Let’s back up a little bit from last week’s tips on initial steps towards data quality and talk about why companies should care. Based on Experian’s report, as marketers continue to automate processes and do so within much tighter timeframes to keep up with the consumer, maintaining and analyzing accurate data will continue to be a critical component. Top drivers are: understanding customer needs, finding new customers, increasing value of each customer, and securing future budgets.
Here are some trending reasons on why companies care about data quality in 2015:
- Increase marketing program efficiency, enhance customer satisfaction, and enable for more informed decisions
- 87% of companies are using predictive analytics* across their business in one way or another and those who use it have significantly increased profits in the last 12 months, this requires clean data to work properly
- Customer Experience Management (CEM) is a hot topic for companies today, an increasingly important part of this management is done through data because you need data to develop better personalization
*Predictive analytics is an area of data mining that deals with extracting information from data and using it to predict trends and behavior patterns (Source Wikipedia)
Did you know 97% of U.S. Companies feel driven to turn data into insight? That means most of those companies look to data to understand their customer needs, find new clients, and increase value. However, 92% of companies think they have a data quality issue. Knowing that you have a (data) problem is the first step to finding a solution.
Here are some key takeaways from Gartner Magic Quadrant Challenger, Experian’s, whitepaper on data quality in 2015:
- Reduce human error. Identify where information is exposed to this error and find technology that is lowers this risk.
- Appoint a central data owner and invest in staff. Someone to handle all aspects of data and is an expert.
- Conduct audits. Be proactive and look for common errors, maybe even invest in detection software.
- Make it an organizational concern. Use tools consistently across departments and ensure data is complete as collected.
- Track metrics that are beneficial. Make a case for data quality by tracking key metrics impacted by data and how those affect business outcomes.
Last week we learned that there is a difference between basic metrics tracking, value events, conversion events, and campaign tracking in the way you go about tagging/tracking your website. To expound on this a bit, here below are some examples of value and conversion events. Think about these when you go through your site tagging actions that are aligned with your business goals:
Value Events (i.e. micro-conversions)
- Downloading an ebook or other piece of content
- Clicking a ‘Learn More’ or ‘Contact Us’ button
- Sometimes people visit your site only to look for a job, so measure the number of job application form submissions
- Scrolling through a blog post or news article on investors site
Conversion Events (i.e. macro-conversions)
- Completed form to download gated content
- Completed form to contact company
- Completed form to receive a demo
As a note, you should know that the above examples are for a non-ecommerce site. We used this example because most of our B2B tech clients only have lead gen-based websites.
Say you’ve had some clients re-designing their website. One thing that is top of mind would probably be how to properly tag this new website to the the metrics you need to measure marketing campaign performance and optimize your site.
Before we get too deep into the woods on how to actually tag those events, let’s review what kind of different measurements there are and what they mean:
- Base Metrics Tracking – diagnostic metrics that let you know your website is working correctly, i.e. pageviews, sessions, users, etc.
- Tagging Value Events – action tracking for all interactions across digital channels, i.e. scrolling down a blog post, hovering over certain images, any microconversion
- Tagging Conversion Events – the events that specifically tie to ROI for your business, i.e. filling out forms, watching demo videos, and macroconversions
- Campaign Tracking – using special links to track traffic from all of your channel marketing campaigns, i.e. using metatag parameters
Last week we took a break with some web analytics and talked about Silverpop’s latest email metrics benchmark report. We did outline some major metrics, but we want to dig a little deeper as they provided 15+ modern email metrics for which you should be paying attention. They included anything from open metrics to click-through and list churn metrics.
The study turned up a few surprise findings among the statistics generated by nearly 750 companies worldwide:
- Companies representing Computer Hardware and Telecoms, Corporate Services, Insurance, Hospitals/Health Care and Consumer Products performed consistently better than others this year. Emails are also more personalized.
- Countries in the APAC region outperformed others on most benchmarks. This might be due to newer, younger databases where subscribers are generally more engaged than in Western countries.
- Transactional messages continue to generate much higher customer engagement than broadcast email. These are some of the most relevant emails you can send because they speak to actions your customers have taken and represent another avenue to broaden engagement.
As we used to hear on TV, “We interrupt this [web analytics series] program with the following message”: Silverpop has just released its annual report for industry benchmarks of email metrics. In the spirit of sticking with our industry, we are going to repot metrics for Marketing Agencies and Services.
The report goes on to explain how you should measure and stack up against these benchmarks saying that you should:
- Aim higher – many companies just rank themselves against the average but you should aim higher to be competitive
- Process vs. output metrics – the above metrics are ‘activity’ metrics, you should also focus on results like revenue gained
- Beyond benchmarks – again, these are only a baseline number; you should be creating your own benchmarks as well over time to improve and optimize
If you want to read more in detail about these and other metrics, check out the report! Cheers!
Last week we talked about some metrics that should be measured when a site is set up for information gathering and now we’re going to cover some metrics for a lead generating site. Lead generation sites primarily lean on visitors filling out a form, making a phone call, or requesting a demo. These actions need to be tracked as conversions and goals. The most important lead generation metrics are the ones that relate directly to the goal conversions and those include the following:
- How many conversions are coming through the site?
- What percentage of website visitors convert?
- Which channels drive those conversions?
Also, tack on values to each of your goals so you can see how valuable each channel, like SEO or PPC, is for your online marketing efforts. This will help provide and overall picture of conversion data. Make sure that you benchmark your data along the way and compare time periods to each other. The lead generation process needs to constantly improve and historical comparisons will allow you to track progress.
The actual conversion is sort of the end-goal, however you’ll also want to pay attention to micro-conversions on your site or other engagement, like downloading a whitepaper or watching a video. These will give you an idea of what led your visitors to that lead generating conversion.