Last month I had the privilege of participating in the Web Analytics and Conversion Intensive day at the Annual Conference for Catalog and Multichannel Merchants in Boston. This was first time I had presented at a DMA event and I want to thank Ellen Shannon and Kathy Bushman for the opportunity.
I very much enjoyed presenting, hosting the lunch discussion and speaking on the Rich Media panel (go Allurent!). The audience was wonderful and had lots of interesting questions and feedback.
I wanted to share two key ideas that I think deserve wider awareness, I hope you'll find them to be just as interesting.
Who? Daniel Cotlar, Chief Marketing Officer, Blinds.com
What? Web Analytics at Blinds.com
Why? Critical Few.
Our world is blessed with data overload (!) and on this blog you have heard the consistent drumbeat of "critical few", know what they are and just focus on that. Daniel takes the "critical few cake"! Here is his slide that I completely fell in love with. : )
As the CMO of Blinds.com Daniel has not only identified his critical few metrics, he has identified one singular metric against which he judges the success of his website. Just one metric.
In a world where we have so much data and confusion this comes as a cool breeze on a hot summer day. For blinds.com it is Gross Margin Per Visitor. Everything they measure and optimize on their website is in service of that metric.
Amongst the benefits of this clarity is that now there is extreme focus on what everyone and everything is supposed to be solving for. It means that it is much easier to make choices about what is working and what is not.
It is great to have just a small number of critical few metrics but you can easily imagine how wonderful it would be for you if your CEO / Boss said the entire game was about Gross Margin Per Visitor, not KPIx and KPIy and KPIq and KPIm and anything else that might be relevant.
On the slide above Daniel also shares other metrics that are also monitored by his team (him). Did you notice how every single one of them also serves the master metric? An extremely cllear line of sight.
Does your business have a master metric? Could it use one?
Oh and next time you need blinds scoot over to www.blinds.com!
Who? Bill Bruno, Principal, Stratigent, LLC
What? Framework To Gain A Competitive Advantage With Web Analytics
Why? How long to nirvana!
A while back I had written a post titled: Web Analysis: In-house or Out-sourced or Something Else?. It outlined the life cycle that any company has to go through to get to greatness and the role of consultants / outside experts in that process.
Someone commented on that post and asked for how long each of my four stages took. I politely side stepped because each organization is complex and the timing could be so radically different for different folks.
Josh Manion and the Stratigent to the rescue…….
Please click on the image above for a higher resolution version.
The framework that Bill presented shared four stages that each company has to go through as it evolves (Basic Reporting, Measurable Results, Advanced Analysis and Sustained Competitive Advantage), and what sorts of things have to happen in each stage. Most importantly perhaps are the two lines are the bottom of the graphic.
The first thing to note is how much efforts needs to be expended on Data Analysis (10/90 rule anyone?) in order to move your company forward to each subsequent stage.
The second is approximately how long it will take a company to evolve to the next stage (again hopefully empowered by either internal or external investment in 10/90 philosophy).
There are four stages in the above picture: Basic Reporting, Advanced Reporting, Advanced Analysis & Sustained Competitive Advantage. The characteristics of each stage are clearly identified. My Recommendation:
- Consider doing a critical self diagnosis of exactly what stage your company is in
- Now ensure that you communicate clearly to your executives what it will take you to get to the next stage
- Now identify exactly what you need to get to the next stage (10/90?, 80/20?, In-house Web Analytics or Outsourced?, How to select a tool?, What really enterprise class?)
- Go execute you own unique strategy from this intelligent choice that will take you to the next level, this would yield exponentially better results a cookie cutter solution imposed on you from someone outside your company
What do you all think? Care to share your critical few metrics, or your master metric (anonymously if you want)? Have your leapfrogged from one stage to another in three months? Is the Stratigent timeline aggressive? Not aggressive enough?
Please share your feedback and critique via comments.
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PS: Do you have a copy of Web Analytics: An Hour A Day? Please consider sending me a picture of your copy of the book with a "interesting background" (you or your cat or your house or your country landmark or you on your country landmark!), in exchange you get a autographed bookmark! Here are a couple of the latest pictures….
Jake is delighted at what Mommy is replacing Good Night Moon with!! (Thanks Jake you are a sweetheart.)
Dawson & Garrett are already half way through the book and on their way to measuring Web 2.0! (Happy 5th Birthday Garrett, a day late.)