do with her decision.  Years later, I asked her why she finally decided to go out with me.  She admitted my persistence played a role, but the bigger factor was how she had her heart broken by one of the afore-mentioned “bad boys,” and decided to give a nice guy a chance.

I was floored.  I had no idea these events had ever transpired, and more importantly, had vastly overestimated my letter writing ability.

What I had was essentially a last click attribution model. This is the way in which countless organizations currently measure conversions.  We, as an industry, have come a long way in terms of being excited about measuring and testing our marketing efforts.

However, looking at the last click before conversion as a sole contributor to the conversion decision is as near-sighted as assuming the young lady accepted my date invitation based upon my letter writing skills.  The letter was a factor, but it wasn’t the only factor.

I need a better model.

 

Where should I spend my marketing dollars?

Using the last click attribution method, I can determine the value of a conversion generated from an email campaign.  I might arrive at the conclusion my marketing dollars are best spent on building email lists and optimizing email campaigns.

While there may be truth in that statement, it’s only partially correct.  The real story in this scenario might be a customer first interacted with my brand when a friend shared a product review on Facebook.  From there, a likely scenario of events could be:

  • The customer visited and liked my Facebook page, and then left.
  • Weeks later, I launched a new product via Facebook post.  The customer saw the post and then left the platform to do some research.
  • While researching the new product on Google, a PPC ad appeared and convinced the customer to click through to my site.
  • Once on the website, the customer joined my email list.
  • Two weeks later, I sent an email which the customer subsequently viewed and converted, purchasing my product.

From this example, it’s obvious the customer was nurtured to conversion through a series of interactions including social media, PPC, landing pages and email.  Now, how much of my marketing dollars should go to each channel, since in this case, they were all obviously necessary for conversion?

 

Attribution models

Solving this problem requires the use of a different attribution model, and not all attribution models are created equal. I remember how happy I was when I learned there were multiple varieties of steak.  I had always eaten sirloin, because that’s what my dad always cooked.  So, you can imagine my excitement the first time I tasted filet mignon!

Similarly, there are a wide variety of attribution models to suit everyone’s taste.

One example is the linear ratio model, which is a dynamic model that attributes different values to different purchase and research phases. For instance, it might:

  • Attribute 5% of revenue to Facebook for the research and awareness piece of our sample transaction above.
  • Assign 25% of that revenue to PPC ads.
  • Finish by assigning 70% of the attribution to the email campaign that caused the click.

There are many  implications to using a model such as this. The social media manager is very happy because he just went from being a nonexistent entity in this conversion to owning 5% of the revenue.

The email manager might not be quite as happy, but the marketing executive should be thrilled.

There are many more models to experiment with. First-click, U-shaped, custom models and linear modeling are just a few. We’re getting closer to really understanding why people buy our stuff, and how they arrive on our pages.

Moreover, we’ve attributed our revenue to particular interactions along the funnel, which should get us started in the process of assigning value to each marketing activity we undertake.

To learn more about each of the above attribution models, see Google Analytics’ definitions here.

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Email Marketing Research: What information will help you do your job better?

November 8th, 2012

At MarketingSherpa, our benchmark reports provide marketing executives and practitioners with extensive reference guides for strategic decision-making and tactical planning. The survey for our Marketing Analytics Benchmark Report is currently open (feel free to share you insights — respondents receive a free copy of the special report, Evaluating Website Optimization), and we’re currently working on the survey for our next benchmark report on email marketing.

 

What questions would you like asked in the Email Marketing Benchmark Survey?

Here’s where you come in. What email marketing information would help you do your job better?

Please use the comments section of this blog post to share your feedback, and we’ll take your insights into consideration as we shape a survey that we hope yields valuable data to help you do your job better.

Here’s a little more background to help as you consider this request. Marketers tell us they use these benchmark reports to:

  • Prepare budgets
  • Make informed business decisions
  • Develop marketing plan forecasts
  • Support proposals with data and charts

To help you see the result of these survey questions, here are a few charts from MarketingSherpa’s 2012 Email Marketing Benchmark Report.

 

Click to enlarge

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Class Is In Session: Q&A with Web analytics professors about Optimization Summit 2012

August 14th, 2012

You network with the most interesting people at a MarketingSherpa Summit, and Optimization Summit 2012 was no exception for me. I caught up with one of the top optimizers from Denmark and a nonprofit marketer heavily engaged in A/B testing, and I also met two professors in the increasingly popular Web analytics field.

With our next event, B2B Summit 2012 in Orlando, just around the corner, I wanted to take a moment to look back at our last event in today’s MarketingSherpa blog post and share an interview with those professors, who can provide a unique viewpoint on Internet marketing.

With their experience teaching others in the classroom and having to convey overall marketing principles, they are a step removed from the average in-the-trenches, brand-side marketers, overly focused on the “putting out today’s fire” crises that sap so many marketers’ attention.

And, since they’re not vendors of platform providers, well, they’re not trying to sell you on their unique marketing buzzword approach that just happens to map very nicely to the products and services they are trying to sell.

Ray Lam and Victoria Harben are adjunct faculty and teach Web Analytics, a graduate-level course in University College at the University of Denver. During Optimization Summit 2012, they live-tweeted the event to their students from @COMM4324.

 

MarketingSherpa: What were the top lessons you learned at Optimization Summit that you think could be helpful to brand-side marketers?

Victoria: The main point that was reiterated throughout Optimization Summit was to always test; don’t rely on assumptions, intuition, guesstimations, or theory — rather, get out there and test it. It’s always best to back up a hunch with data, and that’s exactly what the Summit instilled in me: test, test, test! We’re teaching a Web Analytics class at DU through the New Media and Internet Marketing program, and this is the first thing we tell our students.

Ray:  The top lesson I learned was Dr. Flint McGlaughlin’s conversion formula: C=4m+3v+2(i-f)-2a. Where m=motivation, v=clarity of value proposition (why), i=incentive to take action, f=friction elements of the process, and a=anxiety about entering the process. This simple formula helps marketers think about the different elements that need to be considered when constructing a landing page.

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Digital Marketing: Be relevant, data-driven and precise

July 31st, 2012

I think all marketers would agree that digital technology has brought about a sea change in the world of marketing. The basic model has gone from almost exclusively “push” messages to more of a “pull” approach that combines traditional channels, such as advertising and direct mail, with strategies like search engine optimization, social media marketing, mobile and email marketing.

At one point in time, marketers could dictate the message their prospects and customers received, and then hope that message resonated enough to drive sales. In the complex sale, this meant Sales was handed scads of leads from a variety of sources with almost no additional information about that prospect on where they were in the buying cycle, or even where they were in the buying process at their company.

 

Power shifting to the customer

In marketing today, prospects and customers are educating themselves about your industry, business space and product or service area. This holds true in both B2B and consumer marketing.

These people are not interested in receiving marketing messages pushed to them from the mountaintop. They want useful information to begin the decision-making process long before they actually interact with your company or brand.

This new way of looking at marketing has been described a number of ways, and one new book fresh off the presses calls it, “precision marketing.”

I had the chance to speak with Sandra Zoratti, Vice President Marketing, Executive Briefing and Education, Ricoh. Along with Lee Gallagher, former Director Precision Marketing Solutions, Ricoh, she co-authored, Precision Marketing: Maximizing revenue through relevance, which is this week’s MarketingSherpa Book Giveaway.

Sandra defines the term, “Precision marketing is about using data to drive customer insights so that you send the right message to the right person at the right time in the right channel.”

 

 

The precision marketing framework is about following a logical, sequential and continually improving process:

  1. Determine objective
  2. Gather data
  3. Analyze and model
  4. Strategize
  5. Deploy
  6. Measure

We covered a variety of what Sandra considers precision marketing topics, including how it can even help improve your marketing career.

Before I get into Sandra’s ideas, here are a few interesting data points from the book:

  • 64% of consumers say promotional offers dominate email and traditional mail received. Only 41% consider these offers “must-read” communications.
  • Out of the 91% of consumers opting out or unsubscribing from email programs, 46% do so because the messages are not relevant.
  • 41% of consumers would consider ending a brand relationship because of irrelevant messaging, and an additional 22% would definitely end the relationship because of irrelevance.
  • A survey of IT buyers by the International Data Group found 58% of vendor content was not relevant to potential buyers, and that this lack of relevance reduced the chance of closing a sale by 45%.

Are you seeing a theme here? Relevance is extremely important in marketing today.

“I say customers are powerful, in control, and they know it,” Sandra says. “They vote with their dollars. They vote with their attention, and what I would call their brand-altering online voices. So, customers are really in the driver’s seat, and marketers need to recognize that.”

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Marketing Analytics: Why you need to hire an analyst

March 6th, 2012

A steady diet of fresh data helps marketing teams invest wisely and reach the right person, with the right offer, at the right time. It’s almost like food for your strategy, giving it strength.

But like food, data needs skilled hands to process it. You cannot pull a potato out of the ground and call it dinner, and you cannot track unique visitors and call it marketing.

You need a data chef, better known as an analyst. This person will help you take the unprocessed fields of grain in your database and turn them into Fettuccini Alfredo. Big companies have been doing this for years.

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